Infrastructure has become a buzzword in dealmaking circles; even the Texas Lawbook‘s Corporate Deal Tracker has created a separate category for such transactions, and the data reveals at least 103 of them involving Texas lawyers since the beginning of 2022.
The Oxford dictionary defines the word as being the basic physical and organizational structures and facilities (e.g. buildings, roads, power supplies) needed for the operation of a society or enterprise. So go ahead, throw anything you want into the mix and call it infrastructure.
Funds investing in infrastructure have become vogue, leading infrastructure fundraising (lumped in with natural resources) to rise to an all-time high of $158 billion last year, according to a recent McKinsey report. The closing of a record five funds of more than $10 billion certainly helped matters.
“The definition of infrastructure and natural resources continues to expand, with today’s funds now taking more equity risk than yesteryear’s did,” the consulting firm noted.
McKinsey explained that investors flocked to the asset class because of its ability to provide stable cash flows, less correlated returns and a hedge against inflation.
At year-end, assets under management expanded as well, reaching a new high of $1.3 trillion, up 14.2 percent than in 2021, as per the consultant.
The need is great: McKinsey projects a global infrastructure spending gap of $15 trillion through 2030, creating short-term pressure on high-growth sectors such as telecommunications and renewables.
However, deal volumes declined 27 percent last year as financing became more expensive and harder to access, according to the firm. And while infrastructure and natural resources fund performance declined somewhat from 2021, the funds were the top-performing private markets asset classes in 2022.
Which leads to the biggest deal of the week, Brookfield Infrastructure Partners’ purchase of intermodal container hauler Triton International Ltd. in cash, stock and assumed debt worth $13.3 billion. The Houston office of Skadden advised Brookfield.
M&A partner Eric Otness, who co-led the deal, couldn’t comment on the transaction, which hasn’t closed yet. But our questions would have included: What does the transaction say about dealmaking right now? We think we have our answer: Infrastructure investing is hot.
Deal count for the week ending April 15 was middling at best, with 12 deals reported — with 10 of them M&A/Fundings. That’s down from 21 deals from last week but comparable to the 11 this time last year. But the big difference was in value. Between the Brookfield transaction described above and the $8.2 billion acquisition of NI by Emerson described below, deal values for the week tallied nearly $24 billion, compared to $7.9 billion last week and $6.6 billion last year.
Weekly Corporate Deal Tracker Roundup Stats
A compilation of weekly stats from The Lawbook's CDT Weekly Roundup
(Deal Values in Millions)
(Deal Values in Millions)
Deal Count | Amount | Firms | Lawyers | M&A Count | M&A Value $M | CapM Count | ||
---|---|---|---|---|---|---|---|---|
April 27, 2024 | 20 | $6,684 | 6 | 28 | 10 | $6,684 | 0 | 0 |
April 20, 2024 | 19 | $15,989 | 11 | 147 | 9 | $5,208 | 10 | $10,781 |
April 13, 2024 | 13 | $8,952 | 9 | 76 | 10 | $1,652 | 3 | $7,300 |
April 6, 2024 | 22 | $22,616 | 14 | 222 | 14 | $13,501 | 8 | $13,116 |
March 30, 2024 | 12 | $9,286 | 8 | 136 | 8 | $4,299 | 4 | $4,987 |
March 23, 2024 | 18 | $5,451 | 17 | 266 | 16 | $4,759 | 2 | $692 |
March 16, 2024 | 21 | $11,437 | 13 | 186 | 14 | $9,316 | 6 | $2,070 |
March 9, 2024 | 23 | $4,695 | 21 | 218 | 19 | $2,723 | 4 | $1,972 |
March 2, 2024 | 20 | $9,108 | 19 | 372 | 14 | $4,558 | 6 | $4,550 |
February 24, 2024 | 19 | $16,382 | 12 | 248 | 15 | $9,507 | 4 | $6,875 |
February 17, 2024 | 16 | $29,932 | 15 | 157 | 12 | $29,216 | 4 | $716 |
February 10, 2024 | 25 | $10,750 | 17 | 196 | 19 | $5,372 | 6 | $5,379 |
February 3, 2024 | 12 | $8,416 | 18 | 125 | 9 | $3,416 | 3 | $5,000 |
January 27, 2024 | 9 | $8,165 | 9 | 87 | 8 | $7,815 | 1 | $800 |
January 20, 2024 | 14 | $4,084 | 12 | 109 | 12 | $3,219 | 2 | $865 |
January 13, 2024 | 17 | $33,588 | 12 | 256 | 12 | $26,765 | 5 | $6,823 |
January 6, 2024 | 8 | $7,915 | 8 | 84 | 6 | $7,265 | 2 | $650 |
December 30, 2023 | 17 | $14,599 | 12 | 99 | 15 | $2,714 | 2 | $11,885 |
December 23, 2023 | 23 | $4,182 | 13 | 219 | 16 | $1,813 | 7 | $2,370 |
December 16, 2023 | 13 | $16,436 | 13 | 280 | 7 | $15,150 | 5 | $1,286 |
December 9, 2023 | 26 | $14,633.9 | 17 | 244 | 16 | $8,095 | 10 | $6,538.9 |
December 2, 2023 | 13 | $6,720 | 9 | 57 | 12 | $6,630 | 1 | $90 |
November 25, 2023 | 9 | $4,835 | 9 | 131 | 6 | $1,785 | 3 | $3,050 |
November 18, 2023 | 22 | $6,568.7 | 17 | 184 | 14 | $4,709.2 | 8 | $1,859.5 |
November 11, 2023 | 15 | $9,825 | 13 | 179 | 12 | $6,581 | 3 | $3,244 |
November 4, 2023 | 15 | $20,582.5 | 14 | 193 | 12 | $19,417.5 | 3 | $1,165 |
October 28, 2023 | 18 | $68,419.1 | 18 | 152 | 15 | $66,646 | 3 | $1,773.1 |
October 21, 2023 | 16 | $6,755.9 | 16 | 165 | 15 | $6,755.9 | 1 | $3 |
October 14, 2023 | 10 | $67,851.2 | 13 | 125 | 7 | $61,998.5 | 3 | $5,852.7 |
October 7, 2023 | 17 | $6,595.5 | 13 | 228 | 16 | $5,995.5 | 1 | $600 |
September 30, 2023 | 17 | $1,896.45 | 13 | 189 | 14 | $806.45 | 3 | $1,090 |
September 23, 2023 | 23 | $6,432.7 | 17 | 230 | 16 | $1,402.8 | 7 | $5,029.9 |
September 16, 2023 | 25 | $23,226.7 | 23 | 353 | 16 | $17,239 | 9 | $5,987.7 |
September 9, 2023 | 12 | $6,369 | 8 | 102 | 7 | $4,311 | 5 | $2,058 |
September 2, 2023 | 14 | $2,522 | 6 | 92 | 13 | $1,322 | 1 | $1,200 |
August 26, 2023 | 17 | $12,160.25 | 13 | 202 | 15 | $ 6,573.25 | 2 | $ 5,587.00 |
August 19, 2023 | 19 | $11,505 | 13 | 213 | 15 | $11,255 | 4 | $250 |
August 12, 2023 | 19 | $9,698.8 | 13 | 184 | 7 | $3,270 | 12 | $6,428.8 |
August 5, 2023 | 13 | $5,201 | 12 | 118 | 12 | $5,051 | 1 | $150 |
July 29, 2023 | 15 | $21,031.6 | 13 | 196 | 11 | $18,292.0 | 4 | $2,739.6 |
July 22, 2023 | 18 | $3,992 | 12 | 130 | 13 | $2,808 | 5 | $1,184 |
July 15, 2023 | 13 | $8,254.95 | 13 | 81 | 13 | $8,254.95 | 0 | 0 |
July 8, 2023 | 16 | $5,441.45 | 12 | 172 | 11 | $2,443 | 5 | $2,998.45 |
July 1, 2023 | 16 | $6,872 | 10 | 105 | 12 | $5,474 | 4 | $1,398 |
June 24, 2023 | 13 | $10,914 | 16 | 201 | 10 | $7,874 | 3 | $3,040 |
June 17, 2023 | 17 | $5,880.7 | 15 | 151 | 15 | $4,705.7 | 2 | $1,175 |
June 10, 2023 | 19 | $8,516.1 | 13 | 111 | 16 | $6,252.4 | 3 | $2,263.7 |
June 3 2023 | 12 | $6,104.42 | 12 | 138 | 8 | $4,256.92 | 4 | $1,847.5 |
May 27, 2023 | 17 | $12,200 | 10 | 67 | 11 | $6,165 | 6 | $6,035 |
May 20, 2023 | 11 | $22,458.1 | 8 | 103 | 4 | $19,455 | 7 | $3,003 |
May 13, 2023 | 12 | $7,034 | 10 | 101 | 8 | $5,460 | 4 | $1,574 |
May 6, 2023 | 20 | $3,297.6 | 18 | 196 | 17 | $2,985.6 | 3 | $312 |
April 29, 2023 | 23 | $3,691.2 | 18 | 135 | 17 | $1,969.7 | 6 | $1,721.5 |
April 22, 2023 | 16 | $5,570 | 14 | 104 | 14 | $4,750 | 2 | $1,000 |
April 15, 2023 | 12 | $23,818.1 | 9 | 59 | 10 | $21,618.1 | 2 | $2,200 |
April 8, 2023 | 16 | $7,949 | 9 | 173 | 9 | $5,472 | 7 | $3,477 |
April 1, 2023 | 21 | $18,676.7 | 12 | 175 | 11 | $10,926.7 | 10 | $7,750 |
March 25, 2023 | 15 | $8,779.5 | 10 | 141 | 5 | $2,362 | 10 | $6,416.5 |
March 18, 2023 | 7 | $14,048.8 | 6 | 69 | 5 | $13,345 | 2 | $703.8 |
March 11, 2023 | 21 | $11,576 | 16 | 165 | 16 | $8,131 | 5 | $3,445 |
March 4, 2023 | 20 | $9,668 | 11 | 228 | 16 | $8,209 | 4 | $1,459 |
February 25, 2023 | 13 | $5,335 | 13 | 130 | 12 | $4,235 | 1 | $1,200 |
February 18, 2023 | 14 | $5,743.7 | 13 | 158 | 8 | $898.7 | 6 | $4,845 |
February 11, 2023 | 16 | $12,088 | 12 | 137 | 12 | $9,965 | 4 | $2,123 |
February 4, 2023 | 17 | $8,066 | 15 | 140 | 13 | $5,614 | 4 | $2,452 |
January 28, 2023 | 7 | $2,180 | 7 | 75 | 5 | $1,692.75 | 2 | $488 |
January 21, 2023 | 17 | $5,768 | 16 | 174 | 12 | $1,918 | 5 | $3,850 |
January 14, 2023 | 11 | $2, 800 | 10 | 102 | 8 | $421 | 3 | $2,400 |
January 7, 2023 | 18 | $8,296 | 11 | 167 | 14 | $6,461 | 3 | $1,835 |
December 31, 2022 | 14 | $2,732 | 11 | 99 | 12 | $2,092 | 2 | $640 |
December 17 | 14 | $7,919 | 13 | 115 | 12 | $7,419 | 1 | $500 |
December 10, 2022 | 14 | $10,093 | 12 | 88 | 11 | $7,093 | 3 | $3,000 |
December 3, 2022 | 26 | $12,800.9 | 11 | 172 | 20 | $4,141 | 6 | $8,659.9 |
November 26, 2022 | 8 | $2,266.7 | 8 | 5 | 3 | $76 | 5 | $2,190.7 |
November 19, 2022 | 21 | $2,886 | 15 | 212 | 19 | $2,550 | 2 | $336 |
November 12, 2022 | 13 | $15,093.7 | 9 | 81 | 9 | $14,200 | 4 | $893.7 |
November 5, 2022 | 25 | 19,337.2 | 16 | 509 | 22 | $8,267.2 | 3 | $11,070 |
October 29, 2022 | 15 | $7,805.3 | 9 | 116 | 14 | $7,180.3 | 1 | $625 |
October 22, 2022 | 20 | $8,193.5 | 13 | 253 | 13 | $5,442 | 7 | $2,751.5 |
October 15, 2022 | 9 | $3,046.1 | 9 | 139 | 7 | $2,588.3 | 2 | $457.8 |
October 8, 2022 | 19 | $2,011.8 | 12 | 114 | 16 | $833.8 | 3 | $1,178 |
October 1, 2022 | 23 | $5,532.9 | 16 | 156 | 18 | $4,952.3 | 5 | $580.6 |
September 24, 2022 | 18 | $5,194 | 14 | 216 | 15 | $4,050 | 3 | $1,144 |
September 17, 2022 | 21 | $8,352.3 | 12 | 320 | 15 | $4,759.6 | 6 | $3,592.7 |
September 10, 2022 | 15 | $19,853.5 | 10 | 126 | 13 | $19,403.6 | 2 | $450 |
September 3, 2022 | 9 | $2,312 | 9 | 62 | 9 | $2,312 | 0 | 0 |
August 27, 2022 | 16 | $30,891.7 | 10 | 135 | 15 | $30,666.4 | 1 | 227.7 |
August 20, 2022 | 12 | $1,977 | 8 | 152 | 9 | 925 | 3 | $1,052 |
August 13, 2022 | 18 | $8,004.7 | 11 | 242 | 11 | $2,844.7 | 7 | $5,160 |
August 6, 2022 | 24 | $7,948.9 | 12 | 240 | 17 | $3,577 | 7 | $4,371.9 |
July 30, 2022 | 8 | $6,941 | 9 | 78 | 7 | $6,839 | 1 | $102 |
July 23, 2022 | 11 | $801 | 11 | 92 | 10 | $801 | 1 | 0 |
July 16, 2022 | 14 | $3,650 | 10 | 122 | 14 | $3,650 | 0 | 0 |
July 9, 2022 | 10 | $3,557.7 | 7 | 68 | 9 | $3,557.7 | 1 | 0 |
July 2, 2022 | 18 | $8,609.4 | 13 | 152 | 15 | $2,754.4 | 3 | $5,855 |
June 25, 2022 | 15 | $6,142 | 13 | 146 | 9 | $2,017 | 6 | $4,125 |
June 18, 2022 | 17 | $11,890.1 | 14 | 228 | 15 | $11,410 | 2 | 479.7 |
June 11, 2022 | 17 | $7,600 | 12 | 123 | 10 | $2,300 | 7 | $5,300 |
June 4, 2022 | 12 | $2,937 | 10 | 127 | 9 | $692 | 3 | $2,245 |
May 28, 2022 | 9 | $3,197.6 | 11 | 86 | 9 | $3,197.6 | 0 | 0 |
May 21, 2022 | 14 | $7,284.5 | 12 | 185 | 11 | $6,609 | 3 | $675.5 |
May 14, 2022 | 11 | $306.6 | 9 | 80 | 10 | $306.6 | 1 | $225 |
May 7, 2022 | 16 | $10,451.75 | 12 | 108 | 12 | $1,827 | 4 | $8,624.75 |
April 30, 2022 | 16 | $2,296.5 | 16 | 157 | 12 | $895.5 | 4 | $1,401 |
April 23, 2022 | 10 | $2,241 | 11 | 58 | 8 | $1641 | 2 | $600 |
April 16, 2022 | 11 | $6,643 | 7 | 156 | 8 | $2,359 | 3 | $4,284 |
April 9, 2022 | 17 | $4,429 | 14 | 184 | 11 | $1,690 | 6 | $2,739 |
April 2, 2022 | 13 | $1,755 | 8 | 84 | 10 | $1,145 | 3 | $610 |
March 26, 2022 | 11 | $3,205 | 8 | 65 | 6 | $200 | 5 | $3,005 |
March 19, 2022 | 13 | $2,239.17 | 9 | 106 | 13 | $2,239.17 | 0 | 0 |
March 12, 2022 | 18 | $12,016 | 11 | 239 | 15 | $11,965 | 2 | $51.35 |
March 5, 2022 | 17 | $6,786 | 13 | 137 | 13 | $5,161 | 4 | $1,625 |
February 26, 2022 | 12 | $5,095 | 8 | 149 | 9 | $4,437.5 | 3 | $658 |
February 19, 2022 | 17 | $22,229 | 17 | 174 | 14 | $21,354 | 3 | $875 |
February 12, 2022 | 12 | $2,344.7 | 10 | 73 | 8 | $641.7 | 4 | $1,703 |
February 5, 2022 | 11 | $2,503 | 8 | 99 | 11 | $2,503 | 0 | 0 |
January 29, 2022 | 11 | $3,872 | 12 | 101 | 12 | $3,872 | 0 | 0 |
January 22, 2022 | 13 | $5,143.5 | 10 | 99 | 12 | $4,842.5 | 1 | $301 |
January 15, 2022 | 12 | $7,605 | 9 | 155 | 9 | $6,480 | 3 | $1,025 |
January 8, 2022 | 13 | $8,256.2 | 11 | 102 | 13 | $8,256.2 | 0 | 0 |
January 1, 2022 | 9 | $1,273.8 | 6 | 50 | 9 | $1,273.8 | 0 | 0 |
December 25, 2021 | 21 | $4,734.75 | 11 | 176 | 16 | $3,410 | 5 | $1,324.75 |
December 18, 2021 | 26 | $7,325.2 | 15 | 193 | 18 | $3,640.2 | 8 | $3,685.2 |
December 11, 2021 | 16 | $5,017 | 10 | 109 | 13 | $1,417 | 3 | $3,600 |
December 4, 2021 | 14 | $2,310 | 8 | 86 | 8 | $2,310 | 6 | $1,882.05 |
November 27, 2021 | 9 | $3.460.1 | 10 | 101 | 6 | $1,758 | 3 | $1,702.6 |
November 20, 2021 | 20 | $22,792 | 15 | 157 | 12 | $18,864.5 | 8 | $3,928 |
November 13, 2021 | 21 | $26,729 | 12 | 178 | 13 | $11,822 | 8 | $14,907 |
November 6, 2021 | 12 | $8,303 | 13 | 157 | 10 | $6,682 | 3 | $1,621 |
October 30, 2021 | 21 | $10,368 | 15 | 218 | 15 | $9,24.4 | 6 | $1,103. |
October 23, 2021 | 21 | $18.783.1 | 15 | 222 | 11 | $12,314 | 10 | $6,468.6 |
October 16, 2021 | 15 | $3,868 | 11 | 118 | 15 | $2,293 | 2 | $1,575 |
October 9, 2021 | 20 | $8,610 | 16 | 175 | 16 | $7,795 | 4 | $815 |
October 2, 2021 | 14 | $6,250 | 11 | 137 | 10 | $5,200 | 4 | $1,050 |
September 25, 2021 | 11 | $11,460 | 9 | 93 | 7 | $10,200 | 4 | $1,250 |
September 18, 2021 | 11 | $16,603 | 8 | 99 | 8 | $15,084 | 3 | $1,519 |
September 11, 2021 | 17 | $10,653 | 11 | 103 | 13 | $8,503 | 4 | $2,150 |
September 4, 2021 | 13 | $7,222 | 10 | 89 | 11 | $6,715 | 2 | $507 |
August 28, 2021 | 12 | $763 | 9 | 63 | 11 | $663 | 1 | $100 |
August 21, 2021 | 12 | $29,659 | 7 | 79 | 11 | $29,579 | 1 | $80 |
August 14, 2021 | 22 | $17,845 | 11 | 199 | 12 | $12,805 | 10 | $5,04 |
August 7, 2021 | 17 | $13,670 | 12 | 139 | 15 | $11,766 | 2 | $1,904 |
July 31, 2021 | 21 | $8,160 | 11 | 134 | 10 | $3,574 | 10 | $4,586 |
July 24,2021 | 21 | $6,367 | 11 | 139 | 15 | $3,712 | 6 | $2,655 |
July 17, 2021 | 14 | $4,009 | 11 | 124 | 12 | $2,015 | 2 | $1,994 |
July 10, 2021 | 16 | $3,997 | 13 | 143 | 11 | $1,597 | 4 | $2,4 |
July 3, 2021 | 24 | $7,492 | 13 | 94 | 16 | $3,769 | 8 | $3,722 |
June 26, 2021 | 10 | $4,995 | 7 | 85 | 8 | $3,847 | 2 | $1,148 |
June 19, 2021 | 28 | $16,830 | 8 | 228 | 9 | $1,861 | 19 | $14,968 |
June 12, 2021 | 26 | $27,238 | 15 | 209 | 19 | $25,602 | 7 | $1,636 |
June 5, 2021 | 15 | $15,539 | 13 | 100 | 13 | $14,709 | 2 | $600 |
May 29, 2021 | 35 | $20,279 | 11 | 145 | 28 | $18,64 | 7 | $1,639 |
May 22, 2021 | 24 | $53,208 | 14 | 174 | 17 | $51,047 | 7 | $2,161 |
May 15, 2021 | 18 | $10,620 | 13 | 220 | 11 | $5,870 | 7 | $4,809 |
May 8, 2021 | 17 | $10,400 | 11 | 156 | 15 | $8,386 | 2 | $2,500 |
May 1, 2021 | 21 | $7,200 | 16 | 115 | 12 | $3,808 | 9 | $3,392 |
April 24, 2021 | 8 | $20,200 | 9 | 31 | 8 | $20,200 | 0 | 0 |
April 17, 2021 | 14 | $6,270 | 8 | 102 | 11 | $4,0180 | 3 | $2,260 |
April 10, 2021 | 15 | $8,940 | 13 | 129 | 14 | $7,990 | 1 | $950 |
April 3, 2021 | 18 | $19,513 | 10 | 151 | 12 | $16,923 | 6 | $2,590 |
March 27, 2021 | 27 | $13,942 | 15 | 244 | 14 | $4,300 | 13 | $9,633.5 |
March 20, 2021 | 11 | $2,046 | 4 | 102 | 3 | $270 | 8 | $1,776 |
March 13, 2021 | 15 | $3,270 | 9 | 109 | 6 | $538 | 9 | $2,732 |
March 6, 2021 | 24 | $13,617 | 10 | 196 | 13 | $10,395 | 11 | $3,222 |
February 27, 2021 | 19 | $8,105 | 12 | 139 | 15 | $4,970 | 4 | $3,135 |
February 20, 2021 | 9 | $8,820 | 9 | 153 | 8 | $8,520 | 1 | $300 |
February 13, 2021 | 12 | $4,852.6 | 7 | 81 | 7 | 2,766 | 5 | $2,086.6 |
February 6, 2021 | 18 | $9,752 | 13 | 153 | 14 | $5,222 | 4 | $4,530 |
January 30, 2021 | 18 | $9,449 | 9 | 182 | 15 | $8753.8 | 3 | $695.3 |
January 23, 2021 | 14 | $8,150 | 8 | 118 | 6 | $4,000 | 8 | $4,150 |
January 16, 2021 | 17 | $6,783 | 13 | 138 | 11 | $2,400 | 6 | $4,382.9 |
January 9, 2021 | 22 | $6,829 | 14 | 135 | 18 | $3,139.3 | 4 | $3,690 |
January 2, 2021 | 7 | $1,466 | 7 | 60 | 7 | $1,466 | 0 | 0 |
December 26, 2020 | 18 | $15,900 | 12 | 163 | 16 | $5,300 | 1 | $600 |
December 19, 2020 | 18 | $9,769 | 14 | 110 | 14 | $8,426 | 4 | $1,343 |
December 12, 2020 | 10 | $7,200 | 9 | 100 | 9 | $3,325 | 1 | $3,830 |
December 5, 2020 | 15 | $4,261 | 9 | 122 | 9 | $2,780 | 6 | $1,481 |
November 28, 2020 | 19 | $7,758 | 10 | 110 | 13 | $4,003 | 6 | $3,755 |
November 14, 2020 | 14 | $864.1 | 14 | 157 | 12 | $289.1 | 2 | $575 |
November 7, 2020 | 13 | $6,332 | 9 | 129 | 9 | $2,483.5 | 4 | $3,849 |
October 31, 2020 | 10 | $3,995.8 | 8 | 103 | 6 | $3,231.1 | 4 | $754.7 |
October 24, 2020 | 6 | $18,100 | 6 | 58 | 5 | $17,709 | 1 | $350 |
October 17, 2020 | 8 | $351.9 | 5 | 55 | 8 | $351.9 | 0 | 0 |
October 10, 2020 | 7 | $5,229 | 3 | 50 | 4 | $735 | 3 | $4,494 |
October 3, 2020 | 14 | $21,428 | 9 | 173 | 9 | $17,535 | 5 | $3,893 |
September 26, 2020 | 10 | $12,770 | 8 | 93 | 5 | $10,300 | 5 | $2,470 |
September 19, 2020 | 14 | $8,365 | 9 | 101 | 6 | $1,020 | 8 | $7,345 |
September 12, 2020 | 6 | $4,406 | 8 | 59 | 3 | $1,270 | 3 | $3,136 |
September 5, 2020 | 11 | $5,191 | 8 | 117 | 9 | $4,061 | 2 | $1,130 |
August 29, 2020 | 11 | $2,531 | 9 | 94 | 5 | $1,130 | 6 | $1,401 |
August 22, 2020 | 18 | $6,574 | 12 | 140 | 7 | $1,930 | 11 | $4,644 |
August 15, 2020 | 13 | $4,991 | 10 | 97 | 7 | $1,216 | 6 | $3,775 |
August 8, 2020 | 12 | $32,092 | 11 | 112 | 9 | $30,457 | 3 | $1,635 |
August 1, 2020 | 7 | $5,287 | 8 | 76 | 5 | $3,687 | 2 | $1,600 |
July 25, 2020 | 9 | $18,751 | 6 | 67 | 7 | $18,403 | 2 | $348 |
July 18, 2020 | 6 | $1,982.5 | 5 | 50 | 4 | $1,407.5 | 2 | $575 |
July 11, 2020 | 11 | $565.1 | 12 | 75 | 10 | $65.1 | 1 | $500 |
July 4, 2020 | 10 | $8,889 | 8 | 98 | 9 | $8,788 | 1 | $100.3 |
June 27, 2020 | 8 | $6,874 | 10 | 50 | 5 | $4,972.5 | 3 | $2,081.5 |
June 20, 2020 | 12 | $4,444 | 9 | 115 | 7 | $2,829 | 5 | $1,615 |
June 13, 2020 | 6 | $3,582 | 4 | 37 | 2 | $350 | 4 | $3,232 |
June 6, 2020 | 11 | $3,213.7 | 8 | 65 | 7 | $470 | 4 | $2,743.7 |
May 30, 2020 | 8 | $7,335 | 7 | 48 | 6 | $4,639 | 2 | $2,697 |
May 23, 2020 | 4 | $432.4 | 4 | 34 | 3 | $432.4 | 1 | 0 |
May 16, 2020 | 6 | $310 | 6 | 34 | 5 | $310 | 1 | 0 |
May 9, 2020 | 18 | $5,630 | 16 | 124 | 14 | $3,180 | 4 | $2,450 |
May 2, 2020 | 15 | 10,400 | 10 | 90 | 8 | $1,900 | 7 | $,8,500 |
April 25, 2020 | 8 | $3,400 | 9 | 36 | 5 | $1,000 | 3 | $2,450 |
April 18, 2020 | 19 | $9,500 | 14 | 92 | 8 | $185.7 | 11 | $9,360 |
April 11, 2020 | 12 | $6,000 | 9 | 40 | 5 | $190 | 7 | $5,800 |
April 4, 2020 | 14 | $8,200 | 11 | 68 | 10 | $2,200 | 4 | $6,000 |
March 28, 2020 | 16 | $6,500 | 13 | 96 | 10 | $3,700 | 6 | $2,800 |
March 21, 2020 | 11 | $11,910 | 7 | 33 | 7 | $2,250 | 4 | $9,960 |
March 14, 2020 | 7 | 809.8 | 6 | 34 | 6 | 684.8 | 1 | 125 |
March 7, 2020 | 16 | $2,500 | 15 | 70 | 13 | $669 | 3 | $1,400 |
February 29, 2020 | 13 | $15,260 | 13 | 128 | 11 | $11,760 | 2 | $3,500 |
February 22, 2020 | 12 | $3,700 | 10 | 92 | 10 | $2,560 | 2 | $1,130 |
February 15, 2020 | 16 | $1,250 | 10 | 84 | 12 | $35 | 4 | $1,222 |
February 8, 2020 | 18 | $6,080 | 14 | 123 | 14 | $2,595 | 4 | $3,485 |
February 1, 2020 | 21 | $20,900 | 12 | 101 | 14 | $17,860 | 7 | $3,060 |
January 25, 2020 | 13 | $7,430 | 13 | 62 | 12 | $6,430 | 1 | $1,000 |
January 18, 2020 | 23 | $9,580 | 15 | 120 | 19 | $6,580 | 4 | $3,000 |
January 11, 2020 | 21 | $14,200 | 18 | 199 | 16 | $1,020 | 5 | $13,200 |
January 4, 2020 | 22 | $6,400 | 11 | 119 | 16 | $3,204 | 6 | $3,245 |
December 28, 2019 | 22 | $7,150 | 19 | 175 | 18 | $6,800 | 4 | $327.4 |
December 14, 2019 | 24 | $36,300 | 23 | 167 | 19 | $9,500 | 5 | $26,800 |
December 7, 2019 | 11 | $10,400 | 11 | 55 | 7 | $1,082 | 4 | $9,370 |
November 30. 2019 | 14 | $2,450 | 12 | 126 | 12 | $1,760 | 2 | $692.5 |
November 23, 2019 | 16 | $1,995 | 10 | 41 | 11 | $615 | 5 | $1,380 |
November 16, 2019 | 15 | $3,820 | 13 | 135 | 11 | $2,500 | 4 | $1,271 |
November 9, 2019 | 25 | $12,900 | 17 | 182 | 23 | $12,200 | 2 | $575 |
November 2, 2019 | 10 | $2,470 | 12 | 61 | 9 | 2,450 | 3 | $22 |
October 26, 2019 | 12 | $5,560 | 14 | 70 | 11 | $3,860 | 1 | $1,700 |
October 19, 2019 | 8 | $6,600 | 8 | 138 | 8 | $6,600 | 0 | 0 |
October 12, 2019 | 19 | $4,300 | 14 | 55 | 16 | $3,800 | 3 | $500 |
October 5, 2019 | 18 | $14,500 | 19 | 166 | 15 | $11,100 | 3 | $3,400 |
September 28, 2019 | 19 | $8,100 | 18 | 132 | 18 | $7,560 | 1 | $550 |
September 21, 2019 | 14 | $6,300 | 16 | 66 | 11 | $2,160 | 3 | $4,170 |
September 14, 2019 | 15 | $23,800 | 12 | 56 | 11 | $21,250 | 4 | $2,570 |
September 7, 2019 | 17 | $3,500 | 15 | 98 | 14 | $1,900 | 3 | $1,600 |
August 31, 2019 | 5 | $8,700 | 6 | 50 | 5 | $8,700 | 0 | 0 |
August 24, 2019 | 16 | $10,000 | 14 | 82 | 15 | $4,250 | 1 | $5,750 |
August 16, 2019 | 10 | $1,680 | 5 | 52 | 7 | $650 | 3 | $950 |
August 9, 2019 | 17 | $17,700 | 15 | 68 | 14 | $3,900 | 3 | $13,800 |
August 2, 2019 | 13 | $5,760 | 12 | 108 | 13 | $5,760 | NA | NA |
July 27, 2019 | 11 | $7,300 | 13 | 76 | 8 | $6,570 | 3 | $730 |
July 20, 2019 | 13 | $11,800 | 13 | 125 | 11 | $5,300 | 2 | $6,500 |
July 13, 2019 | 10 | $775 | 7 | 46 | 8 | $542.5 | 2 | $233 |
July 6, 2019 | 7 | $2,500 | 9 | 85 | 7 | $2,500 | 0 | 0 |
June 29, 2019 | 23 | $8,290 | 15 | 154 | 17 | $2,300 | 6 | $5,970 |
June 22, 2019 | 17 | $10,700 | 10 | 139 | 14 | $7,700 | 3 | $3,000 |
June 15, 2019 | 11 | $13,500 | 14 | 160 | 11 | $13,500 | NA | NA |
June 8, 2019 | 13 | $2,870 | 17 | 55 | 11 | $1,570 | 2 | $1,300 |
June 1, 2019 | 10 | $4,460 | 11 | 60 | 8 | $4,140 | 2 | $315 |
May 25, 2019 | 17 | $4,360 | 14 | 79 | 14 | $3,700 | 3 | $612 |
May 18, 2019 | 22 | $9,000 | 17 | 150 | 16 | $3,400 | 6 | $5,600 |
May 11, 2019 | 18 | $19,800 | 17 | 177 | 15 | $18,300 | 3 | $1,500 |
May 4, 2019 | 10 | $7,075 | 6 | 32 | 8 | $6,900 | 2 | $175 |
April 27, 2019 | 15 | $3,200 | 14 | 117 | 14 | $3,160 | 1 | $40 |
April 20, 2019 | 13 | $13,500 | 10 | 90 | 9 | $12,200 | 4 | $1,300 |
April 13, 2019 | 16 | $38,900 | 14 | 91 | 14 | $37,800 | 2 | $1,100 |
April 6, 2019 | 12 | $6,870 | 11 | 94 | 10 | $6,730 | 2 | $50 |
March 30, 2019 | 15 | $6,470 | 12 | 84 | 10 | $7,91.5 | 5 | $5,677 |
March 23, 2019 | 18 | $6,450 | 14 | 91 | 14 | $5,042 | 4 | $1,408 |
March 16, 2019 | 14 | $10,180 | 12 | 115 | 11 | $8,800 | 3 | $1,300 |
March 9, 2019 | 9 | $1,800 | 6 | 49 | 8 | $1,300 | 1 | $500 |
March 2, 2019 | 20 | $3,033 | 16 | 107 | 14 | $1,817 | 6 | $1,262 |
February 23, 2019 | 12 | $2,040 | 8 | 69 | 9 | $614.6 | 3 | $1,430 |
February 16, 2019 | 16 | $9,970 | 18 | 77 | 16 | $9,970 | 0 | 0 |
February 9, 2019 | 14 | $6,400 | 10 | 110 | 14 | $6,400 | 0 | 0 |
February 2, 2019 | 18 | $6,740 | 15 | 99 | 16 | $5,720 | 2 | $950 |
January 26, 2019 | 13 | $2,770 | 11 | 67 | 11 | $918.95 | 2 | $1,850 |
January 19, 2019 | 15 | $3,819 | 16 | 76 | 12 | $2,594 | 3 | $1,225 |
January 12, 2019 | 18 | $7,283 | 14 | 92 | 15 | $1,683 | 3 | $5,600 |
January 5, 2019 | 10 | $529 | 12 | 50 | 10 | $529 | 0 | 0 |
December 22, 2018 | 17 | $2,570 | 13 | 87 | 14 | $941 | 3 | $1,629 |
December 15, 2018 | 10 | $2,860 | 8 | 26 | 8 | $264 | 2 | $2,600 |
December 8, 2018 | 15 | $1,819 | 16 | 65 | 12 | $552 | 3 | $1,267 |
December 1, 2018 | 12 | $7,500 | 10 | 90 | 9 | $1,200 | 3 | $6,200 |
November 28, 2018 | 15 | $4,500 | 11 | 107 | 14 | $4,000 | 1 | $500 |
November 19, 2018 | 18 | $6,137 | 13 | 98 | 13 | $2,142 | 5 | $3,995 |
November 14, 2018 | 18 | $9,200 | 13 | 152 | 15 | $8,500 | 3 | $694 |
November 6, 2018 | 16 | $17,300 | 16 | 183 | 14 | $16,361 | 2 | $950 |
October 29, 2018 | 14 | $14,400 | 18 | 127 | 17 | $13,800 | 1 | $600 |
October 24, 2018 | 13 | $6,140 | 13 | 126 | 11 | $5,122 | 2 | $1,018 |
October 17, 2018 | 18 | $18,390 | 15 | 125 | 14 | $12,292 | 4 | $6,098 |
October 10, 2018 | 29 | $3,149 | 18 | 104 | 20 | $1,647 | 9 | $819 |
October 2, 2018 | 18 | $9,300 | 11 | 67 | 14 | $7,300 | 4 | $2,000 |
September 25, 2018 | 13 | $7,000 | 11 | 75 | 10 | $6,000 | 3 | $995 |
September 18, 2018 | 9 | $3,570 | 7 | 44 | 9 | $3,570 | 0 | 0 |
September 11, 2018 | 13 | $5,900 | 10 | 132 | 13 | $5,900 | 0 | 0 |
September 7, 2018 | 14 | $5,000 | 15 | 86 | 11 | $4,000 | 3 | $1,000 |
August 29, 2018 | 15 | $20,700 | 14 | 79 | 13 | $4,700 | 2 | $16,000 |
August 20, 2018 | 10 | $12,400 | 11 | 53 | 8 | $11,380 | 3 | $1,057 |
August 14, 2018 | 12 | $19,900 | 12 | 132 | 9 | $18,889 | 3 | $1,011 |
August 7, 2018 | 16 | $68,600 | 11 | 106 | 13 | $67,259 | 3 | $1,340 |
July 31, 2018 | 15 | $15,100 | 15 | 95 | 11 | $13,060 | 4 | $2,060 |
July 23, 2018 | 13 | $2,130 | 15 | 60 | 10 | $1,804 | 3 | $1,100 |
July 17, 2018 | 14 | $5,370 | 17 | 98 | 9 | $4,310 | 5 | $1,100 |
July 9, 2018 | 16 | $11,200 | 15 | 74 | 10 | $11,080 | 6 | $862 |
July 3, 2018 | 13 | $7,000 | 7 | 81 | 12 | $6,330 | 1 | $750 |
June 25, 2018 | 15 | $8,800 | 13 | 97 | 9 | $4,970 | 6 | $3,930 |
June 18, 2018 | 13 | $14,200 | 14 | 80 | 7 | $221 | 6 | $14,290 |
June 11, 2018 | 12 | $6,300 | 8 | 96 | 8 | $5,910 | 4 | $803 |
June 6, 2018 | 13 | $14,500 | 10 | 88 | 8 | $14,154 | 5 | $579 |
May 31, 2018 | 11 | $4,890 | 10 | 63 | 8 | $3,240 | 3 | $1,790 |
May 22, 2018 | 15 | $20,400 | 11 | 63 | 9 | $19,808 | 6 | $885 |
May 15, 2018 | 15 | $4,700 | 15 | 106 | 10 | $3,900 | 5 | $643 |
May 9, 2018 | 11 | $1,400 | 13 | 88 | 9 | $1,300 | 2 | $560 |
May 1, 2018 | 8 | $14,250 | 7 | 88 | 7 | $13,400 | 1 | $450 |
April 24, 2018 | 12 | $5,300 | 6 | 61 | 11 | $4,470 | 1 | $800 |
April 17, 2018 | 9 | $1,800 | 10 | 44 | 7 | $2,330 | 2 | $1,434 |
April 11, 2018 | 11 | $2,500 | 8 | 32 | 6 | $1,690 | 5 | $809 |
April 3, 2018 | 15 | $13,400 | 11 | 121 | 9 | $12,020 | 6 | $1,090 |
March 28, 2018 | 10 | $4,000 | 10 | 92 | 7 | $3,870 | 3 | $215 |
March 19, 2018 | 17 | $5,800 | 13 | 51 | 10 | $590 | 7 | $5,165 |
March 12, 2018 | 15 | $3,130 | 11 | 43 | 11 | $2,360 | 4 | $788 |
March 6, 2018 | 19 | $5,400 | 13 | 116 | 10 | $1,530 | 9 | $4,860 |
February 27, 2018 | 20 | $6,600 | 13 | 69 | 14 | $5,530 | 6 | $1,030 |
February 19, 2018 | 15 | $5,500 | 14 | 111 | 10 | $3,990 | 6 | $1,980 |
February 12, 2018 | 23 | $10,900 | 17 | 157 | 12 | $7,110 | 11 | $3,840 |
February 5, 2018 | 16 | $8,600 | 13 | 100 | 7 | $1,330 | 9 | $7,800 |
January 30, 2018 | 11 | $12,600 | 11 | 68 | 5 | $7,300 | 6 | $4,982 |
January 24, 2018 | 19 | $9,400 | 15 | 129 | 5 | $2,010 | 14 | $7,337 |
January 18, 2018 | 10 | $6,280 | 8 | 49 | 2 | $2,100 | 8 | $4,188 |
January 9, 2018 | 12 | $16,500 | 12 | 92 | 9 | $15,890 | 3 | $475 |
January 3, 2018 | 10 | $2,500 | 9 | 47 | 8 | $2,350 | 2 | $150 |
December 27, 2017 | 15 | $9,000 | 15 | 113 | 9 | $7,568 | 6 | $1,784 |
December 18, 2017 | 15 | $13,800 | 16 | 164 | 9 | $13,010 | 7 | $1,118 |
December 11, 2017 | 14 | $9,700 | 10 | 126 | 12 | $2,940 | 4 | $8,500 |
December 4, 2017 | 6 | $1,800 | 6 | 31 | 5 | $1,510 | 1 | $300 |
November 28, 2017 | 7 | $3,850 | 8 | 76 | 4 | $3,260 | 3 | $285 |
November 16, 2017 | 10 | $2,700 | 10 | 48 | 6 | $1,840 | 4 | $856 |
November 8, 2017 | 15 | $2,380 | 17 | 91 | 10 | $1,860 | 5 | $516 |
November 1, 2017 | 12 | $4,700 | 17 | 94 | 9 | $3,400 | 4 | $1,300 |
October 23, 2017 | 15 | $10,500 | 10 | 67 | 10 | $9,780 | 4 | $1,530 |
October 18, 2017 | 6 | $2,000 | 37 | 3 | $225 | 3 | $1,820 | |
October 10, 2017 | 12 | $6,570 | 100 | 9 | $3,880 | 3 | $3,360 | |
October 2, 2017 | 8 | $3,100 | 11 | 19 | 3 | $1,630 | 5 | $1,750 |
September 25, 2017 | 8 | $4,880 | 8 | 79 | 5 | $2,660 | 5 | $2,070 |
September 18, 2017 | 9 | $4,770 | 3 | $300 | 6 | $4,470 | ||
September 12, 2017 | 11 | $4,430 | 8 | $2,030 | 3 | $2,400 | ||
September 1, 2017 | 4 | $1,310 | 3 | $317 | 1 | $1,000 | ||
August 23, 2017 | 11 | $13,640 | 9 | 8 | $11,840 | 3 | $1,800 |
M&A/FUNDINGS
Brookfield buys freight container provider Triton for $13B
Deal Description: Triton International Ltd. and Brookfield Infrastructure Partners jointly announced April 12 that Brookfield has agreed to buy Triton in a cash and stock transaction valuing its common equity at $4.7 billion, giving the company a total enterprise value of about $13.3 billion. Skadden advised Brookfield Infrastructure. For more on this deal, click here.
Emerson acquires NI for $8.2B
Deal Description: Emerson and NI announced April 12 that they entered into a definitive agreement under which Emerson will acquire NI for $60 per share in cash at an equity value of $8.2 billion. The price represents a 49 percent premium to NI’s closing share price as of January 12, the day before NI’s public announcement of a strategic review. St. Louis-based Emerson already owns about 2.3 million shares of NI, representing around 2 percent of shares outstanding, which were acquired at a weighted average price of $36.84. As a result, Emerson said its effective per share purchase price is $59.61. Emerson expects to finance the transaction using available cash and liquidity, including $8 billion of post-tax proceeds from the majority sale of Climate Technologies to Blackstone in October 2022, which is expected to close in the second calendar quarter of 2023. Austin-based NI, more commonly known as National Instruments, provides software-connected automated test and measurement systems that help enterprises bring products to market faster and at a lower cost. NI had $1.66 billion in 2022 revenue and operates in more than 40 countries, serving about 35,000 customers across semiconductor and electronics, transportation and aerospace and defense markets.
Expected Closing: First half of Emerson’s fiscal 2024 (which runs from October through March) if the deal clears NI’s shareholders and regulators
Emerson’s Financial Advisors: Goldman Sachs & Co. and Centerview Partners
Emerson’s Outside Counsel: Davis Polk & Wardwell led by partners Phillip R. Mills and Cheryl Chan in New York
NI’s Financial Advisor: BofA Securities
NI’s Outside Counsel: Wachtell, Lipton, Rosen & Katz led by partner Adam Emmerich in New York
NI’s In-House Counsel: CLO R. Eddie Dixon in Austin
Spectral MD combines with SPAC Rosecliff in $170M deal
Deal Description: Skadden said it is legal advisor to Rosecliff Acquisition Corp I in connection with April 11’s announcement that Spectral MD Holdings Ltd. entered into a combination with Rosecliff, a special purpose acquisition company listed on Nasdaq. Upon completion of the transaction, the company expects to operate under the name Spectral AI and to be listed on Nasdaq under the symbol MDAI. The proposed transaction is expected to deliver gross proceeds to Spectral MD of more than $20 million (assuming no redemptions), including $4.5 million held in Rosecliff’s trust (also assuming no redemptions) and an expected private placement investment of no less than $15 million. The proposed deal puts Spectral MD at an estimated enterprise value of $170 million, equivalent to around 101p per share ($125.47) on the AIM market, assuming no redemptions. Led by founder and Chief Executive Officer Wensheng Fan, Spectral MD is an AI company focused on medical diagnostics for faster and more accurate treatment decisions in wound care. Rosecliff is headed by Mike Murphy, a hedge fund manager.
From Skadden: The team was led by M&A/corporate partners Michelle Gasaway in Los Angeles and Michael Chitwood in New York but included associate Laura Sunday in Houston
Spectral MD’s Outside Counsel: Reed Smith with lawyers based in London and New York
Adviser/Broker: S.P. Angel Corporate Finance
Kimbell Royalty inks $143.1M Midland Basin acquisition
Deal Description: Kimbell Royalty Partners announced April 12 that it agreed to acquire mineral and royalty interests from MB Minerals, a unit of EnCap Investments portfolio company Sabalo Holdings, in a cash and unit transaction valued at around $143.1 million. The purchase price consists of $48.8 million in cash, around 34 percent of the total consideration, about 5.4 million newly issued common units of Kimbell Royalty Operating valued at $85.4 million and approximately 600,000 newly issued common units of Kimbell Royalty Partners valued at $8.9 million. Kimball is an owner of oil and gas mineral and royalty interests in 16 million gross acres in 28 states. It claims to be a leading consolidator in the U.S. oil and gas royalty sector.
Kimbell’s Outside Counsel: White & Case, led by partners Jason Rocha and Charlie Ofner and including associates Trace Hancock and Muhammad Hasan, capital markets associate Chris Carreon and tax partner Chad McCormick and associate Neil Clausen, all in Houston; and Kelly Hart & Hallman, including partner Andrew “Drew” Neal in Fort Worth
MB’s Financial Adviser: TenOaks Energy Advisors
MB’s Outside Counsel: Bracewell including partners Molly E. Butkus, Charles H. Still Jr. and Jonathon K. Hance in Houston and Steven J. Lorch in New York and associates John L. Stavinoha III and in Houston
EnergyX snares $50M from GM
Deal Description: Energy Exploration Technologies Inc., an Austin-based lithium and battery technology company, attracted $50 million in Series B investment from GM Ventures, the venture capital arm of General Motors Co. On Oct. 20, the company received $450 million of development capital from Global Emerging Markets.
EnergyX’s Outside Counsel: Stearns Weaver Miller in Florida
Recuro attracts $47M led by Arch
Deal Description: Recuro Health, a digital health solutions company, announced April 11 the closing of a $47 million Series B round investment. The Series B syndicate included new and existing investors, including Arch Venture Partners, the Flippen Group, GPG Ventures, 4D Capital and other investors. Founded in 2021, Recuro claims it was designed to transition the U.S. healthcare system from a reactive, disease-focused model to a proactive care approach. The company will use the proceeds to advance and scale its Digital Medical Home, which integrates advanced science, data, at-home diagnostics and targeted genomics to better inform integrated care.
Brassica attracts $8M led by Mercury
Deal Description: Brassica Technologies, a Houston banking and investment infrastructure platform, raised $8 million in seed funding. Mercury Fund, also of Houston, led the round, joined by Valor Equity Partners, Long Journey Ventures, NGC Fund, Neowiz, Broadhaven Ventures, Armyn Capital, VC3DAO and Alpha Asset Management. The seed funding brings the total capital raised by Brassica to date to more than $12 million. The company also announced that its wholly-owned subsidiary Brassica Trust Company has been granted a trust charter by the Wyoming State Banking Board. Brassica will use its funding to scale its product, engineering, business development and customer success teams and accelerate new service offerings as well as hire a trust operations team in Wyoming. Brassica was founded in 2021 by entrepreneurs and FinTech executives Youngro Lee and Bob Dunton, co-founders of NextSeed, which was acquired by Republic Investment Services in 2020.
Mercury’s Outside Counsel: Gunderson Dettmer led by partner Wes Watts and including senior associate Luke Thomas and associate Emma Anderson in Austin
Park Lawn buys several funeral homes
Deal Description: Morgan Lewis said April 12 it represented Park Lawn Corp. in a series of recently announced acquisitions. They include the Carson-Speaks Chapel in Independence, Missouri, Speaks Buckner Chapel in Buckner, Missouri, Speaks Suburban Chapel in Independence, Missouri, and Oak Ridge Memory Gardens in Independence, Missouri; and the Meyer Brothers Funeral Homes, a business consisting of five stand-alone funeral homes located in Sioux City, Iowa, South Sioux City, Nebraska and Ponca, Nebraska.
From Morgan Lewis: The team included partner Jeff Dinerstein in Houston along with associates Lauren Hutton-Work, Burke Wendt and Natalie Dundas and of counsel Melissa Brown.
United Digestive gets investment from Kohlberg
Deal Description: Morgan Lewis said April 14 it served as regulatory counsel to Kohlberg & Co. related to the company’s growth capital investment in United Digestive, a gastroenterology platform. Headquartered in Atlanta, United Digestive is a provider of services to treat GI disorders, nutrition and digestive health. The deal was first announced March 30. United Digestive has ambulatory surgery center locations and complementary ancillary services and professional services, allowing the company to treat a broad range of GI conditions. The seller, Frazier Healthcare Partners, a Seattle-based private equity firm focused exclusively on the healthcare industry, formed United Digestive in 2018.
From Morgan Lewis: The team included Houston partner Banee Pachuca along with partners Albert Shay, Jon Morris, Michael Jones (Houston), Rebecca Dandeker, and Reece Hirsh; and associates Felicia Alexander (Houston), Sydney Swanson (Houston), Rachel Lamparelli, Alexandre Gapihan, Lauren Hutton-Work (Houston) and Kelsey Warren (Houston) and Anna Robshow.
United Digestive/Frazier’s Advisors: Houlihan Lokey and Goodwin Procter
Kohlberg’s Advisors: Moelis & Co. and Paul Weiss
Matrix Imaging buys DataProse
Deal Description: Matrix Imaging Solutions, a private equity-backed provider of data-driven document design, e-solutions, direct mailing and printing, announced April 13 it acquired DataProse, a Dallas-based purveyor of transactional business document design, output and presentation services. Terms weren’t disclosed. Buffalo, N.Y.-based Lakelet Capital bought Matrix in 2018, completing four acquisitions and investing in technology and infrastructure to expand its footprint and customer solutions.
CAPITAL MARKETS/FINANCINGS
Duke offers $1.7B in convertible senior notes
Deal Description: Hunton Andrews Kurth said April 12 it advised Duke Energy Corp. in connection with its inaugural offering of $1.725 billion of equity-linked 4.125 percent convertible senior notes due 2026 to eligible purchasers. The notes may be converted into shares of Duke’s common stock at an initial conversion rate tied to the price of Duke Energy’s common stock. Duke is a diversified energy company headquartered in Charlotte, N.C., with regulated and unregulated utility operations.
From HAK: The team was led by Peter K. O’Brien in New York but included Robert McNamara and Tim Strother on tax from Houston.
Banks: Banc of America Securities, J.P. Morgan Securities, Barclays Capital Inc., Morgan Stanley & Co. and Wells Fargo Securities
Other Parties’ Outside Counsel: Sidley Austin
Matador Resources prices upsized offering of $500M in senior notes
Deal Description: Matador Resources Co. announced April 3 that it priced a private offering of $500 million of 6.875 percent senior unsecured notes due 2028 at a price of 98.960 percent of their face value. Matador increased the size of the offering from the previously announced $400 million to $500 million. The offering closed April 11. Matador intends to use the net proceeds for general corporate purposes.
Matador’s Outside Counsel: Gibson Dunn & Crutcher with a corporate team led by partner Doug Rayburn and including associates Jonathan Sapp, William Bald, Zain Hassan and Alexis Levine. Partner Michael Cannon and associate Blake Hoerster advised on tax aspects.
Initial Purchasers’ Outside Counsel: Latham & Watkins with a capital markets team led by Houston partners Ryan Maierson and Trevor Lavelle with associates Michael Pascual, Ziyad Barghouthy, Jordan Armstrong and Justin Reinking. Advice was also provided on environmental matters by Los Angeles/Houston partner Joshua Marnitz; and on tax matters by Houston partner Jim Cole with associate Chelsea Munoz-Patchen.
OTHER MATTERS
Sidley Austin said April 14 the firm represented Western Midstream Partners and its subsidiary, Western Midstream Operating, in connection with WES Operating’s new five-year $2 billion senior unsecured revolving credit facility, which replaced and extended the maturity under WES Operating’s previous revolver. Names of the deal team members included Herschel Hamner III, Mahalia Doughty, Brian DiFilippo and Logan Harris.