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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, 118 Lawyers, $5.2B

August 8, 2023 Claire Poole

The M&A stats are in the bag for the first half of 2023 (see our story here) and we asked five of the more active deal lawyers in the period to weigh in with their predictions of deal flow in the second half and beyond.

After a muted environment for deals involving energy at the beginning of the year (but a rebound in mid to late April), Kirkland & Ellis partner Sean Wheeler in Houston believes the second half promises to be more active. 

“Companies are looking for scale and responsible growth while also seeking accretion through significant synergies and the ability to maintain or increase cash returns to shareholders,” he says.

Wheeler, who has done multi-year stints at Baker Botts and Latham & Watkins, thinks observers may see basin diversification in upstream deals (“which was frowned upon for a number of years,” he says), more premium deals across the energy value chain and continued pursuit of scale in order to captivate general interest in a financial landscape “that’s seen a significant decline in long-only energy investors and analysts.”

Steve Gill, a long-time partner at Vinson & Elkins, also in Houston, notes that the public M&A in the first half was relatively slow but heated up considerably. “There are a lot of deals coming,” he predicts.

The deal market has been choppy, particularly in areas outside of energy/infrastructure, health sciences, tech and a few other sectors, according to Houston Simpson Thacher partner Shamus Crosby, but any slowdown in early 2023 seems to have recovered “and bodes well for the second half of 2023.” 

His colleague Breen Haire, co-head of the firm’s energy and infrastructure practice, has witnessed activity levels in the past six to eight weeks returning to previous highs. “We are finding that both investor and investee interest in transacting are currently very strong,” he said.

Overall, there seems to be a lot of money sitting on the sidelines and both buyers and sellers seem to be looking for a sign that the “coast is clear,” says Sara Garcia Duran, a partner at Sidley Austin in Dallas.

“I predict that the return to dealmaking is going to be more of a deluge than a trickle – similar to the uptick at the end of 2020 and into 2021 – once confidence in the market returns,” she says. “But it’s hard to say when that occurs or what the specific catalyst will be. Certainly a reduction in interest rates by the Fed would be a positive signal.”

In the meantime, Duran thinks there likely will continue to be creative solutions to the lack of syndicated debt, including all stock deals, attempts to rollover debt and a focus on smaller deals that can be closed with no or a reduced amount of debt. 

For the week ending Aug. 5, that included 13 deals: a dozen M&A deals valued at $5 billion and a single capital markets transaction worth $150 million. The deals were worth an aggregate $5.2 billion. That falls short of last week’s 15 deals for $21 billion, and short of the 24 deals for $7.9 billion this time last year.

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
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

TC Energy plans to shed liquids pipelines business in $4.5B-$6B spin-off

Deal Description: White & Case said July 27 it advised TC Energy Corp. on its recently announced plan to spin off its liquids pipelines business. The transaction is anticipated to be completed on a tax-free basis. The new entity is expected to raise $8 billion of senior/junior debt with proceeds distributed back to the parent to pay down debt. The business’ EBITDA of $1.4 billion last year is expected to grow at a 2 to 3 percent compound annual growth rate through 2026. The spinoff will more actively pursue small-scale expansion projects that may have been limited under the previous framework while also holding a currency with which to consider inorganic growth, TPH said in a note. Pending the business’ trading multiple (TPH estimates high-single digits), around $4.5 billion to $6 billion of equity value would be transferred to existing shareholders with TC equity value likely reduced by a similar amount. 

From White & Case: The team was led by a Houston-based team of partners including A.J. Ericksen, Charlie Ofner, Chad McCormick and Laura Katherine Mann and included David Dreier and Henrik Patel (both in New York) and Serena Rwejuna (in Washington, D.C.), counsels Claudette Druehl and Kenneth Barr (New York) and associates Neil Clausen, RJ Colwell, Bryson Manning, Jack Moxon, Brandon Dubov, Sadi Moradi and Sam McCombs (all in Houston).

Canadian TC Energy Counsel: Blake, Cassels & Graydon

TC Energy’s Financial Advisors: RBC Capital Markets and JP Morgan Securities Canada with Evercore advising the board. TC also engaged Bain & Co. to advise on the separation process.

Mineral acquisition fund sells mineral, royalty Interests for $455M

Deal Description: Bracewell said Aug. 3 it is advising an unnamed mineral acquisition fund on its $455 million cash sale of mineral and royalty interests to Fort Worth-based Kimbell Royalty Partners. The acreage is in the Permian Basin and Mid-Continent, with high interest locations concentrated in the Delaware Basin (49%), Midland Basin (10%) and Mid-Continent (41%). Kimbell intends to fund the purchase price through a private placement of 6% Series A Cumulative Convertible Preferred Units to a fund managed by affiliates of Apollo and borrowings under its $400 million revolver. The final mix of funding will be determined at closing.

Expected Closing: Q3 2023

From Bracewell: Partners Molly E. Butkus, Benjamin J. Martin, G. Alan Rafte and Steven J. Lorch and associates Isaac I. Syed, Samantha M. Agnich and Gabriela J. Hindera

Kimbell’s Outside Counsel: White & Case including, on the acquisition: Jason Rocha, Charlie Ofner, Nate Bascom, Trace Hancock and Muhammad Hasan (M&A, Houston), Chad McCormick, Neil Clausen and Sadi Moradi (tax, Houston) and Rebecca Farrington (antitrust, Washington, D.C.). On the $400 million issuance of preferred units and on the $100 million registered common unit offering: Rocha, Laura Katherine Mann, Chris Carreon, Steven Amrein as well as Hasan, McCormick, Clausen and Moradi.

Additional Kimbell Counsel on the acquisition: Kelly Hart & Hallman including partners Drew Neal and Drew Neill and associate Mason Smith

Kimbell’s Financial Advisors: Citigroup and Truist Securities

Seller’s Financial Advisor: RBC Capital Markets

Dril-Quip buys Great North for $80M

Deal Description: Dril-Quip Inc., a developer, manufacturer and provider of equipment, service and technologies for the energy industry, announced July 31 it acquired Great North Wellhead and its subsidiaries for about $80 million in an all-cash transaction. Dril-Quip is purchasing Great North from Industrial Growth Partners, the majority stakeholder in the business since 2018. There are potential earn-out payments of up to $23 million to be paid over the course of 2024 and 2025 if Great North meets specific revenue growth targets. Founded in 2001 and based in Edmonton, Canada, Great North is a provider of wellhead products and well-completion solutions. The target will grow Dril-Quip’s engineered solutions portfolio while expanding its geographic exposure. The transaction will create a strong presence for the company in Canada, the fourth largest provider of oil and gas globally. Great North generates annual revenue of around $100 million with highly accretive profit margins resulting in an annual EBITDA of about $25 million. Revenue synergies are anticipated to be $20 million to $30 million annualized using Dril-Quip’s existing footprint and cost synergies are expected to be $10 million annualized through using regional supply chains.

Dril-Quip’s Financial Advisor: Morgan Stanley

Dril-Quip’s Outside Counsel: Gibson Dunn & Crutcher led by partner Gerry Spedale and includes associates Ashley Whittington, Samantha Astrich and Kyle Clendenon. Partner Shalla Prichard and associate Abby Joens-Witherow are advising on financing, partner Michael Cannon and associate Blake Hoerster on tax and partner Krista Hanvey and associate Gina Hancock on benefits. Partner Carrie LeRoy and Jacqueline Malzone are assisting on intellectual property, partner Michael Murphy and associate James Erselius on environmental and partner Kimberly Schlanger and associate To Nhu Huynh on real estate.

Great North’s Financial Advisor: RBC Capital Markets

Great North’s Outside Counsel: Stikeman Elliott

VenoStent raises $16M from Good Growth, IAG

Deal Description: VenoStent, a Houston-based developer of vascular support devices, announced July 31 it raised $16 million of Series A funding co-led by Good Growth Capital and IAG Capital Partners. Other investors in the round of financing included TMC Venture Fund, SNR, Baylor Angel Network/Affinity Fund, Creative Ventures, Cowtown Angels, Alumni Ventures and other angel investors. VenoStent has received funding in the past from KidneyX, National Science Foundation, National Institute of Health, Y Combinator, Health Wildcatters and Texas Halo Fund. The company plans to finance its U.S. pivotal trial and expand its manufacturing capabilities aiming toward FDA approval of its therapeutic medical device. The company is developing a bioabsorbable wrap to transform outcomes in vascular surgery, starting with hemodialysis access. 

Expected Closing: H2 2024

VenoStent’s Outside Counsel: Egan Nelson led by Tom Nelson in Austin

Investors’ Outside Counsel: Hutchison PLLC led by Anna Tharrington in Chapel Hill, N.C.

Ascent acquires Ampersand 

Deal Description: Porter Hedges said July 31 it represented Ampersand Professionals Inc. on its sale to San Diego-based Ascent Funding. Terms weren’t disclosed on the deal, which was announced July 27. Ampersand is a Houston-based workforce development training platform combining mentorship, coaching and training for entry-level job seekers. Ascent said the acquisition further advances its vision to be a leader in driving positive student outcomes. Ascent will acquire Ampersand’s technology, including a library of professional development training lessons. The resources add to Ascent’s digital and coaching services offered to college loan borrowers. Ascent is a provider of financial products and student support services that help more students access education and achieve academic and economic success.

From Porter Hedges: The team was led by Brian Rose with support from Mandy Diaz and Beverly Young.

Freeman buys Sparks

Deal Description: Event services provider Freeman announced Aug. 1 that it acquired Sparks, a global brand experience agency. Terms weren’t disclosed. Founded in 1919 and based in Philadelphia, Sparks provides exhibit and event experiences to Fortune 1000 brands, including Google, Salesforce, Anheuser-Busch InBev and T-Mobile. Sparks will combine with Freeman’s agency business, which also caters to corporate clients including Amazon, Cisco and Kohler. Financing was provided by KKR primarily through KKR Opportunities Fund II and funds and accounts participating in its strategic investments strategy.

Freeman’s Financial Advisor: J.P. Morgan including John Herrold in Chicago and Dana Weinstein in New York

Freeman’s Outside Counsel: King & Spalding with a Houston deal team led by partners Jonathan Newton and Heath Trisdale including Washington, D.C., tax partner Hap Shashy

Sparks’ Outside Counsel: Cozen O’Connor

KKR’s Outside Counsel: Simpson Thacher & Bartlett led by M&A partners Marni Lerner in New York and Christopher May in Houston and tax partners Marcy Geller and Bill Smolinski in New York

CenterOak picks up PestNow, forms Entomo Brands

Deal Description: CenterOak Partners, a Dallas-based private equity firm, announced Aug. 1 its portfolio company Palmetto Exterminators acquired PestNow and formed Entomo Brands. Terms were not disclosed. Entomo manages multiple insect-related service companies operating under regional and local brands. The company will maintain its corporate headquarters in Charleston and Palmetto CEO Brian Butler will be CEO of the combined business. PestNow and Palmetto will keep their trade names. Founded in 1995 and headquartered in Sterling, Va., PestNow serves customers through eight branches providing residential and commercial pest control services across Virginia, Maryland, Washington, D.C., and West Virginia. Following the acquisition, Entomo Brands employs more than 350 team members and operates 17 branches across six states with a footprint in the Southeast and Mid-Atlantic regions. Based on industry data, the company claims its operating and financial presence makes Entomo Brands one of the top 25 largest providers of general pest, recurring termite and mosquito control services in the U.S. The company plans to continue to grow organically and through add-on acquisitions.

PestNow’s Financial Advisor: LR Tullius

CenterOak’s Outside Counsel: Gibson, Dunn & Crutcher led by partner Robert Little and including partner Joe Orien and associates Kiel Sauerman, Cody Wilson and William Altabef. Partner Cromwell Montgomery and associates Nicole Kim and Abby Joens-Witherow advised on financing. Partner Michael Cannon and associate Josiah Bethards aided on tax aspects, partner Krista Hanvey and associate Lucy Hong on benefits and partner Michael Murphy and associate James Erselius on environmental. Partner Daniel Angel and associates Sarah Scharf and Jessica Lee advised on intellectual property matters and associate Zane Clark on investment funds aspects.

Notes: Gibson Dunn’s Little has counseled CenterOak on many of its past deals, most recently on its majority recapitalization of Palmetto Exterminators, a provider of pest, termite and mosquito control services.

Pon buys Leachman Cattle of Colorado

Deal Description: Morgan Lewis said Aug. 2 it represented Pon North America and its unit Urus Group in connection with Urus’ acquisition of a majority stake in Leachman Cattle of Colorado. Terms weren’t disclosed. Leachman is a ranching company based in Fort Collins, Colo., that provides cattle breeding, selection and marketing services. Urus provides genetics, reproductive services and management tools for dairy farming and beef breeding

From Morgan Lewis: The team was led by Houston corporate partner Sameer Mohan and associate Tara McElhiney along with associates Lauren Hutton-Work and Charlie Warren and of counsel Melissa Brown and specialists from the firm’s Los Angeles, San Francisco, Philadelphia and Washington, D.C., offices.

In-house Counsel: Magnus Rayos, general counsel of Pon North America

Notes: Morgan Lewis represented Urus last year in connection with its acquisition of Trans Ova Genetics for $180 million. Morgan Lewis previously aided other Pon Holdings’ companies, including the Hiller Cos. and Setpoint Integrated Solutions.

Atlas Energy Solutions simplifies itself

Deal Description: Austin-based Atlas Energy Solutions announced July 31 a transaction in which it created a new holding company to eliminate the so-called “Up-C” structure. The creation of New Atlas will enable Atlas Energy Solutions to simplify its overall corporate structure and financial reporting. The move will cause equity holders to hold all of their equity interests in its business at the same top-level parent entity and transition to a single class of common stock held by all shareholders.

Summary Analysis Provider: KPMG

Outside Counsel to the Board’s Special Committee: Baker Botts with a team led by partner Doug Getten (corporate, Houston) and including partners Josh Davidson (corporate, Houston), David Sterling (litigation, Houston), Jim Beha (litigation, New York), Steve Marcus (tax, Dallas) and associates Catherine Ellis (corporate, Houston) and Chelsea Johnson (corporate, Houston). 

Atlas’ Outside Counsel: Vinson & Elkins led by Thomas Zentner, counsel Andrew Schulte, senior associate Todd Hartis and associate Layton Suchma with assistance from associates Chase Browndorf and Jonathan Burks. Other key team members included partners David Peck, Jason McIntosh, Brian Russell and associate Keleigh Carver (tax); partners David D’Alessandro and Joo Hyun Lee and counsel Missy Spohn (executive compensation/benefits); and associates Carli Gish and Phillip Greenfield (corporate).

In-House Counsel: Atlas Energy Solutions General Counsel Dathan Voelter, who was previously at V&E

WIN-99 buys SyTech, becomes SmartSights

Deal Description: WIN-911, an Austin provider of industrial monitoring, alerting and notification software, announced Aug. 1 it acquired SyTech, a Franklin, Mass.-based industrial reporting platform. Terms weren’t disclosed. The combined entity will be rebranded as SmartSights and is backed by Capstreet, a Houston-based lower middle market private equity firm. In 2011, Capstreet first invested in Specter Instruments, doing business as WIN-911, in partnership with the majority owner, Robert Brooker, company shareholders and management. WIN-911 was the fourth investment for Capstreet V, which has $500 million in committed capital.

Capstreet’s Outside Counsel: Willkie Farr & Gallagher including partners Rosalind Fahey Kruse in New York and Aaron Savella in Houston

SyTech’s Outside Counsel: Robinson & Cole

Notes: Willkie was Capstreet’s legal counsel on its original investment in WIN-911 and BRL Law Group was legal counsel for WIN-911.

HC Companies sells to Platinum Equity

Deal Description: Haynes and Boone said Aug. 3 it represented horticultural container manufacturer HC Companies in its sale to Platinum Equity. The deal was signed on July 12 and closed Aug. 1. HC produces sustainable planters, pots and greenhouse/nursery accessories made and distributed across six locations in the U.S. and Canada.

From Haynes Boone: The deal team was led by mergers and acquisitions and investment management partner Kellie Bobo and included M&A practice group chair Tom Harris, partner Zach Burnett and associates Dillon Sebasco and Alexandria Pencsak.

Notes: Haynes Boone has maintained a longstanding relationship with the company since its inception, when Wingate Partners acquired Myers Industries Lawn & Garden to form HC in 2015. The firm has helped clients close more than 500 middle market deals over the last five years with a value exceeding $40 billion. 

Seaport buys CyberlinkASP from Staple Street

Deal Description: Seaport Capital, a New York-based private equity firm, announced Aug. 3 it acquired CyberlinkASP of Dallas from Staple Street Capital, a middle-market PE firm. Terms weren’t disclosed. Cyberlink offers outsourced IT management services to service message block and enterprise customers. Seaport funded the investment through Seaport Capital Partners VI, a $240 million fund. Cyberlink will be Seaport’s sixth investment in the fund. Founded in 1999, Cyberlink offers services such as Desktop-as-a-Service, application hosting, network management, disaster recovery and cybersecurity. Its virtual DaaS platform supports an integrated, secure and compliant remote IT environment suitable for enterprises across end markets, including regulated verticals such as healthcare, legal and financial services. Cyberlink hosts more than 100 applications in public and private cloud environments for customers across the U.S.

Seaport’s Outside Counsel: Akerman

CAPITAL MARKETS/FINANCINGS

ChargePoint lines up new $150 million senior secured revolver

Deal Description: Sidley Austin said Aug. 4 it represented Campbell, Calif.-based ChargePoint Holdings Inc., an electric vehicle charging network, on a new $150 million senior secured revolving credit facility led by JPMorgan Chase Bank. HSBC Innovation Banking was joint lead arranger with JPM and Citi and Goldman Sachs were documentation agents. The credit facility is currently undrawn. Rex Jackson, CFO of ChargePoint, said in a release July 27 that the $150 million credit facility strengthens its ability to expand with its market opportunities and is consistent with its corporate financing strategy. ChargePoint’s goal is to generate positive adjusted EBITDA and positive cash flow by the end of calendar 2024.

From Sidley: The team members included partner Herschel Hamner and senior managing associate Mahalia Doughty and associate Brian DiFilippo in Houston, associate Taylor N. Todd in San Francisco and counsel Dusan Clark in Dallas.

Opposing counsel: Jason Kyrwood and Benjamin Cheng of Davis Polk & Wardwell

OTHER MATTERS

Hunton Andrews Kurth said Aug. 3 it represented Dream First Bank of Syracuse, Kan., on the successful bidding process with the Federal Deposit Insurance Corporation to assume the deposit and assets of Heartland Tri-State Bank. The team was led by partner Peter Weinstock and included partner Brian Marek and associates Marysia Laskowski and Alex Noetzel, all of Dallas. The Kansas Office of the State Bank Commissioner closed Heartland Tri-State Bank of Elkhart, Kan., on July 28 and the FDIC was named receiver of bank. The bank’s four branches reopened on July 31 as branches of Dream First Bank with depositors automatically becoming depositors of Dream First Bank. The FDIC and Dream First Bank entered into a commercial shared-loss agreement on the loans it purchased of the former Heartland Tri-State Bank, which is projected to maximize recoveries on the assets and minimize disruptions for loan customers. Dream First Bank’s acquisition was considered the least costly resolution for the Deposit Insurance Fund compared with other alternatives (the fund took a $54.2 million hit). The bank, which $139 million in assets, became insolvent due to an isolated event, including fraud.

* * *

Latham & Watkins said Aug. 4 it advised ConocoPhillips on long-term LNG sales and purchase agreements with Mexico Pacific. The team led by Houston partner Chris Peponis with associates Andrew Lassman and Andrew Evans. Mexico Pacific and ConocoPhillips announced Aug. 3 that they signed sales and purchase agreements for ConocoPhillips to offtake about 2.2 million tonnes per year of liquefied natural gas across trains 1, 2 and 3 of Mexico Pacific’s proposed LNG export facility, Saguaro Energia, in Puerto Libertad on the west coast of Mexico. ConocoPhillips also has an option to contract further expansion train volumes.

Claire Poole

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

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