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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: 12 Deals, 18 Firms, 125 Lawyers, $8.4B

February 6, 2024 Claire Poole

Cautious optimism. When have we heard that two-word phrase before, particularly in relation to M&A?

Plenty of times over the years, most recently early in 2021, following the COVID-19 outbreak in the U.S. and the ensuing pandemic. M&A activity ended up surging to a record high that year as ultra-low interest rates and the Federal Reserve’s quantitative easing program flooded companies with cash and cheap credit.

This year isn’t anything like 2021, but according to a recent report from Mergermarket in association with Norton Rose Fulbright, there is “cautious optimism” amid continued uncertainty in M&A. 

The report features insights from 200 senior executives from multinational corporations, large private equity firms and major investment banks, who highlight the opportunities and risks for dealmaking in 2024.

Looking at their own investment outlook, more than half of respondents (59 percent) expect their appetite for M&A to increase compared with 2023, including 23 percent who say it will increase significantly. Key motivating factors include industry consolidation and the growth of new products and services, alongside the ongoing pursuit of digital transformation.

“But that isn’t the full picture for 2024,” write the report’s authors Ayşe Yüksel Mahfoud, Norton Rose Fulbright’s global head of corporate, M&A and securities in New York and Istanbul, and Raj Karia, head of corporate, M&A and securities for Europe, Middle East and Asia in New York.

Looking at deal financing, they say there is a significant divergence between global regions, with financing in Europe expected to be a particular challenge in 2024. Against this uncertain background, dealmakers are looking to tap into a wider array of financing sources than ever before.

“While traditional lenders still have their place, unusually private debt is soaring in popularity for 2024 – perhaps a sign of speed and ease being a greater priority,” Mahfoud and Karia say.

According to respondents, the most commonly used forms of financing will still be cash reserves (cited by 90 percent) and private debt (91 percent).

This year isn’t without a variety of M&A obstacles, the report said. Stricter regulatory environments are seen as being the number-one deal blocker, particularly antitrust regulation (identified by 33 percent as one of the top-two types of policy most likely to suppress dealmaking). However, this is skewed toward advanced markets like the U.S. (88%) and Europe (70%). 

Nearly a quarter of respondents cite ESG regulations also as one of the top-two factors most likely to suppress M&A in 2024. ESG guidance is also frequently highlighted as a deal driver. These two findings seem inconsistent, the report said, but in practice, “one is the solution to the other.”

Technology and artificial intelligence showed a prominent level of interest. AI tools already feature highly in respondents’ dealmaking processes, and the study also reveals that a third are drawing up plans to acquire an AI company, particularly among private equity players.

“Similar to 2023, deal drivers will be ESG and energy transition, digital transformation (especially AI-related) and supply-chain shifts, though dealmakers will have to navigate an increasingly strict regulatory environment in most places,” Mahfoud says.

The use of representations and warranties/warranty and indemnity insurance is expected to see the greatest increase in the energy and infrastructure space, which attracts 50 percent of respondents’ top-three votes, a significant increase from the previous report.

“There have been more energy and infrastructure deals in general and insurers have become more acquainted with the risk in this space, so the underwriting in this area has stepped up tremendously,” says Daryl L. Lansdale, Austin and San Antonio partner who is vice chair of Norton Rose Fulbright in the U.S. “That’s why you are seeing a big uptick and I think that will continue.”

Respondents noted five further major trends they believe will define M&A globally in 2024: Doubling down on growth, shoring up supply chains, ESG data becoming critical, PE activism on the rise and tackling valuation gaps.

The week ending Feb. 2 saw a dozen deals valued at a total of $8.4 billion, depending on how you count; a slight improvement in volume over last week’s nine deals for $8.1 billion. Last year at this time? We saw 17 deals worth…you may have guessed it: $8.1 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
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

Strategic Sports Group partners with PGA Tour in $3B deal

Deal Description: The PGA Tour, in partnership with Strategic Sports Group, announced Jan. 31 the launch of PGA Tour Enterprises, a new commercial venture under the PGA Tour’s control. Under the program, nearly 200 PGA Tour members will have the opportunity to become equity holders in the new company. PGA Tour Enterprises is also considering participation by future PGA Tour players that would allow them to benefit from the business’s commercial growth. SSG closed on an investment in PGA Tour Enterprises of up to $3 billion, plowing an initial $1.5 billion into the entity, and will provide strategic focus on maximizing revenue generation for the benefit of the players and on finding opportunities to enhance the game of golf around the world. SSG is a consortium of American sports team owners led by Fenway Sports Group and includes its principal owner John W. Henry as well as Steven A. Cohen, owner of the New York Mets, and Arthur M. Blank, owner of the Atlanta Falcons. Other members: Mark Attanasio of the Milwaukee Brewers and founder and managing partner of the Crescent Capital Group; Wyc Grousbeck of Causeway Media Partners and lead owner of the Boston Celtics; Avenue Sports Fund led by Avenue Capital Group CEO Marc Lasry, owner of TGL San Francisco and former principal of the Milwaukee Bucks; Linda Henry, co-owner and CEO of Boston Globe Media, investor in the WNBA and League One Volleyball and partner of Fenway Sports; Alec Scheiner of Otro Capital; and Main Street Advisors including NBA star LeBron James. The grants, which vest over time, will be based on career accomplishments, recent achievements, future participation and services and PGA Tour membership status and grants are only available to qualified PGA Tour players. The transaction allows for a co-investment from the Saudi Arabian Public Investment Fund if the arrangement clears regulators.

SSG’s Outside Counsel: Hogan Lovells, including Matt Eisler, Steve Argeris, Russell Hedman and Mark Weinstein.

Shearman & Sterling, including M&A partners Creighton Condon and Roger Morscheiser in New York, tax partner Ryan Bray in Dallas, antitrust partners David Higbee and Djordje Petkoski in Washington, D.C., and M&A associate Christopher Glenn in New York.

PGA Tour’s Financial Advisors: Allen & Co. and the Raine Group

PGA Tour’s Outside Counsel: Wachtell, Lipton, Rosen & Katz led by partner Jacob Kling; and McDermott Will & Emery (on tax)

Charlesbank commits $250M to Rise Growth Partners

Deal Description: Boston and New York-based Charlesbank Capital Partners committed $250 million to Rise Growth Partners, an Austin financial partner for registered investment advisors serving the wealth management industry. Rise, with capital from Charlesbank as well as Rise management, will seek to acquire significant minority stakes in select RIA firms. Once invested, Rise will provide them with growth capital, operational guidance and acquisition expertise to fuel the firms’ evolutions into the next generation of national wealth management platforms. Rise will focus on acquiring stakes in RIAs with assets under management ranging from about $1 billion to more than $5 billion. Former Goldman Sachs executive Joe Duran is Rise’s executive managing partner.

Rise’s Financial Advisor: Ardea Partners

Charlesbank’s Outside Counsel: Simpson Thacher & Bartlett with a team outside of Texas, including Lou Argentieri, Marni Lerner and Simon Teich (M&A); David Rubinsky, Meredith Brenton and Guanxiong Xu (executive compensation and employee benefits); and Sophie Staples and Lina Pan (tax).

Rise’s Outside Counsel: Kilpatrick Townsend & Stockton led by partner Benjamin Barkley in Atlanta

Select Water closes on three acquisitions for $90M

Deal Description: Select Water Solutions Inc., a provider of sustainable water and chemical solutions to the energy industry, announced Jan. 30 the acquisition of infrastructure assets in the Haynesville Shale and Rockies regions for $90 million in cash. The sellers included CIC Partners-backed Tri-State Water Logistics and Iron Mountain Energy. The acquisitions will add around 450,000 barrels per day of permitted disposal capacity to Select’s water infrastructure segment across 21 active saltwater disposal wells, two slurry injection wells, a solids treatment facility and approved permits for additional recycling and disposal facility development. The active disposal operations are supported by interconnected gathering pipelines, strategic surface acreage and right-of-way and long-term pipeline gathering and dedication contracts.

Select’s Outside Counsel: Vinson & Elkins with teams led by partner Steve Gill and senior associate Mariam Boxwala with assistance from associates Carli Gish, Kelli Westmoreland and Phil Greenfield. Other members included partner Danielle Patterson, counsel Megan Menniti, senior associate David Latham and associate Ryan Bullard (energy transactions/projects); counsel Scot Dixon, senior associate Tyler Hokanson and associate Andrew St. Cyr (real estate); partner Sarah Mitchell and associates Victoria Bahrami-Negad, Dean Dixon and Leah Powers (insurance); partner Lina Dimachkieh, senior associate Curt Wimberly and associate Paige Rapp (tax); partner Matt Dobbins and associate Audrey Doane (environmental); partner David D’Alessandro and associates Mary Daniel Morgan and Henry Crowell (executive compensation/benefits); partner Sean Becker and associates Peter Goetschel and Jordan Peck (employment/labor); partner Guy Gribov, senior associate Joe Higdon and associate Taylor Daily (finance); and counsel Rajesh Patel and associate Haley Titcomb (technology transactions/IP). 

CIC/Tri-State’s Outside Counsel: Baker Botts including Bryan Henderson, Zach Fedorko, Maddie Boezinger, Steve Marcus, Gerry Morton, Megan Young, Sarah Hendrix and Elizabeth (Liz) Singleton

Iron Mountain’s Outside Counsel: Gray Reed partner David Peterman in Houston

Main Street recaps two plastics companies with $43.2M

Deal Description: Akin said Jan. 30 it advised investment firm Main Street Capital Corp. on its $43.2 million new portfolio investment to facilitate the recapitalization of Pinnacle Plastics Inc. and Integrity Plastics Inc. Main Street announced the deal Dec. 27. The companies, collectively known as Pinnacle, manufacture and distribute commercial can liners, polyethylene bags, produce bags and other products for use predominantly in the quick-service restaurant, convenience store and janitorial services industries. Main Street, along with an unnamed co-investor, partnered with the company’s existing owners and management to facilitate the recapitalization, with Main Street’s investment including a first lien, senior secured term debt and a direct equity investment. Main Street and its co-investor also provided it with a revolving line of credit to support its growth initiatives and working capital needs. Main Street’s lower middle market portfolio companies generally have annual revenues between $10 million and $150 million. 

From Akin: The team was led by private equity partner Thomas McCaffrey and private equity counsel Jack Polisini and included tax partner Alison Chen; labor and employment partner Brian Patterson; intellectual property partner David Lee; corporate partner Jon Boben; senior counsel Richard Frank and Michael Miller; and associates Anthony Hilbert, Samir Halawi, Patrick Hovet, Brannen Caraway and Tina Jeffcoat.

Sellers’ Outside Counsel: Chamberlain, Hrdlicka, White, Williams & Aughtry including Habeeb Gnaim (Hobbs), Umair Karowadia, Christopher Hydrick, Greg Henson, Jack Najarian and Matthew Stirneman

Vital attracts $15M from Next Coast

Deal Description: Vital Interaction, an Austin healthcare technology company that combines data, business intelligence and workflow automation, announced Jan. 30 the closing of $15 million in Series A funding led by crosstown venture firm Next Coast. Vital uses practice and patient data to ensure patients follow through on prescribed care plans, recalling and reactivating new and existing patients to encourage follow-up appointments and reduce patient churn. It uses appointment, clinical and billing data to generate automated, customizable campaigns for targeted patient outreach. Next Coast has more than $500 million in assets under management.

Next Coast’s Outside Counsel: Brent Bernell at DLA Piper in Austin

Vital’s Outside Counsel: Faisal Rashid from Fenwick in California

Natera acquires reproductive health assets from Invitae for $10M

Deal Description: Natera Inc., an Austin provider of cell-free DNA testing, announced Jan. 22 that it acquired from assets relating to non-invasive prenatal screening and carrier screening from medical genetics company Invitae for $10 million. The transaction includes $42.5 million in potential milestone payments including cash and litigation-related credits.

Natera’s Outside Counsel: Branden Berns at Gibson Dunn in San Francisco

Roofer.com raises $7.5M seed round

Deal Description: Roofer.com, a Dallas-based roof scanning startup, announced Jan. 25 it raised $7.5 million in seed funding. Mucker Capital led joined by Soma Capital, HF0, Asymmetric Capital Partners, Alumni Ventures, HustleFund, The Council, GoAhead Ventures, Mirada Capital and several angels such as Immad Akhund, the founder and CEO of Mercury, and George Baker, the founder and CEO of ParkHub. Roofer.com took part in an accelerator program at Hacker Fellowship Zero, also known as HF0. The company plans to use the funding to launch into Austin, its second market. Roofer.com uses AI algorithms and drone technology to conduct roof scans. Drones capture high-resolution photographs, which are then analyzed using computer vision. The analysis provides insights into areas of damage, the Roof’s remaining life and whether a repair or complete re-roofing is necessary. Roofer.com is vertically integrated, having acquired Bearded Brothers Roofing & Restoration, one of the largest roofing companies in Texas that did projects such as the San Antonio Marriott Riverwalk. Nathan Mathews is Roofer.com’s founder and CEO and was previously with Mirada.

Roofer.com’s In-House Counsel: Nick Schanbaum

Roofer.com’s Outside Counsel: Foley partner Glenn Singleton

CenterOak Partners sells CollisionRight to Summit

Deal Description: CenterOak Partners, a Dallas-based private equity firm, announced Jan. 30 the sale of CollisionRight Inc., a provider of auto body repair services, to Summit Partners. Terms weren’t disclosed. the cvompany is the sixth largest collision repair operator in the U.S. The deal marks CenterOak’s third exit in the auto aftermarket. Since its formation in 2020, CollisionRight’s network has expanded to more than 85 repair centers across nine states. The company generates around 90 percent of its revenue through insurance carriers and repairs more than 90,000 combustion engine and electric vehicles per year in the mass and luxury markets. CenterOak and its partners have managed $2.5 billion of equity capital commitments and have completed more than 150 transactions representing over $8 billion in value. 

CollisionRight’s Financial Advisor: Jefferies and Stifel, Nicolaus

CollisionRight’s Outside Counsel: Gibson, Dunn & Crutcher with a corporate team led by partner Robert Little and including associates Steve Wright, Jordan Rex, Hayden McGovern, Shawn Burrows and Kaylin Portillo Chavez. Partner Michael Cannon and associate Blake Hoerster advised on tax aspects and partner Krista Hanvey and associate Lucy Hong assisted on benefits.

Summit’s Outside Counsel: Latham & Watkins

Poet, Summit Carbon Solutions partner

Deal Description: Poet and Summit Carbon Solutions announced Jan. 29 a partnership connecting the world’s largest biofuel producer with the world’s largest carbon capture and storage project. Terms weren’t disclosed. The collaboration brings together two entities, both founded upon creating new agricultural markets and supporting rural communities, to capture the value of the biogenic carbon dioxide from the bioethanol production process. The partnership expands the carbon opportunity across the Midwest by incorporating Poet’s 12 facilities in Iowa and five facilities in South Dakota into the Summit project. The addition will facilitate the capture, transportation and permanent storage of 4.7 million metric tons of CO2 annually from the 17 P biooetprocessing plants. Lee Blank, CEO of Summit Carbon Solutions, the initiative is aimed at enhancing the financial profitability of its farmers, contributing to higher land values, and ensuring a more prosperous future for farm families and communities.

POET’s Outside Counsel: Winston & Strawn advised with a team led by Dallas partner Sam Peca and Los Angeles partner Jennifer Morgan, along with associates Steve Taylor in Dallas and Christine Olivo in Houston.

Summit’s Outside Counsel: Kirkland with a team led by real assets partner Chad Smith and associates Jarrod Gamble and Lyle Paul; tax partner Sam Kamyans and associate Amir Azinfar; debt finance partners Rob Eberhardt, Tatiana Monastyrskaya and Jacqueline Trudeau; and environmental transactions partner Sam Dykstra and associate Courtney Tibbetts.

CAPITAL MARKETS/FINANCINGS

APA lines up $2B term loan facility related to $4.5B purchase of Callon Petroleum

Deal Description: Bracewell said Jan. 30 it represented APA Corp. on a $2 billion term loan facility in connection with APA Corp.’s $4.5 billion purchase of Callon Petroleum Co. The loan will be used to retire existing indebtedness of Callon. Callon’s assets provide additional scale to APA’s operations across the Permian Basin, most notably in the Delaware Basin, where Callon has nearly 120,000 acres. APA owns consolidated subsidiaries, including Apache Corp., that explore for and produce oil and natural gas in the U.S., Egypt and the U.K., and that explore for oil and natural gas off the coast of Suriname. 

From Bracewell: Partners Heather Brown and Troy L. Harder and associate Young June Jhe

Kinder Morgan launches $2.25B senior notes offering

Deal Description: Bracewell said Feb. 2 it represented Kinder Morgan Inc. on its recent public offering of $1.25 billion of 5.000% senior notes due 2029 and $1 billion of 5.400% senior notes due 2034. Mizuho, SMBC Nikko, TD Securities and Wells Fargo Securities were book-running managers. The offering closed Feb. 1.

Kinder Morgan’s In-House Counsel: The team was led by Angela S. Teer, managing counsel of Kinder Morgan

Kinder Morgan’s Outside Counsel: Bracewell including partners Troy L. Harder (Houston), Will Anderson (Houston) and Steven J. Lorch (New York) and associates Caroline E. Ellis and Alexandra C. Crai (both Houston)

Underwriters’ Outside Counsel: Shearman & Sterling with a team led by Taylor Landry and Bill Nelson

Kodiak Gas Services issues $750M offering of senior notes

Deal Description: Kirkland & Ellis said Jan. 31 it advised Kodiak Gas Services Inc. on its private offering of $750 million of 7.25% senior unsecured notes due in 2029. The offering was expected to close on Feb. 2. Kodiak is one of the largest contract compression services providers in the continental United States. It focuses on providing contract compression services to oil and gas producers and midstream customers in high-volume gas gathering systems, processing facilities, multi-well gas lift applications and natural gas transmission systems.

From Kirkland: The team was led by capital markets partners Matt Pacey, Jennifer Wu and Atma Kabad and associates Nick Wetzeler, Taylor Santori, Logan Krulish and Alexa Wachsman.

Claire Poole

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

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