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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: 13 Deals, 12 Firms, 108 Lawyers, $5.76B

August 6, 2019 Claire Poole

Deal watchers are anxiously awaiting this Thursday’s vote by Anadarko Petroleum’s shareholders to see if they’re going to clear the company’s $38 billion acquisition by Occidental Petroleum. 

The consensus is that they will and Occidental will be ready: The company said last week that it will close the deal shortly after the vote so it can get to analyzing assets for possible sale to help it pay down expensive debt related to the transaction.

The deal’s closing probably won’t thwart billionaire activist investor Carl Icahn, who called the deal “misguided” and launched a proxy fight to remove and replace four Occidental directors. 

Anadarko’s big reveal last week that Occidental doesn’t expect to generate enough cash to cover its shareholder payments until 2022 may add fuel to Icahn’s fire. KPMG’s role as auditor to both companies on the deal also has been raised as a potential issue.

Raymond James analyst Pavel Molchanov last week called the Icahn situation “a sideshow,” noting that proxy fights are hard to win “especially involving large-caps” (Icahn holds a modest 4.4% stake), noting that it won’t affect the deal closing. 

“Even if Icahn were to prevail, it seems unlikely that the new board would make wholesale changes in strategy, though some adjustments (e.g., a faster pace of asset sales) look more realistic,” he said, noting Occidental’s joint venture with Ecopetrol last week (see top item below) as step one toward its deleveraging plan.

Weekly Corporate Deal Tracker Roundup Stats

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

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

Texas lawyers were busy on that JV along with other deals this past week, racking up 13 transactions valued at $5.76 billion, versus 11 worth $7.3 billion the previous week and 15 valued at $15.1 billion at the same time last year. It was all M&A/private equity/venture capital activity, with 12 law firms and 108 Texas lawyers involved.

Shearman, Gibson Dunn advise on $1.5B Oxy-Ecopetrol JV

As The Texas Lawbook reported last week, Shearman & Sterling counseled longtime client Ecopetrol of Colombia on a $1.5 billion joint venture with Occidental Petroleum to develop Oxy properties in Texas’ Midland Basin.

The team included Houston partners Hugh Tucker, Manuel Orillac, Jeremy Kennedy and Todd Lowther (on tax). Ecopetrol’s in-house counsel on the deal is based in Bogotá.

Occidental’s in-house counsel included general counsel Marcia Backus, a former partner at Vinson & Elkins, along with assistant general counsel Brad Pollack and attorney Tessa Cabello.

Oxy’s outside counsel was Houston partner Mike Darden at Los Angeles-based Gibson Dunn. Other Texas lawyers on the team were partner Gerry Spedale, Houston associates Jasper Mason, Melissa Pick, James Robertson and Jordan Silverman and Houston partner Shalla Prichard on financing. 

Financial advisors were Credit Suisse for Ecopetrol, including Tim Perry in Dallas and Mark Paull in Houston; and Tudor, Pickering, Holt’s Travis Nichols and Eric Marshall for Oxy.

Petrie Partners provided Ecopetrol’s board with a fairness opinion, including Tom Petrie, Mark Carmain and Andy Rapp, while DeGolyer & MacNaughton offered technical advice.

The in-house Oxy financial team included development chief Oscar Brown along with Michael Ure, Kevin McColloch, Tyler Sooby, Aaron Edwards and Quan Ma.

Occidental’s JV with Ecopetrol covers its properties’ undeveloped potential in the Midland basin, with Ecopetrol purchasing a 49% interest in Oxy’s acreage position for $750 million in cash plus $750 million of carried capital. Oxy is keeping all existing production and will operate future development on behalf of the partnership. 

The deal has to clear U.S. regulators but is expected to close by year-end.

Dealmakers see the JV as a way for Occidental to develop the Midland properties with someone else’s money while Ecopetrol gains knowledge of a North American shale basin that it can apply to its assets back home.

Jones Day aids BBA Aviation on $1.365B Ontic sale to CVC

In another deal The Lawbook reported, Jones Day’s Dallas office counseled BBA Aviation plc on the sale of its Ontic business to private equity firm CVC Capital Partners for $1.365 billion.

Partners Robert Cardone and Scott Cohen led the work on the transaction along with partners in the firm’s London and New York offices. Attorneys at Freshfields in New York and London represented CVC.

Ontic, a provider of original equipment manufacturer-licensed parts for aerospace, generated 15% of BBA Aviation’s operating profit last year and sales of $216 million. Major customers include Boeing, Airbus and British Airways.

BBA Aviation bought Ontic in 2006 for $67 million and has expanded it by acquiring licenses and through organic and inorganic growth. It now supports more than 39,000 aircraft through 165 licenses for 7,000 parts and 1,200 customers worldwide.

The Ontic sale to CVC has to clear regulators and BBA Aviation’s lenders, pension trustee and shareholders but should close in the fourth quarter.

BBA Aviation said the transaction multiple is meaningfully above its own of 11.4 times this year’s underlying EBITDA.

The company said the sale will help it focus on and invest more in its Signature business, which it claims is the top global fixed-base operator and service provider for the business and general aviation market. 

The transaction should result in a $750 million to $850 million capital return to BBA Aviation shareholders. The company also is selling its engine repair and overhaul unit.

Orrick assists Veolia on $1.25B asset sale to Antin

As The Lawbook also reported, Orrick advised longtime client Veolia of France on the sale of its U.S. district energy assets to private equity firm Antin Infrastructure Partners for $1.25 billion.

The team was New York-based but included Houston partner Joe Roger and associates Adam Kowis, Joe Lawlor, Jessica Sewell and Ayla Vilander. White & Case represented Antin with attorneys out of its New York office.

The assets include steam, hot and chilled water and electricity production plants and 13 networks in 10 U.S. cities. The transaction has to clear regulators and is expected to close in the fourth quarter.

HuntonAK, Akin advise on Diamondback’s $700M Viper drop-down

Hunton Andrews Kurth said it’s representing Viper Energy Partners and its general partner’s board on a drop-down acquisition of mineral and royalty interests in the Midland and Delaware Basins from Diamondback Energy Inc. for $700 million in cash and stock.

The team included Houston partners Mike O’Leary, John Clutterbuck, Harve Truskett and Allison Mantor; Austin partner Lisa Shelton; and Houston associates Ian Goldberg, Michael Wright and Alex Miron.

Akin Gump Strauss Hauer & Feld advised Diamondback, including oil and gas partner Michael Byrd, senior practice attorney Shane Sullivan and associate Katherine Raymond; corporate partners  Seth Molay and Lisa Hearn and associate Allyson Li; and tax partners Alison Chen and Jocelyn Tau.

Tudor, Pickering, Holt provided financial advice to the board of Viper’s general partner, including Paul Perea, managing director and co-head of M&A investment banking who previously was a Baker Botts partner. Executive director Eric Marshall assisted him.

The price was made up of 18.3 million Class B units of Viper and an equal number of common units in Viper’s operating subsidiary valued at $550 million and $150 million in cash.

Viper expects to fund the cash portion of the deal with cash on hand and borrowings under its revolver, whose base is expected to increase by $125 million to $725 million upon the deal’s closing in the fourth quarter.

The transaction covers 5,090 net royalty acres across the basins. The largest are Spanish Trail North, where Diamondback is running two rigs, and Pecos County, where it’s operating six.

Including the drop down, Viper’s mineral assets amounted to 20,960 net royalty acres as of June 30.

Viper CEO Travis Stice said in a statement that the deal, the largest Viper has done to date, will immediately boost earnings and increase production by 20% and acreage by 30%.

Viper said it completed 35 acquisitions in the Permian for $44.2 million in the second quarter.

Hunton AK, V&E counsel on Sabine’s $610M sale to Osaka

In another deal The Lawbook reported last week, Osaka Gas Co. Ltd. agreed to buy Houston-based Sabine Oil & Gas Corp. for $610 million.

The deal will have to clear U.S. regulators but is expected to close by year-end. It’s anticipated to be the first acquisition of a U.S. shale gas developer by a Japanese company.

Hunton Andrews Kurth advised Sabine Oil & Gas Holdings on the unit’s sale with a team led by corporate partners John Clutterbuck and Phil Haines with assistance from corporate associate Garrett Hughey.

Also weighing in were oil and gas partner Parker Lee, oil and gas associates Ian Goldberg and Alex Miron, tax partner Allison Mantor and compensation and benefits partners Tony Eppert and Kelly Ultis and associate Emily Cabrera.

Vinson & Elkins assisted Osaka with partner Shay Kupermanleading the group with assistance from associates Josh Rochaand Tara Tegeleci, partners Bill Wallander on restructuring, Tzvi Werzberger on finance, Larry Nettles on environmental, Hill Wellford on antitrust, Sean Becker on labor/employment and Jeremy Marwell on appellate.

Others pitching in were partner Todd Way and associates Brian Russell and Jake Wight (tax); partner Stephen Jacobson and senior associate Steve Oyler (executive compensation/benefits); associates Andrew DeVore and Abby Meredith (energy regulatory); and associate Ryan Stalnaker (government contracts). 

Sabine assistant general counsel Jeffrey Lawson and external in-house counsel Tom Owen worked on the deal while Takanobu Ogura did so from Osaka in Japan.

Barclays was Sabine’s financial advisor, including Chris Watson, Will Hodge, Rob Edgell and Steve Almrud. Moelis & Co. did so for Osaka, including managing director Kevin Voelte in Houston.

Osaka has been acquiring energy assets to bolster growth, including building a natural gas value chain in the U.S. that involves its stake in the Freeport LNG liquefaction facility in Texas and an electric power business. It plans to expand the chain further, from upstream to midstream to downstream businesses, including LNG trading.

Sabine filed for bankruptcy in July 2015 with Kirkland & Ellis advising it. It emerged the following April as a private company with a new $200 million senior secured credit facility and a new $150 million second lien term loan.

Led by CEO Doug Krenek, Sabine has operations in North Texas targeting the Granite Wash formation and East Texas focusing on the Cotton Valley Sand and Haynesville Shale. The company and Alerion Gas AXA sold their properties in South Texas’s Eagle Ford Shale to Lonestar Resources last year for $38.7 million.

Osaka was familiar with Sabine’s operations, having bought 35% of the target’s working interest in gas properties in the eastern half of its East Texas position a year ago for $146 million.

Jones Day aids Arsenal on two deals, including $328M acquisition

Jones Day advised New York-based Arsenal Capital Partners on its acquisition of Seal For Life Industries from Berry Global Group Inc. for $328 million.

The firm also assisted Arsenal on undisclosed investments in Waterland Private Equity Investments-backed HistoGenX and GHO Capital-backed Caprion, which will combine to create a global leader in immune monitoring, protein characterization and tissue pathology solutions for immunotherapy and drug development.

Jones Day partner Stephen Olson in Houston was the lead lawyer on the transactions. 

Kirkland also advised Arsenal on the Caprion and HistoGeneX deals with a partner out of Chicago while Allen & Overy assisted counseled HistoGeneX out of Brussels.

Ropes & Gray and Osler, Hoskin & Harcourt were Caprion’s legal advisors. Tom Mitchell in the Amsterdam office of Van Campen/Liem represented Berry.

William Blair & Co. was Arsenal’s financial advisor while Crosstree Capital was HistoGeneX’s financial advisor. J.P. Morgan Securities was Berry’s financial advisor and William Blair assisted Arsenal.

Seal For Life offers corrosion protection and sealing solutions. It has operations in the Netherlands, Belgium, India, Mexico and the U.S., annual sales of $120 million and 380 employees.  

Seal For Life will be Arsenal’s platform in the coating solutions sector focusing on the global infrastructure and industrial markets. 

Seal For Life general manager Dirk Totte said its platform combined with strategic investments and acquisitions will accelerate growth in current and new end markets such as renewable energy, infrastructure and commercial buildings.

Arsenal operating partner Sal Gagliardo said he expects to build on the company’s top market brands and accelerate new technologies and solutions. Roy Seroussi also was involved in the investment from Arsenal.

HistoGeneX co-founders Mark Kockx and Dirk Hendriks and chief business officer Christopher Ung said in a statement that they look forward to leveraging the combined company’s capabilities to develop the next generation of solutions and services for precision medicine. Kockx and Hendriks are joining the combination’s board.

Caprion co-founder Martin LeBlanc will be CEO of the combined businesses and be on the board. David Spaight, an Arsenal operating partner, will serve as executive chairman.

Arsenal senior partner Stephen McLean said the partnership is the result of the firm’s continued efforts to back market leading, strategically important platforms that systemically improve the efficacy and efficiency of the biopharmaceutical drug development process. 

Caprion provides specialized flow cytometry immune monitoring and quantitative mass spectrometry proteomics services to the biopharmaceutical industry. HistoGeneX provides pathology and biomarker assessment services spanning the drug development continuum. 

Arsenal specializes in investments in middle-market specialty industrials and healthcare companies. Since its 2000 inception, Arsenal has raised $5.3 billion in funds, completed 45 platform investments and achieved 30 realizations. The firm typically seeks companies with enterprise values ranging from $100 million to $500 million.

DLA, Shearman work on TalentGuard’s $4M funding round

TalentGuard, an Austin-based tech company focused on human resources, raised $4 million in Series B funding with LiveOak Venture Partners leading the round. 

Shearman & Sterling partner Carmelo Gordian in Austin represented TalentGuard along with partner Brian Dillavou and associates Matt Wade and Montana Ware. DLA Piper partner Sam Zabaneh advised the investors.

TalentGuard plans to use the funding for global sales and marketing expansion and product development. It previously raised $3.5 million from angels and other investors.

Founded by Linda Ginac in 2010, TalentGuard has developed cloud-based software that gives managers insights into the skill sets of its employees and recommends potential career paths. Its customers include Campbell Soup Co., Bose, Mitsubishi Chemicals and Applied Materials.

Ginac said in a statement that LiveOak had provided the company with advice and guidance over the past few years, “so it was a natural next step to partner with them as investors.”

LiveOak founding partner Krishna Srinivasan said the firm has been “blown away” by the company’s grit and tenacity to create a comprehensive talent management platform and by its success with several blue-chip Fortune 500 companies.

Srinivasan is joining TalentGuard’s board, along with former Spredfast CEO Rod Favaron – Spredfast was acquired by Vista Equity Partners last year – and Horizon Bank chairman and former Dell CFO Jim Schneider.

New Knowledge received $3M in funding from BuildGroup, Lux

Austin cybersecurity firm New Knowledge said it received $3 million in additional funding from Austin-based BuildGroup and New York-based Lux Capital.

Haynes and Boone counseled BuildGroup, including partners Tom Tippetts, who offices out of Denver and Dallas, and Matt Fry, who is in Dallas. New Knowledge tapped attorneys at LKP Global Law in Los Angeles.

BuildGroup’s general counsel and chief compliance officer is Kenny Herz. He also works for Project 23, the family office of BuildGroup founder Lanham Napier, former CEO of cloud computing provider Rackspace.

Herz previously was a partner at Haynes and Boone in Houston, where he worked for 15 years. He graduated from Rice University and Columbia Law School.

New Knowledge’s technology is aimed at stopping fake news and protecting clients from disinformation campaigns through machine learning, artificial intelligence and human analysis. The company claims it’s worked with clients in the entertainment, energy, financial services and defense industries.

New Knowledge has brought in $18 million in investment since its 2015 founding from GGV, Moonshot Capital, Haystack Ventures and Capital Factory and expanded to 50 employees.

New Knowledge founder and CEO Jonathon Morgan said in a statement that the company is ready to scale its platform and bring its information integrity capabilities to a wider enterprise audience. It claims to have been one of the first organizations to identify Russia’s campaign to influence the 2016 presidential election. 

Morgan’s Facebook account was suspended by Facebook last year after reports that he and others engaged in an operation to spread disinformation during the special election in Alabama last year, according to a report in The Washington Post. 

Morgan said he had been acting on his own as a researcher trying to understand how online disinformation works, not to impact the outcome of the election, The Post said.

Latham, Bracewell advise on Solaris-Concho water JV

Latham & Watkins said last week it advised Houston-based Solaris Water Midstream on a joint venture in New Mexico with Concho Resources Inc. 

Solaris is backed by Trilantic Capital Partners and Yorktown Partners.

The Houston-based deal team led by partners Chris Bennett, Michael King and Thom Brandt with associates Michael Sellner, Alice Parker and Sean McKinley. Houston partner Bryant Lee with associate Jared Grimley provided advice on tax matters.

Bracewell represented Concho with the Texas team including partners Cle Dade, Lytch Gutmann, Dale Smith, Aaron Roffwarg and Timothy Wilkins, counsel Tamara McKinzie and associate Jared Ber. Concho’s financial advisor was Simmons managing director Michael Sulton.

The JV is focused on optimizing produced water logistics at a large scale in the Northern Delaware Basin. It includes Solaris’ acquisition of water gathering and disposal assets from Concho, Solaris parent Solaris Midstream Holdings issuing equity interests to Concho and a long-term produced water management agreement between Concho and Solaris.

The deal encompasses Concho’s produced water gathering, transportation, disposal and recycling for an area covering 1.6 million acres primarily in Eddy County, New Mexico. 

Concho’s assets will be incorporated into Solaris’ growing integrated Pecos Star System, which includes more than 300 miles of large-diameter gathering pipelines, 500,000 barrels per day of disposal capacity, storage and recycling facilities and water supply pipelines that serve nearly 20 oil and gas operators. 

The network is expected to lower operating and well completion costs for producers while providing environmental benefits, including reduced truck traffic and less reliance on brackish or fresh water supplies.Solaris will deliver to Concho blended reuse source water, boosting the use of recycled water in Concho’s operations.

“Our joint venture with Solaris will provide effective and responsible water management and recycling solutions across our core position in Eddy County, New Mexico,” Concho president Jack Harper said in a statement.

Solaris CEO Bill Zartler said the joint venture accelerates the expansion of its Pecos system, which is the top integrated water infrastructure system serving the Northern Delaware Basin.

McDermott International buys Saudi Aramco-backed Siluria

McDermott International, a Houston company that provides technology, engineering and construction services to the energy industry, said last week it bought the assets and intellectual property of San Francisco-based Siluria Technologies for an undisclosed sum.

Siluria had raised $150 million from a global syndicate of investors that included Arch Venture Partners, Saudi Aramco Energy Ventures and Alloy Ventures, which had representatives on its board.

The two parties’ counsel couldn’t be determined by press time and McDermott chief legal officer John Freeman didn’t respond to requests for comment.

McDermott said Siluria will give it ownership of a proprietary catalytic process that transforms methane—one of the most abundant, inexpensive and widely available hydrocarbons on earth—into valuable commodity chemicals in an efficient, scalable manner. 

It said Siluria’s processes can be integrated into existing industry infrastructure or placed as modules at locations where stranded methane gas is available, including West Texas’ and New Mexico’s Permian Basin. 

The acquisition includes a commercial demonstration-scale unit operating at an unnamed petrochemical facility in Texas.

McDermott’s technology unit generated operating income of $35 million on sales of $154 million in the second quarter.

V&E advises CoolSys on Agape acquisition

Vinson & Elkins said it advised Ares Management-backed CoolSys on its acquisition of Agape Mechanical, an HVAC, refrigeration and plumbing contractor based in Lakeville, Minnesota. Terms weren’t disclosed.

The team was led by partner Brittany Sakowitz with associate Yong Eoh. Others were partner Lina Dimachkieh and associate Megan James on tax, senior associates Christie Alcalá (labor/employment) and Matt Dobbins (environmental) and associate Gina Hancock (executive compensation/benefits).

Krebsbach and Haik Ltd. in Minnesota counseled Agape, which is led by president Scott Thielen.

CoolSys, which owns refrigeration and HVAC services companies around the country, said the deal expands its light-commercial division and broadens its Midwest presence with six new states, including North Dakota, South Dakota, Nebraska, Minnesota, Iowa and Illinois.

“The acquisition of Agape moves CoolSys further down our path of expansion with the goal of rapidly extending our coverage across the entire U.S.,” CoolSys CEO Adam Coffey said in a statement. 

Brea, Calif.-based CoolSys has 1,600 service and installation experts serving the needs of 4,000 customers across North America. 

Altus buys 33% Shin Oak stake from Enterprise

Enterprise Products Partners said July 31 it closed the sale of its 33% interest in the Shin Oak natural gas liquids pipeline to Apache affiliate Altus Midstream Co. for an undisclosed sum.

Apache acquired the option to purchase the stake last year and its midstream unit Altus recently exercised the option.

Anthony Lannie, general counsel of Altus and Apache, worked on the deal along with Patrick Whitman and Mike Myers, “who were also heavily involved in the equity negotiations,” Lannie said.

Bracewell was Altus’ outside counsel led by partner Alan Rafte of Houston assisted by George Fatula, Hans Dyke, and Mark Lewis of the firm’s Washington, D.C., office.

Enterprise assistant general counsel Charlie San Miguel and Lisa Mellencamp led the seller’s in-house group, which received outside advice from partner Terry Radney, senior counsel Max Stubbs and associate Kerstie Moran at Locke Lord. 

Harry P. Weitzel is Enterprise’s senior VP, general counsel and secretary and a graduate of Harvard Law School.

The 658-mile Shin Oak Pipeline transports natural gas liquid production from multiple basins, including the Permian, to Enterprise’s NGL fractionation and storage complex in Mont Belvieu, Texas. 

NGLs for the Shin Oak system are sourced primarily from Enterprise’s Orla natural gas processing complex in Reeves County, Texas, as well as Apache’s Alpine High play via a long-term NGL sales agreement committing 100 percent of NGLs from that acreage. 

Supported by long-term customer commitments, the pipeline will ultimately have capacity to transport up to 550,000 barrels per day of NGLs by the fourth quarter, Enterprise said.

Jim Teague, CEO of Enterprise’s general partner, said in  a statement that having Altus as a partner in the pipeline facilitates continued growth of Permian Basin NGLs, which are expected to more than double by 2025.

Altus CEO Clay Bretches said Shin Oak’s integration with Enterprise’s existing pipelines and gas processing plants and connectivity to its Mont Belvieu complex drive substantial volume through the pipeline and provide superior flow assurance for customers, “a competitive advantage for attracting additional third-party business.”

Update/Other

Austin venture capital firm Capstar Ventures has targeted $75 million for its inaugural fund, according to a filing with the Securities and Exchange Commission. Kathryn Cavanaugh serves as managing director of Capstar’s general partner. Before joining the firm in January, she spent three-and-a-half years at New York City-based Grace Beauty Capital, which invests in early stage digital first brands, consumer goods and services and retail technology companies. Its portfolio companies have included Birchbox, Harry’s, Peloton and Warby Parker.

***

On July 31 Freeport LNG signed a multi-billion-dollar contract with Kellogg Brown & Root for the engineering, procurement and construction of Train 4 of its LNG export project on Quintana Island near Freeport. King & Spalding helped get it done.

The firm said it represented Freeport LNG throughout negotiations of the contract. The Houston team included partner Scott Greer and associates Peter Berg and Silvia Martin.

The fully wrapped fixed-price turnkey contract includes cost, schedule and performance guarantees. KBR is providing engineering, procurement, construction, commissioning and startup of the train and the pre-treatment plant for the export of U.S. natural gas to international markets.  

***

Apollo Global Management-backed CEC Entertainment, owner of Chuck E. Cheese and Peter Piper Pizza, announced last week that its merger agreement with Leo Holdings Corp. was terminated. It didn’t give a reason.

The deal would have reintroduced Irving-based CEC as a publicly traded company on the New York Stock Exchange with an enterprise value expected to be around $1.4 billion. It also would have been the first restaurant company to enter the U.S. public markets in four years. 

Apollo took the company private in 2014 for $1.3 billion and was unsuccessful at selling it in 2017.

Morgan Lewis & Bockius lawyers in New York were counseling CEC on the Leo Holdings deal, along with Don Glendenning of Locke Lord, Mike Pegues of Polsinelli and Yvette Ostolaza of Sidley Austin. Kirkland & Ellis was advising Leo Holdings with lawyers outside of Texas. CEC’s chief legal officer is Rudy Rodriguez. 

Losing in the fees department were Citigroup Global Markets Inc., which was providing financial advice to Leo, and Jefferies, which was assisting CEC.

***

Texas Attorney General Ken Paxton added his state to the list seeking to block the $26 billion merger of wireless carriers T-Mobile and Sprint for anti-competitive reasons. Fourteen states and the District of Columbia are now fighting the deal. The U.S. Department of Justice’s antitrust division announced its clearance of the transaction last month after the companies agreed to sell Sprint’s prepaid business and spectrum for $5 billion to Dish Network Corp., positioning Dish as a viable fourth wireless carrier. Paxton wasn’t buying it.

***

Gibson, Dunn & Crutcher has been hired to advise the South Carolina Department of Administration on a competitive process to solicit strategic proposals for South Carolina Public Service Authority, known as Santee Cooper. The team is co-led out of Washington, D.C., and New York but includes Denver/Houston associate Melissa Persons, Houston associate Graham Valenta and Houston partner James Chenoweth on tax. Moelis & Co. has been appointed the financial advisor and Energy + Environmental Economics will serve as market advisor. Options include a sale of all or part of it to a third party, hiring a third party to manage and operate it and a restructuring proposal to be submitted by Santee Cooper itself. The deadline to present proposals is Jan. 15.

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