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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, 9 Firms, 129 Lawyers, $6.3B

November 13, 2020 Allen Pusey

Of all the economic questions likely to endure after COVID-19 has been poked back into its metaphorical cage by Pfizer or Moderna, one of the most persistent is likely to be the future of fossil fuel production in the U.S. and beyond.

But despite the flap about the immediate regulatory future of fracking during the presidential election, the decision isn’t going to be political. Long before the election, industry decision-makers had already been voting on the future of fossil fuels. And their votes were running increasingly against an expansion of the traditional exploration and production of oil and gas.

According to GlobalData, the M&A information giant, capital expenditures in upstream oil and gas development have largely been in decline since 2014 and the oil price crash precipitated by the shale oil boom. By contrast, capex in all forms of renewables has been slowly but steadily climbing since 2018 and is likely to eclipse that of the oil and gas sector over the coming year.

Between 2010 and 2014, at the height of the last oil boom, upstream capex grew from about $460 billion to more than $600 billion, according to GlobalData. Since then, O&G capex has shriveled by half. And despite some increased spending over the next several years as global travel and industry demand recovers and proven upstream assets consolidate, the upstream sector is likely to see significant change, GlobalData says.

“COVID-19 brought a major oil and gas demand shock, delayed projects and raised additional questions about the potential for future oil demand growth,” said Will Scargill, managing oil and gas analyst, in a recent GlobalData report. “Oil and gas investment is likely to flatline at best over the coming years and companies will need to look to the growth markets of new energy sectors to support their businesses.”

That doesn’t mean that there will be no oil and gas business. That’s silly. It just means that the one we’re used to — and the deals we’re used to — are going to look increasingly diverse: more consolidation, more cross-platform energy investment, more oil & gas efficiency technology, more decarbonization-driven investment by the money that really counts.

This week there were nine M&A deals with reported values of $2.5 billion and four cap markets transactions valued at $3.85 billion: That’s 13 transactions valued at more than $6.3 billion. Those deals involved 129 lawyers at nine different firms.

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

Last week there were 10 deals for about $4 billion. A year ago this time there were 10 deals for $2.47 billion.

Those numbers speak for themselves.

M&A/PE FUNDING

Latham Advises on $363M Aeva Inc. Combination with InterPrivate SPAC

Aeva, Inc., a Silicon Valley company aimed at producing new sensing and perception technologies for the emerging autonomous vehicle market, announced Nov. 2 that it is combing with InterPrivate Acquisition Corp., a special purpose acquisition company in proposed merger.

The combination to be listed on the NYSE as AEVA will immediately provide up to $363 million in gross proceeds, including proceeds from InterPrivate’s $263 million offering and a fully committed $120 million common stock PIPE. The combination will have an implied pro forma value of $2.1 billion.

Latham & Watkins advised Aeva on the transaction with a team led by Houston partners Ryan Maierson and Jesse Myers. The corporate team also included Houston associates Ashley Nguyen, Eric Schoppe, Denny Lee, Bo Rose, Sarah Dunn and Joseph Kmetz. Houston partner Joel Mack provided advice on environmental matters, with tax, data privacy, intellectual property and antitrust matters advised from Washington, D.C., New York, Los Angeles and the firm’s Bay Area offices.

Credit Suisse Securities is acting as capital markets advisor, and Morgan Stanley is serving as financial advisor and lead private placement agent on the PIPE offering.

Greenberg Traurig is serving as legal advisor to InterPrivate.

Credit Suisse Securities (USA) LLC also served as placement agent on the PIPE offering for InterPrivate.

Davis Polk & Wardwell is legal counsel to Morgan Stanley and Credit Suisse Securities. 

Formed in 2017 by two former Apple engineers, Soroush Salehian and Mina Rezk, the company specializes in creating integrated circuitry utilizing frequency modulated continuous wave (FMCW) an emerging innovation over LiDAR, the laser sensing technology that has dominated the development of recognition and perception technologies in autonomous vehicles in their history thus far.

Aeva is described as the first perception company built from the ground up for production of silicon photonics on a mass scale. Silicon photonics hold vast potential, not only in autonomous vehicle guidance, but also in consumer electronics, industrial systems and security systems.

Aeva stockholders include Lux Capital, Canaan Partners and Lockheed Martin will retain their ownership stakes through Aeva’s transition into a public company.

The company has received strategic investments from Porsche SE and Adage Capital. In September the company announced that it had partnered with German technology giant ZF Friedrichshafen to distribute their automotive grade 4D LiDAR chip globally to original equipment manufacturers.

FMCW provides extra dimension to traditional LiDAR technology, which relies on measurements derived from pulsating lasers, utilizes what is called Time of Flight to calculate the movement and dimensions of surroundings. By contrast, FMCW enhancement provides a kind of continuous radio signal that provides additional, instantaneous measures of velocity in addition to depth, reflectivity and inertial motion. Embedding the technology on a chip, the company says, significantly reduces its cost to manufacturers.

Mina Rezk, co-founder and CTO at Aeva, said, “From the beginning, we believed that the only way to achieve the holy grail of LiDAR is to be integrated on a chip. Over the last four years, we did it by leveraging Aeva’s unique coherent FMCW approach. With today’s announcement, we can use our development efforts to expand into new markets that were simply not possible before.” 

Kirkland Advises KKR on $1.4B NextEra Energy Investment

KKR, the global investment giant, said last week that they are investing $1.4 billion in subsidiaries of Florida-based NextEra Energy involved in utility scale alternative electricity sources — solar and wind.

Based in Juno Beach, Florida, NextEra Energy Partners and its subsidiaries specialize in investment and development of sources for alternative energy to power companies, and the sources involved exactly that.

The acquisition involves a portfolio of a total 1,625 megawatts in 12 distinct wind and solar assets under in diverse areas of the U.S. all of which are already under long-term contract.

The transaction includes a $300 million direct equity purchase from NextEra Energy Resources for a 50% interest in a 1,000-megawatt portfolio, and, separately, a $1.1 billion convertible equity portfolio financing agreement with NextEra Energy Partners for an interest in a 1,125 net MW portfolio.

In addition, KKR signed a letter of intent to invest $900 million with NextEra Energy Partners to help capitalize future alternative energy projects.

Kirkland & Ellis advised KKR with a team that leaned heavily on its Houston offices led by energy and infrastructure transactional partners Roald Nashi, John Pitts and David Thompson; transactional associates Patrick Moneypenny, Daniel Cadis, Andrew Allen and Dustin Davis; debt finance associates Osaro Aifuwa, Charles Martin and Adam Birnbaum; environmental issues partner Alexandra Farmer and associate Ty’Meka Reeves-Sobers, as well as lawyers in New York, Chicago and Washington, D.C.

KKR partner Brandon Freiman, head of North America Infrastructure, said the transaction is part of an on-going relationship with NextEra Energy.

“We have built a strong relationship with the NextEra Energy Partners team through our two prior transactions and we are proud to support the development of future clean energy projects while delivering attractive exposure for our investors to core infrastructure assets.”

In March 2019, KKR invested $900 million for the purchase of Class B common shares in NextEra Partners. The KKR shares were non-voting and the Class A shares remained in the control of NextEra Energy Partners, but the capital allowed NextEra to buy six wind and solar plants in North Dakota, Arizona, Michigan, Washington and Oregon.

Four Firms Advise on Juniper Equity Investment in Penn Virginia

Penn Virginia Corporation, a pure play oil and gas independent focused in the Eagle Ford, announced Nov. 3 that it had received a substantial boost to its balance sheet in the form of cash and invested assets from Houston-headquartered Juniper Capital Advisors.

The investment, valued at $188.4 million, incudes an equity-based cash infusion of $150 million and the donation of complementary oil and gas assets in exchange for interest in the company. At completion of the various transactions involved, the company will assume an up-C structure with Juniper owning, in effect, 59% of Penn Virginia.

There were lots of Texas-based legal advisors on this one. Lots. Including: Bracewell, Willkie Far & Gallagher, Kirkland & Ellis and Gibson & Dunn.

Bracewell and Willkie Farr advised Juniper Capital. The Bracewell team included a strong Houston contingent headed by Jason Jean and Troy Harder. Other Houston advisors included Houston partners Austin Lee and Andrew Zeve, as well as Tim Wilkins of Austin. The team was rounded out by Houston associates Andrew Monk, Shannon Baldwin and Jonathan Seliger along with lawyers from New York and Washington, D.C.

The team from Willkie Farr was headed by Michael De Voe Piazza, along with Jeffrey Hochman, Steven Torello, Ryan Cicero and Robert Jacobson.

Gibson Dunn advised Penn Virginia Corporation on the financing with a team led by Houston partner Shalla Prichard and associates Whitney Bosworth and Brian Downs. Houston partner James Chenoweth advised on tax aspects. Houston partner Hillary Holmes and associate Harrison Tucker advised on corporate aspects.

Kirkland & Ellis also advised Penn Virginia, but no lawyers for the firm have been identified.

RBC Capital Markets, Evercore and Truist Securities are serving as financial advisors to Penn Virginia. BoA Securities is serving as financial advisor to Juniper.

Juniper based its $150 million investment on a basis of $8.75 per share, which represents a 13% premium. In addition, the oil and gas assets contributed by Juniper were exchanged for 4.96 million shares  

Juniper managing partner Edward Geiser, who will become Penn Virginia chairman as part of the deal, said the transaction makes sense for both companies.

“Penn Virginia provides a unique opportunity as it is one of a few small-cap producers that can modestly grow production while still generating free cash flow due to its top-tier asset base and access to premium Gulf Coast pricing,” Geiser said.

The transaction affords Penn Virginia the opportunity to pay down over $100 million of debt, reduce its leverage ratio by approximately 30%. reduce annual interest expense by 20% and extend the maturity runway for the second-lien term loan by two years.

The combined acreage position is primarily held-by-production on private fee lands, which the companies believe gives them control over the options pertaining to future development.

Akin Gump Advises Schlumberger on Sale of Rod Lift Business

Schlumberger NV announced Nov. 2 that it had sold its North American Rod Lift Business to Lufkin Industries, a portfolio company of KPS Capital Partners.

Terms of the transaction were undisclosed.

The Schlumberger company, like Lufkin, provides rod lift products, which include downhole sucker pumps, surface pumping stations and software monitoring technologies for the oil and gas industry.

The transaction is the second in six months by KPS involving Lufkin. In May KPS acquired Lufkin, then known as Lufkin Rod Lift Solutions from Baker Hughes.

Akin Gump advised Schlumberger on the transaction with a team led by Houston corporate partner Rob Shearer. He was joined by: Corporate associates Allyson Li and Anthony Hilbert (both Houston); Partner Mike Warnecke (Dallas) for antitrust work; Tax partner Jocelyn Tau (Houston); Real estate senior counsel Richard Frank and practice attorney Stuart Graves (both Dallas). And labor and employment partner Brian Patterson (Houston) along with lawyers from New York, Los Angeles and Washington, D.C.

Paul, Weiss, Rifkind, Wharton & Garrison and Dentons served as legal counsel to Lufkin and its affiliates.

Schlumberger’s Rod Lift Business is a large provider of rod lift products and onshore services with such brands as Don-Nan, Shores Lift Solutions, KBA Engineering, Platinum Pumpjack Services and RLC Rod Lift Consulting. 

Headquartered in Mission, Texas, Lufkin became an independent after the KPS purchase from Baker Hughes. KPS co-founder Michael Psaros said KPS is committed to expanding the Lufkin platform despite unprecedented volatility in the energy business.

Winston Advises Transition Capital in Sale of SuccessEd to Frontline Education

SuccessEd, a portfolio company of Dallas-based Transition Capital Partners, announced Nov. 4 that it had been acquired by Frontline Education. Terms of the transaction were undisclosed.

Founded in 1994, SuccessEd is primarily a compliance software provider that tracks services offered and utilized for the benefit of special education students in K-12, including Section 504 compliance and RtI (Response to Intervention). The program is used in more than 380 school districts in Texas and other states.

Likewise, Frontline Education is a provider of school administration software. The company is headquartered in Malvern, Pennsylvania with offices in Austin.

Winston & Strawn advised Transition Capital with a Texas-heavy team led by Dallas partner David Lange. Lange was backed by a Winston team that included Dallas partner Andrew Betaque and San Francisco partner Becky Troutman, as well as practice counsel Yang Wang and associates Danielle Marr and Matt Olson, all of Dallas.

“We are excited to join the growing Frontline Education family in our shared commitment to serving and supporting special education and special programs for schools in Texas and across the other states we serve,” said Jim Bridges, CEO of SuccessEd. “We know our clients will continue to benefit from our best practices while also realizing the value of Frontline’s breadth of resources and national reach to expand our impact on the special education community.”

V&E Advises on Jupiter Resources’ $626M Sale to Tourmaline Oil Corp.

In an all-stock transaction announced Nov. 4, Calgary-based Jupiter Resources said it has agreed to a purchase by Tourmaline Oil Corp. for $626 million.

Jupiter is an independent that specializes in unconventional natural gas products. Tourmaline, based in Alberta, is an upstream producer of oil and gas. Both operate in the Western Canadian Sedimentary Basin.

The V&E team was led by New York partner Shelley Barber (capital markets) with Dallas partners Robert Kimball (M&A), Wendy Salinas (tax) and Jim Meyer (tax).

Peters & Co. is acting as lead financial advisor to Jupiter Resources, along with RBC Capital Markets and TD Securities.

Each Jupiter share will be exchanged for 0.2365 of a Tourmaline common share. Jupiter will also redeem the 13.00% second-priority senior secured cash/payment-in-kind notes due Feb. 5, 2024 for 101% of the aggregate principal redeemed, as well as any unpaid interest.

Jupiter’s four largest shareholders have entered into agreements with Tourmaline in support of the transaction representing, in aggregate, approximately 92% of Jupiter’s outstanding common shares.

The transaction value of approximately $626 million is based on a Tourmaline share price of $17.60, including debts at closing estimated at $200 million.

The transaction is expected to close by the end of 2020.

V&E Tapped for PAS Global Acquisition by Swedish IT Firm

Houston-based PAS Global, an operational technology company, announced Nov. 4 that it is being acquired by Swedish industrial software provider Hexagon AB. Terms of the agreement were undisclosed.

PAS specializes in industrial alarm and data analyses that monitor and advise on the progress and performance of chemical and other industrial processes. Headquartered in Houston, the company has corporate locations in nine countries, including Australia, the United Kingdom, South Africa, Canada, India, Singapore and the Middle East.

PAS CLO Tamara Anderson tapped a Houston-led team from Vinson & Elkins to advise on the transaction. The V&E corporate team was led by partner Milam Newby and senior associate Michael Gibson, with assistance from associates Jonathan Wilson and Olivia Espy Huntington.

Also advising were partner Jason McIntosh and senior associate Allyson Seger (tax); partner Shane Tucker and associate Austin Light (executive compensation/benefits); partner Sean Becker (labor/employment); partner Devika Kornbacher and senior associate Ben Cukerbaum (technology transactions/IP); partner Damara Chambers and associate John Satira (CFIUS); partner Hill Wellford, counsel David Smith, senior associate Brian Howard and associate Ryan Will (antitrust); and counsel Sarah Mitchell (insurance).

Before joining PAS in 2010, Anderson was a partner in the Houston firm of Anderson & Anderson. She’s a 1992 graduate of U of Houston Law School.

Kirkland Advises on Denbury Repurchase of CO2 Pipelines for $92.5M

Plano-based Denbury Inc., which emerged from bankruptcy in September, agreed on October 30 to reacquire from Genesis Energy two CO2 pipelines it had been operating under $250 million sale-lease agreements reached in 2008.

The two pipelines include the 183-mile Northeast Jackson Dome Pipeline and the 86-mile Free State Pipeline, both of which connect with Denbury’s existing network.

The Northeast Jackson Dome Pipeline was reacquired for $70 million and the Free State Pipeline was reacquired for $22.5 million. Denbury plans to pay for the acquisitions from cash flow and an existing credit facility.

Kirkland & Ellis advised Denbury with a team led by transactional partners Thomas Laughlin and R.J. Malenfant. The team also included debt finance partners Will Bos and Arthur Lotz.

Denbury originally sold the two pipelines to Genesis in 2008, NEJD for $175 million, Free State for $75 million.

The NEJD Pipeline, which extends from the Jackson Dome to Donaldson, Louisiana was under a 20-year lease obligation from Denbury the terms of which included payment of principal and about 10.25% interest. The two sides placed the Denbury’s remaining obligation at $68 million. In payment, Denbury has agreed to pay $70 million in four equal payments during 2021.

The Free State Pipeline, which also originates in Jackson Dome and extends to Denbury’s oil fields in Eastern Mississippi, was paid for with a $22.5 million one-time cash payment.

Denbury, an independent oil and gas producer focused on the Gulf Coast and the Rocky Mountains, entered bankruptcy in the first week of September with a pre-packaged plan for restructure. It exited bankruptcy court just three weeks later.

CAPITAL MARKETS

Baker Botts, Gibson Dunn Advise on $2.5B in Waste Management Senior Notes

Waste management has moved to change its credit profile with the issuance of four series of senior notes totaling $2.5 billion.

The company plans to use the proceeds to pay down borrowing made against a $3 billion revolving credit facility and to redeem $400 million in previously issued notes due next year. The $3 billion credit facility was used in the $4.6 billion acquisition of Advanced Disposal Services earlier this year.

Baker Botts, as usual, was tapped to represent Waste Management with a team led from Houston by corporate partner Jason Rocha. The corporate team also included associates Jude Dworaczyk, Gita Pathak,  Jack Chadderdon and Malakeh Hijazi. Pitching in on environmental matters were partner Aileen Hooks and associate Catie Arnold from Austin; on labor and employment partner Jennifer Trulock from Dallas, partner Mark Bodron from Houston and associate Gabriela Alvarez, also from Houston and on tax matters from Houston partner Michael Bresson and associate Leah Patrick.

Gibson Dunn was tapped to advise the underwriters. The Gibson team was led by Houston partner Hillary Holmes and includes associates Harrison Tucker, Melissa Pick and Jordan Rex, all of Houston.

Barclays Capital, Mizuho Securities, BofA Securities, J.P. Morgan Securities, Scotia Capital Inc., BNP Paribas Securities, Citigroup Global Markets, Deutsche Bank Securities, MUFG Securities Americas, SMBC Nikko Securities America, and U.S. Bancorp Investments are acting as joint book-running managers of the offering. In addition, Academy Securities, Inc., Loop Capital Markets, MFR Securities, Mischler Financial Group, Siebert Williams Shank & Co. and Stern Brothers & Co. are acting as co-managers.

The notes are guaranteed by the company’s wholly owned subsidiary, Waste Management Holdings, Inc. The notes have been assigned ratings of A- by Standard & Poor’s, BBB+ by Fitch and Baa1 by Moody’s. The offering is expected to close Nov. 17.

  • $500 million of 0.750% senior notes due November 15, 2025;
  • $500 millionof 1.150% senior notes due March 15, 2028;
  • $1 billion of 1.500% senior notes due March 15, 2031; and
  • $500 million of 2.500% senior notes due November 15, 2050.

Waste Management acquired Florida-based Advanced Disposal Services in June in a transaction originally announced last year at $4.9 billion. The transaction had been delayed, first by government antitrust concerns, then by price uncertainties created by the COVID-19 pandemic. The $4.6 billion pricing was reached in a joint agreement to divest $835 million in assets to assuage the antitrust issues and gain clearance from the U.S. Department of Justice.

Latham Advises on $125M Notes Offering by Arch Resources

Arch Resources, Inc., one of the largest coal mining producers in the world, announced Oct. 29 pricing of $135 million in 5.25% senior convertible notes due in 2025.

The offering has been upsized from a previously announced $125 million, and follows an announcement last month that it plans to wind down its thermal coal mining operations and emphasize its production of metallurgical products for the global steel industry.

Latham & Watkins represented Arch Resources in the offering with a New York-based corporate team that included Houston associates Ryan Lynch, Madeleine Neet, and Jessica Sherman, as well as lawyers from Los Angeles and Washington D.C.

Arch Resources and Peabody Energy recently abandoned a planned merger of selected coal mining operations in after government objections about a reduction in competition.

Arch, headquartered in St. Louis, subsequently announced a $191.5 million loss for the third quarter of 2020 following a non-cash impairment of more than $160 million resulting from coal mine operations that will no longer be producing coal to fire utility company plants.

OTHER:

Bracewell said it had recently closed the refunding of an $864 million subordinary lien for the Houston Airport System, a $94 million present value savings for the system. The transaction was handled by Houston partners Barron Wallace, Victoria Ozimek and Brian Teaff, along with senior counsel Edward Fierro, counsel Peggy Christman, Paul Maco and Lance Behnke (both of counsel) and associate Sarah Tahir. The refinancing transaction was the third this year for the system that handles the Bush, Hobby and Ellington airports — the first in April for $350 million and the second in June for $150 million.

Fisker Inc., a manufacturer of highly stylish electric vehicles, has closed its previously announced combination with Apollo Global-backed Spartan Energy Acquisition Corp., a SPAC. Vinson & Elkins advised on the transaction. Branded as “the most emotionally desirable and eco-friendly electric vehicles on Earth,” the line of sexy, affordable vehicles is the brainchild of Danish American auto designer Henrik Fisker, and one of the most notable recent uses of the increasing presence and importance of special purpose acquisition corporations.

Allen Pusey

Allen Pusey is a senior editor and writer at The Texas Lawbook.

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