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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

CDT Roundup: 11 Deals, 9 Firms, 80 Lawyers, $532M

May 17, 2022 Claire Poole

After the drubbing the stock market took last week, there has been growing talk about the “R” word: recession. Uncertainty about that likelihood, as anyone in the transactions business knows, would put a kibosh on deals.

Andrew Akers, a quantitative research analyst at PitchBook, said in a May 14 note he sees three plausible economic scenarios that will drive how markets perform from here.

The first — and most likely — scenario is one in which the Fed is able to engineer a soft landing and avoid a recession. “Our model indicates that there is still only a 20 percent chance of a U.S. recession occurring in the next 18 months,” he said.

The second most likely scenario, according to Akers, is a deflationary recession in which monetary tightening stymies demand and growth and, as a result, prices fall.

The final scenario is an inflationary recession, or stagflation, much like it was in the 1970s, an idea that former Federal Reserve chief Ben Bernanke floated on Monday when promoting his new book, “21st Century Monetary Policy: The Federal Reserve From the Great Inflation to Covid-19.”

“There should be a period in the next year or two where growth is low, unemployment is at least up a little bit and inflation is still high,” Bernanke told DealBook’s Andrew Ross Sorkin. “So you could call that stagflation.”

Akers said while this final scenario is the least likely of the three, he believes it is a significant tail risk that deserves attention “and one that most investors are unprepared for.”

Deal numbers for the week ending May 14 offer no arguments against those scenarios: 11 deals reported for a total $532 million. It was the lowest deal count since Jan. 1 (9) and the lowest reported aggregate value since May 2020 ($432 million). In fairness, terms were disclosed in only two of the 10 M&A transactions.

By contrast, the week before last saw 16 deals for $10.5 billion and a year ago this week saw 18 deals at $10.6 billion.

Weekly Corporate Deal Tracker Roundup Stats

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

Week EndingDeal CountAmountFirmsLawyersM&A CountM&A Value $MCapM CountCapM Value $M
June 25, 202215$6,142131469$2,0176$4,125
June 18, 202217$11,890.11422815$11,4102479.7
June 11, 202217$7,6001212310$2,3007$5,300
June 4, 202212$2,937101279$6923$2,245
May 28, 20229$3,197.611869$3,197.600
May 21, 202214$7,284.51218511$6,6093$675.5
May 14, 202211$306.698010$306.61$225
May 7, 202216$10,451.751210812$1,8274$8,624.75
April 30, 202216$2,296.51615712$895.54$1,401
April 23, 202210$2,24111588$16412$600
April 16, 202211$6,64371568$2,3593$4,284
April 9, 202217$4,4291418411$1,6906$2,739
April 2, 202213$1,75588410$1,1453$610
March 26, 202211$3,2058656$2005$3,005
March 19, 202213$2,239.17910613$2,239.1700
March 12, 202218$12,0161123915$11,9652$51.35
March 5, 202217$6,7861313713$5,1614$1,625
February 26, 202212$5,09581499$4,437.53$658
February 19, 202217$22,2291717414$21,3543$875
February 12, 202212$2,344.710738$641.74$1,703
February 5, 202211$2,50389911$2,50300
January 29, 202211$3,8721210112$3,87200
January 22, 202213$5,143.5109912$4,842.51$301
January 15, 202212$7,60591559$6,4803$1,025
January 8, 202213$8,256.21110213$8,256.200
January 1, 20229$1,273.86509$1,273.800
December 25, 202121$4,734.751117616$3,4105$1,324.75
December 18, 202126$7,325.21519318$3,640.28$3,685.2
December 11, 202116$5,0171010913$1,4173$3,600
December 4, 202114$2,3108868$2,3106$1,882.05
November 27, 20219$3.460.1101016$1,7583$1,702.6
November 20, 202120$22,7921515712$18,864.58$3,928
November 13, 202121$26,7291217813$11,8228$14,907
November 6, 202112$8,3031315710$6,6823$1,621
October 30, 202121$10,3681521815$9,24.46$1,103.
October 23, 202121$18.783.11522211$12,31410$6,468.6
October 16, 202115$3,8681111815$2,2932$1,575
October 9, 202120$8,6101617516$7,7954$815
October 2, 202114$6,2501113710$5,2004$1,050
September 25, 202111$11,4609937$10,2004$1,250
September 18, 202111$16,6038998$15,0843$1,519
September 11, 202117$10,6531110313$8,5034$2,150
September 4, 202113$7,222108911$6,7152$507
August 28, 202112$76396311$6631$100
August 21, 202112$29,65977911$29,5791$80
August 14, 202122$17,8451119912$12,80510$5,04
August 7, 202117$13,6701213915$11,7662$1,904
July 31, 202121$8,1601113410$3,57410$4,586
July 24,202121$6,3671113915$3,7126$2,655
July 17, 202114$4,0091112412$2,0152$1,994
July 10, 202116$3,9971314311$1,5974$2,4
July 3, 202124$7,492139416$3,7698$3,722
June 26, 202110$4,9957858$3,8472$1,148
June 19, 202128$16,83082289$1,86119$14,968
June 12, 202126$27,2381520919$25,6027$1,636
June 5, 202115$15,5391310013$14,7092$600
May 29, 202135$20,2791114528$18,647$1,639
May 22, 202124$53,2081417417$51,0477$2,161
May 15, 202118$10,6201322011$5,8707$4,809
May 8, 202117$10,4001115615$8,3862$2,500
May 1, 202121$7,2001611512$3,8089$3,392
April 24, 20218$20,2009318$20,20000
April 17, 202114$6,270810211$4,01803$2,260
April 10, 202115$8,9401312914$7,9901$950
April 3, 202118$19,5131015112$16,9236$2,590
March 27, 202127$13,9421524414$4,30013$9,633.5
March 20, 202111$2,04641023$2708$1,776
March 13, 202115$3,27091096$5389$2,732
March 6, 202124$13,6171019613$10,39511$3,222
February 27, 202119$8,1051213915$4,9704$3,135
February 20, 20219$8,82091538$8,5201$300
February 13, 202112$4,852.678172,7665$2,086.6
February 6, 202118$9,7521315314$5,2224$4,530
January 30, 202118$9,449918215$8753.83$695.3
January 23, 202114$8,15081186$4,0008$4,150
January 16, 202117$6,7831313811$2,4006$4,382.9
January 9, 202122$6,8291413518$3,139.34$3,690
January 2, 20217$1,4667607$1,46600
December 26, 202018$15,9001216316$5,3001$600
December 19, 202018$9,7691411014$8,4264$1,343
December 12, 202010$7,20091009$3,3251$3,830
December 5, 202015$4,26191229$2,7806$1,481
November 28, 202019$7,7581011013$4,0036$3,755
November 14, 202014$864.11415712$289.12$575
November 7, 202013$6,33291299$2,483.54$3,849
October 31, 202010$3,995.881036$3,231.14$754.7
October 24, 20206$18,1006585$17,7091$350
October 17, 20208$351.95558$351.900
October 10, 20207$5,2293504$7353$4,494
October 3, 202014$21,42891739$17,5355$3,893
September 26, 202010$12,7708935$10,3005$2,470
September 19, 202014$8,36591016$1,0208$7,345
September 12, 20206$4,4068593$1,2703$3,136
September 5, 202011$5,19181179$4,0612$1,130
August 29, 202011$2,5319945$1,1306$1,401
August 22, 202018$6,574121407$1,93011$4,644
August 15, 202013$4,99110977$1,2166$3,775
August 8, 202012$32,092111129$30,4573$1,635
August 1, 20207$5,2878765$3,6872$1,600
July 25, 20209$18,7516677$18,4032$348
July 18, 20206$1,982.55504$1,407.52$575
July 11, 202011$565.1127510$65.11$500
July 4, 202010$8,8898989$8,7881$100.3
June 27, 20208$6,87410505$4,972.53$2,081.5
June 20, 202012$4,44491157$2,8295$1,615
June 13, 20206$3,5824372$3504$3,232
June 6, 202011$3,213.78657$4704$2,743.7
May 30, 20208$7,3357486$4,6392$2,697
May 23, 20204$432.44343$432.410
May 16, 20206$3106345$31010
May 9, 202018$5,6301612414$3,1804$2,450
May 2, 20201510,40010908$1,9007$,8,500
April 25, 20208$3,4009365$1,0003$2,450
April 18, 202019$9,50014928$185.711$9,360
April 11, 202012$6,0009405$1907$5,800
April 4, 202014$8,200116810$2,2004$6,000
March 28, 202016$6,500139610$3,7006$2,800
March 21, 202011$11,9107337$2,2504$9,960
March 14, 20207809.86346684.81125
March 7, 202016$2,500157013$6693$1,400
February 29, 202013$15,2601312811$11,7602$3,500
February 22, 202012$3,700109210$2,5602$1,130
February 15, 202016$1,250108412$354$1,222
February 8, 202018$6,0801412314$2,5954$3,485
February 1, 202021$20,9001210114$17,8607$3,060
January 25, 202013$7,430136212$6,4301$1,000
January 18, 202023$9,5801512019$6,5804$3,000
January 11, 202021$14,2001819916$1,0205$13,200
January 4, 202022$6,4001111916$3,2046$3,245
December 28, 201922$7,1501917518$6,8004$327.4
December 14, 201924$36,3002316719$9,5005$26,800
December 7, 201911$10,40011557$1,0824$9,370
November 30. 201914$2,4501212612$1,7602$692.5
November 23, 201916$1,995104111$6155$1,380
November 16, 201915$3,8201313511$2,5004$1,271
November 9, 201925$12,9001718223$12,2002$575
November 2, 201910$2,470126192,4503$22
October 26, 201912$5,560147011$3,8601$1,700
October 19, 20198$6,60081388$6,60000
October 12, 201919$4,300145516$3,8003$500
October 5, 201918$14,5001916615$11,1003$3,400
September 28, 201919$8,1001813218$7,5601$550
September 21, 201914$6,300166611$2,1603$4,170
September 14, 201915$23,800125611$21,2504$2,570
September 7, 201917$3,500159814$1,9003$1,600
August 31, 20195$8,7006505$8,70000
August 24, 201916$10,000148215$4,2501$5,750
August 16, 201910$1,6805527$6503$950
August 9, 201917$17,700156814$3,9003$13,800
August 2, 201913$5,7601210813$5,760NANA
July 27, 201911$7,30013768$6,5703$730
July 20, 201913$11,8001312511$5,3002$6,500
July 13, 201910$7757468$542.52$233
July 6, 20197$2,5009857$2,50000
June 29, 201923$8,2901515417$2,3006$5,970
June 22, 201917$10,7001013914$7,7003$3,000
June 15, 201911$13,5001416011$13,500NANA
June 8, 201913$2,870175511$1,5702$1,300
June 1, 201910$4,46011608$4,1402$315
May 25, 201917$4,360147914$3,7003$612
May 18, 201922$9,0001715016$3,4006$5,600
May 11, 201918$19,8001717715$18,3003$1,500
May 4, 201910$7,0756328$6,9002$175
April 27, 201915$3,2001411714$3,1601$40
April 20, 201913$13,50010909$12,2004$1,300
April 13, 201916$38,900149114$37,8002$1,100
April 6, 201912$6,870119410$6,7302$50
March 30, 201915$6,470128410$7,91.55$5,677
March 23, 201918$6,450149114$5,0424$1,408
March 16, 201914$10,1801211511$8,8003$1,300
March 9, 20199$1,8006498$1,3001$500
March 2, 201920$3,0331610714$1,8176$1,262
February 23, 201912$2,0408699$614.63$1,430
February 16, 201916$9,970187716$9,97000
February 9, 201914$6,4001011014$6,40000
February 2, 201918$6,740159916$5,7202$950
January 26, 201913$2,770116711$918.952$1,850
January 19, 201915$3,819167612$2,5943$1,225
January 12, 201918$7,283149215$1,6833$5,600
January 5, 201910$529125010$52900
December 22, 201817$2,570138714$9413$1,629
December 15, 201810$2,8608268$2642$2,600
December 8, 201815$1,819166512$5523$1,267
December 1, 201812$7,50010909$1,2003$6,200
November 28, 201815$4,5001110714$4,0001$500
November 19, 201818$6,137139813$2,1425$3,995
November 14, 201818$9,2001315215$8,5003$694
November 6, 201816$17,3001618314$16,3612$950
October 29, 201814$14,4001812717$13,8001$600
October 24, 201813$6,1401312611$5,1222$1,018
October 17, 201818$18,3901512514$12,2924$6,098
October 10, 201829$3,1491810420$1,6479$819
October 2, 201818$9,300116714$7,3004$2,000
September 25, 201813$7,000117510$6,0003$995
September 18, 20189$3,5707449$3,57000
September 11, 201813$5,9001013213$5,90000
September 7, 201814$5,000158611$4,0003$1,000
August 29, 201815$20,700147913$4,7002$16,000
August 20, 201810$12,40011538$11,3803$1,057
August 14, 201812$19,900121329$18,8893$1,011
August 7, 201816$68,6001110613$67,2593$1,340
July 31, 201815$15,100159511$13,0604$2,060
July 23, 201813$2,130156010$1,8043$1,100
July 17, 201814$5,37017989$4,3105$1,100
July 9, 201816$11,200157410$11,0806$862
July 3, 201813$7,00078112$6,3301$750
June 25, 201815$8,80013979$4,9706$3,930
June 18, 201813$14,20014807$2216$14,290
June 11, 201812$6,3008968$5,9104$803
June 6, 201813$14,50010888$14,1545$579
May 31, 201811$4,89010638$3,2403$1,790
May 22, 201815$20,40011639$19,8086$885
May 15, 201815$4,7001510610$3,9005$643
May 9, 201811$1,40013889$1,3002$560
May 1, 20188$14,2507887$13,4001$450
April 24, 201812$5,30066111$4,4701$800
April 17, 20189$1,80010447$2,3302$1,434
April 11, 201811$2,5008326$1,6905$809
April 3, 201815$13,400111219$12,0206$1,090
March 28, 201810$4,00010927$3,8703$215
March 19, 201817$5,800135110$5907$5,165
March 12, 201815$3,130114311$2,3604$788
March 6, 201819$5,4001311610$1,5309$4,860
February 27, 201820$6,600136914$5,5306$1,030
February 19, 201815$5,5001411110$3,9906$1,980
February 12, 201823$10,9001715712$7,11011$3,840
February 5, 201816$8,600131007$1,3309$7,800
January 30, 201811$12,60011685$7,3006$4,982
January 24, 201819$9,400151295$2,01014$7,337
January 18, 201810$6,2808492$2,1008$4,188
January 9, 201812$16,50012929$15,8903$475
January 3, 201810$2,5009478$2,3502$150
December 27, 201715$9,000151139$7,5686$1,784
December 18, 201715$13,800161649$13,0107$1,118
December 11, 201714$9,7001012612$2,9404$8,500
December 4, 20176$1,8006315$1,5101$300
November 28, 20177$3,8508764$3,2603$285
November 16, 201710$2,70010486$1,8404$856
November 8, 201715$2,380179110$1,8605$516
November 1, 201712$4,70017949$3,4004$1,300
October 23, 201715$10,500106710$9,7804$1,530
October 18, 20176$2,000373$2253$1,820
October 10, 201712$6,5701009$3,8803$3,360
October 2, 20178$3,10011193$1,6305$1,750
September 25, 20178$4,8808795$2,6605$2,070
September 18, 20179$4,7703$3006$4,470
September 12, 201711$4,4308$2,0303$2,400
September 1, 20174$1,3103$3171$1,000
August 23, 201711$13,64098$11,8403$1,800

M&A/FUNDINGS

Summit completes $1B equity raise after $300M investment from TPG Rise Climate

Deal Description: Summit Carbon Solutions, developer of the world’s largest carbon capture and storage project, announced May 11 the completion of its fundraising efforts that have pulled in more than $1 billion in equity commitments. Along with the $600 million raised from previous investors, including Continental Resources Inc. and Tiger Infrastructure Partners, Summit secured commitments of an additional $400 million, including $300 million from TPG’s TPG Rise Climate. Summit recently announced a joint venture with Minnkota Power Cooperative that will provide it access to the largest fully permitted permanent carbon dioxide storage site in the U.S.  Together with the storage sites it’s developing independently, the joint venture will provide Summit with storage capacity of 1.2 billion tons of carbon dioxide.

TPG Rise Climate’s Outside Counsel: Kirkland & Ellis led by corporate partners Kristin Mendoza in New York and Ahmed Sidik of Austin and Houston with support in Texas from environmental transactions partner Jim Dolphin.

Smartpipe receives $6.6M from Enbridge

Deal Description: Smartpipe Technologies announced May 2 that Enbridge Inc. invested $6.6 million in the company. Smartpipe features a high-strength, composite internal liner, which is pulled through a pipeline to increase its integrity and allows for improved monitoring through embedded fiber optics. The company said its non-metallic construction delivers improved safety and reliability. Smartpipe can support hydrogen and carbon dioxide energy infrastructure needed in the energy transition.

Enbridge’s In-House Counsel: David Taniguchi, Jeff Holloway and Scott England in Canada

Smartpipe’s Outside Counsel: Robert C. Beasley from Weycer, Kaplan, Pulaski & Zuber in Houston

eLearning Brothers buys CoreAxis

Deal Description: eLearning Brothers, involved in the corporate learning technology industry and a portfolio company of Trinity Private Equity Group, announced May 2 it acquired CoreAxis, a training design, development and on-demand learning resource provider. Terms weren’t disclosed. It’s the company’s third acquisition of year, which includes Rehearsal, a video-based coaching and practice platform, and Origin Learning, an India-based provider of learning design, development and technology solutions.

Trinity PE/eLearning’s Outside Counsel: McGuireWoods led by Dallas partner Jeff Brooker with support from Dallas associate Chelsie Kidd and a Raleigh associate

Notes: Brooker also counseled on eLearning’s purchase of Rehearsal in January.

Buff City Soap receives additional growth investment from General Atlantic

Deal Description: Dallas-based Buff City Soap, a plant-based home and personal care brand franchise, announced May 10 it secured additional funding from General Atlantic. Terms weren’t disclosed. The new capital follows GA’s initial growth investment in Buff City announced in June 2021 and makes the private equity firm the largest shareholder in the company. As part of the investment, GA principal Lexie Bartlett will join Buff City Soap’s board. Since 2020, Buff City has more than quadrupled in size and the company has added more than 130 stores since GA’s initial investment. Buff City has more than 215 locations across 30 states. Its CEO is Craig Kessler, former COO at Topgolf.

Buff City’s Outside Counsel: Greenberg Traurig led by partner Tom Woolsey in Dallas

GA’s Outside Counsel: Paul Weiss 

Notes: Woolsey also advised Buff City on GA’s initial investment

CarVal Investors acquires minority stake in Verogy

Deal Description: On April 29, Verogy Holdings sold a minority stake in its business to affiliate funds managed by CarVal Investors for undisclosed terms. Verogy’s founding management team will continue in their roles and will also maintain a significant equity stake. The transaction is structured as a sale of preferred membership interests. In connection with the minority sale, Verogy and CarVal also entered into a joint venture in which CarVal agreed to make capital contributions to purchase up to 500 megawatts of solar and battery storage projects throughout the U.S. Verogy, based in Connecticut, is a vertically integrated solar developer focused on the commercial, industrial and small utility-scale segments.

Verogy’s Financial Advisor: Javelin Capital

Verogy’s Outside Counsel: Baker Botts, including, from corporate: Jon Platt (partner, Dallas), Natasha Gandhi (senior associate, Dallas), Trevor LaBarge (associate, Dallas) and Trevor Borg (associate, Dallas); other Texas lawyers consisted of Kyle Doherty (senior associate, Houston), Steve Marcus (partner, Dallas), Mike Bresson (partner, Houston), Snow Rui (associate, Dallas) and Jason Loden (partner, Dallas), Aileen Hooks (senior counsel, Austin) and Taylor Courtade (associate, Dallas)

CalVal’s Financial Advisor: Marathon Capital

CalVal’s Outside Counsel: Morgan, Lewis & Bockius

Blackstone announces majority investment in Geosyntec

Deal Description: Blackstone announced May 10 that Blackstone Energy Partners agreed to make a majority investment in Geosyntec Consultants Inc. Terms weren’t disclosed. Geosyntec is an environmental engineering and design consulting firm focused on delivering technical solutions to a wide range of clients to address their environmental restoration, geotechnical, coastal, water quality and supply, infrastructure and energy transition needs. With more than 1,700 engineers, scientists and other key employees, Geosyntec operates from more than 90 offices in the U.S., Canada, Europe, Australia, and the Middle East.

Blackstone’s Financial Advisor: Perella Weinberg Partners

Blackstone’s Outside Counsel: Vinson & Elkins led by partner and firm chair Keith Fullenweider, senior associate Mike Marek and associate Jordan Fossee with assistance from associates Mary Busse, Libby Gerstner and Drew Clements. Other team members were partner Shane Tucker, counsel Dario Mendoza and associates Matt Green and Maddison Riddick (executive compensation/benefits); partner Sean Becker, counsel Martin Luff and associate Andrew Cox (labor/employment); partner John Lynch, senior associate Brian Russell and associate Tyler Underwood (tax); partner Sarah Mitchell and associate Victoria Bahrami-Negad (insurance); partner Matt Dobbins and associate Simon Willis (environmental); counsel Rajesh Patel and associate Alexa Chally (technology transactions/IP); partner Hill Wellford and senior associate Ryan Will (HSR); partner Dave Wicklund, senior associate Caitlin Snelson and associates Arthur Munoz and Jyra Bickham (finance); counsel Elizabeth Krabill McIntyre and associates Alison Harmes and Pete Thomas (government contracts); senior associate Courtney Hammond and associate Katherine Skipper (real estate); partner Rick Sofield (CFIUS); and counsel Rob Landicho (litigation).

Geosyntec’s Financial Advisors: AEC Advisors

Geosyntec’s Outside Counsel: Keating Muething & Klekamp in Cincinnati

Caliber Completion acquires ClearWell’s wireline assets

Deal Description: Caliber Completion Services said May 10 it completed the acquisition of substantially all the wireline assets from ClearWell Dynamics’s subsidiary formerly known as Pioneer Wireline Services. Terms weren’t disclosed. Caliber CEO Ralph Townsend said in the release the “transformational” purchase provides the company with an increased geographical footprint along with additional product offerings and service lines to complement its legacy wireline offerings in the Permian Basin and Mid-Continent Region. Caliber’s wireline units ballooned to 40 from 7. B29 Investments supported Caliber in its consolidation effort.

Caliber’s Outside Counsel: Locke Lord led by Henry Benton (Dallas) with assistance from Susan Rainey, Kimberly Williams and David Allen (all of Dallas) and Laura Ferguson, Buddy Sanders, Cameron Ellis, Lauren Richter and Shannon Schroeder (all of Houston).

Aterian Investment buys a majority interest in Allentown

Deal Description: Aterian Investment Partners, a private investment firm, announced May 11 its acquisition of a majority interest in Allentown. Terms weren’t disclosed. Allentown is the first investment from Aterian’s Fund IV, an $830 million investment vehicle. Founded in 1968 by the Coiro family and based out of Allentown, N.J., Allentown is a provider of lab solutions serving the biomedical pre-clinical research and broader life sciences industries. Allentown boasts thousands of customers, including academic research institutions, biopharmaceutical companies and private research organizations.

Aterian’s Outside Counsel: Weil, Gotshal & Manges led out of New York but including partner Jonathan Macke and associate Andrew Lawson in Dallas

Aterian’s Other Advisors: PricewaterhouseCoopers, Configure Partners and Kroll

The Center for Pursuit, Social Motion set to merge

Deal Description: The Center for Pursuit and Social Motion Inc., two nonprofits serving the special needs community in Houston, are merging. SOMO provides social skills and vocational training to individuals on the autism spectrum from pre-K to young adults while TCFP serves adults with intellectual and developmental disabilities. The new partnership will create resources that will provide programs and services from childhood through adulthood. Development, accounting and human resources will operate out of TCFP’s new $55 million campus on Harrisburg Blvd. SOMO will dissolve its nonprofit designation and operate under TCFP’s 501 (c)(3). SOMO founder Wendy Dawson will join TCFP’s programs committee and consult the merged entity. A year ago, TCFP and SOMO entered into a strategic alliance to create the Center of Excellence, an effort to bring expanded autism and life span services to those with neurodiversity and intellectual and developmental disabilities in the Houston community. The alliance’s success laid the foundation for the merger, the nonprofits said.

SOMO’s Pro Bono Outside Counsel: Vinson & Elkins including partner Doug Bland, senior associate Michael Zarcaro, associate Michelle Yang and tax-exempt counsel Tobey Forney

Chevron inks proposed joint venture with Talos, Carbonvert

Deal Description: Chevron U.S.A. Inc., through its Chevron New Energies unit, Talos Energy Inc., through its Talos Low Carbon Solutions unit, and Carbonvert Inc. announced May 3 a memorandum of understanding for an expanded joint venture to develop the Bayou Bend CCS offshore carbon capture and sequestration hub currently held by Talos and Carbonvert. The Bayou Bend CCS lease is the first and only offshore lease in the U.S. dedicated to CO2 sequestration.

Chevron’s Outside Counsel: Latham & Watkins led by Houston partner Lauren Anderson with associates Omar Shariff and Janhavi Das. Houston tax partner Jim Cole also worked on the deal.

CAPITAL MARKETS/FINANCINGS

Investcorp India Acquisition Corp prices IPO

Deal Description: Investcorp India Acquisition Corp, a newly incorporated blank check company, announced May 9 the pricing of its initial public offering of 22.5 million units at $10 each. The units will be listed on the Nasdaq Global Market and were expected to trade under the ticker symbol “IVCAU” beginning on May 10. The company granted the underwriter a 45-day option to purchase up to an additional 3.375 million units at the IPO price to cover any over-allotments. The company was formed for the purpose of effecting a merger, amalgamation, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses or entities. The SPAC intends to focus its search for a target located in India in industries expected to have a high-potential for growth and for generating strong returns for its shareholders.

Sole Book-Running Manager: Credit Suisse Securities

Investcorp India’s Outside Counsel: Winston & Strawn led by partner Mike Blankenship in Houston and including partners Sheryl Falk and Eric Johnson and associates John Niedzwiecki, Luisa Patoni, Alexandra Santana, Emily Semon and Ben Smolij

Claire Poole

Claire Poole is a senior writer at The Texas Lawbook, where she covers corporate transactions.

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