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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, 7 Firms, 149 Lawyers, $16.5B

February 24, 2025 Allen Pusey & Nick Peck

If you’re not in the mood for numbers, you’d do well to jump to the week’s deal summaries below.

If you hate negative numbers, just go ahead and put your hands over your eyes.

The latest Investment Banking Scorecard from LSEG is in, and for all the optimism we’ve all heard expressed for 2025, these year-to-date numbers (logged as of Feb. 20) will make your eyes bleed. Keep in mind that these percentages reflect values, not levels of traffic. But they are nonetheless dispiriting during what is supposed to be a renaissance year.

Global M&A, with 4,854 deals at $331.1 billion, is down 24 percent year-over-year.

In the U.S., with 1,326 deals for $168 billion, M&A is down 41 percent. Strategic M&A (908 deals for $140 billion) is down 37 percent. PE-backed M&A (268 deals for $25.5 billion) is down 53 percent over this time last year.

Capital markets look better, but only by degree.

There were 536 equity issues worldwide for $51.5 billion. That’s a drop of only 8 percent year-over-year.

The U.S. is faring better, up 3 percent over last year with 59 equity issues valued at $19.5 billion, 16 IPOs valued at $6.2 billion (+88%) and 8 convertibles issues valued at $3.8 billion up slightly (+1%) — but “up” is “up” and we’re not necessarily searching for rainbows.

It’s the “where” and the “what” that are most perplexing, or at least counterintuitive, even on a global scale.

Global energy and power M&A is down (-6%), along with financials (-42%) and perhaps most mystifying — given the high-decibel touts of data centered everything — “high technology” is down (-56%) alongside telecommunications (-82%), despite 1,064 deals valued at $41.5 billion between them.

Across the Americas the regional M&A numbers aren’t that different, with energy and power down (-10%) along with financials (-87%) and high technology (-69%) and telecommunications (-96%) over the same time last year.

But there are bright spots. Consumer products and services are up (+72%), along with materials (+120%) and consumer staples (+29%).

And in the equity markets, the pluses are more visible though the numbers behind them are small. Energy and power is up (+307%). Financials are up (+155%). And consumer staples are up (+981%) on two deals valued at $600 million.

As we said, we’re not looking for rainbows. But we could stand a little light. And if you want to see these numbers for yourself, the LSEG report is here.

The week ending Feb. 22 saw a dozen deals valued at $16.497 billion. That’s down in count, but up in value from 17 deals for $12.1 billion the week prior. That’s also down in volume and up in value from the 19 transactions valued at $16.4 billion during at this time last year.

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

M&A/Fundings

Diamondback Energy Acquires Subsidiaries from Double Eagle for $4.1B

Deal Description: Diamondback Energy, one of the largest O&G producers in the Permian, announced Tuesday that it is acquiring certain subsidiaries from Fort Worth-based Double Eagle IV Midco for $3 billion in cash and 6.9 million shares of Diamondback’s common stock, currently valued at about $158.32 per share. Kirkland & Ellis served as Diammondback’s outside legal counsel, and Vinson & Elkins advised Double Eagle and its affiliates in the deal. For more information, see our daily coverage here.

Hearst Acquires the Austin American-Statesman From Gannett

Deal Description: New York-based media giant Gannett Co., Inc. announced that it has entered an asset purchase agreement with Hearst. New York-based Hearst will purchase the Austin American-Statesman from Gannett’s USA TODAY Network portfolio as part of the agreement. The sale includes the Statesman and its local community-focused publications: the Bastrop Advertiser, Lake Travis View, Pflugerville Pflag and the Round Rock Leader, and its digital offerings, Austin360 and Hookem.com. Neither company disclosed the price Hearst paid for the Statesman, which reported 38,132 digital subscribers in 2013, and its community publications. The transaction is expected to close within the first quarter. For more information, see our daily coverage here.

Targa Resources Repurchases Equity in Targa Badlands for $1.8B from Blackstone

Deal Description: Targa Resources Corporation, a Houston-based midstream services and infrastructure-focused company, announced on Feb. 20 that it had entered an agreement to repurchase the remaining 45 percent interest in Targa Badlands, the entity holding all of its North Dakota-based assets, from funds managed by Blackstone for $1.8 billion. The recently announced agreement is expected to close within the first quarter of 2025. Through the repurchase agreement, Targa will look to refinance the more expensive preferred equity involved in the deal with cheaper debt to save money, which will have a negligible impact on its overall financial leverage and keep it within its debt ratio targets.

Targa Resources Corporation In-House Legal Counsel: Gerald Shrader (Houston)

Targa Resources Corporation Outside Legal Counsel: Vinson & Elkins advised Targa in the deal with a team that was led by partners Benjamin Barron (Houston) and Michael Telle (Houston) and associate John Frey (Houston), and the deal also included associates Matthew Rando (Houston) and Jake Whelen (Houston) and partners Ryan Carney (Houston) and Brian Russell (Dallas) and associate Addy Jackson (Dallas).

Blackstone and GSO Blazer Holdings Outside Legal Counsel: Jones Day advised Blackstone and GSO Blazer Holdings in the deal with a team that included Rodney Moore (Dallas), Scott Delaney (Dallas), Kelly Rubin (Dallas) and Matthew Jones (Houston).

Sandbrook Capital Acquires intellirent From Platinum Equity-Backed Electro Rent

Deal Description: Infrastructure investors Sandbrook Capital announced Feb. 19 that it has acquired intellirent, a rental provider of electrical testing equipment based in Roanoke. Sandbrook acquired the company in a carve out from Electro Rent Corporation, a platform unit of Platinum Equity since 2018. Terms of the deal, which expected to close in the first quarter of 2025, were undisclosed. Neil McCaw, jpresident and CEO of intellirent since 2012, will continue to head the company.

Sandbrook Capital Outside Legal Counsel: Kirkland & Ellis advised Sandbrook Capital in the deal with a team that included Cyril Jones (Houston), Jennifer Gasser (Houston), Carli Childers (Houston), Cat Leveque (Houston), Adam Pile (Houston), Jordan Roberts (Houston), Brittany Taylor (Houston), Mark Dundon (Houston), Nicole Dressler Martin (Houston), Amber Harezlak (Salt Lake City/San Francisco), Katherine Nemeth (Houston) and Jackie Heffernan (New York).

Electro Rent and Platinum Equity Outside Legal Counsel: Latham & Watkins

Electro Rent and Platinum Equity Financial Advisor: Harris Williams

Howard Energy Partners Acquires Oklahoma’s Midship Pipeline

Deal Description: Howard Energy Partners, a San Antonio-based private energy infrastructure firm, announced on Feb. 13 that it acquired equity interests in the 200-mile Oklahoma-based Midship Pipeline from a subsidiary of Houston LNG producer Cheniere Energy. Neither firm disclosed the financial details of the acquisition; however, through the acquisition, HEP will take over as the pipeline’s sole operator. The pipeline primarily connects natural gas production from Okalhoma’s Anadarko Basin to the Gulf Coast and Southeastern markets and has a capacity of 1.1 Bcf/d that can expand to 1.4 Bcf/d.

Howard Energy Partners In-House Legal Counsel: T.J. Campbell (San Antonio)

Howard Energy Partners Outside Legal Counsel: Kirkland & Ellis represented Howard Energy Partners in the acquisition with a team that included Joshua Teahen (Houston), William Benitez (Houston), Chad Smith (Houston), Evan Chavez (Miami), Bill Bandy (Houston), Rizwan Popatia (Houston), Andrew Stuyvenberg (Washington, D.C.), Luis Cruz (Washington, D.C.), Mark Dundon (Houston) and Michael Farrell (Salt Lake City).

Howard Energy Partners Financial Advisor: TD Securities

Shell acquires majority interest in Ursa field platform, pipeline in $735M deal

Deal Description: Shell Oil plc announced Feb. 21 that it has agreed to pay $735 million to acquire a 15.96 percent interest in the Ursa Tension-Leg Platform from ConocoPhillips, along with other associated interests in the Gulf of Mexico project owned by COP. The deal would increase Shell’s interest in Ursa TLP, a project that Shell operates, from 45.38 percent to 61.35 percent. The remaining interest stays in the hands of BP Exploration and Production (22.69%) and ECP GOM III (15.96%), a joint venture owned by Houston-based investors Esperanza Capital Partners and Andros Capital Partners. In addition, the deal includes: COP’s 15.96 percent in the Shell-operated Ursa Oil Pipeline; COP’s 1 percent working interest in the Europa prospect; The 3.5 percent overriding royalty interest in Ursa acquired by COP in its November 2024 merger with Marathon Oil. The Ursa platform is located in Gulf waters about 130 miles southeast of New Orleans.

ConocoPhillips in-house General Counsel: Kelly Rose (Houston)

Shell Oil plc General Counsel: Travis Torrence (Houston)

Capital Markets/Credit

Targa Resources announces $3.5B credit facility

Deal Description: Targa Resources Corp., announced Feb. 20 that it had entered into a five-year $3.5 billion unsecured revolving credit facility with Bank of America, as administrative agent. The revolver, guaranteed by Targa and its various subsidiaries, replaces a $2.75 billion credit facility set to expire in 2027. The announcement was made in conjunction with the company’s repurchase from Blackstone of $1.8 billion in the equity of Targa Badlands (see above).

Targa Outside Legal Counsel: Bracewell with a team led by Jeris D. Brunette (New York) and Charles Still  (Houston) along with Kate Day (Houston), William Ebert (Washington, D.C.), Matthew Grunert (Houston), Peter Rogers (Dallas) and Timothy Wilkins (Austin); Jennifer Dill (Houston) and Leslie Hansen (Houston); Allison Houston (New York), Katie Jones (New York), Shannon Baldwin (Houston) and Benjamin Cantor (New York)

Energy Transfer Announces New $3B Senior Notes Offering

Deal Description: Energy Transfer LP, a Dallas-based owner and operator of energy assets, announced the pricing of a new batch of senior notes on Feb. 18, worth $3 billion in total. The total offering includes a trio of note offerings, including senior notes worth $650 million at 5.2 percent due in 2030, senior notes worth $1.25 billion at 5.7 percent due in 2035 and senior notes worth $1.1 billion at 6.2 percent due in 2055. In addition, the three senior note offerings included in the total offering will be offered at prices of 99.796 percent, 99.872 percent and 99.398 percent of their face value to the public. The offering is intended to close on Mar. 4. Energy Transfer will use $2.97 billion worth of the proceeds to refinance its indebtedness, which includes repaying commercial paper and borrowings under its revolving credit facility.

Energy Transfer LP In-House Counsel: James M. Wright, Jr. (Dallas)

Energy Transfer LP Outside Legal Counsel: Latham & Watkins advised Energy Transfer in the offering with a team led by partners Kevin Richardson (Houston) and Samuel Rettew (Austin), with associates Brian Bruzzo (Houston), Caroline Carol Bale (Austin) and Logan McDowell (Houston). The team also included Timothy Fenn (Houston), Bryant Lee (Houston), Dylan White (Houston), Joshua Marnitz (Los Angeles/Houston) and Jacqueline Zhang (Washington, D.C.).

Joint Book-running Managers for the Offering: BofA Securities, Citigroup, Deutsche Bank Securities, Mizuho and SMBC Nikko

Karman Holdings Announces $506M IPO

Deal Description: Karman Holdings, a Huntington Beach, California-based designer, manufacturer and seller of mission-critical systems for defense and space-focused programs, announced an initial public offering on Feb. 12. The offering included 23 million shares of Karman common stock at $22 per share, totaling $506 million. However, Karman will offer only 8.42 million shares of common stock to the offering directly, as its existing stockholders will sell the 14.57 million remaining shares. The existing stockholders have also provided the underwriters with the 30-day option to purchase an additional 3.45 million to cover over-allotments. The shares involved in the offering will be traded on the NYSE under the ticker symbol “KRMN,” with the offering expected to close on Feb. 14. Karman will not receive proceeds from the additional or initial shares sold by the existing shareholders; however, it plans to use the proceeds it receives from its role in the offering to enhance its development efforts, increase working capital and pay off operating expenses.

Karman Holdings Outside Legal Counsel: Willkie Farr & Gallagher represented Karman in the deal with a team that included and was led by partners Brandon McCoy (Dallas), Sean Ewen (New York) and Hugh McLaughlin (New York).

Joint Book-running Managers for the Offering: Citigroup, Evercore ISI, RBC Capital Markets and William Blair

Manager for the Offering: Baird

Marathon Announces New $2B Senior Notes Offering

Deal Description: Findlay, Ohio’s Marathon Petroleum Corporation, announced on Feb. 6 that it has priced a new grouping of unsecured senior notes in an underwritten public offering worth $2 billion. The total offering includes two separate groupings of notes: the first one worth $1.1 billion at 5.15 percent due in 2030 and the second grouping worth $900 million at 5.70 percent due in 2035. Marathon will primarily use the proceeds from the offering to pay off its outstanding $1.25 billion senior notes at 4.700 percent, due in May 2025, and for other general corporate purposes.

Marathon Petroleum Corporation Outside Legal Counsel: Jones Day represented Marathon in the deal with a team led by Michael Solecki (Cleveland) and Ferrell Keel (Dallas) and also including Sam Huryn (Cleveland), Taylor Pittman(Dallas), Adam Kaye (Cleveland), Terrence Wicks (Dallas), Kelly Rubin (Dallas) and Daniel Varon (Dallas).

Joint Book-running Managers for the Offering: Wells Fargo, Citigroup Global Markets and MUFG Securities Americas

Parker-Hannifin offers $733 million in notes on Dublin exchange

Deal Description: Parker-Hannifin, a Cleveland-based global manufacturer of fuel and motion controls for all varieties of transport, announced Feb. 20 a $733 million (700 million euros) offering of 2.900 percent senior notes due 2030. The notes offering, registered with the SEC, is for trading on the Global Exchange Market of Euronext Dublin.

Underwriter(s): Citigroup Global Markets, HSBC Bank and Morgan Stanley

Underwriter Legal Advisors: Jones Day with a team led from Dallas by Pete Zwick and included Natalia Sauszyn (Paris), Seth Engel (Paris), Malory Thelen (Dallas), Rémy Trabelsi (Paris), Taylor Pittman (Dallas), Kelly Rubin (Dallas), and Paul Johnson III (Dallas).

Diversified Energy Company in $123M equity offering

Deal Description: Diversified Energy Company announced Feb. 19, the pricing of an offering of 8.5 million shares of its common stock at $14.50 per share. The Birmingham, Alabama, natural gas provider operates primarily in the Appalachian and Central regions. The company plans to use the proceeds to pay down anticipated debt associated with the company’s $1.3 billion acquisition of Maverick Resources announced Jan. 27. Diversified trades on both the NYSE and the London Stock Exchange.

Diversified Outside Counsel (U.S.): Gibson Dunn & Crutcher led by partner Hillary Holmes and includes of counsel Justine Robinson and associates Malakeh Hijazi, Ruoqi Wei, and Allan Jeanjaquet. Senior counsel Gregory Nelson advised on tax issues.

Diversified Outside Counsel (UK): Latham & Watkins

Underwriters/Managers: Citigroup and Mizuho are acting as joint book-running managers and underwriters. Other managers include KeyBanc Capital Markets, Truist Securities, Jefferies and Raymond James. Johnson Rice & Company, Pickering Energy Partners, Stephens Inc. and Stifel are acting as co-managers and underwriters.

Outside Counsel for Underwriters: The Vinson & Elkins led by partners David Oelman and Mike Telle (both of Houston) with assistance from senior associate Ximena Kuriand associates Walt Baker, John Sasso. Patience Li and Will Sladic. Also advising were partners David Peck (Dallas) and Wendy Salinas (Dallas), counsel Lauren Meyers (Dallas) and associate Paige Melton (Houston); counsel Corinne Snow and associate Alyssa Sieja (Washington, D.C.); partner Suzanne Clevenger (Houston) and associate Ryan Hoeffner (Houston); partners Miguel Colebrook (London) and John Grand (Dallas); partner Mark Holmes (Houston) and senior associate Litian Chen (Houston).

Other Matters…

Devon Energy and BPX Energy Announce Dissolvement of Partnership

Devon Energy, an Oklahoma City-based developer and producer of oil and natural gas, announced on Jan. 31 that it agreed to dissolve its partnership with BPX Energy, a Denver-based manager of BP’s onshore oil and gas operations. Devon and BPX were partners in the Blackhawk Field in the Eagle Ford, which the duo inherited from Petrohawk Energy and GeoSouthern Energy. 

The 15-year partnership will officially close on Apr. 1, and Devon will continue to hold 46,000 acres of the assets and have greater than 95 percent working interest and operatorship in them as well. Through this dissolvement, Devon anticipates it will have more flexibility in allocating capital and enhancing returns.

Kirkland & Ellis advised Devon Energy on the agreement with a team that included William C. Eiland II (Dallas), David Castro Jr. (Houston), Alex Lippert (Houston), Rachel Miller (Houston), Dakota Priest (Austin), David Wheat (Dallas/Houston), Joe Tobias (Dallas), Brooke Schafer (Dallas), Jonathan Kidwell(Dallas), Stephen Jacobson(Houston/New York) and Christie Alcala (Houston).

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