• Subscribe
  • Log In
  • Sign up for email updates
  • Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer

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: 12 Deals, 13 Firms, 134 Lawyers, $12.1B

February 17, 2025 Nick Peck & Allen Pusey

Despite a flurry of power and utility-related transactions in recent months — particularly related to the anticipated development of data centers — don’t expect much from the upstream sector in 2025.

Not even the “Drill, Baby, Drill” rhetoric of a new administration seems likely to spur a surge in production across 2025, according to S&P Global, in an analysis backed by new stats from the U.S. Energy Information Administration.

Beyond the noise, drilling was pretty much flat in January, “a cadence that is generally expected to continue in the months ahead before rig counts set off on a decline,” predicts the S&P guidance.

The cause? Lackluster crude prices and natural gas-weighted operators still waiting for international demand to rise to possibly overblown expectations. And to the extent that energy price drives production, it also drives deals.

In the latest EIA monthly report, for instance, U.S. crude production in November 2024 averaged 13.314 million barrels per day, a slight increase over the 13.308 mb/d averaged in November 2023. That’s the good news. But that latest production was a decline month-over-month from the 13.436 mb/d logged in October 2024.

In Texas, crude production numbers were similar. November 2024 saw an average of 5.761 mb/d, up YoY from 5.658 mb/d, but down -1.2 percent from October 2024 (5,831 mb/d).

The natural gas numbers are slightly different but trending the same: down across the U.S. (-1.0%) year-over-year and down in Texas (-0.4%) month-over-month.

But it’s the rig count that seems to best tell the story. In January 2025, according to the EIA, there were 584 O&G rotary rigs in U.S. operation. A year prior, there were 620. And S&P analysts suggest that with most budgets set in late 2024 at $70/barrel WTI, operators will maintain similar rig counts in late 2024.

“However, oil-directed drilling activity will decline in the second half of 2025 as lower oil prices, particularly for 2026, begin to materialize in the forward curve.”

Although S&P expects the WTI to continue to hover around $70 per barrel for the year, there are some bright spots in the S&P report, particularly for Texas.

First, and perhaps most obvious, is an anticipated boost in the production of feedgas for LNG facilities along the Texas-Louisiana Gulf Coast. In 2025, Venture Global’s Plaquemines LNG and Cheniere Energy’s Corpus Christi Stage 3 export project will be ramping up production, which anticipates a 21 percent increase over 2024, according to S&P forecasts.

And in the Permian — which accounts for nearly three-fourths of the Lower 48 rig count — EIA expects an efficiency-driven increase of 6 percent in production over the year, a major factor in their forecast of an increase from 11.15 mb/d to 11.5 mb/d in onshore output.

The week ending Feb. 15, saw a dozen deals, 10 M&A/funding transactions and two CapM deals, together valued at $12.1 billion. That’s on pace with the prior week, which saw 14 deals worth $7.15 billion, but a bit behind the 16 deals for $29.9 billion reported last year. Of course, one of those deals was a monster: Diamondback’s $26 billion acquisition of Endeavor. One note: Diamondback may be at it again soon. Several outlets have reported that discussions between Diamondback and EnCap are close to a $5 billion deal for the latter’s Double Eagle IV.

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
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

M&A/Fundings

PSG Closes a Pair of Funds Worth a Combined $8B

Deal Description: PSG Equity, a Boston-based growth equity firm that primarily collaborates with software and technology-focused companies, announced on Feb. 12 that it closed a pair of funds worth a combined $8 billion. The first fund closed, PSG VI, is its sixth North American-based flagship fund, which will focus on investing in AI-focused software companies. It closed with $6 billion in capital commitments from sovereign wealth funds, state and corporate pensions and family offices. The capital commitments that PSG VI received also surpassed those of its predecessor, which received $4.7 billion in commitments. The second is a continuation fund named PSG Sequel. The continuation fund received $2 billion in capital commitments from a handful of institutional investors, which included Canada Pension Plan Investments, StepStone and GIC. Through PSG Sequel, PSG will retain its equity stake in six of its portfolio companies, Arcoro, LivTech, Nextlane, Semarchy, Singlewire Software and Transit Technologies, to support each of the company’s next phase of growth through the new fund.

PSG Outside Legal Counsel: Weil, Gotshal & Manges represented PSG in the deal with a team that was led by partner Richard Frye (Dallas), partner David Gail (Dallas), partner Emmanuelle Henry (Paris) and also included associates Patrick Hosch (Dallas), Lauren Broidy (Dallas), Madeleine Carpenter (Dallas), Emma Conde (Dallas), Niko Lane(Dallas), Parker Winston Lawter (Dallas), Sam Rosenbloom (Dallas), Hunter Zepeda (Dallas), Josh Schonfeld (Dallas) and Sarah Smith (Dallas).

Note: Weil’s David Gail also advised on PSG’s recent strategic investment in Coursekey in January 2025 and PSG’s September 2024 strategic investment in Campus Ivy and Verity IQ.

PSG Injects $150M into video platform Uscreen

Deal Description: In addition to closing $8 billion in funds (see item above), PSG also announced a $150 million investment in Uscreen, a company that provides video software and market development services for the self-production of online content for training, education, event broadcasting and market influence on platforms like Instagram and Facebook. Headquartered in suburban Washington, D.C., the says it plans to use the funds to upgrade and expand its native mobile and TV apps, to improve its community engagement tools and enhance its analytics and monetization features. GCL is the exclusive marketer and distributor in East Asia and Southeast Asia of such games as The Witcher 3, Sonic series, Hogwarts Legacy, and Cyberpunk 2077.

PSG Outside Legal Counsel: Weil Gotshal & Manges with team is led by Private Equity partner David Gail (Dallas) and Dallas PE associates Patrick Hosch, Emma Conde and Parker Lawter; as well as tax partner Jonathan Macke (Dallas) and associate Sarah Smith (Dallas) and lawyers from Northern California and New York.

RF Acquisition Corporation and GCL Global Limited Announce $87.9M Merger

Deal Description: Asia-based games and content distributor GCL Global rang the bell to open Nasdaq trading on Feb. 14, after closing a long-sought deSPAC merger with RF Acquisition, a blank check company based in Singapore. Terms of the $87.9 million reverse-merger agreement included a minimum cash condition of $25 million in addition to the $42.9 million in the RFAC trust remaining from its March 2022 IPO. The deal also includes an agreement to seek at least $20 million in PIPE contributions. RFAC was formed in January 2021, a year in which SPACs surged in popularity, particularly in the tech sector. The company banked $98 million from its IPO and but saw that balance decline as it was forced to postpone its deadlines for mergers at least four times. Three of those postponements occurred after RFAC originally announced its intent to merge with GCL Global in October 2023.

GCL Global Limited and the Combined Company’s Outside Legal Counsel: Loeb & Loeb

RF Acquisition Corporation Outside Legal Counsel: Winston & Strawn represented RF Acquisition in the deal with a team that included lead partner Michael Blankenship (Houston), partner Justin Hoffman (Houston), associate Armando Amador (Houston), associate Alexandra Santana (Houston) and associate Jonathan Bodle (Houston).

RF Acquisition Corporation Financial Advisor: Early Bird Capital

CenterOak Partners Announces Sale of Shamrock Environmental to Republic Services Subsidiary

Deal Description: Dallas-based CenterOak Partners announced Feb. 14, a final exit from its Center Oak Equity Fund I with the sale of its industrial waste collection and treatment portfolio company, Shamrock Environmental, to Republic Services Inc. Shamrock is headquartered in Browns Summit, North Carolina; Republic is based in Phoenix, Arizona. Center Oak had been the first institutional investor in Shamrock, which collects and transports recurring commercial and industrial liquid waste for customers across more than 20 states. Terms of the sale were undisclosed.

CentralOak Partners In-House Legal Counsel: Michael D. Salim (Dallas)

Shamrock Environmental Outside Legal Counsel: Gibson Dunn advised Shamrock Environmental on the sale with a team that included Jonathan Whalen (Dallas), Kiel Sauerman (Dallas), William Altabef (Dallas), Alexis Levine (Dallas) and Marie Baldwin (Dallas).

Shamrock Environmental Financial Advisors: Houlihan Lokey and Brown Gibbons Lang & Company

Nabors Industries’ SPAC Announces Merger With e2Companies

Deal Description: Nabors Energy Transition Corporation II, a Houston-based SPAC of Nabors Industries, announced on Feb. 12 that it has entered a business combination agreement with e2Companies, a Bonita Springs, Florida-based AI-powered oilfield energy optimization company. The blank check company closed its $305 million IPO in July 2023 and, according to the merger agreement, held $323.5 million in its trust account. After the transaction closes, e2Companies will become a publicly traded company trading on the Nasdaq with the ticker symbol “VUTL.” In addition, the combination will give the company a pre-money equity value of $500 million. Before this combination agreement, Nabor had been working with e2 for the past year to integrate its solutions into Nabor’s drilling operations globally, and this recent combination announcement represents the latest iteration in the pair of companies’ partnership. Through this recent combination, both firms will look to primarily leverage e2’s platform and technology to effectively address the energy and power increasingly needed for data centers and AI.

Nabors Industries In-House Legal Counsel: Michael Csizmadia (Houston)

Nabors Outside Legal Counsel: Vinson & Elkins led by Scott Rubinsky and Ramey Layne

e2Companies Outside Legal Counsel: Haynes Boone represented e2Companies in the deal with a team that included Rick Werner (New York), Simin Sun (Houston), Alla Digilova (New York), Brent Duddles (Houston), Lisa Vasek (Houston), Cheyenne Karp (New York), Alex Grishman (New York), Sam Lichtman (New York), Thomas Hogan (New York), Meica Green (New York) and Janet Wyse (Dallas).

Apollo Funds Acquires a Majority Interest Stake in Houston’s Bold Production Services

Deal Description: Apollo Global Management, announced on Feb. 12 its acquisition of a majority interest stake in Bold Production Services, a Houston-based oil and gas infrastructure services company. Details of the agreement were undisclosed, but Little Rock-based bank Bank OZK provided a credit facility to support the transaction. Bold specializes in the treatment and removal of a variety of impurities and contaminants in oil, natural gas and water used in production. The company will continue to be headquartered in Houston and run by its current management team.

Apollo Funds Legal Counsel: Vinson & Elkins represented Apollo in the deal with a team of Dan Komarek (New York), Crosby Scofield (Houston), Tara Tegeleci (New York), Sang Hun Lee (Dallas), Omri Ambalo (New York) and Tzvi Werzberger (New York).

Bold Production Services Outside Legal Counsel: Troutman Pepper Locke

Bold Production Services Financial Advisor: Piper Sandler & Co.

Tiger Infrastructure Announces Growth Investment in Bolder Industries

Deal Description: Tiger Infrastructure Partners, a New York-based PE firm primarily focusing on middle-market infrastructure, announced on Feb. 10 that a strategic growth investment in tire recycler Bolder Industries. Headquartered in Boulder, Colorado with its primary facility in Maryville, Missouri, Bolder recycles end-of-life rubber tires into oil for blendstock in crude oil refining, solvent feedstock and heating, as well as a sustainable carbon black used in pigments and the production processes of a wide variety of goods. Terms of the agreement were undisclosed, but Bolder plans to use the newly acquired capital to finish construction on a pair of facilities in Terre Haute, Indiana, and Antwerp, Belgium, the development of others. The facilities are designed to recycle over 4 million tires annually. Tiger Infrastructure has offices in New York and London.

Tiger Infrastructure Outside Legal Counsel: Latham & Watkins advised Tiger Infrastructure Partners in the deal with a team that included Lauren Anderson (Houston), John Daywalt (Houston), Caroline Silverstein (Houston), Diego Guimaraes-Blandon (Houston), Jim Cole (Houston), Dominick Constantino (Houston), Benjamin Gelfand (Houston), Daniel Muheme (Brussels), Seth Richardson (San Diego), Jonathan Katz (Houston), Andy Yuan (Houston), Joshua Marnitz (Los Angeles/Houston), Jacqueline Zhang (Washington, D.C.), David Della Rocca (Washington, D.C.), Laura Allis Szarmach (Washington, D.C.), Sam Hampton Sturgis (Washington, D.C.), Sandra Benjamin (New York), Elizabeth Duncan (Boston), Andrew Abokhair (Austin), Saúl Aguirre-Villarreal (Austin), Robert Brown II (Houston/Austin), Priyanka Krishnamurthy (Boston), Jason Cruise (Washington, D.C.), Peter Todaro (Washington, D.C.), Britton Dale Davis (Washington, D.C.), Aaron Friberg (San Diego), Madeline Hodges (San Diego), S. Drew Levin (Los Angeles), Hannah Cary (San Diego/Los Angeles), Joy Chen (Los Angeles), Gail Neely (New York) and Shira Mendelsohn (New York).

Bolder Industries Outside Legal Counsel: King & Spalding

Bolder Industries Financial Advisor: Greenhill, a Mizuho affiliate

Lennar Corporation Completes Spin-off of Millrose Properties

Deal Description: Lennar Corporation, a Miami-based homebuilder, announced on Feb. 7 that it has completed its September 2024 announced spin-off of its land banking assets into a separately publicly traded company, Millrose Properties. The separation saw Millrose, a new homesite option purchase platform, begin trading on the NYSE under “MRP” as a separate company on Feb. 7. Despite recently being named its own publicly traded company, Millrose will trade as a REIT for tax purposes during its first year in operation. As a part of the initially announced details regarding the spin-off, 80% of Millrose’s stock went to Lennar’s stockholders, with it contributing an additional $5.5 billion in land assets and $1 billion in cash to Millrose, bringing the book value of Millrose’s equity to $5.8 billion. As a part of the recent announcement of the spin-off’s closing, it was also reported that MRP entered into a new $1.3 billion revolving credit facility agreement that could increase to $2 billion, an agreement on which Akin also advised. Millrose will be managed externally by affiliates of institutional alternative investment firm Kennedy Lewis Investment Management now that it is a separate company. The move supports Lennar’s continuing strategy of becoming an asset-light, land-light company. Under the spin-off agreement, Lennar retains exclusive rights to certain of the properties contributed to Millrose and, as of the time agreement, Lennar will be Millrose’s sole customer. Although the company says it is in negotiations with other builders, it also says there is no guarantee that more customers will develop.

Millrose Properties Outside Legal Counsel: Akin Gump Strauss Hauer & Feld and Venable served as legal counsel to Millrose with an Akin team that was led by Dan Fisher (New York) and Zachary Wittenberg (New York) and also included John Clayton (Dallas), Alan Laves (Dallas), Alexandra Reuss (New York), Stefanie Manna (New York), Lech Wilkiewicz (Dallas), Taylor Williams (Dallas), Megan Hamilton (Dallas), Beatrice Techawatanasuk (New York), Brady Pedneau (Dallas), Karolen Eid (Washington, D.C.) and Karen Liu (New York).

Lennar Corporation Outside Legal Counsel: Cleary Gottlieb Steen & Hamilton; Gibson, Dunn & Crutcher and Goodwin Procter 

Lennar Corporation Financial Advisors Outside Legal Counsel: Davis Polk & Wardell

Lennar Corporation Financial Advisors: Vestra Advisors, Citigroup, Goldman Sachs and JPMorgan Chase

Note: In November, Lennar Corporation announced its acquisition of Arkansas-based Rausch Coleman Homes. Under that agreement, Lennar said it would retain the Rausch home construction business, but that Rausch Coleman real estate assets would be assigned to a “third party.” Rausch Coleman was advised by Vinson & Elkins on that transaction.

McKesson Corporation Acquires Controlling Interest Stake in PRISM Vision Holdings for $850M

Deal Description: McKesson Corporation, an Irving-based distributor of healthcare-focused products and technology for healthcare organizations, announced on Feb. 4 that it has agreed to acquire an 80 percent controlling interest stake in PRISM Vision Holdings, a New Jersey-based ophthalmology and retina management services provider, for $850 million. Despite McKesson acquiring such a significant interest stake in the firm through this recent agreement, PRISM Vision physicians will still retain a 20 percent interest stake. Once the transaction closes, PRISM will consolidate into McKesson’s U.S. pharmaceutical segment, and McKesson anticipates that PRISM will raise its earnings per share from $0.20 to $0.30 within the first year and $0.65 to $0.75 at the end of the third. Through this move, McKesson expects the acquisition to support several of its strategic objectives for 2025. For PRISM, the acquisition will aid in expanding both its provider base and service platform.

McKesson Corporation In-House Legal Counsel: Michele Lau (Irving)

PRISM Vision Group Outside Legal Counsel: Katten represented PRISM in the deal with a team that included Roger Griesmeyer (New York), Dilen Kumar (Dallas), Jesse O’Connell (New York), Julie Park (Dallas), Alex Lindsey (New York), Astoneia Moss (Dallas), Miriam Wang (Dallas), Ramana Rameswaran (Dallas) and Valentina Famparska (Chicago).

Pon, URUS Group and Trans Ova Advanced Technologies Acquire Recombinetics and Its Subsidiary, Acceligen

Deal Description: Pon Holdings, a Netherlands-based conglomerate that operates globally within several different industries, recently announced that it is collaborating with one of its companies, URUS Group, a Madison-based holding company that produces products for dairy and beef cattle producers, and its affiliate, Trans Ova Advanced Technologies, to acquire all assets of Recombinetics and its subsidiary, Acceligen. The four firms involved in the acquisition did not disclose the deal’s financial details, but the transaction closed formally on Jan. 8. The acquisition will explicitly see Recombinetics, a Minnesota-based animal gene editor and developer of agriculture-focused technologies, merge with Trans Ova Advanced Technologies, an Iowa-based firm focused on animal genetics and agricultural innovation. The duo and Recombinetics subsidiary, Acceligen, have worked together in the past, and the acquisition represents the next progression of the duos’ partnership by officially combining its resources to continue developing technology and solutions to aid its farmer and researcher customers.

Pon North America In-House Legal Counsel: Magnus Rayos (Houston)

Pon Holdings, URUS Group and affiliate Trans Ova Advanced Technologies Outside Legal Counsel: Morgan, Lewis & Bockius represented the trio of firms in the acquisition with a team that included partner Sameer Mohan (Houston), partner Jennifer Feldsher (New York), partner Greer Longer (Pittsburgh), partner Jon English (New York), partner Kristen Campana (New York), partner Jody Barillare (Wilmington), partner Christopher Betti (Chicago), partner Ron Dreben (Washington DC), and associates Michael Gocksch (Boston), Michael Morgan (New York), Kelsey Warren(Houston), Emily Pollak (New York), Regina Chong (Boston), Andrew Dietrick (Philadelphia) and Cassandra Sciortino (Washington DC).

Note: The acquisition isn’t the first deal Morgan Lewis has advised Pon and URUS on. The trio has worked together on several other deals, most recently collaborating in June 2024 on a partnership agreement with CVC Capital Partners. 

Capital Markets/Credit

Sysco Corporation Announces a Pair of Senior Note Offerings Worth a Combined $1.25B

Deal Description: Sysco Corporation, a Houston-based seller and distributor of food products, announced on Feb. 13 that it is offering a pair of new senior note offerings worth a combined total of $1.25 billion. The public offerings include senior notes due in 2030 worth $700 million at 5.1 percent and senior notes due in 2035 worth $550 million at 5.4 percent. The offerings intend to close on Feb. 25. Sysco will use the net proceeds to repay borrowings owed for its commercial paper programs and other general corporate purposes.

Sysco Corporation In-House Counsel: Eve McFadden (Houston)

Sysco Corporation Outside Legal Counsel: King & Spalding 

Underwriters Outside Legal Counsel: Baker Botts represented the underwriters in the offering with a team that included Eileen Boyce (Houston), Michael Mazidi (Houston), Sarah Dyer (Houston), Adrienne Murr (Houston), Jon Lobb(Houston) and Michael Kovacich (Houston).

Underwriters of the Offering: BofA Securities, Goldman Sachs, J.P. Morgan

Joint Book-running Managers of the Offering: TD Securities and Wells Fargo Securities

Snap Inc. Announces Upsized Offering of $1.475B of Senior Notes Due 2033

Deal Description: Snap Inc., a Santa Monica-based technology company, announced on Feb. 11 that it has priced an upsized offering of senior notes worth $1.475 billion at 6.875 percent due in 2033. The notes themselves will be senior unsecured obligations. In addition, Snap’s domestic subsidiaries, which have previously guaranteed its other indebtedness, will fully and unconditionally guarantee them. The offering intends to close on Feb. 14, and Moody’s has already assigned Snap and the new offering a B1 rating. Fitch and the S&P have also rated Snap and the offering, assigning them a BB rating and B+ rating, respectively. Snap intends to primarily use the net proceeds from the offering to repurchase its outstanding convertible senior notes due in 2026, 2027, and 2028 worth $45.3 million, $797.4 and $800 million. However, the firm expects that by repurchasing these notes, the holders may take particular actions that could increase its standard stock price. The firm intends to use the remaining proceeds for other general corporate purposes.

Snap Inc.’s Outside Legal Counsel: Latham & Watkins and Fenwick & West represented Snap in the deal with a Latham team that included Seth Gottlieb (Silicon Valley/San Francisco) and Alex Kassai (Silicon Valley/San Francisco) and a Fenwick team that included David Michaels (Silicon Valley) and Aman Singh (New York).

Initial Purchasers’ Outside Legal Counsel: Sidley Austin represented the initial purchasers in the offering with a team that included Natalie Karam (Century City/San Francisco), Johnny Skumpija (New York), John Stribling (Houston) and Kayla West (New York).

©2025 The Texas Lawbook.

Content of The Texas Lawbook is controlled and protected by specific licensing agreements with our subscribers and under federal copyright laws. Any distribution of this content without the consent of The Texas Lawbook is prohibited.

If you see any inaccuracy in any article in The Texas Lawbook, please contact us. Our goal is content that is 100% true and accurate. Thank you.

Primary Sidebar

Recent Stories

  • Shell US Lawyers Adam MacLuckie and Huyen Luong Have a ‘Need to be an Ally’
  • Womble Adds Veteran Biz Litigator in its Houston Office
  • Gibbs & Bruns Notches 2 Trial Wins in 2 Days
  • Lawbook 50 — The Texas Magnificent Seven
  • Federal Court Strikes Down FDA’s LDT Final Rule — Implications for Clinical Laboratories

Footer

Who We Are

  • About Us
  • Our Team
  • Contact Us
  • Submit a News Tip

Stay Connected

  • Sign up for email updates
  • Article Submission Guidelines
  • Premium Subscriber Editorial Calendar

Our Partners

  • The Dallas Morning News
The Texas Lawbook logo

1409 Botham Jean Blvd.
Unit 811
Dallas, TX 75215

214.232.6783

© Copyright 2025 The Texas Lawbook
The content on this website is protected under federal Copyright laws. Any use without the consent of The Texas Lawbook is prohibited.