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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, 15 Firms, 171 Lawyers, $9.7B

May 29, 2024 Claire Poole

Buried deep within the Corporate Deal Tracker this week is a transaction of interest. It does not involve oil, gas or renewables. It involves a tortilla chip – “the best chips on the market,” in the view of one of our fellow Texas Lawbook colleagues.

Xochitl, a chip and salsa maker based in Irving, Texas, and its founder and president, Carlos Salinas, inked a partnership with Forward Consumer Partners. It will give the Greenwich, Conn.-based private equity firm half of the company while Salinas will keep the other half.

Norton Rose Fulbright represented Xochitl led by Scarlet McNellie in Dallas and Benjamin Montanez in San Antonio. Both have interesting resumes.

McNellie is a near-lifer at the firm – 17-plus years. The UT Law graduate worked her way up from associate to partner to U.S. head of corporate, M&A and securities five years ago. On the firm website, the names of the companies that she has advised on deals are not named, but they are in energy, financial services, life sciences and technology. But according to the Deal Tracker, in 2018 she advised the buyer of some Wyoming properties (later revealed as Petro-Hunt out of Dallas) from debt-laden SM Energy for $292.3 million.

According to the Dallas Business Journal, she first wanted to be a teacher, then an environmentalist or a consultant, not initially a lawyer. She decided to go into the profession after interning at a law firm in New York and meeting a partner who became one of her main mentors. Her mantra: “Always be game.”

Montanez, meanwhile, was a diplomat before getting into law, working for the U.S. State Department in Saudi Arabia and Israel before landing as desk officer for Colombia. He graduated from the University of Chicago Law School.

More deal work is known about Montanez. Last year alone, he was on the M&A team advising Aeries Technology on merger with Worldwide Webb Acquisition Corp.; Silver Ventures on its sale of NatureSweet to Blue Road Capital; and Intercontinental Wealth Management on its sale to Corient.

He also counseled Designated Bidders – a group that included baseball greats Nolan Ryan and Roger Clemens and basketball Hall of Famers David Robinson and Manu Ginobili – on its purchase of the San Antonio Missions Minor League Baseball team from Elmore Sports Group in 2022 as well as Pioneer Energy Services on its sale to Patterson-UTI Energy in 2021 for $295 million. A pair to watch.

The week ending May 24 saw 13 deals valued at just under $9.7 billion. Ten of the deals were M&A/Funding transactions that accounted for $4.4 billion of that total. The week prior included 11 deals for $5.5 billion. This time last year, we were reporting 17 deals for $12.2 billion.

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

SouthState acquires Texas-based Independent Bank for $2B

Deal Description: Winter Haven, Fla.-based SouthState Corp. announced May 20 that it agreed to acquire Independent Bank Group in an all-stock transaction valued at about $2 billion, expanding into Texas. Independent shareholders will receive 0.60 shares of SouthState stock for each of their shares recently valued at $48.51 per share, a 10 percent premium. Independent, headquartered in McKinney, Texas, had $18.9 billion in assets, $15.7 billion in deposits and $14.6 billion in loans as of March 31 and operates in Dallas/Fort Worth, Austin and Houston and the Colorado Front Range. With a presence in 12 of the 15 fastest growing metropolitan areas in the U.S., the combined company will have assets of $65 billion, deposits of $55 billion, gross loans of $48 billion and a market capitalization of $8.2 billion based on SouthState’s closing stock price on May 17. SouthState CEO John Corbett said Independent is a great fit, with a local, geographic management model, an industry-leading track record on credit and a presence in some of the best markets in the country. Three Independent directors, including Independent chairman and CEO David Brooks and lead independent director G. Stacy Smith, will join both SouthState’s board.

Expected Closing: Q1 2025 if it clears regulators and Independent and SouthState shareholders

SouthState’s Financial Advisor: Raymond James & Associates Inc.

SouthState’s Outside Counsel: Davis Polk & Wardwell (partners George Bason, Evan Rosen and Margaret Tahyar)

Independent’s Financial Advisor: Keefe, Bruyette & Woods, a unit of Stifel

Independent’s Outside Counsel: Wachtell, Lipton, Rosen & Katz (partners Steven Green and Jacob Kling)

SPAC Admiral buys Acuren for $1.85B

Deal Description: Admiral Acquisition Ltd., a publicly listed acquisition vehicle, announced May 22 that it agreed with ASP Acuren Investco to acquire all of ASP Acuren Holdings Inc., the ultimate parent company of Acuren, from U.S. private equity firm American Securities that values the business at $1.85 billion. The purchase price reflects around 9.7 times 2024 estimated adjusted EBITDA of $190 million. The deal will result in Admiral delisting from the London Stock Exchange and moving its listing to New York. Admiral raised $550 million in an initial public offering last year. Acquired in 2019, Acuren is a provider of nondestructive testing, engineering and lab testing and rope access technician solutions in North America. It has more than 135 locations and 5,500 employees throughout the U.S., Canada and the U.K. During its four-and-a-half-year partnership with American Securities, Acuren delivered industry-leading organic growth while completing 12 strategic acquisitions to strengthen service capabilities, expand its geographic footprint and improve operationally efficiency. Jefferies provided financing to support the acquisition.

Expected Closing: Early in Q3 2024

Admiral’s Outside Counsel: Greenberg Traurig

Admiral’s Financial Advisors: Jefferies and UBS Investment Bank

Jefferies’ Outside Counsel: Latham & Watkins with a cross-border, interdisciplinary team led by New York partner Jesse Sheff, Houston partner Ryan Maierson, Chicago partner Jason Morelli and New York counsel Kelly Egers, with associates Tony Zhou, Ryan Hudson, KC Sands and Katherine Page. Advice was also provided on UK corporate matters by London partners Nicola Higgs and Anna Ngo; on UCC matters by New York partner Brian Rock; and on tax matters by New York partner Jocelyn Noll.

Acuren’s/American Securities’ Outside Counsel: Weil, Gotshal and Manges led by partners Michael Lubowitz and Ryan Taylor in New York and including partners David Avery-Gee and Sarah Flaherty in London

Acuren’s/American Securities’ Financial Advisors: Baird and Harris Williams 

Pinnacle Midstream sold to Phillips 66 for $550M

Deal Description: Phillips 66 announced May 20 it agreed to acquire Houston-based Pinnacle Midstream from private equity firm Energy Spectrum Capital for $550 million in cash. Pinnacle’s assets include the recently built Dos Picos natural gas system, including a processing plant, 80 miles of gathering pipeline and 50,000 dedicated acres by top producers in one of Phillips 66’s focus basins. Phillips 66 said the complex is scalable and integrates well into its downstream infrastructure. Phillips 66 chairman and CEO Mark Lashier said the company is growing its Permian midstream business to strengthen and expand its service offerings to customers while driving operational and commercial synergies. The purchase also advances its wellhead-to-market strategy and complements its diversified and integrated asset portfolio, he added, while meeting its long-term objectives to build out its natural gas liquids value chain.

Expected Closing: Mid-year 2024

Phillips 66′ In-House Counsel: Deputy general counsel Robert Task and senior counsel Rick Kincheloe

Phillips 66’s Outside Counsel: Bracewell including partners Lytch T. Gutmann (Houston), Elizabeth L. McGinley (New York), Bucky Brannen (Dallas), Daniel E. Hemli (New York) and Tony L. Visage (Houston); Counsel Jacqueline R. Java (Washington, DC) and associates Andrew W. Monk (Houston), Seth R. Rosenberg (Houston) and Benjamin S. Cantor (New York)

Pinnacle Midland’s Outside Counsel: Locke Lord with a team led by Bill Swanstrom and Jennie Simmons in Houston and including Shumaila Dhuka, Laura L. Ferguson, Jerry Higdon, Eric Larson, Sara Longtain, Nicole Davies, Andrew Nelson and Tyler Self in Houston, Mark Backofen and Van Jolas in Dallas and Andrew Capalbo in Providence.

Agora complete $34M Series B funding round led by Qumra Capital

Deal Description: Agora, an innovator in real estate investment management solutions, announced May 16 the completion of its $34 million Series B funding round led by Israel-based growth fund Qumra Capital along with Insight Partners and Aleph. The investment will enable Agora to accelerate its expansion efforts and enhance its innovative product offerings. Bar Mor, co-founder and CEO of Agora, said the funding will empower it to expand the company and allocate resources toward research and development, particularly in operational and financial services such as payments, tax, IRA investments and liquidity solutions. Lior Dolinski and Noam Kahan are Agora’s other co-founders. Agora helps real estate firms manage more than 70,000 investors and $150 billion assets under management across every asset class. Agora operates predominantly in North America, Europe and Israel but it is poised to broaden its presence to additional markets, including Central and South America and Australia.

Insight’s Outside Counsel: Willkie Farr & Gallagher with a team led by partner Matthew Haddad in New York and associate Joe Laurel in Houston

King Street buys majority ownership in Colovore

Deal Description: Kirkland & Ellis said May 20 it counseled King Street Capital Management, a global investment firm, on acquiring a majority ownership stake in Colovore, a Silicon Valley-based data center operator that specializes in liquid-cooled, high-density colocation for artificial intelligence and high-performance computing. Terms were not disclosed. The transaction will leverage King Street’s real estate platform to support Colovore’s continued growth to meet increased demand for liquid-cooled data center solutions.

From Kirkland: The team was led by corporate partners Jhett Nelson, Shubi Arora and KJ Pedersen and associates Brittany Scheier, William Kelly, Selin Ozaltun and Tristan Prentice. Assisting were real estate partners Andrew Small and Roberto Miceli and associate TJ Kuban; tax partners Bruce Gelman and Mike Greenberg and associate Rachelle Stapley; technology & IP transactions partners Matthew Lovell and Shellie Freedman and associate Daniel Shin; investment funds partner Ben Briggs and associates Joshua Morgan, Ariela Rivkin and Justin Frumm; and executive compensation partners Stephen Jacobson and Jabir Yusoff and associates Monica Merino and Lanie Halpern.

Cactus sold to Standard Nutrition

Deal Description: Pork producer Standard Nutrition Co. (SNC) announced May 21 the acquisition of counterpart Cactus Family Farms in collaboration with new investment partners, including an investment vehicle affiliated with Ospraie Management. Terms weren’t disclosed. The acquisition is central to the formation of Passel Farms, a new entity resulting from the reorganization of SNC’s investments, resources and partnerships. The move aims to drive growth and innovation within the agricultural industry.

Cactus’ Outside Counsel: Latham & Watkins led by Houston partner James Garrett, Houston/New York partner Justin T. Stolte and Houston associate Jameson Miller with assistance from associates Zainab Hashmi, Tasbiha Batool, and David Lee. Advice was also provided on tax matters by Houston partner Tim Fenn with associate Dominick Constantino; on finance matters by Houston partner Catherine Ozdogan with associate Michael Basist; on data privacy matters by Houston/Austin counsel Robert Brown with associate Alex Theuer; on intellectual property matters by New York counsel Carrie Girgenti; on employment matters by Chicago partner Nineveh Alkhas and Chicago counsel Laura Waller with associate Jocelyn Wexler; on benefits matters by Houston counsel Krisa Benskin with associates Ashlie Lawton and Christina Schrantz; on real estate matters by San Diego partner Robert Frances and San Diego counsel Aaron Friberg; on environmental matters by Los Angeles/Houston partner Joshua Marnitz with associate Jacqueline Zhang; on FDA regulatory matters by Washington, D.C., partner Ben Haas with associate Seth Olson; on antitrust matters by Washington, D.C. partners Ian Conner and Patrick English with associate Doug Tifft; on hedging matters by New York partner Yvette Valdez with associate Tiiu Lemsalu; on insurance matters by Los Angeles partners Drew Levin and Harrison White; and on litigation matters by Bay Area partner Nicole Valco.

Key buys assets of Endeavor’s well servicing unit

Deal Description: Key Energy Services Inc. announced May 19 the purchase of substantially all the assets of the well servicing division of Endeavor Energy Resources in an all-cash transaction. Terms weren’t disclosed. Key will continue to support Endeavor’s well servicing needs in the Permian Basin. Endeavor is in the midst of being bought by Diamondback Energy Inc. in a cash-and-stock deal valued at $26 billion.

Key’s Outside Counsel: Latham & Watkins with a corporate deal team led by Houston partner Nick Dhesi with associates Denny Lee and Morgen Seim. Advice was also provided on tax matters by Houston partner Tim Fenn with associate Christine Mainguy; on finance matters by Houston partner Catherine Ozdogan with associate Chris Fanick; on executive compensation, employment & benefits matters by Washington, D.C., partner Adam Kestenbaum, Chicago partner Nineveh Alkhas, Houston counsel Krisa Benskin and Chicago counsel Laura Waller; on environmental matters by Los Angeles/Houston partner Josh Marnitz; and on IP matters by New York partner Jeff Tochner.

Endeavor’s Outside Counsel: Morgan Lewis partner Sameer Mohan and associate Tara McElhiney along with associate Michael Jimenez, partners Casey August and Mims Zabriskie and associate Emily Rickard

Conduit Power, Riley Permian expand power sale partnership in ERCOT

Deal Description: Grey Rock Investment Partners-backed Conduit Power and Riley Exploration Permian Inc. announced May 21 that they agreed to expand the scope of their joint venture, RPC Power, to build new generation and storage assets to sell energy and ancillary services to Texas’ grid operator ERCOT. RPC was created in March 2023 to own and operate power generation assets that use Riley Permian’s produced natural gas to power its oilfield operations in Yoakum County, Texas. The expanded scope will enable RPC to initiate sales of dispatchable power and related services to ERCOT, with plans for 100 megawatts of natural gas fueled generation and battery energy storage systems across facilities in West Texas targeted for commercial operations throughout 2025. Conduit will operate them and dispatch power into ERCOT through its qualified scheduling entity. Riley Permian increased its ownership in RPC from 35 percent to 50 percent and agreed to sell up to 10 million cubic feet per day of natural gas to RPC as feedstock supply for the generation facilities. Grey Rock is a private equity firm with more than $1 billion in asset value across its fund platform. 

Conduit’s Outside Counsel: Sidley Austin including partners Tommer Yoked, Robert Stephens and Jessica Adkins, senior managing associate Jeff Kinney and associate Logan Kiefer

Riley Permian’s Outside Counsel: Kirkland & Ellis led by corporate partners RJ Malenfant, Shubi Arora and Patrick Moneypenny and associate Mitch Holliman and including energy regulatory partner Brooksany Barrowes

WildFire buys assets in Eagle Ford from Apache

Deal Description: Locke Lord said May 22 it represented WildFire Energy I on the acquisition of around 237,000 net acres and interests in 465 wells in Texas’ Eagle Ford shale basin from Apache Corp. and subsidiaries. Terms weren’t disclosed on the deal, which was announced May 20. APA Corp. said separately its unit Apache sold two separate non-core asset sales for more than $700 million. WildFire has funding from Warburg Pincus, Kayne Anderson, and management. The acquisition creates the largest consolidated acreage position in the Eagle Ford, where WildFire will operate more than 2,000 gross wells on over 850,000 net acres in the eastern portion encompassing Fayette, Bastrop, Lee, Austin, Washington, Burleson, Brazos, Milam, Robertson, Madison and Grimes counties of Texas. WildFire’s position includes 550,000 net acres prospective for the Austin Chalk as well as acreage in the Woodbine, Buda and Georgetown formations. The deal follows WildFire’s $1.425 billion acquisition of Chesapeake Energy Corp.’s Brazos Valley region assets in the eastern Eagle Ford last year and allows WildFire to capitalize on its infrastructure and scale in the region. WildFire previously acquired MD America Energy in 2022 and Hawkwood Energy in 2021, thus starting the process of consolidating the eastern Eagle Ford basin.

From LL: Hunter Summerford and Terry Radney in Houston led the deal team, which included Kevin Peter, Lauren Richter, Case Towslee, Marshall Moorhouse, Jerry Higdon, Buddy Sanders, Andrew Nelson, David Harrell and Elizabeth Guffy in Houston and Van Jolas in Dallas.

APA’s Financial Advisors: Barclays (for the Midland assets) and TD Securities (for the Eagle Ford assets)

Notes: Then-Locke Lord partner Mitch Tiras, who joined King & Spalding last year, was one of lead advisors on WildFire’s purchase of the Chesapeake, MD America and Hawkwood assets.

Xochitl partners with Forward Consumer Partners

Deal Description: Norton Rose Fulbright said May 23 it represented tortilla chips and salsa maker Xochitl and its founder and president, Carlos Salinas, on its 50/50 partnership with Forward Consumer Partners. Terms were undisclosed on the deal, which was announced May 21. Salinas will keep a 50 percent share in the company. Founded in 1995, Xochitl began with a salsa recipe passed down in the Salinas family for nearly a century. It later introduced premium tortilla chips made with 100 percent non-GMO project-verified ingredients, including organic and non-hydrogenated oils. It is now the largest independent brand of corn tortilla chips in the U.S. Forward is a private investment company focused on branded consumer businesses. It manages $425 million of committed capital through its debut fund, which closed in December 2023.

From NRF: The deal team was led by partners Scarlet McNellie in Dallas and Benjamin Montanez in San Antonio and also included Vanisha Weatherspoon (Austin), Alex Clark, Todd Schroeder, Tom Meaney, Cassidy Tennyson, Wesley Okereke, Katherine Oglesby and Josh Owings (Dallas), Bob Greenslade (Denver) and Mark Faccenda (Washington, D.C.).

Forward Consumer’s Outside Counsel: Kirkland & Ellis led by Boston corporate partners Amanda Border and Nils Remole and associates Sydney Hood and Matt Cimini and tax partner Liam Murphy.

CAPITAL MARKETS/FINANCINGS

Enbridge establishes C$2.75B “at-the-market” program

Deal Description: Enbridge Inc. established May 15 an at-the-market equity issuance program and entered into an equity distribution agreement in which it may issue and sell, at its discretion, up to C$2.75 billion (or the U.S. dollar equivalent) of its common shares. The ATM option provides Enbridge with additional flexibility to partially fund its previously announced acquisitions of three U.S. natural gas utilities from Dominion Energy Inc. Enbridge intends that proceeds would be used for that purpose. The syndicate of sales agents were led by BMO Nesbitt Burns Inc. in Canada and BMO Capital Markets Corp. in the U.S. and included CIBC Capital Markets, National Bank Financial Markets, Scotiabank, TD Securities, Barclays, BofA Securities, Citigroup, Deutsche Bank Securities, Mizuho, Wells Fargo Securities, RBC Capital Markets, ATB Capital Markets, Desjardins Capital Markets and Morgan Stanley.

Sales Agents’ Outside Counsel: Baker Botts including, from corporate, Joshua Davidson (partner, Houston), Natasha Khan (partner, Houston), Garrett Hughey (senior associate, Houston), Chelsea Johnson (associate, Houston) and Blake Vick (associate, Houston). On tax: Chuck Campbell (special counsel, Houston); environmental: Elizabeth Singleton (special counsel, Houston); and on energy regulatory: Ryan Norfolk (special counsel, Washington, D.C.) and Diane Evans (associate, Washington).

MPLX prices $1.65 billion senior notes offering

Deal Description: MPLX announced May 15 that it priced $1.65 billion of 5.50% senior notes due 2034 in an underwritten public offering. The 2034 senior notes were offered at a price to the public of 98.778% of par. MPLX intends to use the net proceeds from the offering to repay, redeem or otherwise retire some or all of MPLX’s outstanding $1.149 billion of 4.875% senior notes due December 2024, MarkWest’s outstanding $1 million of 4.875% senior notes due December 2024 and MPLX’s outstanding $500 million of 4.000% senior notes due February 2025. In the interim MPLX may use such net proceeds for general partnership purposes. The closing of the offering was expected by May 20. Mizuho Securities USA, RBC Capital Markets and TD Securities (USA) were book-running managers for the offering. MPLX is a diversified, large-cap master limited partnership that owns and operates midstream energy infrastructure and logistics assets and provides fuels distribution services.

MPLX’s Outside Counsel: Jones Day with a team led by Michael Solecki in Cleveland and Ferrell Keel in Dallas and including Sam Huryn in Cleveland and Taylor Pittman in Dallas. Kelly Rubin and Paul W. Johnson III assisted on tax (Dallas).

AEP Texas closes $850M debt offering of senior notes

Deal Description: Hunton Andrews Kurth said May 22 that it was underwriters’ counsel for AEP Texas Inc.’s $850 million debt offering of senior notes. The underwriters were Wells Fargo Securities, TD Securities (USA), RBC Capital Markets, Mizuho Securities USA and Goldman, Sachs & Co. The issue closed May 22.

From HAK: The team was led by partner Steven Friend in New York but included partner Will Freeman and associate Caitlin Scipioni in Dallas 

AEP Texas’ Outside Counsel: Simpson, Thacher & Bartlett including Houston-based partner Brian Rosenzweig and associates Margaret Selbe and Adam Danciu (Capital Markets)

Claire Poole

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

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