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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, 8 Firms, 149 Lawyers, $5.1B

March 2, 2022 Claire Poole & Allen Pusey

In a week of relatively quiet M&A further diffused by international events and volatile oil prices, you may be every bit as surprised as Louis Renault — the delightfully corrupt police captain of “Casablanca” — that there has been gambling taking place.

The big deal of the week turned out to be the announcement that Churchill Downs Inc. — yes, the Kentucky Derby people — was acquiring nearly all the assets of Peninsula Pacific Entertainment, the Los Angeles-based owners of a variety gaming and entertainment concerns. It is a deal that points up the extent to which the digitalization of gambling has suffused the most secure corners of traditional wagering and entertainment, and the extent to which it’s becoming a growth sector, even in Texas M&A.

The deal was advised by Sidley Austin on the Churchill Downs side, with a Chicago-led team that included partners Kelly Dybala in Dallas and Heather Palmer in Houston. The Peninsula Pacific side was advised by Latham & Watkins with a team led from Houston by partner Trina Chandler, who normally specializes in energy and infrastructure deals.

Established in 1875, Churchill Downs has been the embodiment of genteel gambling with its annual convergence of Southern fashion, equine athleticism and mint juleps. But last week’s deal between CDI and P2E emphasizes the extent to which even the most hallowed forms of gambling have been digitally secularized.

Churchill Downs was already in the hotel and casino business with several gaming centers and off-site betting attached to live racing at four tracks across Kentucky. Their Twin Spires subsidiary is one of the largest and most profitable online sports book platforms in the U.S., a sector that is gaining great reach. And while the deal, described below, includes a couple of hotels, including a Hard Rock casino operation in Iowa, it also extends the company’s reach in a form of gaming known as Historical Horse Racing, popularly “HHR.”

HHR is machine-based betting based on races that have already been run. Bets are made on the basis of statistics and odds available at the time of a randomly selected and unidentified race and payouts are made on the basis of a betting pool. And while that sounds like the dumbest bet this side of Russian Roulette, it is becoming increasingly popular. In Kentucky alone, the company owns 3,050 HHR machines, according to their SEC filings. In Virginia, Churchill Downs is picking up six “Rosie’s Emporium” HHR locations — and another 2,300 HHR machines — in the P2E deal.

The upside is that profit margins are immense. The company’s gaming segment delivered $411.9 million in 2021, up 138% from 2019, according to the company’s SEC filings. The downside is local regulation, which is also part of the deal, in the form a $137.5 million regulatory termination fee if regulatory authorities don’t approve the new ownership.

Brick and mortar gaming facilities can struggle with a variety of regulatory problems. Peninsula, for instance, bought Louisiana’s Diamond Jack’s Casino in 2016 with hopes of moving the Bossier City riverboat operation 375 miles down the Mississippi River to Slidell, across Lake Pontchartrain from New Orleans. Residents in Slidell, however, voted to reject the move, leaving P2P with a closed and stripped casino, a gaming license that expires in April and a property not included in the Churchill Downs deal.

But with the rapid professionalization of previously unregulated online gaming — involving everything from fantasy baseball to “Play to Earn” games and on-line gaming tournaments — the lines between entertainment, gaming and outright gambling are becoming increasingly blurred, even across international lines. Likewise, M&A deals in entertainment and gaming and gambling are becoming increasingly synonymous, and Texas M&A lawyers are getting a slice:

  • Last August Houston billionaire Tilman Fertitta’s Golden Nugget Online Gaming merged with Draft Kings, the online fantasy sports operation for nearly $1.6 billion. Latham Houston partners Nick Dhesi and Ryan Maierson advised Fertitta on the deal.
  • Likewise, Maierson advised on the February 2021 merger of Cyprus-based Nexters Global and Kismet Acquisition One, a Russian-sponsored SPAC.
  • In January, Houston partner Mike Blankenship of Winston & Strawn advised on a PIPE investment involving the $825 million de-SPAC merger of Prague-based SAZKA Entertainment with Cohn Robbins Holdings Corp., an international lottery operator.
  • In June 2021 Houston partner Angela Olivares of Willkie Farr & Gallagher counseled an investor in the merger of Codere Online Luxembourg with DD3 Acquisition, a Mexico City SPAC.

Make no mistake, online gambling and gaming deals are increasing, according to PitchBook, and it’s a trend that M&A and gaming industry analysts predict is likely to accelerate in 2022.

The week ending February 26 produced a dozen new deals worth about $5.1 billion. The transactions included nine M&A transactions worth $4.4 billion and three capital markets issues worth $658 million. Those numbers are slim compared to the 17 deals for $22 billion last week, or even to the 19 deals for $8.1 billion last year at this time.

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

Churchill Downs acquires Peninsula Pacific Entertainment assets for $2.5B

Deal Description: Churchill Downs Inc., the public-traded company that owns and operates the legendary Kentucky horse racing venue, announced Feb. 22 that it is acquiring nearly all the assets of Peninsula Pacific Entertainment. The $2.485 billion deal continues the company’s diversification outside horse racing into traditional casino gaming, hospitality and non-traditional sports gaming. While the deal includes one track operation — Colonial Downs in Virginia — it also includes a Hard Rock casino and hotel in Sioux City, Iowa; the del Lago Resort & Casino in Waterloo, New York and six “Rosie’s Emporium” gaming locations that feature 2,700 Historical Horse Racing machines — slot machine-like gaming contraptions that allow betting on horse races that have already taken place.

The purchase price represents a multiple of less than 9x Adjusted EBITDA and includes, along with existing assets, Peninsula Pacific’s development rights for a casino in Richmond and a seventh “Rosie’s Emporium” location on the Virginia/North Carolina border. The company plans to fund the purchase with new debt, cash on hand and cash from the sale of land near the company’s Calder Casino in Miami Gardens, Florida.

Churchill Downs Financial Advisor: Macquarie Capital

Churchill Downs Outside Counsel: Sidley Austin advised Churchill Downs with a team led from Chicago by partners Brian Fahrney and Brent Steele. The team included Dallas finance partner Kelly Dybala and Houston environmental partner Heather Palmer along with lawyers from Chicago, New York and San Francisco.

Peninsula Pacific Entertainment: Latham & Watkins advised Peninsula Pacific with a team led by Houston partner Trina Chandler and San Diego partner Brett Rosenblatt. They were assisted by New York partner Caroline Phillips along with Houston associates Thomas Verity, Bryan Ryan, Jessica Sherman and Vera Bespalova, as well as Houston counsel Robert Brown. The team was filled out by lawyers from Los Angeles, New York, Chicago, Orange County, Washington D.C. and the Bay Area.

Chevron, Bunge create $600M renewable feedstocks JV

Deal Description: Chevron U.S.A. Inc., a unit of Chevron Corp., and Bunge North America, Inc., a unt of Bunge Ltd., announced Feb. 22 the signing of definitive transaction agreements to create their previously announced joint venture. The venture will create renewable feedstocks leveraging Bunge’s expertise in oilseed processing and farmer relationships and Chevron’s expertise in fuels manufacturing and marketing. Bunge’s soybean processing plants in Destrehan, La., and Cairo, Ill., will be contributed to the joint venture with Chevron contributing $600 million in cash. Plans include doubling the combined capacity of the facilities from 7,000 tons per day by the end of 2024. The venture may also explore opportunities in other renewable feedstocks and feedstock pretreatment.

Chevron’s Outside Counsel: Latham & Watkins led by Houston partners Justin Stolte and Jonathan Castelan with Houston associates Ashley Nguyen, Greg Sorensen, Sam Bentley, Carlyle Reid, Joseph Kmetz, Janhavi Das, Morgan Moore and Morgen Seim. Advice was also provided on tax matters by Houston partner Jim Cole with Houston associate Dominick Constantino; on benefits and compensation matters by Century City partner Julie Crisp; on environmental matters by Los Angeles counsel Joshua Marnitz with Los Angeles associate Jennifer Garlock; on antitrust matters by Washington, D.C. partner Ian Conner, Brussels partner Hector Armengod and Washington, D.C. counsel Patrick English with Brussels associates Anthemis Economou and Alvaro López Usatorre; on intellectual property matters by Washington, D.C. counsel Kieran Dickinson with Bay Area associate Ryan Sanders; on finance matters by Houston counsel Bryce Kaufman; on real estate matters by San Diego partner Robert Frances; and on litigation matters by retired Chicago partner Tom Heiden.

Quantum participates in $400M equity line to Trident

Deal Description: Quantum Energy Partners committed to participate in a $400 million line of equity to Trident Energy alongside Warburg Pincus and existing minority shareholders, according to a Feb. 16 announcement. Trident expects to use the LOE to fund additional growth opportunities in its existing assets and new opportunities. Trident was founded in 2016 with a focus on acquiring, operating and redeveloping mid-life oil and gas assets. Trident operates the Pampo and Enchova assets in the Campos Basin in Brazil and the Okume and Ceiba fields in Equatorial Guinea with gross operated production of about 60,000 barrels of oil per day.

Trident’s Financial Advisor/Placement Agent: J.P. Morgan

Quantum’s Outside Counsel: Vinson & Elkins led by partner Matt Falcone and senior associate Yong Eoh with assistance from senior associate Sam Garforth-Bles and associates Natalie Stanley and Erik Slavin. Other key team members included partners John Lynch and Jason McIntosh and associate Sarah Coe (tax); partner Sean Becker and counsel Martin Luff (labor/employment); partner Julia Petty and associate Matt Green (executive compensation/benefits); partner Matt Dobbins and associates Simon Willis and Austin Pierce (environmental); partner Alex Msimang, senior associate Nadine Amr and associate Louise Fischel-Bock (energy transactions/projects); partner Lucy Jenkins and senior associate Nicole Hamill (finance); partner Darren Tucker and counsel David Smith (antitrust); partner Palmina Fava and senior associate Dora Georgescu (FCPA); counsel Rajesh Patel and associates Charlie Fitzpatrick and Ricky Legg (corporate); and associate Cole Leveque (energy transactions/projects).

Notes: V&E’s Falcone counseled Quantum on the 2016 combination of two of its portfolio companies, Xplorer Midstream and Intensity Midstream. 

Honeycomb Investment Trust acquires Pollen Street Capital

Deal Description: In a move for operational simplification, Honeycomb Investment Trust, a UK firm, announced Feb. 15 that it is combining with its investment manager, Pollen Street Capital Ltd. in an all-share deal that values Pollen at $385 million. Upon closing, Pollen Street shareholders will own 45.5% of the combined company, which will transition from a trust to a commercial investment firm.

Outside Counsel: Willkie Farr & Gallagher advised Wafra, a key shareholder in Honeycomb, with a team led by Francois Feuillat in London and Michael De Voe Piazza in Houston.

Note: The simplification is part of a process to resolve two trust operations guided by Pollen Street. The other investment trust, Pollen Street Secured Lending, was acquired by Waterfall Asset Management in April 2021, after a protracted acquisition process that began in February 2020, shortly before the UK pandemic lockdown.

Volta Trucks gets $260M funding round led by Luxor

Deal Description: Volta Trucks, the full-electric commercial vehicle manufacturer and services provider, announced Feb. 21 the oversubscribed conclusion of its series C funding round with a €230 million capital raise ($260 million). The round was led by New York-based Luxor Capital while initial seed investor, Byggmästare Anders J Ahlström of Stockholm, added to its holding in the company. Previous series B investor, Agility, a provider of supply chain services, innovation and investment, also joined the capital raise. B-FLEXION, formerly Waypoint Capital, also joined in. The financing is expected to fund Volta’s engineering and business operations through the end of 2022, including the development of the recently confirmed 7.5- and 12-tonne full-electric Volta Zero derivatives and the preparation of Volta’s contract manufacturing facility in Steyr, Austria, to start production of customer vehicles by the end of the year. Volta has offices in Sweden, France and the U.K.

Volta’s Outside Counsel: Shearman & Sterling led by partners Manuel Orillac in Houston and Carmelo Gordian in Austin with assistance by associate John Kurtz in Dallas.

Icon raises $185M from Tiger

Deal Description: Austin-based Icon raised $185 million in additional series B funding led by Tiger Global Management along with some existing investors. It’s an extension of Icon’s $207 million series B funding that was announced this part August and the deal values the company at nearly $2 billion, according to a Feb. 18 report by TechCrunch. Previous investors include Norwest Venture Partners, 8VC, Bjarke Ingels Group, Bond, Citi Crosstimbers, Ensemble, Fifth Wall, LENx, Moderne Ventures and Oakhouse Partners, among others, TechCrunch said. Icon creates homes using 3D printing. The company has raised $451 million since its founding in late 2017.

Icon’s Outside Counsel: Latham & Watkins including partner Scott Craig and associates Chen Zhang and Cody Conwell.

Notes: LW’s Craig, who joined from Wilson Sonsini last year, also counseled Icon on the $207 million investment led by Norwest.

Slant II attracts $90M from Pearl Energy

Deal Description: Slant Energy II, a newly formed upstream oil and gas exploration and production company, announced Feb. 24 it has secured a $90 million commitment from Dallas-based private equity firm Pearl Energy Investments. Headquartered in Lafayette, La., Slant II will pursue acquisition and development opportunities focused primarily in the Permian Basin, North Texas and East Texas. Slant II was co-founded by Stewart Stover and Jeff Etienne, founders of Slant I. Billy Quinn is managing partner of Pearl, which has $1.2 billion of committed capital under management and typically targets investments requiring $25 million to $150 million.

Slant II’s Outside Counsel: Kirkland & Ellis led by corporate partners Kevin Crews and Tony Johnston with support from corporate associate Sara Phipps; tax partner Lane Morgan; and corporate partner David Castro.

Pearl’s Outside Counsel: Sidley Austin including partners Holt Foster in Dallas and Zack Pullin in Houston and associate JD Swancoat in Dallas

Avenue-backed Echo Investment sells mineral/royalty interests to Brigham for $32.5M

Echo Investment Capital’s affiliate, Echo Minerals, announced Feb. 24 its agreement to sell mineral and royalty interests to Austin-based Brigham Minerals Inc. for $32.5 million. Proceeds from the sale include $15 million in cash and 800,000 shares of Class A common stock of Brigham. The transaction is expected to close in the second quarter. Echo is backed by Avenue Capital, a global investment firm focused on distressed securities and private equity. The sale involves around 1,800 net royalty acres in Texas’s Midland Basin largely operated by Pioneer Natural Resources and Endeavor Energy Resources and represents less than 3% of Echo’s mineral portfolio.

Avenue’s and Echo’s Outside Counsel: Kirkland & Ellis led by corporate partners John Kaercher and Chris Heasley and associates Fraser Wayne and James Murphy; and tax partners David Wheat and Joe Tobias, with support from capital markets partner Matt Pacey.

Bluesource, Element combine to form decarbonization platform backed by TPG Rise

Deal Description: Bluesource, which claims to be the largest carbon credit developer in North America, and Element Markets, a renewable natural gas marketing and environmental commodities firm, announced Feb. 23 that they are merging to form an entity majority owned by TPG Rise. Terms weren’t disclosed. TPG Rise’s investment comes through a new commitment from TPG Rise Climate and investment from the Rise fund after its acquisition of Element in January 2021. NGP ETP, the energy transition platform of NGP Energy Capital Management, joined TPG Rise in the transaction. TPG Rise is global impact investing unit managed by alternative asset firm TPG. Element and Bluesource will create the largest marketer and originator of carbon and environmental credits in North America and one of the largest in the world. The deal is expected to close this year when the companies will the launch under a new name and brand. They will keep their current offices, including Houston, Salt Lake City, Los Angeles, San Francisco, Carlsbad, Calif., Washington, D.C., Toronto, Calgary and Budapest. NGP ETP partner Philip Deutch will join the new company’s board. GEF Capital, which became a Bluesource investor in 2018, will remain a shareholder.

TPG Rise and Element’s Outside Counsel: Kirkland & Ellis led by corporate partners Kevin Crews, John Furlow and Courtney Roane and associates Jacqueline Scioli, Thomas Matteson and Sam Roberts; debt finance partners Lucas Spivey and Arthur Lotz and associates Marco Chan and Steven Keithley; tax partners David Wheat and Lane Morgan; energy regulatory partner Drew Stuyvenberg; ESG & Impact partner Alex Farmer and associate Kaela Colwell; environmental transactions partner Jim Dolphin and associate Courtney Tibbetts; executive compensation Stephen Jacobson and associate Karsten Busby; and antitrust partner Carla Hine.

Element/Element Management Team’s Outside Counsel: Eversheds Sutherland, including led by partner Ram C. Sunkara and including partners Michael A. Hepburn, Lance J. Phillips, Owen J. Pinkerton, Wes Sheumaker, Michael J. Voynich, counsel Ronnie Dabbasi, Paul R. Hogan and Laura Taylor and associates Duggan Baker, Catherine F. Beaver, Alexandra N. Franklin, Evan W. Johnson and Caitlin G. Naylor. 

Bluesource’s Outside Counsel: Parr Brown Gee & Loveless

GEF Capital’s Outside Counsel (the former sponsor of Bluesource): Goodwin Procter

NGP ETP’s In-House Counsel: Christina Sanders

Note: K&E’s Crews also repped TPG Rise when it acquired Element last year and Eversheds’ Sunkara counseled Element.

CAPITAL MARKETS/FINANCINGS

Sunnova closes sale of $298M securitization of residential solar assets

Deal Description: Sunnova Energy International Inc., a U.S. residential solar and energy storage service provider, closed the sale Feb. 24 of its latest securitization of residential solar assets worth $298 million. They were comprised of $131.9 million of 2.79% solar loan-backed notes (Series 2022-A Class A Notes,) $102.2 million of 3.13% solar loan-backed notes (Series 2022-A Class B Notes) and $63.8 million of 3.53% solar loan-backed notes (Series 2022-A Class C Notes). The company intends to use the proceeds to finance or refinance existing or new investments and expenditures, including to repay a portion of one or more currently existing financing arrangements of the company’s subsidiaries, and for general corporate purposes.

Sunnova’s Outside Counsel: Baker Botts including, from corporate/finance: Travis Wofford (partner, Houston), Frank Schoen (partner, New York), Catherine Baker Ellis (associate, Houston), Christopher Carreon (associate, Houston),  Francis Mascarenhas (associate, New York), Thomas Blackwell (associate, Houston) and Chelsea Johnson (associate, Houston); from tax: Michael Bresson (partner, Houston) and Snow Xue Rui (associate, Dallas); and from renewable energy/regulatory: Emil Barth (partner, Washington, D.C.)

Clean Earth Acquisitions prices $200M IPO

Deal Description: Clean Earth Acquisitions Corp. announced Feb. 24 the pricing of its initial public offering of 20 million units at $10 per unit. Each unit consisted of one share of Class A common stock, one right and one-half of one redeemable warrant. Each warrant entitles the holder to purchase one share of Class A common stock at $11.50 per share and each right entitles the holder to receive one-tenth of one share of Class A common stock after consummation of an initial business combination. The Class A common stock, rights and warrants will trade on Nasdaq under the symbols “CLIN,” “CLINR” and “CLINW.” Clean Earth is a special purpose acquisition company, or SPAC, that plans to pursue a combination with a business that serves segments in the clean energy ecosystem, including carbon, hydrogen, sustainable agriculture and renewable energy and specifically energy storage, distributed electrical grid, zero-emission transportation, utilization, low or carbon-free industrial applications and sustainable manufacturing.

Underwriters: Led by Citigroup Global Markets Inc. and Jones Trading as co-manager

Underwriters’ Outside Counsel: Baker Botts led by Houston corporate partners Doug Getten and Travis Wofford and associate Parker Hinman in Houston and Will Cozzens in Austin; and on tax: Michael Bresson (partner, Houston) and Jared Meier (senior associate, Houston)

Diversified closes second securitized financing of 2022 worth $160M

Deal Description: Diversified Energy Co. announced that on Feb. 23 it closed a sustainability-linked asset backed securitization of certain Barnett Shale assets in North Texas. The financing represents the company’s second sustainability-linked ABS and fourth ABS since late 2019. The assets were previously pledged as collateral under the company’s revolver led by KeyBank and represent the company’s first ABS transaction involving assets outside of its Appalachia operating area. Diversified will use the proceeds to reduce its borrowings resulting in liquidity of more than $400 million pro forma as of Dec. 31. The ABS note is $160 million, including $152 million net of a certain transaction costs and $5 million restricted cash interest reserve for the notes, with a fixed coupon of 4.95% and set to be fully-amortized maturity of September 2030. Diversified is an independent energy company engaged in the production, marketing and transportation of primarily natural gas related to its U.S. onshore upstream and midstream assets.

Structuring advisor and placement agent: Donovan Ventures

Diversified’s Outside Counsel: Kirkland & Ellis led by Chicago asset finance and securitization partner Jeff O’Connor and associate Tyler Bartholome; corporate partners Rahul Vashi and R.J. Malenfant and associate Rizwan Popatia; and included corporate partners John Kaercher and Shubi Arora; debt finance partner Lucas Spivey and associate Scott Reid; asset finance & securitization partner Joel Weinberger; derivatives partner Scott Gordon; and tax partner Thomas Evans and associate Weiwei Chen.

Notes: Latham & Watkins worked on the other securitization for Diversified this year involving some of its Appalachian assets (led by Austin partner David Miller and Houston partner Jeff Munoz). For more on that, click here.

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