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

The Texas Lawbook

Free Speech, Due Process and Trial by Jury

  • Appellate
  • Bankruptcy
  • Commercial Litigation
  • Corp. Deal Tracker/M&A
  • GCs/Corp. Legal Depts.
  • Firm Management
  • White-Collar/Regulatory
  • Pro Bono/Public Service/D&I

CDT Roundup: 12 Deals, 8 Firms, 102 Lawyers, $6.4B

September 13, 2023 Claire Poole

Kirkland & Ellis dominates this week’s CDT Roundup with four M&A transactions, including the top two: Viper Energy Partners buying oil interests from Warwick Capital Partners and GRP Energy Capital for $1 billion; and Energy Capital Partners agreeing to combine with Bridgepoint Group plc, also for $1 billion.

We know, we know, Texas Lawbook readers are sick and tired — and some green with envy — of hearing about how Kirkland has taken over the state’s energy deal market. Still, the mark the firm has made, even in recent months, is impressive — and perhaps augurs a hopeful view of what remains of 2023.

In June and July alone, Kirkland partners in Texas handled financings and M&A deals totaling at least $38 billion based on data from Deal Point Data provided to us by Kirkland. And it is not the same partner leading those deals. They came from all three of the firm’s Texas offices, and often involve Texas lawyers teaming up with other lawyers across Kirkland.

Still, some partners have dominated the action. Houston partner Sean Wheeler led five M&A deals involving public energy companies so far in 2023 and Debbie Yee, also a Houston partner, leading four.

According to Deal Point Data queried as of Aug. 22, Wheeler ranks first overall in the energy category so far this year. Yee — Wheeler’s frequent co-lead —ranks second and Camille Walker, yet another partner in Kirkland’s Houston office, lines up behind them in third.

From a distance that sounds like great success in a narrow space: three months of public energy company deals. But focusing on that misses an important bit of context. According to the same data for the three months prior (March, April and May) there were only three deals in that same category led by any firm, and only one of those led by Kirkland.

The point? Deals that were set aside during the spring gained traction this summer. And when Kirkland — the Texas M&A market leader — rebounds, it’s a good sign for everyone.

Exclusive data from our own Corporate Deal Tracker shows Kirkland’s extraordinary M&A deal during June and July has spilled into August and beyond — and not just in the energy space.

For the three months of June, July and August, Kirkland’s Texas offices were involved in 34 deals worth $41.6 billion. Based on deal count (the Corporate Deal Tracker’s statistic of preference) that’s as many as Vinson & Elkins and Sidley Austin (tied at second with 17 each) combined. By value? Same outcome. V&E’s deals were worth $29.2 billion and Sidley’s $9.9 billion. That’s a total of $39.1 billion combined, still short of Kirkland’s $41.6 billion.

The same pattern holds true for Texas-led deals (deals where principals are advised by firms led by Texas-based lawyers): Kirkland leads far-and-away during those three months of summer, with 29 deals worth $40.2 billion — almost as much as the next two firms combined (V&E reported 16 deals valued at $27.8 billion and Latham & Watkins 14 deals for $8.2 billion).

For the record, Wheeler is historically top-ranked in “pubco” energy deals from 2011 to Aug. 22 while he has been at Kirkland as well as Latham (which he left in 2018), according to Deal Point Data. He’s in the company of energy dealmakers like Steve Gill at Vinson & Elkins, Josh Davidson at Baker Botts, Srinivas Raju at the Delaware firm Richards, Layton & Finger and Yee, both for her work at Kirkland as well as at Latham (which she left in 2019).

As for our own rankings for lawyers, look in the next week or so for the Corporate Deal Tracker’s official peek at where Texas M&A lawyers stand in 2023. You may see a few different names on that list.

There were a total of 12 deals reported last week at an aggregate value of $6.4 billion. That includes seven M&A/funding deals for $4.3 billion and five CapM transactions valued at $2.1 billion. The previous week saw 14 deals for $2.5 billion, while during the same week last year we saw 15 deals for $19.9 billion. Significantly, that $19.9 billion included four billion-dollar-plus transactions, the smallest valued at $3.4 billion and the largest at $5.2 billion.

Weekly Corporate Deal Tracker Roundup Stats

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

Week EndingDeal CountAmountFirmsLawyersM&A CountM&A Value $MCapM CountCapM Value $M
September 16, 202325$23,226.72335316$17,2399$5,987.7
September 9, 202312$6,36981027$4,3115$2,058
September 2, 202314$2,52269213$1,3221$1,200
August 26, 202317 $12,160.25 1320215$ 6,573.252$ 5,587.00
August 19, 202319$11,5051321315$11,2554$250
August 12, 202319$9,698.8131847$3,27012$6,428.8
August 5, 202313$5,2011211812$5,0511$150
July 29, 202315$21,031.61319611$18,292.04$2,739.6
July 22, 202318$3,9921213013$2,8085$1,184
July 15, 202313$8,254.95138113$8,254.9500
July 8, 202316$5,441.451217211$2,4435$2,998.45
July 1, 202316$6,8721010511$5,3745$1,498
June 24, 202313$10,9141620110$7,8743$3,040
June 17, 202317$5,880.71515115$4,705.72$1,175
June 10, 202319$8,516.11311116$6,252.43$2,263.7
June 3 202312$6,104.42121388$4,256.924$1,847.5
May 27, 202317$12,200106711$6,1656$6,035
May 20, 202311$22,458.181034$19,4557$3,003
May 13, 202312$7,034101018$5,4604$1,574
May 6, 202320$3,297.61819617$2,985.63$312
April 29, 202323$3,691.21813517$1,969.76$1,721.5
April 22, 202316$5,5701410414$4,7502$1,000
April 15, 202312$23,818.195910$21,618.12$2,200
April 8, 202316$7,94991739$5,4727$3,477
April 1, 202321$18,676.71217511$10,926.710$7,750
March 25, 202315$8,779.5101415$2,36210$6,416.5
March 18, 20237$14,048.86695$13,3452$703.8
March 11, 202321$11,5761616516$8,1315$3,445
March 4, 202320$9,6681122816$8,2094$1,459
February 25, 202313$5,3351313012$4,2351$1,200
February 18, 202314$5,743.7131588$898.76$4,845
February 11, 202316$12,0881213712$9,9654$2,123
February 4, 202317$8,0661514013$5,6144$2,452
January 28, 20237$2,1807755$1,692.752$488
January 21, 202317$5,7681617412$1,9185$3,850
January 14, 202311$2, 800101028$4213$2,400
January 7, 202318$8,2961116714$6,4613$1,835
December 31, 202214$2,732119912$2,0922$640
December 1714$7,9191311512$7,4191$500
December 10, 202214$10,093128811$7,0933$3,000
December 3, 202226$12,800.91117220$4,1416$8,659.9
November 26, 20228$2,266.7853$765$2,190.7
November 19, 202221$2,8861521219$2,5502$336
November 12, 202213$15,093.79819$14,2004$893.7
November 5, 20222519,337.21650922$8,267.23$11,070
October 29, 202215$7,805.3911614$7,180.31$625
October 22, 202220$8,193.51325313$5,4427$2,751.5
October 15, 20229$3,046.191397$2,588.32$457.8
October 8, 202219$2,011.81211416$833.83$1,178
October 1, 202223$5,532.91615618$4,952.35$580.6
September 24, 202218$5,1941421615$4,0503$1,144
September 17, 202221$8,352.31232015$4,759.66$3,592.7
September 10, 202215$19,853.51012613$19,403.62$450
September 3, 20229$2,3129629$2,31200
August 27, 202216$30,891.71013515$30,666.41227.7
August 20, 202212$1,977815299253$1,052
August 13, 202218$8,004.71124211$2,844.77$5,160
August 6, 202224$7,948.91224017$3,5777$4,371.9
July 30, 20228$6,9419787$6,8391$102
July 23, 202211$801119210$80110
July 16, 202214$3,6501012214$3,65000
July 9, 202210$3,557.77689$3,557.710
July 2, 202218$8,609.41315215$2,754.43$5,855
June 25, 202215$6,142131469$2,0176$4,125
June 18, 202217$11,890.11422815$11,4102479.7
June 11, 202217$7,6001212310$2,3007$5,300
June 4, 202212$2,937101279$6923$2,245
May 28, 20229$3,197.611869$3,197.600
May 21, 202214$7,284.51218511$6,6093$675.5
May 14, 202211$306.698010$306.61$225
May 7, 202216$10,451.751210812$1,8274$8,624.75
April 30, 202216$2,296.51615712$895.54$1,401
April 23, 202210$2,24111588$16412$600
April 16, 202211$6,64371568$2,3593$4,284
April 9, 202217$4,4291418411$1,6906$2,739
April 2, 202213$1,75588410$1,1453$610
March 26, 202211$3,2058656$2005$3,005
March 19, 202213$2,239.17910613$2,239.1700
March 12, 202218$12,0161123915$11,9652$51.35
March 5, 202217$6,7861313713$5,1614$1,625
February 26, 202212$5,09581499$4,437.53$658
February 19, 202217$22,2291717414$21,3543$875
February 12, 202212$2,344.710738$641.74$1,703
February 5, 202211$2,50389911$2,50300
January 29, 202211$3,8721210112$3,87200
January 22, 202213$5,143.5109912$4,842.51$301
January 15, 202212$7,60591559$6,4803$1,025
January 8, 202213$8,256.21110213$8,256.200
January 1, 20229$1,273.86509$1,273.800
December 25, 202121$4,734.751117616$3,4105$1,324.75
December 18, 202126$7,325.21519318$3,640.28$3,685.2
December 11, 202116$5,0171010913$1,4173$3,600
December 4, 202114$2,3108868$2,3106$1,882.05
November 27, 20219$3.460.1101016$1,7583$1,702.6
November 20, 202120$22,7921515712$18,864.58$3,928
November 13, 202121$26,7291217813$11,8228$14,907
November 6, 202112$8,3031315710$6,6823$1,621
October 30, 202121$10,3681521815$9,24.46$1,103.
October 23, 202121$18.783.11522211$12,31410$6,468.6
October 16, 202115$3,8681111815$2,2932$1,575
October 9, 202120$8,6101617516$7,7954$815
October 2, 202114$6,2501113710$5,2004$1,050
September 25, 202111$11,4609937$10,2004$1,250
September 18, 202111$16,6038998$15,0843$1,519
September 11, 202117$10,6531110313$8,5034$2,150
September 4, 202113$7,222108911$6,7152$507
August 28, 202112$76396311$6631$100
August 21, 202112$29,65977911$29,5791$80
August 14, 202122$17,8451119912$12,80510$5,04
August 7, 202117$13,6701213915$11,7662$1,904
July 31, 202121$8,1601113410$3,57410$4,586
July 24,202121$6,3671113915$3,7126$2,655
July 17, 202114$4,0091112412$2,0152$1,994
July 10, 202116$3,9971314311$1,5974$2,4
July 3, 202124$7,492139416$3,7698$3,722
June 26, 202110$4,9957858$3,8472$1,148
June 19, 202128$16,83082289$1,86119$14,968
June 12, 202126$27,2381520919$25,6027$1,636
June 5, 202115$15,5391310013$14,7092$600
May 29, 202135$20,2791114528$18,647$1,639
May 22, 202124$53,2081417417$51,0477$2,161
May 15, 202118$10,6201322011$5,8707$4,809
May 8, 202117$10,4001115615$8,3862$2,500
May 1, 202121$7,2001611512$3,8089$3,392
April 24, 20218$20,2009318$20,20000
April 17, 202114$6,270810211$4,01803$2,260
April 10, 202115$8,9401312914$7,9901$950
April 3, 202118$19,5131015112$16,9236$2,590
March 27, 202127$13,9421524414$4,30013$9,633.5
March 20, 202111$2,04641023$2708$1,776
March 13, 202115$3,27091096$5389$2,732
March 6, 202124$13,6171019613$10,39511$3,222
February 27, 202119$8,1051213915$4,9704$3,135
February 20, 20219$8,82091538$8,5201$300
February 13, 202112$4,852.678172,7665$2,086.6
February 6, 202118$9,7521315314$5,2224$4,530
January 30, 202118$9,449918215$8753.83$695.3
January 23, 202114$8,15081186$4,0008$4,150
January 16, 202117$6,7831313811$2,4006$4,382.9
January 9, 202122$6,8291413518$3,139.34$3,690
January 2, 20217$1,4667607$1,46600
December 26, 202018$15,9001216316$5,3001$600
December 19, 202018$9,7691411014$8,4264$1,343
December 12, 202010$7,20091009$3,3251$3,830
December 5, 202015$4,26191229$2,7806$1,481
November 28, 202019$7,7581011013$4,0036$3,755
November 14, 202014$864.11415712$289.12$575
November 7, 202013$6,33291299$2,483.54$3,849
October 31, 202010$3,995.881036$3,231.14$754.7
October 24, 20206$18,1006585$17,7091$350
October 17, 20208$351.95558$351.900
October 10, 20207$5,2293504$7353$4,494
October 3, 202014$21,42891739$17,5355$3,893
September 26, 202010$12,7708935$10,3005$2,470
September 19, 202014$8,36591016$1,0208$7,345
September 12, 20206$4,4068593$1,2703$3,136
September 5, 202011$5,19181179$4,0612$1,130
August 29, 202011$2,5319945$1,1306$1,401
August 22, 202018$6,574121407$1,93011$4,644
August 15, 202013$4,99110977$1,2166$3,775
August 8, 202012$32,092111129$30,4573$1,635
August 1, 20207$5,2878765$3,6872$1,600
July 25, 20209$18,7516677$18,4032$348
July 18, 20206$1,982.55504$1,407.52$575
July 11, 202011$565.1127510$65.11$500
July 4, 202010$8,8898989$8,7881$100.3
June 27, 20208$6,87410505$4,972.53$2,081.5
June 20, 202012$4,44491157$2,8295$1,615
June 13, 20206$3,5824372$3504$3,232
June 6, 202011$3,213.78657$4704$2,743.7
May 30, 20208$7,3357486$4,6392$2,697
May 23, 20204$432.44343$432.410
May 16, 20206$3106345$31010
May 9, 202018$5,6301612414$3,1804$2,450
May 2, 20201510,40010908$1,9007$,8,500
April 25, 20208$3,4009365$1,0003$2,450
April 18, 202019$9,50014928$185.711$9,360
April 11, 202012$6,0009405$1907$5,800
April 4, 202014$8,200116810$2,2004$6,000
March 28, 202016$6,500139610$3,7006$2,800
March 21, 202011$11,9107337$2,2504$9,960
March 14, 20207809.86346684.81125
March 7, 202016$2,500157013$6693$1,400
February 29, 202013$15,2601312811$11,7602$3,500
February 22, 202012$3,700109210$2,5602$1,130
February 15, 202016$1,250108412$354$1,222
February 8, 202018$6,0801412314$2,5954$3,485
February 1, 202021$20,9001210114$17,8607$3,060
January 25, 202013$7,430136212$6,4301$1,000
January 18, 202023$9,5801512019$6,5804$3,000
January 11, 202021$14,2001819916$1,0205$13,200
January 4, 202022$6,4001111916$3,2046$3,245
December 28, 201922$7,1501917518$6,8004$327.4
December 14, 201924$36,3002316719$9,5005$26,800
December 7, 201911$10,40011557$1,0824$9,370
November 30. 201914$2,4501212612$1,7602$692.5
November 23, 201916$1,995104111$6155$1,380
November 16, 201915$3,8201313511$2,5004$1,271
November 9, 201925$12,9001718223$12,2002$575
November 2, 201910$2,470126192,4503$22
October 26, 201912$5,560147011$3,8601$1,700
October 19, 20198$6,60081388$6,60000
October 12, 201919$4,300145516$3,8003$500
October 5, 201918$14,5001916615$11,1003$3,400
September 28, 201919$8,1001813218$7,5601$550
September 21, 201914$6,300166611$2,1603$4,170
September 14, 201915$23,800125611$21,2504$2,570
September 7, 201917$3,500159814$1,9003$1,600
August 31, 20195$8,7006505$8,70000
August 24, 201916$10,000148215$4,2501$5,750
August 16, 201910$1,6805527$6503$950
August 9, 201917$17,700156814$3,9003$13,800
August 2, 201913$5,7601210813$5,760NANA
July 27, 201911$7,30013768$6,5703$730
July 20, 201913$11,8001312511$5,3002$6,500
July 13, 201910$7757468$542.52$233
July 6, 20197$2,5009857$2,50000
June 29, 201923$8,2901515417$2,3006$5,970
June 22, 201917$10,7001013914$7,7003$3,000
June 15, 201911$13,5001416011$13,500NANA
June 8, 201913$2,870175511$1,5702$1,300
June 1, 201910$4,46011608$4,1402$315
May 25, 201917$4,360147914$3,7003$612
May 18, 201922$9,0001715016$3,4006$5,600
May 11, 201918$19,8001717715$18,3003$1,500
May 4, 201910$7,0756328$6,9002$175
April 27, 201915$3,2001411714$3,1601$40
April 20, 201913$13,50010909$12,2004$1,300
April 13, 201916$38,900149114$37,8002$1,100
April 6, 201912$6,870119410$6,7302$50
March 30, 201915$6,470128410$7,91.55$5,677
March 23, 201918$6,450149114$5,0424$1,408
March 16, 201914$10,1801211511$8,8003$1,300
March 9, 20199$1,8006498$1,3001$500
March 2, 201920$3,0331610714$1,8176$1,262
February 23, 201912$2,0408699$614.63$1,430
February 16, 201916$9,970187716$9,97000
February 9, 201914$6,4001011014$6,40000
February 2, 201918$6,740159916$5,7202$950
January 26, 201913$2,770116711$918.952$1,850
January 19, 201915$3,819167612$2,5943$1,225
January 12, 201918$7,283149215$1,6833$5,600
January 5, 201910$529125010$52900
December 22, 201817$2,570138714$9413$1,629
December 15, 201810$2,8608268$2642$2,600
December 8, 201815$1,819166512$5523$1,267
December 1, 201812$7,50010909$1,2003$6,200
November 28, 201815$4,5001110714$4,0001$500
November 19, 201818$6,137139813$2,1425$3,995
November 14, 201818$9,2001315215$8,5003$694
November 6, 201816$17,3001618314$16,3612$950
October 29, 201814$14,4001812717$13,8001$600
October 24, 201813$6,1401312611$5,1222$1,018
October 17, 201818$18,3901512514$12,2924$6,098
October 10, 201829$3,1491810420$1,6479$819
October 2, 201818$9,300116714$7,3004$2,000
September 25, 201813$7,000117510$6,0003$995
September 18, 20189$3,5707449$3,57000
September 11, 201813$5,9001013213$5,90000
September 7, 201814$5,000158611$4,0003$1,000
August 29, 201815$20,700147913$4,7002$16,000
August 20, 201810$12,40011538$11,3803$1,057
August 14, 201812$19,900121329$18,8893$1,011
August 7, 201816$68,6001110613$67,2593$1,340
July 31, 201815$15,100159511$13,0604$2,060
July 23, 201813$2,130156010$1,8043$1,100
July 17, 201814$5,37017989$4,3105$1,100
July 9, 201816$11,200157410$11,0806$862
July 3, 201813$7,00078112$6,3301$750
June 25, 201815$8,80013979$4,9706$3,930
June 18, 201813$14,20014807$2216$14,290
June 11, 201812$6,3008968$5,9104$803
June 6, 201813$14,50010888$14,1545$579
May 31, 201811$4,89010638$3,2403$1,790
May 22, 201815$20,40011639$19,8086$885
May 15, 201815$4,7001510610$3,9005$643
May 9, 201811$1,40013889$1,3002$560
May 1, 20188$14,2507887$13,4001$450
April 24, 201812$5,30066111$4,4701$800
April 17, 20189$1,80010447$2,3302$1,434
April 11, 201811$2,5008326$1,6905$809
April 3, 201815$13,400111219$12,0206$1,090
March 28, 201810$4,00010927$3,8703$215
March 19, 201817$5,800135110$5907$5,165
March 12, 201815$3,130114311$2,3604$788
March 6, 201819$5,4001311610$1,5309$4,860
February 27, 201820$6,600136914$5,5306$1,030
February 19, 201815$5,5001411110$3,9906$1,980
February 12, 201823$10,9001715712$7,11011$3,840
February 5, 201816$8,600131007$1,3309$7,800
January 30, 201811$12,60011685$7,3006$4,982
January 24, 201819$9,400151295$2,01014$7,337
January 18, 201810$6,2808492$2,1008$4,188
January 9, 201812$16,50012929$15,8903$475
January 3, 201810$2,5009478$2,3502$150
December 27, 201715$9,000151139$7,5686$1,784
December 18, 201715$13,800161649$13,0107$1,118
December 11, 201714$9,7001012612$2,9404$8,500
December 4, 20176$1,8006315$1,5101$300
November 28, 20177$3,8508764$3,2603$285
November 16, 201710$2,70010486$1,8404$856
November 8, 201715$2,380179110$1,8605$516
November 1, 201712$4,70017949$3,4004$1,300
October 23, 201715$10,500106710$9,7804$1,530
October 18, 20176$2,000373$2253$1,820
October 10, 201712$6,5701009$3,8803$3,360
October 2, 20178$3,10011193$1,6305$1,750
September 25, 20178$4,8808795$2,6605$2,070
September 18, 20179$4,7703$3006$4,470
September 12, 201711$4,4308$2,0303$2,400
September 1, 20174$1,3103$3171$1,000
August 23, 201711$13,64098$11,8403$1,800

M&A/FUNDINGS

Viper buys oil interests from Warwick, GRP for $1B

Deal Description: Warwick Capital Partners and GRP Energy Capital agreed to sell mineral and royalty interests in various oil and gas basins to Midland-based Viper Energy Partners, a subsidiary of Diamondback Energy Inc., for $1 billion, Viper announced on Sept. 5. Viper is issuing 9.02 million shares and paying $750 million in cash, which will be financed from money on hand, borrowings under its credit facility and up to $200 million of committed equity from Diamondback as well as proceeds from one or more capital markets transactions, including a potential bond offering. Kirkland & Ellis represented both Warwick and GRP and Akin Gump Strauss Hauer & Feld advised Viper. For more, click here.

ECP agrees to combine with Bridgepoint for $1B

Deal Description: Summit, N.J.-based Energy Capital Partners agreed to combine with Bridgepoint Group plc to build a €57 billion ($60.9 billion) global alternative asset manager. Bridgepoint said Sept. 6 that the deal’s upfront enterprise value is £835 million ($1.04 billion) made up of 235 million of newly issued Bridgepoint shares, £233 million ($290 million) in cash and £179 million ($223 million) of ECP’s existing debt. Doug Kimmelman, ECP’s senior partner and founder, will continue to lead the infrastructure platform and ECP leadership will join Bridgepoint’s executive team. ECP, which has raised more than $30 billion of capital since its 2005 inception, has invested in the power generation, renewables, battery storage, environmental infrastructure and sustainability sectors. The combined platform will span private equity, infrastructure and credit with offices across Europe, North America and Asia.

Expected Closing: Q1 2024

Bridgepoint’s Financial Advisors: J.P. Morgan Cazenove and Morgan Stanley

Bridgepoint’s Outside Counsel: Simpson Thacher & Bartlett led by Lucy Gillett, Adam Signy and Elizabeth Cooper

ECP’s Financial Advisor: BofA Securities

ECP’s Outside Counsel: Kirkland & Ellis led by corporate partners Michael Reeves, Cy Jones and Rami Totari along with investment funds partners Justin Solomon and Michael Lee and associate Tim Cory. Others included corporate partners Adrian Duncan and Francesca Storey-Harris; tax partners Don Rocap and Miles Johnson; executive compensation partners Stephen Jacobson and Jabir Yusoff and associate Grace Zagorskis; and corporate associates Peter Hyams, Austin Johnson, Brett Mele and Sarah Yang.

Western Midstream acquires Meritage Midstream for $885M

Deal Description: Western Midstream Partners announced Sept. 5 that one of its operating subsidiaries signed an agreement to acquire Meritage Midstream Services II in an all-cash transaction for a purchase price of $885 million. Meritage, a privately held midstream company headquartered in Denver, owns and operates a natural gas gathering and processing business in the Powder River Basin of Wyoming. Meritage’s assets, located in Converse, Campbell, and Johnson counties, include about 1,500 miles of high- and low-pressure natural gas gathering pipelines, natural gas processing capacity and the Thunder Creek NGL pipeline as well as a 120 mile FERC-regulated NGL pipeline that connects to Meritage’s processing facilities. The Meritage assets are supported by more than 1.4 million dedicated acres from a diverse set of majority investment grade counterparties with an average remaining contract life of approximately eight years. Following the integration of the assets, Western will be well positioned to compete for additional acreage dedications and business development opportunities from offset producers in the basin.

Expected Closing: Q4 2023 if it clears regulators

Western’s Financial Advisor: Citi

Western’s Outside Counsel: Gibson, Dunn & Crutcher led by partner Tull Florey and includes of counsel Adam Whitehouse and associate Adri Langemeier. Senior counsel Gregory Nelson and associate Hayden Theis are advising on tax aspects, and partner Sean Feller and associate John Curran are advising on benefits.

Meritage’s Financial Advisor: Jefferies

Meritage’s Outside Counsel: Vinson & Elkins led by Jim Fox, Dan Komarek, Shay Kuperman, Caroline Kuehn, Matt Hortenstine and Alice Zhang with assistance from David Peck, Sean Becker and Shane Tucker

Repsol enters U.S. onshore wind market with buy of Quantum’s ConnectGen for $768M

Deal Description: Spain’s Repsol announced Sept. 7 it agreed to acquire the Houston-based renewable energy platform ConnectGen from Quantum Capital Group’s 547 Energy for $768 million. The ConnectGen team will join Repsol. With the transaction Repsol will add an onshore wind power growth platform in the U.S. that complements the solar and storage development capabilities of U.S.-based Hecate Energy, which Repsol bought 40 percent of in 2011. ConnectGen has a 20,000 megawatt pipeline and development capabilities. The deal strengthens Repsol’s expansion into the renewable energy industry, reinforcing its international portfolio in support of its strategic target of 20,000 megawatts of installed capacity by 2030. Repsol already has 245 megawatts of renewable energy assets in operation in the country and 2,000 megawatts worldwide. The U.S. renewable market is one of the largest and with the greatest growth potential in the world, with expectations that by 2027 U.S. annual wind and solar photovoltaic capacity additions double compared with 2021.

Expected Closing: Year-end if the deal clears regulators

Repsol’s Financial Advisor: Guggenheim Securities

Repsol’s Outside Counsel: Baker Botts led by Houston Global Projects partner Erin Hopkins, senior associate Kyle Doherty and associate Andrew Crayden, New York associate Abigail Alm-Pandeya, Houston associate Ryan Chastain, Houston associate Stanley Sun. Real estate and construction: Chris Wilson (partner, Houston) and Sarah Hendrix (associate, Dallas). Energy Regulatory: Emil Barth (partner, Washington, D.C.), Landon Lill (senior associate, Austin) and Katie Gantley (associate, Washington). Environmental, safety and incident response: Elizabeth Singleton (special counsel, Houston) and Mary-Lauren Miller (associate, Houston). Antitrust: Michael Bodosky (special counsel, Washington). Executive comp and benefits section: Robin Melman (partner, New York) and Jared DaCosta (associate, New York). International trade: Paul Luther (partner, Washington) and Alex Reinert (associate, Washington). Litigation: Jennifer Trulock (partner, Dallas) and Tiffany Means (associate, Houston). Corporate/Finance: John Papaspanos (partner, New York) and Elizabeth Rogers (associate, New York). Income tax: Jon Lobb (partner, Houston) and Katie McEvilly (senior associate, Houston).

Sellers’ Financial Advisors: Wells Fargo Securities and Nomura Securities International Inc.

Sellers’ Outside Counsel: Kirkland & Ellis led by corporate partners John Pitts and Zach Savrick and associates Abbey Zuech and Cat Leveque; debt finance partners Rob Eberhardt and Jordan Roberts; tax partners David Wheat and Ryan Phelps; and executive compensation partners Stephen Jacobson and Jabir Yusoff.

Magnolia Oil & Gas announces $300M bolt-on acquisition

Deal Description: Magnolia Oil & Gas Corp. announced Sept. 5 that the company entered into a definitive purchase agreement to acquire oil and gas producing properties, including leasehold and mineral interests in Giddings, for $300 million. The seller was not named. The cash outlay at closing is estimated to be around $260 million adjusted for the free cash flow generated by the assets. The consideration will be funded with cash on hand, which was $677 million as of June 30. The seller may also receive up to a maximum of $40 million in additional contingent cash consideration through December 2025 based on future commodity prices. The acquisition adds 48,000 net acres in Giddings, enhancing Magnolia’s already significant depth of development opportunities. Combined with a smaller acquisition that closed in July, Magnolia’s position in Giddings totals more than 500,000 net acres, driving further efficiencies of scale.

Expected Closing: Q4 2023

Magnolia’s Outside Counsel: Kirkland & Ellis led by real asset M&A partners Chris Heasley, Anthony Speier and Danny Nappier and tax partners Mark Dundon and Ryan Phelps. The team included corporate associates Skyler Sikes, Mitch Holliman and Sarah Elizabeth Mason; environmental transactions partner Jonathan Kidwell and associate Courtney Tibbetts; and labor and employment partner Christie Alcala and associate Alexis Grinstead.

Brand Engagement Network to go public via $358M SPAC deal with DHC

Deal Description: Artificial intelligence startup Brand Engagement Network announced Sept. 7 it agreed to go public by combining with blank check acquisition company DHC Acquisition Corp., which would give the merged company an enterprise value of $358 million. The transaction will provide Jackson, Wyo.-based BEN with about $40 million in gross proceeds, confirming an earlier report by Reuters. The proceeds would consist of $7 million in anticipated new financing proceeds and $49 million in cash as of June 30 minus $15 million in transaction fees. Any cash proceeds from the transaction are expected to partially fund growth initiatives, accelerate go-to-market, scale production and expand the portfolio of BEN’s solutions through product development and potential acquisitions, BEN said. The deal has to clear DHC stockholders and regulators. BEN’s shareholders will own 63 percent of the combined company.

Expected Closing: Q1 2024

BEN’s Outside Counsel: Klehr Harrison Harvey Branzburg and Haynes Boone with a team led by David McCombs, member of the firm’s board, and Matt Fry, co-chair of the firm’s capital markets and securities practice group. They were assisted by Gregory Huh, Logan Weissler, Sawyer Smith and Allie Pencsak.

DHC’s Financial Advisor: Cohen & Co. Capital Markets, a unit of JVB Financial Group

DHC’s Outside Counsel: Cooley

DHC’s Advisor: Evora Partners

Rangeland Energy sells Rangeland Midstream Canada to Kingston Midstream

Deal Description: Rangeland Energy announced Sept. 5 that the company and its financial sponsor EnCap Flatrock Midstream entered into a definitive agreement to sell Rangeland Midstream Canada Ltd. to Kingston Midstream Alberta Ltd. in an all-cash transaction. The parties didn’t disclose a transaction value. Rangeland Canada’s field employees and Athabasca office will remain with the business and become part of Kingston, a pipeline operator. Assets include the Marten Hills Pipeline System. Rangeland Canada initiated construction in October 2019 and the system was placed into service in July 2020.

Expected Closing: Q3 2023 if it clears regulators

Rangeland Canada’s Financial Advisor: Scotiabank

Rangeland Canada’s Outside Counsel: Weil, Gotshal & Manges including partner Omar Samji in Houston and associates Sarah George and Luke Harley

CAPITAL MARKETS/FINANCINGS

Ingersoll Rand completes $1.5B senior notes offering

Deal Description: Simpson Thacher said Sept. 5 it represented industrial solution provider Ingersoll Rand Inc. in connection with its registered public offering of $500 million in 5.4 percent senior notes due 2028 and $1 billion in 5.7 percent senior notes due 2033. The securities were issued Aug. 14. Underwriters included Citigroup, Goldman Sachs & Co., J.P. Morgan, Mizuho, HSBC, Deutsche Bank Securities and TD Securities. Ingersoll Rand used the net proceeds to repay a portion of the amounts outstanding under its senior secured credit facilities.

From Simpson: The team included Richard Fenyes, Brian E. Rosenzweig, Richie Ragusa, Adriana Estor, Melissa Lewis and Jessica Ryan (capital markets); Adam Shapiro, Matthew Farrell and Taylor Nefussy (credit); Andrew Purcell and Scott Grundei (tax); Lori Lesser, Bobbie Burrows and Rachelle Broida (intellectual property); Timothy Mulvihill (environmental); and Tristan Brown, Jeanne Annarumma and Ryan Stott (executive compensation and employee benefits).

Permian Resources prices $500M private placement of senior notes   

Deal Description: Permian Resources Corp. announced that its subsidiary, Permian Resources Operating, priced $500 million in aggregate principal amount of 7 percent senior notes due 2032 in a previously announced private placement under Rule 144A and Regulation S under the Securities Act of 1933. The issuer intends to use the net proceeds to repay indebtedness, which may include amounts outstanding under its credit facility and amounts to be assumed in connection with the closing of the previously announced merger with Earthstone Energy Inc.

Initial Purchasers’ Outside Counsel: Latham & Watkins with a corporate team led by Houston partner John Greer and Austin partner David Miller with associates Dan Harrist, Michael Pascual, Brent Wagner, Carol Bale and Jeffrey Romano. Advice was also provided on environmental matters by Houston/Los Angeles partner Joshua Marnitz with associate Joseph Kmetz and on tax matters by Houston partner Jim Cole with associate Dylan White.

Simpson represents agents on Astronics‘ $30M at-the-market equity program

Deal Description: Simpson Thacher said Sept. 5 it represented Wells Fargo Securities and HSBC Securities (USA) Inc. on an SEC-registered at-the-market equity program of Astronics Corp.’s common stock worth $30 million. Shares may be sold from time to time by the agents. The issue closed Aug. 8. Astronics Corp. serves aerospace, defense and other mission critical industries with technology solutions.

From Simpson: The team included Brian E. Rosenzweig, Margaret Selbe and Suzannah Ranzo (capital markets); Michael Mann (tax); Corina Holland and Mark Natividad (intellectual property); Pasco Struhs (executive compensation and employee benefits); Michael Isby (environmental); Claire Cahoon (regulatory); and Jennie Getsin (FINRA). Summer associates Jen Kim and John Carter also provided assistance.

Intuitive Machines sells institutional investor $20M in stock/warrants

Deal Description: Intuitive Machines Inc., a Houston-based space exploration, infrastructure and services company, announced Aug. 31 it entered into a definitive securities purchase agreement with an unnamed institutional investor for the issuance and sale of stock and warrants in exchange for a $20 million equity investment. The private placement closed on Sept. 5. Intuitive Machines intends to use the net proceeds for general corporate purposes and working capital needs as the company ramps activity across key growth programs. As a result of this investment, the Company doesn’t currently expect the need to use the previously disclosed and unused $50 million committed equity facility.

Intuitive Machines’ Outside Counsel: Latham & Watkins with a corporate deal team led by Houston partner Nick Dhesi and New York partner John Slater, with associates Bryan Ryan, Brent Wagner and Justin Reinking. Advice was also provided on tax matters by Houston partners Tim Fenn and Jared Grimley, with associate Christine Mainguy.

Placement Agents: Cantor Fitzgerald & Co. (lead); ROTH MKM (co-placement agent)

Placement Agents‘ Outside Counsel: DLA Piper

Notes: Latham also previously advised Intuitive Machines on its combination with Inflection Point Acquisition Corp.

Solowin raises $8M in IPO

Deal Description: Winston & Strawn said Sept. 7 it represented EF Hutton as book-running manager in connection with Solowin Holdings’ $8 million initial public offering, which involved 2 million units at $4 per unit. The issue priced on Sept. 6. The company granted the underwriters a 45-day option to purchase up to an additional 300,000 ordinary shares at the public offering price less the underwriting discounts. The units will be listed on the Nasdaq Global Market and begin trading under the ticker symbol “SWIN”. Solowin is one of the few Chinese investor-focused securities brokerage companies based in Hong Kong offering products and services through its one-stop electronic platform. Proceeds will be used to fund the expansion of business, strengthen investment advisory business, fund increasing capital requirements due to its enlarged client base and assets, to develop a margin financing business, fund brand promotion and adopt employee incentive plan and improve employee benefits.

From Winston: The team was led by Mike Blankenship and included associates Robbie Oakes and Alexandra Santana

Solowin’s Outside Counsel: Bevilacqua 

Claire Poole

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

View Claire’s articles

Email Claire

©2023 The Texas Lawbook.

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

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

Primary Sidebar

Recent Stories

  • Appellate Court Threatens Contempt Proceedings Against Harris County District Judge
  • CDT Roundup: 23 Deals, 17 Firms, 230 Lawyers, $6.4B
  • CapM Lawyers Lionberger, Brown Leave Winston for H&K
  • Litigation Roundup: Hogan Lovells to Defend Against FTC’s Texas Anesthesiology Monopoly Suit, Houston Jury Awards Defendant $32.5M in Construction Dispute
  • Texas Lawyers Hit $2,000 an Hour

Footer

Who We Are

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

Stay Connected

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

Our Partners

  • Houston Chronicle
  • Dallas Business Journal
The Texas Lawbook logo

1409 Botham Jean Blvd.
Unit 811
Dallas, TX 75215

214.232.6783

© Copyright 2023 The Texas Lawbook
The content on this website is protected under federal Copyright laws. Any use without the consent of The Texas Lawbook is prohibited.