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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, 89 Lawyers, 10 Firms, $7.22B

September 8, 2021 Anna Butler

Covid-19 and its variants are among the most cited reasons for a potential slowdown in M&A activity through the rest of the year for private equity and family office sources. That’s followed by concerns tied to tax changes, particularly those related to capital gains, which have softened somewhat due to inaction so far from the new federal administration. 

The unknown doesn’t do a lot of favors for buy-side or sell-side activity – yet neither of those matters have suppressed the optimism or aggression in continuing to pursue meaningful deals or opportunities.

One particular item that private equity and family office sources talk less about, but is front-of-mind for commercial banking folks as of late is the role of inflation. The key threat, especially for Texas businesses, is the material impact a sharp rise in inflation – one that’s more volatile than predictions from, say, U.S. Fed Chair Jerome Powell at Jackson Hole – would have on financing. 

Banking sources caution that the potential impact of inflation on M&A would substantively mirror those posed by the threat of widespread shutdowns due to Covid-19: Certain sectors would be deemed safer by investors and would proceed at 2021’s rampant dealmaking pace. 

Naturally where you’d see the most significant fallout would be tied to industries that rely on financing, such as real estate, construction, leisure and other asset-driven industries. And those holding the pursestrings in the private equity and family office spheres would, in turn, gain more bargaining power, especially when it comes to the equity or debt makeup in a year that’s been plagued by overblown valuations.

Strategic divestitures and acquisitions, growth capital and joint ventures in energy and tech are among those deals that would be more insulated from inflation and a Covid-19 resurgence. 

Those played out in real time with last week’s deals as Quantum Energy Partners and Houston Energy teamed up; Oaktree Capital Management pledged $250 million to Ara Partners-backed Priority Power; and Resi Media found a new owner in PushPay. 

The week saw 11 M&A or funding deals at a reported $6.715 billion, in addition to two capital markets transactions at just over half a billion. The deals involved 89 Texas-based lawyers from 10 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
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
 

Week over week, the Roundup saw higher reported deal value from more Texas counsel compared to the $763 million from 63 lawyers at nine firms. The same period last year saw 11 deals, totaling more than $2.5 billion, with 94 lawyers from nine firms.


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

M&A/FUNDING

Covid-19 Vaccine Manufacturer to Acquire Highlander Rollup

In a $1 billion all-cash deal, Dallas-based Highlander Partners will part with its portfolio company Bettera Holdings, a gummy, soft chew and lozenge maker based in Plano.

Catalent Inc., a contract drugmaker known for manufacturing the Covid-19 vaccine, will acquire the company by the end of the year as it looks to grow its consumer reach.

Katten once again advised Highlander on the transaction led by Dallas partners Mark S. Solomon and Peter Bogdanow. The firm has a long history of advising the private equity firm on transactions.

Further Texas-based counsel came from Dallas corporate associates Ethan E. Post and Erik R. Peterson.

Catalent tapped Fried Frank as legal counsel led by New York partner Steven Epstein and Centerview Partners as financial advisor led by Andrew Rymer.

Highlander formed Bettera through a series of four acquisitions as it sought to consolidate a fragmented industry through its buy-and-build style.

Catalent will fund the transaction through a combination of cash on-hand, existing credit facilities and possibly new debt financing.

Atlantic Broadband Closes on Ohio Acquisition

Atlantic Broadband, a subsidiary of Canada-based Cogeco Communications Inc., completed its acquisition of the broadband systems of WideOpenWest Inc. located in Columbus and Cleveland, Ohio. 

Atlantic Broadband financed the deal through a combination of a $900 million secured Term B loan and cash on-hand. 

Morgan Lewis & Bockius represented Cogeco and Atlantic Broadband in the deal with a team led by partners Andrew Ray of Washington, D.C., and Janice Davis of Dallas along with Washington, D.C., associate Christopher Ronne. 

Additional Texas-based counsel came from Houston associate Melissa Brown.

Atlantic Broadband is a provider of residential and business services tied to internet, video and telephone in 12 states, and is looking to its recent acquisition to grow its broadband reach in Ohio.

The assets will continue to operate under the WOW name and trademark until they are rebranded following an integration period.

Ideanomics Snaps up Commercial EV Maker

Commercial electric vehicle company Ideanomics entered into an agreement to acquire Via Motors International Inc. as part of an all-stock transaction valued at about $630 million for a 100% ownership stake.

Via, a manufacturer of commercial EVs such as Class 2 through Class 5 cargo vans, trucks and buses, is also set to receive an additional $50 million by way of a secured convertible note from Ideanomics to fund its growth.

Ideanomics selected Morgan Stanley as exclusive financial advisor, Venable as its legal advisor, Han Santos as intellectual property counsel, UHY Advisors as accounting and tax advisor and BJ Arnold as business consultant.

The Morgan Stanley team included Guru Gupta, Steve Farr and Kristin Healy. 

White & Case acted as legal advisor to Via while Evercore served as financial advisor and Blue Sea Advisors counseled as industry consultants.

Houston partners Bill Parish and Rodrigo Dominguez Sotomayor led the White & Case team along with Houston associates Kabir Phaguda and Sadi Moradi.

Additional Texas-based counsel came from Houston partners Jason Rocha and Taylor Pullins and Houston counsel Michael Rodgers.

Paul-Emmanuel Prunet led the efforts for Evercore.

Navitas, Beacon, Quantum, Houston Energy Head to Shenandoah

Navitas Petroleum made its final investment decision as it pertains to the massive Shenandoah project located in the U.S. economic waters in the Gulf of Mexico, located about 160 miles offshore of Louisiana.

The Israel-based company, which owns 49% of the rights in the reserve, has partnered with Beacon Energy Partners, a Houston offshore oil and gas producer formed by Blackstone Energy Partners in 2016, as it pursues the project.

Along with Navitas’ announcement, Houston private equity firm Quantum Energy Partners and independent oil and gas company Houston Energy revealed they teamed up to form HEQ Deepwater in relation to the project. The venture has already closed on a 20% working interest in the Shenandoah development from an affiliate of Beacon Offshore Energy II.

Quantum and management have committed $400 million in equity toward HEQ Deepwater, which has an eye toward development-stage upstream and infrastructure assets in the Deepwater Gulf of Mexico.

Latham & Watkins counseled Navitas Petroleum on legal matters led by Houston partner Stephen Szalkowski along with Houston associates Greg Sorensen and Joseph Kmetz. 

Kirkland & Ellis represented Quantum on legal matters with a corporate team led by Houston partners John Pitts, David Thompson and Rahul Vashi along with associates Ed Vaunder of Austin and Fraser Wayne of Houston.

Additional Texas-based counsel came from partners David Wheat of Dallas and Houston and Stephen Jacobson of Houston and associates Joe Tobias of Houston and Karsten Busby of Dallas.

Further Texas-based aid came from partner Jim Cole and associate Marianne Standley, both of Houston.

Houston Energy selected Willkie Farr & Gallagher to advise on legal matters led by Michael Piazza.

Cellebrite Completes De-SPAC Merger

Digital intelligence solutions company Cellebrite DI announced on August 30 the completion of its combination with special purpose acquisition company TWC Tech Holdings Corp. II as it hits Nasdaq.

TWC – a blank check company from San Francisco private equity firm True Wind Capital – brought $370 million in gross proceeds to the de-SPAC merger with private investment in public equity backing from investors such as Light Street Capital and Makena Capital.

Israel-based Cellebrite selected JPMorgan Securities as financial advisor and White & Case as legal counsel. Acting as capital markets advisors were Cowen and Needham & Co.

Partners Colin Diamond of Houston, Sang Ji of New York, Tali Sealman of Silicon Valley and Emery Choi of Houston led the White & Case team.

TWC worked with Simpson Thacher & Bartlett and Herzog, Fox & Neeman on legal matters.

BofA Securities, JPMorgan Securities and William Blair & Co. served as co-lead capital markets advisors to TWC.

Shearman & Sterling represented the placement agents in legal matters.

Oaktree to Invest in Ara-backed Priority Power

Independent energy services provider Priority Power received a $250 million investment from funds managed by Oaktree Capital Management and other institutional investors. 

Ara Partners plans to continue to hold an ownership stake in Arlington, Texas-based Priority Power. The Houston industrial private equity firm first backed Priority Power in 2019 and has since helped the company grow through a series of acquisitions.

White & Case advised Ara Partners on the transaction. Partner Steve Tredennick of Houston led the White & Case deal team.

Other Houston counsel came from partners Colin Diamond, Chad McCormick and Mark Holmes, counsel Emilio Grandio and associates Chris Hebert and Alysha Alibhai.

Partner Rita O’Neill of Los Angeles led the Sullivan & Cromwell team that represented Oaktree.

Stifel acted as the sole placement agent in the transaction. 

Pushpay Acquires Plano Video-Streaming Firm

PushPay, a payments and engagement solutions company to the faith-based and non-profit sectors, entered a definitive agreement to purchase Resi Media.

PushPay will pick up the video-streaming platform for $150 million in a combination of cash and shares as it seeks further means to engage users.

Munck Wilson Mandala served as legal counsel to Resi Media, which is headquartered in Plano, and its selling equity holders.

Dallas partner Randy Ray led the transaction for the MWM team with Dallas senior counsel Susan Hogan.

Additional assistance came from Dallas partner Mike Wilson, Wallace Dunwoody, Jake LaCombe, Matt Anderson and Audrey Mross; Dallas senior counsel Robin Wheatley; Dallas senior associate Keith Harden; and Dallas associates Tasha Schwikert and Chandler Stephens, in addition to Page Patrick, Marco Robertson, Grace Leach and Nancy Carusone.

Shearman & Sterling represented Pushpay in the transaction.

Enerplus Divests of Williston Basin Assets

Calgary-based Enerplus Corp. entered into a definitive agreement to sell its Sleeping Giant field and Russian Creek area interests in the Williston Basin.

The name of the seller was not disclosed, but the divestiture is valued at $115 million.

Enerplus selected Vinson & Elkins to advise on legal matters while TD Securities (USA) acted as its exclusive financial advisor. 

Partner Bryan Loocke and counsel Joclynn Townsend, both of Houston, led the V&E corporate team along with Houston senior associate Cesar Leyva, Austin associates Alicia Vesely and Houston associates Kene Obi and John McEntire.

Other Texas-based counsel came from Dallas and Houston partners Todd Way and David D’Alessandro; Houston partners Matt Dobbins and Sean Becker; Houston associates Adam Bateman and Mary Daniel Morgan; and Dallas associate David Gilbert.

Beyond the sale price, Enerplus could collect up to $5 million in contingent payments based on per barrel prices in 2022 and 2023.

Symrise Gets 25% Stake in Kobo

Symrise, a German producer and developer of fragrances, flavors and cosmetic active ingredient, among other materials, acquired a 25% minority stake in Kobo Products Inc. 

Symrise, which announced the deal on September 1, is looking to Kobo’s reputation as a powder and dispersion specialist as it eyes growth in its surface-treated pigment product lines through Symrise’s cosmetic ingredients division. 

Financial terms of the transaction were not disclosed.

Locke Lord represented Symrise in the transaction with a team led by Houston partner Joe Perillo and associate Lauren Richter. 

Additional Texas-based counsel came from Houston partners Jerry Higdon and Buddy Sanders.

The Hiller Cos. Grows in N.C.

The Hiller Cos., a subsidiary of Pon North America, acquired Carolina Fire Control Inc., the company announced on September 1.

The bolt-on buy expands Hiller’s reach in the Charlotte-area market.

Financial terms of the transaction were not disclosed. 

Morgan Lewis represented Pon North America and the Hiller Cos. on the deal with a deal team led by partner Sameer Mohan and Tara McElhiney, both of Houston.

Additional Texas-based counsel came from Dallas partner Stephen Fitzgerald and Houston associate Melissa Brown.

Pon general counsel Magnus Rayos led the in-house efforts for the company. 

CAPITAL MARKETS

TransPerfect Refinances Credit Facility

Language and technology solutions company Transperfect refinanced its existing credit facility with a $250 million term loan and $250 million revolver. 

The credit facility, which replaces New York-based TransPerfect’s previous $450 million facility, matures on August 27, 2026. 

Baker Botts represented TransPerfect with a corporate team led by New York partners Lee Charles and Martin Toulouse with assistance from Dallas associates Josh Espinosa and Taylor Courtade and New York law clerk Francis Mascarenhas.

Security Bancshares Completes Notes Offering

Security Bancshares Inc. closed on a $7 million issuance of fixed-to-floating rate subordinated notes on August 30.

Security plans to use proceeds from the offering to fund potential strategic opportunities, among other general corporate purposes.

Stinson advised Security on legal matters.

Hunton Andrews Kurth represented the underwriter, Performance Trust Capital Partners, on the transaction.

Dallas partner Peter Weinstock led the Hunton AK team with assistance from San Francisco associate Lauren Chase Titolo. 

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