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The Texas Lawbook

Free Speech, Due Process and Trial by Jury

  • Appellate
  • Bankruptcy
  • Commercial Litigation
  • Corp. Deal Tracker/M&A
  • GCs/Corp. Legal Depts.
  • Firm Management
  • White-Collar/Regulatory
  • Pro Bono/Public Service/D&I

CDT Roundup: 11 Deals, 13 Firms, 76 Lawyers, $7.3B

July 31, 2019 Claire Poole

Despite some large M&A transactions hitting the marketplace, industry experts have been concerned whether the deal machine can keep on churning. 

One of them is PwC, which says in a recent mid-year outlook report that worries over the health of the economy are beginning to loom larger and recession risks are rising as trade tensions between the U.S. and other countries deepen.

But relax, dear dealmakers. Even if there’s a downturn late next year, as some are predicting, it’s unlikely to fully halt “one of the longest running M&A cycles in recent history,” PwC says. 

The firm thinks M&A in the U.S. will remain active “for some time,” as companies will continue to use inorganic growth to fuel their businesses, which will help them build economies of scale and boost market share. PwC said technology continues to be the most active area in the M&A market, with more access to capital than most. 

There’s a lot of capital still out there. By the firm’s estimate, U.S. corporations have around $2 trillion in cash on their balance sheets and private equity firms another $1.5 trillion. In fact, non-financial corporate businesses have had the balance sheet capacity to increase debt to $6.2 trillion, PwC says.

Interestingly, since 2005, cash has become an increasingly larger part of M&A financing, a trend that accelerated through last year “and will likely continue for some time,” the firm said. 

Indeed, cash made up 52% of private equity firm purchases in the second quarter versus an average of 47% since the start of 2017, according to Covenant Review, a unit of Fitch Solutions. Blame the stock market for creating rising company values – and worries of an overheated leveraged loans market.

Witness Golden Gate Capital-backed Clover Technologies, aka 4L Technologies, an overlevered telephone and printer cartridge recycler that recently lost some big customers, including AT&T. Jefferies and Kirkland & Ellis have been brought in to advise the company on its balance sheet and strategic options while Jones Day is assisting the lenders.

Meanwhile, back in the Lone Star State (which some dubbed “The Loan Star State” during the savings and loan crisis of the 1980s and 1990s), dealmaking lawyers had an okay week this past week. Together they logged 11 transactions valued at $7.3 billion. While that’s down from last week, which saw 13 deals worth $11.8 billion, it’s up on a value basis compared with this time last year, when there were 13 deals valued at $2.1 billion.

Weekly Corporate Deal Tracker Roundup Stats

A compilation of weekly stats from The Lawbook's CDT Weekly Roundup
(Deal Values in Millions)

Week Ending
Deal CountAmountFirmsLawyersM&A CountM&A Value $MCapM Count
CapM Value $M
28-Jun-202513$7,77781387$2,0316$5,746
21-Jun-202516$5,9841011311$3,0875$2,897
14-Jun-20259$4788133603$478
07-Jun-202516$26,2101119611$24,7445$1,466
31-May-202519$23,3811116612$18,6657$4,717
24-May-202515$24,0331112113$23,6242$409
17-May-202516$21,7601214511$18,6155$3,145
10-May-202524$33,1751620619$30,7655$2,410
03-May-202511$4,249139011$2,226.52$2,022.5
26-Apr-202512$8,78791689$6,0113$2,776
19-Apr-202511$8,09771389$7,9852$112
12-Apr-202513$2,392815210$2,0653$327
05-Apr-202519$27,7621518816$25,4733$2,289
29-Mar-202521$8,1881025816$4,1255$4,064
22-Mar-202519$6,4851423115$4,1284$2,857
15-Mar-202513$13,7371315110$9,9324$3,805
8-Mar-20257$2,2345665$2242$2,100
1-Mar-202511$3,05087510$2,5501$500
24-Feb-2512$16,39771496$6,6356$9,862
17-Feb-2517$12,1361313410$9,4112$2,725
10-Feb-2514$7,15491799$4,9505$2,204
3-Feb-2516 $10,068720011$7,5535$2,515
25-Jan-2514$10,261101259$2,2075$8,054
18-Jan-2519$7,3821531612$2,3007$5,082
11-Jan-2521$33,5601618716$32,5215$1,039
4-Jan-259$6,8279809$6,82700
21-Dec-2411$2,79811928$2,2293$570
14-Dec-2415$5,3231218612$3,8123$1,511
07-Dec-2416$4,7661023111$2,32152,445
30-Nov-2410$10,29191034$8,2906$2.001
23-Nov-2415$4,5531515311$3,3794$1,174
16-Nov-2417$11,4881124513$10,1864$1,303
09-Nov-2414$2,1101213912$1,4102$700
02-Nov-2412 $52,788 1110711$52,7381$50
26-Oct-248$3,1608657$3,0651$75
19-Oct-2412$5,3041113611$4,5541$750
12-Oct-2417$8,4381215015$8,1162$322
05-Oct-2422$23,1811218915$19,9807$3,201
28-Sep-2411$2,35671447$534$2,303
21-Sep-2412$9,568101695$4,1017$5,467
14-Sep-2424$10,9881223516$7,1758$3,813
7-Sep-2412$20,4201616811$20,3071$112.9
31-Aug-2413$20,631913412$14,7751$5,856
24-Aug-2419$8,4522132516$7,1023$1,350
17-Aug-2425$49,1961630411$39,38614$9,810
10-Aug-2420$12,2641531216$9,7944$2,470
03-Aug-2426$16,4981633418$8,1378$8,361
27-Jul-2419$16,4422127115$13,8384$2,604
20-Jul-2415$16,0161418410$14,2325$1,784
13-Jul-2420$17,220 1426518$7,146 2$10,074
6-Jul-2411$3,941 11958$2,650 3$1,291
29-Jun-2414$6,296 152248$6,296 6$1,927
22-Jun-2412$5,679 81375$210 7$5,469
15-Jun-2413$9,895 1621410$5,280 3$4,615
8-Jun-2419$23,859 1323912$19,436 7$4,423
1-Jun-2412$34,510 111479$26,110 3$8,400
25-May-2413$9,684 1517110$4,434 3$5,250
18-May-2411$5,490 111738$3,129 3$2,361
11-May-2422$14,855 1422716$11,105 6$3,750
4-May-2413$3,139 98710$1,297 3$1,842
27-Apr-2410$6,684 62810$6,684 00
20-Apr-2419$15,989 111479$5,208 10$10,781
13-Apr-2413$8,952 97610$1,652 3$7,300
6-Apr-2423$26,616 1422214$13,501 8$13,116
30-Mar-2412$9,286 81368$4,299 4$4,987
23-Mar-2418$5,451 1726616$4,759 2$692
16-Mar-2421$11,437 1318614$9,316 6$2,070
9-Mar-2423$4,695 2121819$2,723 4$1,972
2-Mar-2420$9,108 1937214$4,558 6$4,550
24-Feb-2419$16,382 1224815$9,507 4$6,875
17-Feb-2416$29,932 1515712$29,216 4$716
10-Feb-2425$10,750 1719619$5,372 6$5,379
3-Feb-2412$8,416 181259$3,416 3$5,000
27-Jan-249$8,165 9878$7,815 1$800
20-Jan-2414$4,084 1210912$3,219 2$865
13-Jan-2417$33,588 1225612$26,765 5$6,823
6-Jan-248$7,915 8846$7,265 2$650
30-Dec-2317$14,599 129915$2,714 2$11,885
23-Dec-2323$4,182 1321916$1,813 7$2,370
16-Dec-2313$16,436 132807$15,150 5$1,286
9-Dec-2326$14,633.90 1724416$8,095 10$6,538.90
2-Dec-2313$6,720 95712$6,630 1$90
25-Nov-239$4,835 91316$1,785 3$3,050
18-Nov-2322$6,568.70 1718414$4,709.20 8$1,859.50
11-Nov-2315$9,825 1317912$6,581 3$3,244
4-Nov-2315$20,582.50 1419312$19,417.50 3$1,165
28-Oct-2318$68,419.10 1815215$66,646 3$1,773.10
21-Oct-2316$6,755.90 1616515$6,755.90 1$3
14-Oct-2314$67,851.20 131259$61,998.50 5$5,852.70
7-Oct-2317$6,595.50 1322816$5,995.50 1$600
30-Sep-2317$1,896.45 1318914$806.45 3$1,090
23-Sep-2323$6,432.70 1723016$1,402.80 7$5,029.90
16-Sep-2325$23,226.70 2335316$17,239 9$5,987.70
9-Sep-2312$6,369 81027$4,311 5$2,058
2-Sep-2314$2,522 69213$1,322 1$1,200
26-Aug-2317$12,160.25 1320215$6,573.25 2$5,587.00
19-Aug-2319$11,505 1321315$11,255 4$250
12-Aug-2319$9,698.80 131847$3,270 12$6,428.80
5-Aug-2313$5,201 1211812$5,051 1$150
29-Jul-2315$21,031.60 1319611$18,292.00 4$2,739.60
22-Jul-2318$3,992 1213013$2,808 5$1,184
15-Jul-2313$8,254.95 138113$8,254.95 00
8-Jul-2316$5,441.45 1217211$2,443 5$2,998.45
1-Jul-2316$6,872 1010512$5,474 4$1,398
24-Jun-2313$10,914 1620110$7,874 3$3,040
17-Jun-2317$5,880.70 1515115$4,705.70 2$1,175
10-Jun-2319$8,516.10 1311116$6,252.40 3$2,263.70
June 3 202312$6,104.42 121388$4,256.92 4$1,847.50
27-May-2317$12,200 106711$6,165 6$6,035
20-May-2311$22,458.10 81034$19,455 7$3,003
13-May-2312$7,034 101018$5,460 4$1,574
6-May-2320$3,297.60 1819617$2,985.60 3$312
29-Apr-2323$3,691.20 1813517$1,969.70 6$1,721.50
22-Apr-2316$5,570 1410414$4,750 2$1,000
15-Apr-2312$23,818.10 95910$21,618.10 2$2,200
8-Apr-2316$7,949 91739$5,472 7$3,477
1-Apr-2321$18,676.70 1217511$10,926.70 10$7,750
25-Mar-2315$8,779.50 101415$2,362 10$6,416.50
18-Mar-237$14,048.80 6695$13,345 2$703.80
11-Mar-2321$11,576 1616516$8,131 5$3,445
4-Mar-2320$9,668 1122816$8,209 4$1,459
25-Feb-2313$5,335 1313012$4,235 1$1,200
18-Feb-2314$5,743.70 131588$898.70 6$4,845
11-Feb-2316$12,088 1213712$9,965 4$2,123
4-Feb-2317$8,066 1514013$5,614 4$2,452
28-Jan-237$2,180 7755$1,692.75 2$488
21-Jan-2317$5,768 1617412$1,918 5$3,850
14-Jan-2311$2, 800101028$421 3$2,400
7-Jan-2318$8,296 1116714$6,461 3$1,835
31-Dec-2214$2,732 119912$2,092 2$640
17-Dec14$7,919 1311512$7,419 1$500
10-Dec-2214$10,093 128811$7,093 3$3,000
3-Dec-2226$12,800.90 1117220$4,141 6$8,659.90
26-Nov-228$2,266.70 853$76 5$2,190.70
19-Nov-2221$2,886 1521219$2,550 2$336
12-Nov-2213$15,093.70 9819$14,200 4$893.70
5-Nov-222519,337.201650922$8,267.20 3$11,070
29-Oct-2215$7,805.30 911614$7,180.30 1$625
22-Oct-2220$8,193.50 1325313$5,442 7$2,751.50
15-Oct-229$3,046.10 91397$2,588.30 2$457.80
8-Oct-2219$2,011.80 1211416$833.80 3$1,178
1-Oct-2223$5,532.90 1615618$4,952.30 5$580.60
24-Sep-2218$5,194 1421615$4,050 3$1,144
17-Sep-2221$8,352.30 1232015$4,759.60 6$3,592.70
10-Sep-2215$19,853.50 1012613$19,403.60 2$450
3-Sep-229$2,312 9629$2,312 00
27-Aug-2216$30,891.70 1013515$30,666.40 1227.7
20-Aug-2212$1,977 815299253$1,052
13-Aug-2218$8,004.70 1124211$2,844.70 7$5,160
6-Aug-2224$7,948.90 1224017$3,577 7$4,371.90
30-Jul-228$6,941 9787$6,839 1$102
23-Jul-2211$801 119210$801 10
16-Jul-2214$3,650 1012214$3,650 00
9-Jul-2210$3,557.70 7689$3,557.70 10
2-Jul-2218$8,609.40 1315215$2,754.40 3$5,855
25-Jun-2215$6,142 131469$2,017 6$4,125
18-Jun-2217$11,890.10 1422815$11,410 2479.7
11-Jun-2217$7,600 1212310$2,300 7$5,300
4-Jun-2212$2,937 101279$692 3$2,245
28-May-229$3,197.60 11869$3,197.60 00
21-May-2214$7,284.50 1218511$6,609 3$675.50
14-May-2211$306.60 98010$306.60 1$225
7-May-2216$10,451.75 1210812$1,827 4$8,624.75
30-Apr-2216$2,296.50 1615712$895.50 4$1,401
23-Apr-2210$2,241 11588$1,641 2$600
16-Apr-2211$6,643 71568$2,359 3$4,284
9-Apr-2217$4,429 1418411$1,690 6$2,739
2-Apr-2213$1,755 88410$1,145 3$610
26-Mar-2211$3,205 8656$200 5$3,005
19-Mar-2213$2,239.17 910613$2,239.17 00
12-Mar-2218$12,016 1123915$11,965 2$51.35
5-Mar-2217$6,786 1313713$5,161 4$1,625
26-Feb-2212$5,095 81499$4,437.50 3$658
19-Feb-2217$22,229 1717414$21,354 3$875
12-Feb-2212$2,344.70 10738$641.70 4$1,703
5-Feb-2211$2,503 89911$2,503 00
29-Jan-2211$3,872 1210112$3,872 00
22-Jan-2213$5,143.50 109912$4,842.50 1$301
15-Jan-2212$7,605 91559$6,480 3$1,025
8-Jan-2213$8,256.20 1110213$8,256.20 00
1-Jan-229$1,273.80 6509$1,273.80 00
25-Dec-2121$4,734.75 1117616$3,410 5$1,324.75
18-Dec-2126$7,325.20 1519318$3,640.20 8$3,685.20
11-Dec-2116$5,017 1010913$1,417 3$3,600
4-Dec-2114$2,310 8868$2,310 6$1,882.05
27-Nov-219$3.460.1101016$1,758 3$1,702.60
20-Nov-2120$22,792 1515712$18,864.50 8$3,928
13-Nov-2121$26,729 1217813$11,822 8$14,907
6-Nov-2112$8,303 1315710$6,682 3$1,621
30-Oct-2121$10,368 1521815$9,24.46$1,103.00
23-Oct-2121$18.783.11522211$12,314 10$6,468.60
16-Oct-2115$3,868 1111815$2,293 2$1,575
9-Oct-2120$8,610 1617516$7,795 4$815
2-Oct-2114$6,250 1113710$5,200 4$1,050
25-Sep-2111$11,460 9937$10,200 4$1,250
18-Sep-2111$16,603 8998$15,084 3$1,519
11-Sep-2117$10,653 1110313$8,503 4$2,150
4-Sep-2113$7,222 108911$6,715 2$507
28-Aug-2112$763 96311$663 1$100
21-Aug-2112$29,659 77911$29,579 1$80
14-Aug-2122$17,845 1119912$12,805 10$5,04
7-Aug-2117$13,670 1213915$11,766 2$1,904
31-Jul-2121$8,160 1113410$3,574 10$4,586
July 24,202121$6,367 1113915$3,712 6$2,655
17-Jul-2114$4,009 1112412$2,015 2$1,994
10-Jul-2116$3,997 1314311$1,597 4$2,4
3-Jul-2124$7,492 139416$3,769 8$3,722
26-Jun-2110$4,995 7858$3,847 2$1,148
19-Jun-2128$16,830 82289$1,861 19$14,968
12-Jun-2126$27,238 1520919$25,602 7$1,636
5-Jun-2115$15,539 1310013$14,709 2$600
29-May-2135$20,279 1114528$18,647$1,639
22-May-2124$53,208 1417417$51,047 7$2,161
15-May-2118$10,620 1322011$5,870 7$4,809
8-May-2117$10,400 1115615$8,386 2$2,500
1-May-2121$7,200 1611512$3,808 9$3,392
24-Apr-218$20,200 9318$20,200 00
17-Apr-2114$6,270 810211$40,180 3$2,260
10-Apr-2115$8,940 1312914$7,990 1$950
3-Apr-2118$19,513 1015112$16,923 6$2,590
27-Mar-2127$13,942 1524414$4,300 13$9,633.50
20-Mar-2111$2,046 41023$270 8$1,776
13-Mar-2115$3,270 91096$538 9$2,732
6-Mar-2124$13,617 1019613$10,395 11$3,222
27-Feb-2119$8,105 1213915$4,970 4$3,135
20-Feb-219$8,820 91538$8,520 1$300
13-Feb-2112$4,852.60 78172,7665$2,086.60
6-Feb-2118$9,752 1315314$5,222 4$4,530
30-Jan-2118$9,449 918215$8,753.80 3$695.30
23-Jan-2114$8,150 81186$4,000 8$4,150
16-Jan-2117$6,783 1313811$2,400 6$4,382.90
9-Jan-2122$6,829 1413518$3,139.30 4$3,690
2-Jan-217$1,466 7607$1,466 00
26-Dec-2018$15,900 1216316$5,300 1$600
19-Dec-2018$9,769 1411014$8,426 4$1,343
12-Dec-2010$7,200 91009$3,325 1$3,830
5-Dec-2015$4,261 91229$2,780 6$1,481
28-Nov-2019$7,758 1011013$4,003 6$3,755
14-Nov-2014$864.10 1415712$289.10 2$575
7-Nov-2013$6,332 91299$2,483.50 4$3,849
31-Oct-2010$3,995.80 81036$3,231.10 4$754.70
24-Oct-206$18,100 6585$17,709 1$350
17-Oct-208$351.90 5558$351.90 00
10-Oct-207$5,229 3504$735 3$4,494
3-Oct-2014$21,428 91739$17,535 5$3,893
26-Sep-2010$12,770 8935$10,300 5$2,470
19-Sep-2014$8,365 91016$1,020 8$7,345
12-Sep-206$4,406 8593$1,270 3$3,136
5-Sep-2011$5,191 81179$4,061 2$1,130
29-Aug-2011$2,531 9945$1,130 6$1,401
22-Aug-2018$6,574 121407$1,930 11$4,644
15-Aug-2013$4,991 10977$1,216 6$3,775
8-Aug-2012$32,092 111129$30,457 3$1,635
1-Aug-207$5,287 8765$3,687 2$1,600
25-Jul-209$18,751 6677$18,403 2$348
18-Jul-206$1,982.50 5504$1,407.50 2$575
11-Jul-2011$565.10 127510$65.10 1$500
4-Jul-2010$8,889 8989$8,788 1$100.30
27-Jun-208$6,874 10505$4,972.50 3$2,081.50
20-Jun-2012$4,444 91157$2,829 5$1,615
13-Jun-206$3,582 4372$350 4$3,232
6-Jun-2011$3,213.70 8657$470 4$2,743.70
30-May-208$7,335 7486$4,639 2$2,697
23-May-204$432.40 4343$432.40 10
16-May-206$310 6345$310 10
9-May-2018$5,630 1612414$3,180 4$2,450
2-May-201510,40010908$1,900 7$,8,500
25-Apr-208$3,400 9365$1,000 3$2,450
18-Apr-2019$9,500 14928$185.70 11$9,360
11-Apr-2012$6,000 9405$190 7$5,800
4-Apr-2014$8,200 116810$2,200 4$6,000
28-Mar-2016$6,500 139610$3,700 6$2,800
21-Mar-2011$11,910 7337$2,250 4$9,960
14-Mar-207809.86346684.81125
7-Mar-2016$2,500 157013$669 3$1,400
29-Feb-2013$15,260 1312811$11,760 2$3,500
22-Feb-2012$3,700 109210$2,560 2$1,130
15-Feb-2016$1,250 108412$35 4$1,222
8-Feb-2018$6,080 1412314$2,595 4$3,485
1-Feb-2021$20,900 1210114$17,860 7$3,060
25-Jan-2013$7,430 136212$6,430 1$1,000
18-Jan-2023$9,580 1512019$6,580 4$3,000
11-Jan-2021$14,200 1819916$1,020 5$13,200
4-Jan-2022$6,400 1111916$3,204 6$3,245
28-Dec-1922$7,150 1917518$6,800 4$327.40
14-Dec-1924$36,300 2316719$9,500 5$26,800
7-Dec-1911$10,400 11557$1,082 4$9,370
November 30. 201914$2,450 1212612$1,760 2$692.50
23-Nov-1916$1,995 104111$615 5$1,380
16-Nov-1915$3,820 1313511$2,500 4$1,271
9-Nov-1925$12,900 1718223$12,200 2$575
2-Nov-1910$2,470 126192,4503$22
26-Oct-1912$5,560 147011$3,860 1$1,700
19-Oct-198$6,600 81388$6,600 00
12-Oct-1919$4,300 145516$3,800 3$500
5-Oct-1918$14,500 1916615$11,100 3$3,400
28-Sep-1919$8,100 1813218$7,560 1$550
21-Sep-1914$6,300 166611$2,160 3$4,170
14-Sep-1915$23,800 125611$21,250 4$2,570
7-Sep-1917$3,500 159814$1,900 3$1,600
31-Aug-195$8,700 6505$8,700 00
24-Aug-1916$10,000 148215$4,250 1$5,750
16-Aug-1910$1,680 5527$650 3$950
9-Aug-1917$17,700 156814$3,900 3$13,800
2-Aug-1913$5,760 1210813$5,760 NANA
27-Jul-1911$7,300 13768$6,570 3$730
20-Jul-1913$11,800 1312511$5,300 2$6,500
13-Jul-1910$775 7468$542.50 2$233
6-Jul-197$2,500 9857$2,500 00
29-Jun-1923$8,290 1515417$2,300 6$5,970
22-Jun-1917$10,700 1013914$7,700 3$3,000
15-Jun-1911$13,500 1416011$13,500 NANA
8-Jun-1913$2,870 175511$1,570 2$1,300
1-Jun-1910$4,460 11608$4,140 2$315
25-May-1917$4,360 147914$3,700 3$612
18-May-1922$9,000 1715016$3,400 6$5,600
11-May-1918$19,800 1717715$18,300 3$1,500
4-May-1910$7,075 6328$6,900 2$175
27-Apr-1915$3,200 1411714$3,160 1$40
20-Apr-1913$13,500 10909$12,200 4$1,300
13-Apr-1916$38,900 149114$37,800 2$1,100
6-Apr-1912$6,870 119410$6,730 2$50
30-Mar-1915$6,470 128410$7,91.55$5,677
23-Mar-1918$6,450 149114$5,042 4$1,408
16-Mar-1914$10,180 1211511$8,800 3$1,300
9-Mar-199$1,800 6498$1,300 1$500
2-Mar-1920$3,033 1610714$1,817 6$1,262
23-Feb-1912$2,040 8699$614.60 3$1,430
16-Feb-1916$9,970 187716$9,970 00
9-Feb-1914$6,400 1011014$6,400 00
2-Feb-1918$6,740 159916$5,720 2$950
26-Jan-1913$2,770 116711$918.95 2$1,850
19-Jan-1915$3,819 167612$2,594 3$1,225
12-Jan-1918$7,283 149215$1,683 3$5,600
5-Jan-1910$529 125010$529 00
22-Dec-1817$2,570 138714$941 3$1,629
15-Dec-1810$2,860 8268$264 2$2,600
8-Dec-1815$1,819 166512$552 3$1,267
1-Dec-1812$7,500 10909$1,200 3$6,200
28-Nov-1815$4,500 1110714$4,000 1$500
19-Nov-1818$6,137 139813$2,142 5$3,995
14-Nov-1818$9,200 1315215$8,500 3$694
6-Nov-1816$17,300 1618314$16,361 2$950
29-Oct-1814$14,400 1812717$13,800 1$600
24-Oct-1813$6,140 1312611$5,122 2$1,018
17-Oct-1818$18,390 1512514$12,292 4$6,098
10-Oct-1829$3,149 1810420$1,647 9$819
2-Oct-1818$9,300 116714$7,300 4$2,000
25-Sep-1813$7,000 117510$6,000 3$995
18-Sep-189$3,570 7449$3,570 00
11-Sep-1813$5,900 1013213$5,900 00
7-Sep-1814$5,000 158611$4,000 3$1,000
29-Aug-1815$20,700 147913$4,700 2$16,000
20-Aug-1810$12,400 11538$11,380 3$1,057
14-Aug-1812$19,900 121329$18,889 3$1,011
7-Aug-1816$68,600 1110613$67,259 3$1,340
31-Jul-1815$15,100 159511$13,060 4$2,060
23-Jul-1813$2,130 156010$1,804 3$1,100
17-Jul-1814$5,370 17989$4,310 5$1,100
9-Jul-1816$11,200 157410$11,080 6$862
3-Jul-1813$7,000 78112$6,330 1$750
25-Jun-1815$8,800 13979$4,970 6$3,930
18-Jun-1813$14,200 14807$221 6$14,290
11-Jun-1812$6,300 8968$5,910 4$803
6-Jun-1813$14,500 10888$14,154 5$579
31-May-1811$4,890 10638$3,240 3$1,790
22-May-1815$20,400 11639$19,808 6$885
15-May-1815$4,700 1510610$3,900 5$643
9-May-1811$1,400 13889$1,300 2$560
1-May-188$14,250 7887$13,400 1$450
24-Apr-1812$5,300 66111$4,470 1$800
17-Apr-189$1,800 10447$2,330 2$1,434
11-Apr-1811$2,500 8326$1,690 5$809
3-Apr-1815$13,400 111219$12,020 6$1,090
28-Mar-1810$4,000 10927$3,870 3$215
19-Mar-1817$5,800 135110$590 7$5,165
12-Mar-1815$3,130 114311$2,360 4$788
6-Mar-1819$5,400 1311610$1,530 9$4,860
27-Feb-1820$6,600 136914$5,530 6$1,030
19-Feb-1815$5,500 1411110$3,990 6$1,980
12-Feb-1823$10,900 1715712$7,110 11$3,840
5-Feb-1816$8,600 131007$1,330 9$7,800
30-Jan-1811$12,600 11685$7,300 6$4,982
24-Jan-1819$9,400 151295$2,010 14$7,337
18-Jan-1810$6,280 8492$2,100 8$4,188
9-Jan-1812$16,500 12929$15,890 3$475
3-Jan-1810$2,500 9478$2,350 2$150
27-Dec-1715$9,000 151139$7,568 6$1,784
18-Dec-1715$13,800 161649$13,010 7$1,118
11-Dec-1714$9,700 1012612$2,940 4$8,500
4-Dec-176$1,800 6315$1,510 1$300
28-Nov-177$3,850 8764$3,260 3$285
16-Nov-1710$2,700 10486$1,840 4$856
8-Nov-1715$2,380 179110$1,860 5$516
1-Nov-1712$4,700 17949$3,400 4$1,300
23-Oct-1715$10,500 106710$9,780 4$1,530
18-Oct-176$2,000 373$225 3$1,820
10-Oct-1712$6,570 1009$3,880 3$3,360
2-Oct-178$3,100 11193$1,630 5$1,750
25-Sep-178$4,880 8795$2,660 5$2,070
18-Sep-179$4,770 3$300 6$4,470
12-Sep-1711$4,430 8$2,030 3$2,400
1-Sep-174$1,310 3$317 1$1,000
23-Aug-1711$13,640 98$11,840 3$1,800

There were eight M&A/private equity/venture capital deals valued at $6.57 billion and three capital markets/financing transactions worth $730 million. Thirteen firms and 76 lawyers were involved.

M&A/PRIVATE EQUITY/VENTURE CAPITAL

Latham, V&E advise on Phillips 66’ $5.4B IDR transaction

Latham & Watkins said it advised Phillips 66 on a transaction to eliminate its incentive distribution rights and general partner economic interests in Phillips 66 Partners.

Phillips 66 will exchange the IDRs and economic interests for 101 million newly issued Phillips 66 Partners units valued at $5.4 billion.

Corporate partners Bill Finnegan and Thomas Brandt led the deal team with help from associates Dan Harrist, Drew Tengler-West and Matthew Snodgrass. Partners Tim Fenn and Bryant Lee and associate Michael Rowe provided advice on tax matters.

Vinson & Elkins counseled the conflicts committee of Phillips 66 Partners’ general partner, including partners Alan Bogdanow and Peter Marshall and associates Lucy Liu, Cameron Land and Breanna Kelly. Partner Jim Meyer and associate Brian Russell counseled on tax and partner Craig Zieminski on litigation.

Paula Johnson is executive VP of legal and government affairs and general counsel of both Phillips entities.  

Ray Strong at Evercore provided financial advice to the committee and Michael Cannon and David Anders at Bank of America Merrill Lynch assisted Phillips 66.

Hunton Andrews Kurth counseled Evercore, including partners Mike O’Leary and Mark Young in Houston.

Jefferies analyst Christopher Sighinolfi said the deal is “far more punitive” than the 87 million unit exchange his firm had assumed in its valuation analysis.

Post-close, Phillips 66’s ownership of Phillips 66 Partners will rise to around 75% – Sighinolfi expects it to trend higher with future drop-downs “as public equity markets remain challenged for energy companies.”

The parties expect to close the transaction Aug. 1 and say it will be accretive to Phillips 66 Partners’ distributable cash flow per unit by the fourth quarter of next year.

Greg Garland, chairman and CEO of both entities, said the lower cost of capital as a result of the transaction enhances Phillips 66 Partners’ ability to grow through organic projects, drop downs and third-party acquisitions, calling it “a premier MLP.”

Willkie, V&E aid on CRC’s $500M JV with Colony Capital

California Resources Corp., known as CRC, announced that it formed a joint venture with a unit of Colony Capital Inc. to help fund development of its Elk Hills field in California’s San Joaquin Basin.

Colony will initially fund at least $320 million to develop roughly 275 wells over three years, which may be increased to $500 million. Colony also will receive warrants to purchase up to 1.25 million shares of CRC’s common stock with a $40 strike price once it funds its capital obligations.

Willkie Farr & Gallagher represented Colony, including partners Cody Carper, Michael De Voe Piazza and Robert Jacobson, all of Houston. They had help on environmental issues from the firm’s Washington, D.C. office.

Vinson & Elkins is representing CRC, including partner John B. Connally IV.

In a drilling partnership, or “drillco,” setup, Colony will fund all of the wells and earn a 90% working interest in the venture. CRC’s working interest will sink to 10% but return to 82.5% when Colony achieves an unspecified return on capital.

Willkie Farr’s Carper – who joined the firm from Kirkland & Ellis in 2017 – said in an interview that it was an exciting deal for the Colony HB2 Energy investment platform, as it represents the firm’s first drilling partnership transaction with a third-party operator. 

Piazza said Willkie has had a long relationship with Colony as it began to look at investments in energy. 

“This space is pretty busy, which stems from the slowdown in conventional, right-of-way, M&A activity,” he said. Carper added that the need for capital also is fueling deals.

Law firms active in putting together drillcos include V&E and Kirkland as well as Haynes and Boone.

CRC CEO and president Todd Stevens said in a statement that it’s the company’s largest joint venture capital commitment to date and the terms reflect the sizable project inventory it has at Elk Hills.

“This partnership also provides additional flexibility to aid in our deleveraging efforts through growing our production and cash flow,” he added.

Tom Barrack is chairman and CEO of Colony Capital and Peter Eichler is its managing director.

Sidley, Bracewell aid on Presidio’s Apache purchase for est. $367M

Fort Worth-based Presidio Petroleum said July 23 that it completed its acquisition of all the oil and natural gas producing properties in the western Anadarko Basin of Texas, Oklahoma and Kansas from Apache Corp. and its affiliates. 

The buyer didn’t disclose terms. But the purchase was part of a $612 million asset divestiture by Apache in the Anadarko as well as the Scoop/Stack play, the proceeds of which are being used to retire $150 million in bonds that matured in early July, Apache said.

The Scoop/Stack assets were sold to Pearl Energy-backed Red Wolf Natural Resources for $245 million, according to a BMO Capital Markets estimate. So that would make the Anadarko basin transaction worth $367 million.

Presidio is a portfolio company majority owned by investment funds managed by Morgan Stanley Energy Partners, the energy private equity business of Morgan Stanley Investment Management. It’s the first add-on acquisition for the company since Morgan Stanley’s initial investment in May of last year.

Sidley Austin represented Morgan Stanley Energy Partners and Presidio with a team led by energy partner Marc Rose in Dallas. Others were energy partner Cliff Vrielink in Houston, associate Jeremy Pettit in Dallas, M&A associate Julie Westbrook in Dallas and energy associate Justin Lim in Houston.

Bracewell counseled Apache, including partners Alan Rafte, Carl von Merz, Bruce R. Jocz, Rebecca L. Baker and Elizabeth L. McGinley and associates Hobie Temple, Jarrod H. Gamble and Shannon M. Rice.

Brett Barnes, Presidio’s general counsel and VP of land, led the deal in-house. The University of Texas-trained lawyer previously worked in the in-house legal departments at Trinity River Energy and Forestar Group Inc. and was a landman at EOG Resources and Anadarko Petroleum.

Anthony Lannie is Apache’s general counsel.

Presidio said it was founded to acquire, operate and optimize producing oil and natural gas properties in the Anadarko Basin and other established U.S. onshore basins through engineering and technology to drive profitable growth. It purchased properties in the basin from Midstates Petroleum Co. Inc. last year for $58 million.

Co-founder and co-CEO Chris Hammack said in a statement that management is eager to leverage Presidio’s existing operations and expertise in the basin, strengthened by the addition of Apache’s field operations team, to further enhance the assets. Co-founder and co-CEO Will Ulrich added that Presidio is well positioned to integrate the transaction efficiently.

Morgan Stanley managing director Robert Lee called the deal “disciplined consolidation” in the western Anadarko Basin and believes Hammack and Ulrich have proven their ability to unlock value in mature oil and gas properties.

Winston counsels NexPoint Hospitality on $318M Condor acquisition

Winston & Strawn said it advised NexPoint Hospitality Trust on its $318 million acquisition of Omaha-based Condor Hospitality Trust Inc.

The team was led by corporate partner Charlie Haag and associate Melissa Kalka and included associate Steven Franklin; capital markets partner Justin Reinus; tax partners Andrew Betaque and associates Danielle Marr; and real estate partner Jeff Smith and associates Masae Ellis and Victoria Acuff.

Goodmans also counseled NexPoint while McGrath North Mullin & Kratz assisted Condor. KeyBanc Capital Markets Inc. is Condor’s financial advisor.

NexPoint is advised by NexPoint Real Estate Advisors VI, an affiliate of Dallas-based Highland Capital Management.

NexPoint’s general counsel is Scott Ellington, who also is Highland’s chief legal officer.

The deal, announced July 22, amounts to $11.10 per share, a 34% premium over Condor’s share price before NexPoint’s proposal to acquire Condor became public.

NexPoint plans to close the deal in the fourth quarter if it clears Condor shareholders, funding it with cash provided by NexPoint Advisors and debt and including the assumption of $8.65 million of in-place property level mortgage financing. The company expects its gross asset value will increase to around $700 million.

The portfolio includes 15 select-service and extended stay hospitality properties, representing 1,908 guest rooms across eight U.S. states. The transaction expands NexPoint into Georgia, Kansas, Kentucky, Maryland, Mississippi and South Carolina and boosts its presence in Florida and Texas.

NexPoint CEO Jim Dondero said in a statement that company management believes the future for quality extended-stay and select-service hotels “remains bright.” Condor CEO Bill Blackham said management believes the transaction is attractive for the company’s shareholders. 

NexPoint owns 11 branded properties sponsored by Marriott, Hilton and InterContinental Hotels Group across the U.S., specifically in Seattle, Portland, Dallas, Nashville and St. Petersburg.

FKH, HuntonAK work on Spirit’s $65.5M bank purchase

Conroe-based Spirit of Texas Bancshares Inc., parent company of Spirit of Texas Bank, is acquiring Tyler-based Chandler Bancorp Inc. and its unit Citizens State Bank for $65.5 million.

Fenimore, Kay, Harrison & Ford counseled Chandler, including partner Derek McGee. 

Hunton Andrews Kurth assisted Spirit, including partners Peter Weinstock and Beth Whitaker and associatesLauren Titolo and Zachary Silvers, all of Dallas.

Stephens Inc. was Spirit’s financial advisor while Hillworth assisted Citizens.

Spirit will issue 2.1 million shares of common stock and $19.2 million in cash to Kidd Partners, Chandler’s sole shareholder.

Spirit is funding the cash portion of the deal through an underwritten public offering of 2 million shares of common stock at $21.50 each, raising $40.9 million. The excess will be used to pay off a line of credit with a third-party lender and fund possible future acquisitions.

Stephens Inc. is lead book-running manager, Keefe, Bruyette & Woods is book-running manager and Piper Jaffray and Sandler O’Neill + Partners are serving as co-managers.

The transaction adds seven full-service branches to Spirit’s 29 locations. The transaction is expected to close in the fourth quarter if it clears regulators.

The deal is Spirit’s 10th acquisition since 2008 and will be the third acquisition since its initial public offering last year.  Spirit closed its acquisition of First Beeville Financial Corp. in April. 

Spirit chairman and CEO Dean O. Bass said in a statement the transaction expands the bank into East Texas and should increase its earnings per share.

“Together, we will be better positioned to take advantage of organic growth and acquisition opportunities that will enable us to better serve our customers and further enhance shareholder value,” he said.

Chandler and Citizens chairman Greg Kidd, who will join the boards of Spirit of Texas Bancshares and Spirit of Texas Bank, said the combination will provide its customers with expanded products and services and larger lending limits and will make it even more competitive in East Texas.

David Monk, Citizens’ president and CEO, will join Spirit of Texas Bank management.

Spirit of Texas Bank is the seventh-largest community bank in the Houston metro market, according to The Houston Business Journal. 

As of June 30, Citizens had assets of $349.1 million, deposits of $265.7 million and equity capital of $39 million. 

Well-known attorney Nelda Luce Blair of the Blair Law Firm in The Woodlands joined Spirit’s board in May.

Kastner Gravelle aids TurnKey on $48M funding from Altos

Austin-based TurnKey Vacation Rentals Inc. said it raised $48 million in funding, bringing its total to more than $100 million since its founding in 2013.

Current investor Altos Ventures led the round, which included existing investors Adams Street Partners, Greenspring Associates and Harmony Partners.

Kastner Gravelle partner Evan Kastner counseled TurnKey.

TurnKey is a vacation rental property management company for luxury and premium vacation rental homes. It plans to use the funding to fuel market expansion and the development of new vacation rental offerings and technologies for individual owners and small property managers. 

Anthony Lee is managing director at Altos Ventures.

TurnKey chairman John Banczak said in a statement that he expects the company to hit the million-guest milestone this year.

Co-founded by Banczak and T.J. Clark, TurnKey claims it pioneered a new model for full-service vacation rental management, leveraging technology and expert local teams to deliver high-end property management and guest experiences at industry-low commission rates. 

Turnkey uses smart locks, decibel monitors, a housekeeping scheduler and tablets to automate property management for vacation rental owners.

TurnKey expects to surpass 5,000 homes and $400 million in gross checkout value. It said TurnKey owners have earned an estimated $50 million more than what they would have at an average industry commission rate of 35%.

TurnKey said Clark will serve as president and chief development officer, Banczak will be CEO and CFO Jen Ford will assume the role of chief commercial officer.

T&K advises Fannin Partners on $5.25M funding round

Fannin Partners, an early stage life science commercialization company, said July 22 it closed a $5.25 million fundraising round, bringing its total to more than $115 million.

Thompson & Knight advised Fannin, including counsel Geoffrey Long and associate Nathan Stone in Houston.

Fannin said it will use the proceeds to fund further expansion of its Fannin Innovation Studio, which it claims operates as Houston’s only for-profit firm that provides integrated management and funding of life science start-ups.

Fannin expects to create 15 more portfolio companies within the next five years. 

The company hosts, manages or remains involved at the board level in the development of several biotech and medtech programs. They include a catheter-deployed pump for heart failure patients, an inhaled immunotherapy that provides protection against major classes of pathogens and a point-of-care device that accurately automates immunoassays.

The studio taps a range of capital sources, including government and foundation grants, angel investors, venture capital firms and strategic partners to fund the development of its portfolio companies’ technologies. 

“With our portfolio companies Procyrion and Pulmotect advancing in their clinical development and with BreviTest poised for market launch in 2020, our investor group has recognized the tremendous progress we’ve made,” Fannin founder and chairman Leo Linbeck III said in a statement.

Fannin managing partner Atul Varadhachary said the firm is seeing the opportunity to in-license and create companies based on technologies sourced from outside Texas “and look forward to developing them here.”

Jones Day advises Teradyne on RealWear purchase

Jones Day said July 24 it advised Teradyne Inc. on its acquisition of a minority stake in Vancouver, Washington-based RealWear Inc. for an undisclosed sum.

Partner Robert “Bobby” Cardone in Dallas and associate Michael Walraven worked on the deal. RealWear used a firm based in New York.

RealWear Inc. said July 1 that it had raised $80 million in series B financing, bringing its total to more than $100 million.

The company plans to use the funds, which are a combination of equity and debt, to continue market expansion and accelerate its platform development. 

RealWear teamed with JPMorgan Chase & Co. to put together an investment syndicate led by Teradyne along with Bose Ventures, Qualcomm Ventures, Kopin Corporation and investors from JPMorgan’s private bank. First-round funder Columbia Ventures Corp. also participated.

RealWear said it’s always focused on products that are designed for the connected enterprise workforce to improve job satisfaction, productivity and safety. 

It claims its industrial hands-free wearable computers enhance a worker’s situational awareness while delivering vital information on-demand in harsh environments, such as servicing wind turbines.

RealWear achievements in the last 18 months include more than 15,000 HMT systems shipped, 1,300 enterprise customers globally and 120 workforce software applications.

Tom Mainelli, IDCGroup’s VP of devices and AR/VR, said the augmented reality enterprise market has experienced a great deal of hype but that long-term, real-world solutions have been thin on the ground.

“RealWear smartly recognized the need for a no-nonsense head-mounted display and has delivered no-frills products that help frontline workers to get their jobs done more safely and efficiently,” he said.

RealWear co-Founder and CEO Andy Lowery said it was critical that RealWear’s new investors be business and technology leaders.

Teradyne CEO and president Mark Jagiela said RealWear has experienced strong growth and is well-positioned to become a leading platform for connected workers.

Richard Tapalaga led the deal from Qualcomm Technologies Inc. and Qualcomm Ventures.

CAPITAL MARKETS/FINANCING

Baker Botts, V&E aid on Global’s $400M notes offering

Baker Botts said July 25 it represented the initial purchasers in Global Partners’ $400 million notes offering.

The team was made up of corporate partners Josh Davidson and Justin Hoffman, associates Katie Belleville, Ieuan List and Jack Chadderdon, special counsel Chuck Campbell on tax and partner Matt Kuryla and associate Harrison Reback on environmental.

Vinson & Elkins advised Global with a team led by partner Brenda Lenahan in New York that included counsel Dan Spelkin in Houston.

The offering involves 7% senior notes due 2027. The notes will be co-issued by GLP Finance Corp. and guaranteed by certain other units of Global.

Global expects to use the net proceeds to fund a concurrent tender offer for its 6.25% senior notes due 2022 and repay some of the borrowings outstanding under its credit agreement.

The the initial purchasers were BofA Securities Inc., J.P. Morgan Securities, Wells Fargo Securities, BNP Paribas Securities Corp., Citizens Capital Markets Inc., MUFG Securities Americas Inc. and SG Americas Securities, who were joint book-running managers. 

Co-managers included BMO Capital Markets Corp., Rabo Securities USA Inc., Santander Investment Securities Inc., Credit Agricole Securities (USA) Inc., Capital One Securities Inc., TD Securities (USA) and Regions Securities.

V&E advises NGP’s Switchback on $300M IPO

Switchback Energy Acquisition, which Natural Gas Partners created to buy an oil and gas company, raised $300 million in an initial public offering on the New York Stock Exchange.

Partners Douglas E. McWilliams and E. Ramey Layne at Vinson & Elkins are advising Switchback with assistance from with senior associate Zach Swartz and associate Joe Milano. 

Lawyers at Weil Gotshal & Manges in New York are counseling the underwriters, which include Goldman Sachs, Citigroup, RBC Capital Markets and Tudor, Pickering, Holt & Co.

Jim Mutrie is general counsel, chief commercial and secretary of Dallas-based Switchback. He previously was RSP Permian’s VP, general counsel and corporate secretary from 2014 through the completion of the company’s $9.2 billion sale to Concho Resources in July of last year. 

During his tenure at RSP, Mutrie handled $13 billion in energy-related transactions and $6 billion in financings.

Before that the Northwestern-trained lawyer was general counsel and compliance officer at United Surgical Partners International and a partner at Vinson & Elkins.

Switchback is led by CEO and CFO Scott McNeill, who previously was CFO of RSP Permian. 

The company is a special purpose acquisition company, or SPAC, also known as a “blank check” company, created with the purpose of making an acquisition. If it doesn’t do so, it has to return the capital raised in the IPO to shareholders.

SCF closes $30M loan with PE-backed oilfield services firm

Stonebriar Commercial Finance announced the closing of a $30 million senior secured term loan facility with a private equity-backed oilfield services provider.

It didn’t name the company but said it provides fluids management, equipment rental and wellsite services to the onshore oil and gas industry.  

Jason Schwartz, VP and assistant general counsel for Stonebriar, worked on the deal in-house.  Andy Fletcher is Stonebriar’s general counsel.

The facility consists of a $20 million fully funded term loan and a $10 million delayed draw term loan to support the construction of new firm contracted water pipelines.  

The loans are secured by almost all of the borrower’s fixed assets, including fluid management systems, water heating and storage equipment, over-the-road assets, rental equipment, pipelines and saltwater disposal wells.

Stonebriar managing director Reagan Rorschach said in a statement that with the recent growth of onshore oil and gas production, particularly in the Permian and Mid-Con basins, end-to-end fluids management is now more than ever a critical component of a well’s completion and productive life. 

“We strongly believe in this segment of the oilfield services market and in management’s ability to execute,” he said.

UPDATE/OTHER

Sunnova, a Houston-based provider of residential solar energy solutions, raised $168 million in its initial public offering. It priced at $12 per share, the low end of expectations, giving it an initial market capitalization of $1 billion. Shareholders include Energy Capital Partners and Quantum Strategic Partners. As The Texas Lawbookpreviously reported, Baker Botts represented Sunnova and V&E assisted the underwriters, which included BofA Merrill Lynch, J.P. Morgan and Goldman Sachs.

***

Mayer Brown announced that it’s advising the Republic of Benin in West Africa on the development of a liquefied natural gas import floating terminal and the supply of regasified LNG to the country.

The team was led by corporate and securities partner Thomas Moore in Houston as well as attorneys in the firm’s Paris office. Other Houston participants were litigation and dispute resolution partner Michael Lennon and corporate and securities associate Federica Castro.

Benin, Société Béninoise d’Energie Electrique and Total signed the gas supply and host government agreements to install the terminal, which will be the first floating storage regasification unit in sub-Sahara Africa. It will be located off the coast of Benin and be connected to existing and planned power plants in Maria Gléta via pipeline.

***

Akin Gump also did work on the LNG front, advising Energy Capital Vietnam, or ECV, on a memorandum of understanding with Korea Gas Corp. that provides the framework for developing a LNG regasification terminal, storage and gas supply system and a 3,200 megawatt gas-fired power project. 

The project is in Mui Ke Ga in Vietnam’s Binh Thuan Province and will be privately funded.

Gabe Procaccini in Houston was the lead partner. He was assisted by Houston tax partner Alison Chen, counsel Andres Chaves and associate Dimitri Tagaropulous, all of Houston. Attorneys in the firm’s New York and Singapore offices also pitched in.

ECV has been in discussions with the Vietnamese government regarding energy sector privatization since 2015. The MOU contemplates the company working with Korea Gas to meet the significant LNG demand growth forecasted for Vietnam. 

ECV CEO David Lewis said Korea Gas’ strong presence in the LNG business and ECV’s position as one of the first movers in LNG in Vietnam would allow the companies to leverage each other’s strengths to bring low-cost LNG to Vietnam and help the country with energy security to address critical power needs.

***

In other LNG news, the Blackstone Group has hired a financial advisor to possibly shed its 58% stake in LNG export developer Cheniere Energy Partners, Bloomberg reported last week citing people familiar with the matter. Blackstone managing director David Foley didn’t respond to a request for comment. 

The private equity firm is marketing the interest to a small group of infrastructure, pension and sovereign wealth funds, the report says. Blackstone agreed to invest $1.5 billion in the company in 2012 when it was led by CEO Charif Souki, who now heads rival company Tellurian. 

Latham & Watkins advised Blackstone on the original agreement with a corporate team led by New York partners David Allinson and Charles Carpenter.

Hunton Andrews assisted Cheniere, including Houston corporate and securities partners Meredith Mouer, who is now deputy general counsel at Tellurian, and David Buck, who is now at Sidley Austin. 

Former Andrews Kurth partner Greg Rayford was Cheniere’s general counsel at the time. Sean Markowitz is now in the GC seat while former Cheniere tax lawyer Daniel Belhumeur is Tellurian’s GC.

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