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

The Texas Lawbook

Free Speech, Due Process and Trial by Jury

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

CDT Roundup: 15 Deals, 13 Firms, 100 Lawyers, $15.5B

June 8, 2021 Anna Butler

When it comes to environmental, social and governance concerns, more than 65% of private equity firms in a recent survey say they are looking into investment opportunities and strategies tied to the space as a way to create value.

PwC explored the key drivers behind private equity funds’ move toward ESG in its recent Global Private Equity Responsible Investment Survey. Value protection also ranked high for 40% of the firms surveyed, though only 17% reported a dedicated impact fund or plans to launch one.

Of the respondents, 65% of the firms have created a responsible investing or ESG policy and the tools to implement it. And, prior to the acquisition stage, 72% say they always screen targets for ESG risks and opportunities.

One deal in this past week of transactions reported to the Corporate Deal Tracker dealt directly with ESG matters – ECP’s acquisition of Liberty Tire Recycling from the Carlyle Group.

The week saw 13 M&A and funding deals valued at $14.7 billion and two senior notes offerings at $830 million. Thirteen firms and 100 Texas-based lawyers participated in the transactions.

Weekly Corporate Deal Tracker Roundup Stats

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

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

Week over week, M&A and funding and capital markets deal value dropped from $18.64 billion and $1.639 billion.

During the same week last year, transaction activity saw 11 deals at more than $3.2 billion with 65 lawyers from eight firms.

Note: Texas Lawbook corporate transactions editor Claire Poole contributed to this article.

M&A/FUNDING

Merck Completes Organon Spinoff

Medical giant Merck completed its spinoff of Organon & Co. as it looks to create two patient-focused companies with better structures to ensure their continued growth.

With the spinoff, Merck received a distribution of about $9 billion and expects to realize operational efficiencies of $500 million within the first year. No fractional shares were issued by Organon, but instead Merck shareholders received cash in lieu of Organon shares.

Organon will trade on the New York Stock Exchange, with Merck continuing to as well. 

Gibson Dunn advised Merck on the transaction with a New York-based corporate team led by partners Barbara Becker and Saee Muzumdar with associates Susie Choi, Yerin Pak and Eimi Harris. Partner Krista Hanvey and associate Tyler Richardson, both of Dallas, advised on benefits.

Southwestern to Acquire Indigo in $2.7B Deal

Spring-based Southwestern Energy Co. plans to purchase Houston-based Indigo Natural Resources for $2.7 billion in a cash-stock combination in addition to assuming $700 million worth of 5.375% senior notes due 2029. The deal is expected to close in the fourth quarter.

For more details on the transaction, click here.

Southwestern selected Skadden, Arps, Slate, Meagher & Flom as legal advisor and Goldman Sachs & Co. as financial advisor.

Houston-based M&A partners Frank Bayouth, Eric Otness and Cody Carper with associate Christopher Baeza led the Skadden team along with assistance from capital markets partner Michelle Gasaway of Los Angeles; banking partner K. Kristine Dunn of Los Angeles; and New York tax partner Alec Jarvis and associate James Lassiter.

Also weighing in were executive compensation and benefits partner Erica Schohn of New York and counsel Timothy F. Nelson of Boston; New York labor and employment law partner David Schwartz; Washington, D.C.; environmental counsel Elizabeth Malone; New York antitrust/competition partner Kenneth Schwartz; and New York/Palo Alto intellectual property and technology partner Jose Esteves. 

The investment bankers from Goldman were Suhail Sikhtian and Scott Hankey, who are based in Houston, Daniel Korich, who is located in New York, and Marshall Coltrain, who is in Houston.

Chris Lacy serves as vice president, general counsel and corporate secretary at Southwestern. Before joining the company, Lacy practiced at Dewey & LeBoeuf and Ahmad, Zavitsanos, Anaipakos, Alavi & Mensing focusing on energy.

Kirkland & Ellis advised Indigo on legal matters and Credit Suisse Securities (USA) acted as financial advisor.

Houston corporate partners Cyril Jones, Andy Calder and Sean Wheeler, along with Austin associates Emily Lichtenheld and Daniel Cadis, led the Kirkland team. 

The team also included oil and gas partner Rahul Vashi of Houston and associate Jordan Silverman of Austin; Houston capital markets partner Matt Pacey and associate Anthony Sanderson; Houston tax partner Mark Dundon; and executive compensation partner Stephen Jacobson of Houston and associate Deidre Kalenderian of Boston.

Indigo general counsel Bobby Hunt, who joined the company in 2016 and started his career at Vinson & Elkins, and assistant general counsel Grant Jones led the transaction internally.

Indigo, the third largest natural gas producer in the country, counts Trilantic, Yorktown Partners, Ridgemont, Beland and RoyOMartin among its financial backers.

Akin Gump Strauss Hauer & Feld advised Yorktown with a team led by corporate partners Jesse Betts of Dallas and David Elder of Houston.

ConEd, Crestwood JV Goes to Kinder Morgan Unit

Kinder Morgan isn’t going far for its latest buy. 

A subsidiary of the energy infrastructure giant entered into a definitive merger agreement earlier this week to pay $1.225 billion in cash for Stagecoach Gas Services, which hosts its commercial operations just down the street from Kinder Morgan’s Houston headquarters on Main.

Stagecoach is a joint venture between Crestwood Equity Partners, which is also based in Houston, and energy-delivery company Consolidated Edison. 

The JV’s assets consist of four natural gas storage facilities and 185 miles of natural gas pipelines located within the Marcellus and Utica shale plays. The acquisition will expand Kinder Morgan’s natural gas storage position by about 8%, according to an analyst note from Tudor, Pickering, Holt & Co.

The in-house deal team at Kinder Morgan included Catherine Callaway James, vice president and general counsel; Adam Forman, vice president and deputy general counsel; Eric McCord, vice president and managing counsel; Jordan Mintz, vice president and chief tax officer; Jeff Utay, vice president, tax; and David K. Dewey, vice president, regulatory affairs.

Bracewell and Weil, Gotshal & Manges advised Kinder Morgan on legal matters.

The Bracewell team consisted of Houston partners Jason M. Jean, Tony L. Visage, Benjamin J. Martin, Rebecca L. Baker and Troy L. Harder; New York partners Steven J. Lorch and Theodore F. Duver; Washington, D.C., partner D. Kirk Morgan II; and Austin managing partner Timothy A. Wilkins. Associates Andrew W. Monk and Brandon J. Butera, both of Houston, and Michael A. Recchia of New York also advised.

Jean has worked on past Kinder Morgan transactions, such as its $3 billion purchase of Hiland Partners and its joint venture agreement with EagleClaw for the Permian Highway Pipeline Project.

Vadim Brusser, a partner in Washington, D.C., led the Weil team.

Latham & Watkins advised ConEd and Crestwood on legal matters related to the divestiture along with Michelle Hyland, in-house counsel from Con Edison and associate general counsel, and Mike Post, Crestwood vice president, associate general counsel and corporate secretary.

New York partner Christopher Cross led the corporate deal team for Latham with assistance from New York associates Julian Azran, Hancen Yu and Nicolas Gonzalez.

TD Securities acted as financial advisor to the seller affiliates.

ConEd and Crestwood plan to split the proceeds from the transaction as Crestwood looks to pay down debt tied to its revolving credit facility in addition to distributions for a preferred equity buy-back program.

The deal consists of two closing periods – the first of which involves the transfer of Stagecoach subsidiaries, excluding Twin Tier Pipeline, for $1.195 billion. The first transaction is expected to close during the third quarter.

SPAC Alkuri Global to Merge With Babylon

Special purpose acquisition company Alkuri Global Acquisition selected a target: Babylon, a digital-first healthcare innovation company. 

The transaction is expected to deliver proceeds of up to $575 million, including $230 million in private investment in public equity funding from institutional investors, as the Alkuri looks to grow offerings for new and existing customers. Notably, Peter Thiel’s Palantir Technologies of Denver was among the PIPE investors.

Babylon, which is based in the U.K., tapped Ardea Partners as financial advisor and Wilson Sonsini Goodrich & Rosati, Allen & Overy and Walkers as legal counsel.

Corporate partners Megan Baier of New York and Mark Holloway of New York and Washington, D.C., led the transaction for Wilson Sonsini. 

London partner Will Samengo-Turner led the A&O team, while Walkers advised on the Jersey elements of the law in the transaction with a team led by partner Jonathan Heaney and group partner Dulmun Leach, both of Jersey.

Jefferies acted as financial advisor to Alkuri Global while Winston & Strawn counseled on legal matters.

Winston & Strawn’s Kyle Gann, a partner in Chicago, led the transaction. From Texas, Houston associate Ben Smolij also advised. 

For the PIPE, Jefferies, Citi and Pareto Securities acted as placement agents.

The transaction, which puts Babylon at an enterprise value of $3.6 billion, is expected to close in the second half of the year. Equity of existing Babylon shareholders will roll into the combined company.

Kirkland Aids ECP on Financing for Liberty Tire Recycling

Investor ECP acquired Liberty Tire Recycling from global private equity firm the Carlyle Group, using a leveraged buyout green loan. 

Kirkland & Ellis advised ECP on the financing element of the transaction, which involved a $410 million seven-year, covenant-lite green term loan B. Complete transaction details of the deal were not disclosed.

The Kirkland finance team was led by Houston debt finance partners Lucas Spivey and Jordan Roberts and also included ESG and impact partner Jennie Morawetz of Washington, D.C., environmental transactions partner Michael Saretsky of San Francisco and corporate partner Bill Benitez of Houston.

Carlyle Strategic Partners IV, an investment fund of the Carlyle Group, led the recapitalization to become the majority equity sponsor in Liberty in 2017.

Liberty tapped Latham & Watkins as legal advisor while Houlihan Lokey acted as the lead financial advisor and BMO Capital Markets served as co-financial advisor.

Washington, D.C., partners David Dantzic and Victoria VanStekelenburg led the Latham team.

Enviva Makes Drop-down Acquisitions

Enviva Partners announced plans to purchase a wood pellet production plant, a deep-water marine terminal and three long-term, take-or-pay off-take contracts from Enviva Holdings.

The company, which is based in Maryland, is looking to the $345 million investment to grow into new geographic regions as the plant is located in Lucedale, Mississippi, and Pascagoula, Mississippi.

Enviva also unveiled an offering of 4.4 million common units tied to limited partner interests. The offering is expected to fund a portion of the purchase.

Evercore acted as exclusive financial advisor and Baker Botts as legal counsel to the conflicts committee of the board of Enviva Partners’ general partner.

New York partner Michael Swidler, along with senior counsel Michael Rosenwasser and associate Jonathan Kovacs, also of New York, led the Baker Botts corporate team with Houston partner Michael Bresson and senior associate Jared Meier advising on tax matters and Houston partner Matthew Kuryla and associate Laura Williams counseling on environmental.

Bracewell advised Evercore in the transaction with a team that included Houston partner Will Anderson.

Vinson & Elkins advised Enviva Holdings on the deal in addition to counseling Enviva Partners on the public offering.

The V&E team that advised Enviva Holdings was led by New York partner Caroline Blitzer Phillips and associates Heather Brocksmith and Tara Tegeleci. Houston-based lawyers that counseled the partnership in the deal included senior associate Carter Olson advising on finance; partner Ryan Carney and associate Dan Henderson counseling on tax matters; and counsel Scot Dixon assisting on real estate. 

The Houston-based V&E team behind the offering was led by partner Ramey Layne with assistance from senior associate Jessica Lewis and associates Carmen Guidry and Chandler Spinks.

Goldman Sachs & Co., J.P. Morgan Securities, Barclays Capital, BMO Harris Capital Markets, CitiGroup Global Markets, HSBC Securities and RBC Capital Markets served as underwriters for the offering with Raymond James, Tudor, Pickering, Holt & Co. and U.S. Capital Advisors serving as co-managers.

Latham & Watkins advised the placement agents with a team led by Houston partner Michael Chambers and New York partner Stelios Saffos, with New York associate Hana Nah and Houston associate Erin Lee.

Houston partner Tim Fenn advised on tax matters with Houston associates Jared Grimley and Chelsea Muñoz-Patchen; and on environmental matters by Los Angeles counsel Joshua Marnitz.

BP Buys Solar Projects with Texas Ties

British Petroleum bolstered its U.S. assets with the acquisition of 9 gigawatts worth of solar projects from 7X Energy, an Austin-based solar power producer.

The assets, which will change hands for $220 million, are spread across 12 states with the largest holdings in Texas (ERCOT) and the Midwest (PJM). Once the projects are fully developed, they are expected to produce enough energy to power 1.7 million homes.

Norton Rose Fulbright advised 7X Energy on the transaction with a deal team that included Austin partner Becky Diffen and New York-based co-head of projects Ben Koenigsberg along with Austin associate Madison Keeble, Washington, D.C., counsel Micaela Garcia-Ribreyo, New York senior associate Jared Kaplan and Dallas associate Sarabeth Shaunessy.

Austin senior counsel Amy Mitchell and associate Eli Gaylor also provided counsel on the matter.

BP has been the largest energy investor in the U.S. since 2005 and the new solar asset addition will be developed through its 50-50 joint venture Lightsource BP. The transaction is expected to close within 30 days of June 1.

NGP Commits $150M to Mesa Minerals II

Dallas-based NGP through NGP Natural Resources XII and NGP Royalty Partners announced $150 million in equity commitments toward a mineral and royalty acquisition company. 

With the investment from NGP, Houston’s Mesa Minerals Partners II plans to invest in mature and undeveloped assets.

Michael De Voe Piazza of Willkie Farr & Gallagher represented Mesa.

A Locke Lord team led by Houston partner Mitch Tiras and senior counsel Freddy Feldman represented NGP through NGP Natural Resources XII and NGP Royalty Partners.

Tyler Technologies Acquires VendEngine

Plano-based Tyler Technologies plans to acquire Tennessee-based cloud-based software provider VendEngine for $84 million.

Tyler was attracted by VendEngine’s reach into 230 counties and 32 states in which it assists the corrections market to support incarcerated individuals and their families through various services, such as trust accounting and digital messaging services.

Tyler chief legal officer Abigail Diaz once again tapped Dallas-based Munck Wilson Mandala to advise on the deal. The firm has advised Tyler on deals in the past, including its $2.3 billion takeover of NIC announced in February.

Partner Randy Ray led the Munck Wilson team along with Dallas partners Susan Hogan, Matt Anderson, Michael McCabe and Rob McCutcheon; Dallas senior counsel Robin Wheatley; Austin partner Gaby Monahan; Los Angeles principal attorney Lori Trujillo; Los Angeles associate attorney Josie Leinart; Dallas associate Chandler Stephens; and Dallas legal assistants Nancy Carusone; and Grace Leach.

United Buys Supersonic Jets From Boom

United Airlines entered into a commercial agreement last week to acquire 15 supersonic jets from Boom Supersonic. 

The Boom Overture airliner product would allow United to fly the supersonic fleet on 100% sustainable fuels. 

United, which is based in Chicago, could acquire as many as 35 additional aircraft under the arrangement with the Denver aerospace company pending certain milestones. United expects the aircraft to enter service by the end of the decade.

Sidley Austin advised United in the agreement, which had undisclosed transaction terms.

The Sidley team included Houston partner Kevin Lewis, counsel Atman Shukla and associates Riley Fedechko and Matthew A. Thompson; Dallas partner Bart Biggers; Palo Alto partner Sandi Knox and counsel Daniel Ray; and Chicago partners Suresh Advani and Scott Heyman.

Milton Street Sells Trailer Rental Unit to Wind Point

Houston lower middle market private equity firm Milton Street Capital completed the sale of its American Trailer Rental Group to Wind Point Partners, a Chicago firm. Terms of the transaction were not disclosed. 

Lincoln International and Willkie Farr & Gallagher advised Milton Street in the transaction. 

Houston partner Scott Miller led the Willkie deal team.

Milton Street first formed ATRG in 2017, building the platform first with the acquisition of Meisler Trailer Rental and growing to a rental fleet of 17,000 units across 19 locations.

Colgate’s Luxe Buy Creates New Permian Powerhouse

Midland’s Colgate Energy Partners III announced on June 2 that it has entered into a definitive agreement to acquire NGP Natural Resources XI-backed Luxe Energy in an all-stock transaction. 

Specific transaction terms were not disclosed and the closing occurred simultaneously with the signing of the definitive agreement on June 1.

Luxe’s 22,000 acres in Reeves and Ward counties are located adjacent to Colgate’s existing position in the Permian region. The combination will create one of the largest private players in the Permian with about 57,000 net acres and producing about 45,000 barrels of oil equivalent per day.

Latham & Watkins represented Colgate Energy Partners III on the deal with a corporate team led by Houston partner James Garrett with Houston associate Thomas Verity. Houston partner Stephen Szalkowski provided counsel on oil and gas matters; Houston partner Jim Cole on tax matters; Los Angeles counsel Joshua Marnitz on environmental matters; Washington, D.C., partner Adam Kestenbaum on benefits and compensation matters; and New York partner David Hammerman on restructuring matters.

Vinson & Elkins advised Austin-based Luxe on the transaction with a Houston-based corporate team led by partner Matt Strock and senior associate Robert Hughes with assistance from associates Will White and Philip Turpin. Houston counsel Joclynn Townsend and associate Alyssa Allen advised on energy transactions/projects; Houston partner John Lynch and senior associate Christine Mainguy on tax matters; and Washington, D.C., partner Hill Wellford on antitrust.

Luxe will continue to own and manage certain assets, including MDC Reeves Energy-operated leasehold interests.

Will Hickey and James Walter founded Colgate in 2015 with initial equity commitments from Pearl Energy Investments and NGP.  

Lime Rock’s Rod and Tubing Merges With Certus

Lime Rock Partners portfolio company Rod and Tubing Services merged with Certus Energy Solutions, the companies announced on June 21.

Financial terms of the transaction were not disclosed.

Willkie Farr & Gallagher served as legal advisor to RTS with a team led by Houston partners Bruce Herzog and Jay Hughes.

PPHB served as financial advisor to Certus, while Locke Lorde served as legal advisor. 

CAPITAL MARKETS

Antero Closes Senior Note Round

Antero Resources Corp., a Denver-based natural gas and gas liquids company focused on unconventional properties in the Appalachian Basin, closed a $600 million private offering of 5.375% senior unsecured notes due 2030. 

Vinson & Elkins advised Antero on legal matters with a Houston-based team led by partners Scott Rubinsky, Doug McWilliams and David Stone with assistance from associates Maggie Webber, Markeya Brown and Mary Busse. 

Partners Wendy Salinas of Dallas and Lina Dimachkieh of Houston and associate Laura Nieman of Houston advised on tax matters.

Latham & Watkins advised the underwriters in the transaction with a Houston-based corporate deal team led by partner Nick Dhesi, with associates Om Pandya, Paul Robe, Trevor Bossi, and Anji Yuan.

Proceeds from the offering will go toward funding a previously announced redemption of 5.625% notes due 2023 and to repay borrowings under its credit facility.

Arbor Realty Trust Closes Offering

New York’s Arbor Realty Trust closed on a $230 million offering of 6.375% Series D cumulative redeemable preferred stock as it looks to fund certain redemptions in addition to general corporate expenses, including potentially paying down indebtedness.

Skadden, Arps, Slate, Meagher & Flom advised Arbor in the offering.

Hunton Andrews Kurth advised Raymond James & Associates with a team led by Richmond partner James V. Davidson, along with Washington partner Rob Smith and Houston associate Tim Strother.

©2023 The Texas Lawbook.

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

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

Primary Sidebar

Recent Stories

  • Celanese GC Lynne Puckett Led DFW’s 2022 M&A Transaction of the Year
  • Q&A: Lynne Puckett of Celanese
  • Harris Co. Attorney Christian Menefee at ‘The Perfect Intersection of Law and Policy’
  • Lauren Brogdon: A Crisis Manager and Survivor Helping Other Survivors
  • Lawmakers Advance 15th Court of Appeals Bill

Footer

Who We Are

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

Stay Connected

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

Our Partners

  • Houston Chronicle
  • Dallas Business Journal
The Texas Lawbook logo

P.O. Box 543455
Grand Prairie, TX 75054

214.232.6783

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