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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, 81 Lawyers, $4.9B

February 18, 2021 Allen Pusey & Caroline Evans

Scrap all the other stuff. How are you doing? Got heat? Got water? Got Zoom?

Energy is back in the news this week, but not in a good way. Texas power grid problems are now a national issue, and in some quarters a national disgrace.

The debate about what and who is responsible for the state’s poor response to the extended freeze has already begun. Inexplicably, as some view it, Texas Gov. Greg Abbott has blamed wind farm technology for the grid-wide failure. True enough, many failed in the freeze; but only because many investors chose not to equip their massive turbines with cold weather packages.

Politics aside, Texas energy markets have functioned remarkably well in terms of generation and distribution. Meeting demand under normal conditions is generally not a problem in Texas. The Texas market has actively encouraged investment, not only in fossil fuel generation, but in alternative energy sources: like wind. If Texas were a country, it would be the fifth largest wind-source electric generator in the world.

But as a matter of policy, the Energy Reliability Council of Texas, a non-profit corporation dedicated by the state as its independent system operator, has geared the Texas grid to be an “energy only” market, one that some would argue incentivizes cheaper, wholesale energy over longterm reliability. Wind farms were no exception. But such failures also extended to frozen natural gas compressors, oil and gas pipelines and virtually every other corner of the statewide system. Moreover, wind functions just fine in the cold climes of Alaska and Norway.

“It was an investment decision, a risk-reward choice,” says Norton Rose Fulbright partner Becky Diffen, an Austin-based expert on alternative energy sources. “Nobody was planning for a once-in-a-century storm.”

Maybe they should have. At the peak of a cold weather snap in February 2011, grid failures in the Southwest put 1.3 million electric customers out of service, and a total of 4.4 million were affected over the course of the four-day cold weather event. According to a post-incident analysis by NERC (North American Electric Reliability Corporation) and FERC (Federal Energy Regulatory Commission), fully one-third of the ERCOT fleet was unavailable at the lowest point of the event.

But the current event is likely to prove far worse in scope and cost. Where energy spot prices hit a cap of $3,000 per MWh, Diffen said she watched in real time as the MWh spot price reached a cap of $9,000. The industry and business outages alone are bound to generate myriad lawsuits, not to mention residential damages and insurance claims.

“The legal repercussions coming out of this are going to last for years,” Diffen said.

In the week ending Feb. 12 there were a dozen transactions valued at $4.9 billion, which meant work for 81 lawyers at seven different firms. The week’s deals included seven M&A deals worth $2.8 billion and five capital markets transactions valued at just over $2 billion.

Weekly Corporate Deal Tracker Roundup Stats

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

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

Although that’s only a fraction of the 18 deals worth $9.7 billion the previous week, it’s better than the 16 deals totaling $1.25 billion this time last year.

M&A/PE FUNDING

Latham, Weil advise on $640 million spatial data SPAC deal

Spatial data provider Matterport plans to go public via a $640 million merger with special purpose acquisition company (SPAC) Gores Holdings VI.

The transaction announced Feb. 8 will result in a $2.3 billion enterprise value for the combined company.

Latham & Watkins is representing Matterport in the merger transaction and a $295 million private investment in public equity (PIPE) financing to support the deal. The Houston-based team is led by partners Ryan Maierson and Thomas Brandt, with associates Daniel Harrist, Madeleine Neet, Lexi Santa Ana, Sarah Dunn and Matthew Cannon.

Orrick is serving as Matterport’s general corporate counsel.

Weil, Gotshal & Manges is advising Gores on the acquisition, which is expected to close in the second quarter. The Weil team was led from Silicon Valley but included partner James Griffin and associate Wei Xu of Dallas.

The PIPE investment is led by institutional investors including Tiger Global Management, Senator Investment Group, Dragoneer Investment Group, Fidelity Management & Research, and funds and accounts managed by BlackRock, Miller Value Partners, Darlington Partners, Untitled Investments, and Lux Capital.

Deutsche Bank Securities Inc. and Morgan Stanley are acting as financial advisors and capital markets advisors to Gores Holdings VI and as joint lead placement agents on the PIPE.

Moelis & Company is also acting as financial advisor to Gores Holdings VI.

Credit Suisse is serving as exclusive financial advisor and capital markets advisor to Matterport and acted as joint lead placement agent on the PIPE.

In addition to the PIPE financing, the deal will be funded with $345 million in cash held in Gores’ trust account.

All existing Matterport stockholders will roll their holdings into the combined company and are expected to hold approximately 75% of the new entity.

Matterport was founded in 2011 and has since created what it claims to be the largest spatial data library in the world, with millions of buildings in more than 150 countries having been digitized. The company monetizes its data primarily under a recurring revenue “software as a services” model, and says it grew its subscriber base by more than 500% in 2020. The company estimates the global real estate market at $230 trillion.

“Matterport has been at the forefront of spatial computing for the built world for over a decade. Our pioneering technology has defined the category and set the standard for digitizing the largest asset class in the world. Our deep industry experience and proven track record have made Matterport the platform of choice to digitize millions of buildings across diverse industries and markets,” said RJ Pittman, chief executive of Matterport.

“Building on this momentum, we are scaling all aspects of our business to transform the $230 trillion built world. We believe the proposed transaction with Gores Holdings VI unlocks the potential of our platform and accelerates our mission to make every building and every space more valuable and accessible.”

V&E advises Hyzon in $626 million SPAC merger

Hyzon Motors, which is focused on developing hydrogen fuel cell technology for use in commercial vehicles, is set to go public through a merger with blank-check firm Decarbonization Plus Acquisition valued at $626 million.

The deal, announced Feb. 9, values the combined company at $2.1 billion.

Vinson & Elkins advised Decarbonization Plus in the deal with a team led by partners Dan Komarek of New York, Ramey Layne of Houston and Milam Newby of Austin and senior associates Stancell Haigwood of New York and Zachary Swartz of Richmond, Va. Other key team members included partner Devika Kornbacher of Houston and New York, senior associate Benjamin Cukerbaum of Austin, partner David Peck and senior associate Brian Russell of Dallas, and partner Lina Dimachkieh of Houston.

Sullivan & Cromwell LLP served as legal counsel to Hyzon.

Funding for the deal includes a $400 million fully committed private investment in public equity  (PIPE) financing anchored by institutional investors including funds and accounts managed by BlackRock, the Federated Hermes Kaufmann Funds, Fidelity Management & Research, Wellington Management and Riverstone Energy.

Goldman Sachs acted as exclusive financial advisor to Hyzon, and lead placement agent on the PIPE to Decarbonization Plus. Morgan Stanley also acted as placement agent on the PIPE.

Ropes & Gray served as legal counsel for the PIPE’s private placement agents.

Credit Suisse and Citigroup served as financial and capital markets advisors, and Alvarium Investment Advisors acted as capital markets advisor to Decarbonisation plus.

Hyzon’s leadership will remain intact after the deal closes, expected in the second quarter, with Craig Knight continuing as chief executive of the combined company. Knight will work alongside Hyzon’s current executive team. The Board of Directors of the combined company will include representation from Hyzon and Decarbonization Plus.

Decarbonization Plus board chairman Robert Tichio, also a partner at Riverstone Holdings, was recently in the news for another electric vehicle investment by the private equity giant. Riverstone recently led a $50 million investment in EV charging specialist FreeWire, a transaction which saw Tichio appointed to the company’s board.

“As a differentiated, pure-play, hydrogen powered mobility company and an emerging leader in the trucking industry, Hyzon is a perfect match for (Decarbonization Plus’) investment criteria and represents a further expansion of Riverstone’s 15-year franchise in low-carbon investments,” Tichio said.

“When forming this investment vehicle our objective was clear: to identify a truly exceptional company that is decarbonizing the global economy, disrupting an established industry with the commercialization of innovative technologies, and is well aligned with ESG principles. We found that company in Hyzon.”

V&E, Orrick advise in $600 million EV SPAC deal

Blank-check firm Tortoise Acquisition Corp. II will take electric vehicle charging specialist Volta Industries public in a deal valuing the combined company at $1.4 billion.

The merger is expected to yield $600 million in proceeds, including a $300 million private investment in public equity (PIPE) financing anchored by institutional investors including funds and accounts managed by BlackRock, Fidelity Management & Research, and Neuberger Berman.

Vinson & Elkins advised Tortoise in the deal with a team led largely from New York that included partner Ramey Layne and senior associate Andrew Schulte, both of Houston.

Also advising were partners Jason McIntosh of Houston, senior associate Brian Russell of Dallas and associate Lauren Nieman of Houston on tax matters; partner David D’Alessandro of Houston and Dallas, senior associate Missy Spohn of Dallas and associate Maddison Riddick of Houston on executive compensation and benefits; partner Sean Becker and associate Peter Goetschel, both of Houston, on labor and employment; partner Devika Kornbacher of New York and Houston, senior associate Ben Cukerbaum of Austin and associate Briana Falcon of Houston on intellectual property; partner Maggie Peloso and associate Kelly Rondinelli, both of Washington, D.C., and Houston associate Austin Pierce on environment and natural resources; and Dallas counsel Sarah Mitchell on commercial and business litigation.

Barclays Capital served as exclusive M&A advisor to Tortoise Acquisition Corp. II. 

Orrick, Herrington & Sutcliffe is serving as legal advisor to Volta and Goldman Sachs  is exclusive financial advisor.

Barclays Capital and Goldman Sachsserved as joint-placement agents on the PIPE offering.

Volta’s charging stations, which include eye-catching displays where sponsors can reach potential customers and encourage them to shop while their vehicles power up, are currently located in 23 states and more than 200 municipalities.

“Volta’s unique business model is poised to capture the vast consumer spending shifts that will accompany our society’s shift from carbon to electric,” said Scott Mercer, founder and chief executive of Volta. “With the shift to electric mobility, consumers will expect to fuel where they go.  Volta will anchor the infrastructure change, transforming fueling locations away from standalone gas stations to high traffic locations in the community where consumers live, work, and play.”

Mercer and the rest of the Volta executive team will continue to lead the combined company, and the new entity’s board will include existing members from Volta and Tortoise and several independent members.

Orrick advises Equinor in $900 million US shale oil exit

Norwegian state oil company Equinor will exit the Bakken shale of North Dakota and Montana through a $900 million sale of its position to EnCap Investments-backed Grayson Mill Energy, which is based in Houston.

The deal announced Feb. 10 marks Equinor’s exit from US shale oil, as its remaining U.S. assets are its Marcellus shale gas position in the Northeast and in the Gulf of Mexico.

Orrick, Herrington & Sutcliffe advised Equinor with a team that included partner Joe Roger, senior associate Adam Kowis and managing associate Savannah Raymond, all of Houston.

“We are taking action to improve the profitability of Equinor’s international oil and gas business. Today’s announcement on the exit of our Bakken assets is an important step in this process. We have worked closely with Grayson Mill Energy to preserve jobs and to ensure the transfer of expertise in the best possible way,” said Al Cook, executive vice president of Development & Production International at Equinor.

Locke Lord counsels Trinity on Bay Worx acquisition

Dallas-based TrinityRail Maintenance Services will boost its railcar-cleaning technology with the acquisition of Bay Worx Rail, based in Tomball north of Houston.

Financial terms of the deal were not disclosed in a Feb. 2 announcement.

Locke Lord represented Trinity in the deal with a team based in Dallas that included partner Van Jolas, of counsel Bryan Bishop, and associates Brooks Vanlandingham and Sally Cooper.

Trinity plans to use the acquired technologies to service its own fleet of leased railcars as well as the railcar fleets of “other strategic customers”, according to the announcement.

Those technologies include advanced robotics, which Trinity says will improve the safety and efficiency of the railcar cleaning process.

TrinityRail Maintenance Services, a subsidiary of Trinity Industries, will also acquire a cleaning facility in South Texas.

“This acquisition reflects our commitment to providing a premier customer service experience and aligns with our strategy to expand our maintenance services business and optimize our production operations platform through advanced technologies,” said Neil West, executive vice president, Production Operations at Trinity.

“The investment in Bay Worx cleaning technology enhances the safety and working environment for our people, our sustainability profile through the use of closed-loop water recycling systems, and our available capacity to meet increasing demand for mechanical services for tank car compliance events.”

Norton Rose counsels Belltown on five solar sales

Dallas-based solar energy developer Belltown Power Texas said on Feb. 8 that it had completed and sold five utility-scale projects in 2020, adding up to 750 megawatts.

The developments bring the total Belltown track record to 930 megawatts.

Norton Rose Fulbright represented Belltown in all five transactions, with a team led by Austin partner Becky Diffen.

The deals include a transaction early in 2020 with an investment partner for a portfolio of three contracted projects totaling 330 megawatts in the ERCOT North Zone. Belltown continued to support the projects, two of which are already online with the third expected to be in service in the next two months.

The next deal, completed in August, involved negotiations with a large strategic investor on the sale of a 360 megawatt project in Denton County, and later in the year, the company sold a 65 megawatt project in Hunt County to Adapture Renewables.

“Belltown has come a long way since inception in 2017, building a strong team that has proven its ability to identify, develop, and transact on solar projects in ERCOT; approaching 1GW is a milestone that motivates us to continue striving for excellence in our development activities,” Belltown president Lloyd Pope said.

Belltown is currently working on the sale of another 870 megawatts in projects, all of which are expected to close in the first half of this year.

CAPITAL MARKETS

Latham advises RMG Acquisition III in $483 million IPO

A special purpose acquisition company (SPAC) backed by banking boutique Riverside Management Group recently closed its $483 million initial public offering, which will be used to fund potential future acquisitions.

The SPAC, RMG Acquisition Corp. III, said Feb. 9 it intends to “capitalize on the ability of its management team to identify, acquire and operate businesses across a broad range of sectors that may provide opportunities for attractive long-term risk-adjusted returns,” but details were scant.

Latham & Watkins represented RMG Acquisition III in the offering with a corporate team led by New York partner David Allinson and Houston partner Ryan Maierson, with Houston associates Om Pandya, Paul Robe, Trevor Bossi, and Jacob Weiner.

BofA Securities and Barclays acted as joint book-running managers in the offering.

The RMG II units began trading on the Nasdaq Stock Market, on Feb. 5 under the ticker symbol “RMGCU”.

Riverside has anchored two other SPACS: The first RMG Acquisition vehicle announced in October of last year it would merge with electric vehicle battery specialist Romeo Power, and RMG Acquisition II completed its $345 million IPO in December.

V&E advises new Decarbonization Plus vehicle in IPO

Riverstone-backed blank-check firm Decarbonization Plus Acquisition Corporation II announced Feb. 8 it had closed its initial public offering, the day before related company Decarbonization Plus Acquisition announced its merger with Matterport.

The newer special purpose acquisition company (SPAC) said it had completed its IPO of more than 40 million units priced at $10, working out to a raise of roughly $402.5 million.

Vinson & Elkins advised Decarbonization Plus on the IPO, with a team led by partners Ramey Layne of Houston and Brenda Lenahan of New York and senior associate Stancell Haigwood of New York.

Partners David Peck of Dallas and Jason McIntosh of Houston, senior associate Christine Mainguy and associate Lauren Nieman (both of Houston) provided tax advice.

Decarbonization Plus II was formed “for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with a target whose principal effort is developing and advancing a platform that decarbonizes the most carbon-intensive sectors,” according to a release.

“These include the energy and agriculture, industrials, transportation and commercial and residential sectors. The proceeds of the offering are to be used to fund such a business combination.”

“We are excited to announce another investment vehicle, focused on critical and innovate initiatives that advance a low-carbon future,” Robert Tichio, chairman of the company’s board and a partner at Riverstone who was also involved with the Matterport deal, said. “We are grateful for the support received from like-minded investors, who firmly believe that there are tremendous environmental and investment opportunities ahead of us, as a multitude of industries seek to reduce their carbon footprint. We look forward to identifying and then consummating a business combination with an exceptional company that has the potential to significantly scale up solutions for climate change.”

Latham counsels buyers in $550 million Northern Oil & Gas funding raise

Northern Oil & Gas has offered up to $550 million in senior notes to eligible purchasers to help fund its recently announced purchase of natural gas assets in Pennsylvania and to pay down debt, according to a Feb. 8 announcement.

Latham & Watkins is representing the initial purchasers in the offering  with a Houston-based team led by partners Michael Chambers and John Greer, with associates Madeleine Neet, Kate Wang, Jessica Sherman and Matthew Cannon. Advice was also provided on tax matters by Houston partner Jim Cole, with associate Michael Rowe.

Proceeds from the raise, which is expected to close Feb. 18, will fund a portion of the cash purchase price for the Pennsylvania assets, which NOG is buying from Reliance Marcellus. NOG will pay $175 million in cash and 3.25 million warrants to purchase shares of common stock at $14 each.

NOG also said it would use the proceeds to repay some of its outstanding debt under its revolving credit facility, repurchase or redeem all outstanding 8.5% senior secured second lien notes due 2023 and repay in full its outstanding senior unsecured promissory note due 2022,.

The company intends to use any remaining net proceeds for “general corporate purposes, “which may include further repayment of a portion of the outstanding borrowings under its revolving credit facility.”

Latham advises underwriters in Spartan III IPO

Apollo Global Management-backed blank-check firm Spartan Acquisition Corp. III said Feb. 11 it had closed its initial public offering, which raised $552 million for potential deals.

The company intends to use the proceeds to acquire a business focused on “the energy value chain in North America, with a particular focus on opportunities aligned with energy transition and sustainability themes.”

Latham & Watkins represented the underwriters in the offering with a corporate deal team led by Houston partner Ryan Maierson, with associates Monica White, Bryan Ryan, Lexi Santa Ana, and Dylan Carroll.

Credit Suisse, Citigroup and Cowen were book-running managers and representatives of the underwriters.

Morgan Stanley, Barclays and RBC Capital Markets were book-running managers for the offering.

TD Securities, MUFG and Siebert Williams Shank were co-managers for the offering.

Willkie, Vinson advise on Riverstone offering of Liberty stock

Private equity giant Riverstone is paring its holdings in Liberty Oilfield Services through a public offering of a portion of the shares it owns in the company.

In a Feb. 9 release, Liberty said Riverstone affiliates R/C Energy IV Direct Partnership and R/C IV Liberty Holdings would offer 8.7 million shares of Class A common stock at $11.45 each, or $99.6 million.

Willkie Farr & Gallagher represented the selling shareholders. The deal was handled by partners Jeffrey Hochman of New York and Bruce Herzog of Houston.

Vinson & Elkins advised Liberty, which is not selling any shares. The team was based in Houston and led by partner David Oelman and counsel Crosby Scofield, with assistance from senior associate Anne Peetz and associates Alex Lewis and Matt Fiorillo. Also advising on the matter was counsel Larry Pechacek (environmental).

According to an SEC filing, the sale would result in Riverstone’s ownership in the company through the affiliates dropping from nearly 16% to just over 10%.

Morgan Stanley is acting as the underwriter for the offering.

OTHER

Norton Rose advises Jupiter Power on three major solar projects

Austin-based energy storage specialist Jupiter Power has laid out plans to build six stand-alone, utility-scale battery storage projects this year, according to a Feb. 9 release.

The projects consist of three 200-megawatt-hour projects and three smaller projects for a total of 652 megawatt hours of energy storage capacity. The developments are all expected to be online by the third quarter of this year.

Norton Rose Fulbright advised Jupiter Power on the three larger developments with a projects team led from Austin by partners Becky Diffen and Sam Porter (who splits his time between the Texas capital and New York).

The team also included associates Josh Rocha of Austin and Geetika Jerath of Houston. Austin partner Eagle Robinson assisted with intellectual property matters, and Houston senior counsel Jay Chadha advised on state tax considerations.

The company, backed by EnCap Investments, was founded in 2017.

“Jupiter was founded on the idea that the rapid growth of renewables means not just cleaner energy, more jobs and a stronger tax base for local communities, but also that we must find ways to make intermittent wind and solar power fit better into the power grid, and storage is the way to do this,” said Jupiter chief executive Andy Bowman.

“The projects we are announcing today will not only strengthen the grid and provide backup power when needed, they will also help ensure that the cheapest power available – increasingly wind and solar – can get to market regardless of when and where it is generated.”

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