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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: 14 Deals, 10 Firms, 97 Lawyers, $4.9B

August 19, 2020 Allen Pusey

The idea of a “New Normal” is easy to hate. Especially when everyone around you is using a phrase like “New Normal.”

But like the silly song you despise that you discover yourself humming, there you are: masking up every time you step out of your car; dodging perfectly nice people as though they were muggers; using the word “Zoom” as an intransitive verb; avoiding the office like the plague — literally.

So, in that vein the S&P Global Market Intelligence’s Q2 M&A and Equity Offerings Market Report released Friday isn’t going to be a shock. Bottom line: This is going to take a while.

According to S&P Global Q2 M&A activity was down 90.3% year-over-year. Moreover, their discussions with CEOs suggest that continued fallout from the pandemic is making them less optimistic about a quick rebound.

A few quick notes from S&P Global:

The plunge in M&A values ($46.56B in Q2) dropped the U.S. behind China ($71.13B).

Equity issuance was up 34.7% on the year ($193.64B), as hard-hit companies across the globe equitized debt.

IPOs (52 in the U.S.) were up, driven by the financial sector (26, exactly half of them).

Don’t expect the numbers, especially values, to swell anytime soon, according to S&P Global. Q3 usually shows a seasonal lag.

The coming market will be for small-to-mid-market targets instead of transformational deals.

Maybe this is exactly what they mean by “The New Normal.”

After last week’s numbers, which included the $21 billion 7-Eleven/Speedway deal, this week’s numbers are back to that normal. There were 14 transactions reported valued at a total of $4.9 billion. That includes seven M&A deals worth $1.2 billion and six capital markets transactions worth $3.7 billion. Ten unique firms and 97 Texas lawyers were involved in the deals.

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
14-Jun-20259$4788133603$478
07-Jun-202516$26,2101119611$24,7445$1,466
31-May-202519$23,3811116612$18,6657$4,717
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 we reported 12 deals worth $32 billion. This time last year there were 10 deals worth $1.6 billion.

M&A/VENTURE CAPITAL/PE

V&E Counsels Clovis Point Capital in Cirrus Insight Merger of Zynbit

Houston-based Clovis Point Capital, announced the acquisition of a majority investment in Zynbit.com by its portfolio company, Cirruspath, Inc.

The two business services software companies, provide communications and tracking applications for sales and service pipeline planning and tracking.

Vinson & Elkins advised Clovis Point with a team led by Houston partner James Garrett and senior associate Jeannie Poland. Also advising were partner David Peck and senior associate Megan James (tax); senior associate Kristy Fields (executive compensation); counsel Christie Alcalá (employment); and senior associate Alex Kamel (finance). All are from Houston but David Peck who offices in Dallas.

The Cirruspath application Cirrus Insight is used by 250,000 sales specialists and rated highly for its integration with Gmail. Zynbit is likewise high-rated for its integration with Outlook email applications.

Clovis Point co-founders and co-managers, Robert Shuford and Christopher Joseph, left Main Street Capital Corp in 2014 to form Clovis Point. The private equity company focuses on technology and software investments.

ZynBit CEO Phil Dixon, currently in Raleigh, NC, will take over as CEO of Cirrus Insight. Former CEO Ryan Niemann, currently in Denver, will become chairman of the Cirrus Insight board.

Skadden, Norton, V&E Advise as Southwestern Energy Acquires Montage Resources in Merger

Southwest Energy announced Aug. 12 that it is acquiring Pennsylvania-based Montage Resources and its producing assets in the Utica and Marcellus Shales of Southeast Ohio, West Virginia and North Central Pennsylvania.

By acquiring Montage, Houston-headquartered Southwestern gains 195,000 acres in basins where they already operate.

To pay for the transaction Southwestern also announced that it had priced at $2.50 per share a public offering of 55 million shares of its common stock. With the offering, registered with the SEC in May, Southwestern expects to generate $167 million. Some of the proceeds will be used to retire a portion of Montage Resources’ 8.875% senior notes due in 2023.

Vinson & Elkins advised the largest investor in Montage Resources, EnCap Investments. The V&E team was led by Houston partners Matt Strock and Steve Gill, with an assist from associates Alex Robertson and Samar Khan. Also advising were partner John Lynch (tax); and partner David D’Alessandro and counsel Regina Ibarra (executive compensation/benefits).

Norton Rose Fulbright advised Montage Resources on legal matters, with Barclay’s advising on finance.

Skadden Arps were legal advisors to Southwestern, with Citi and Goldman Sachs advising on financial matters.

The Skadden team included Houston M&A partners Frank Bayouth and Eric Otness, assisted by associate Christopher Baeza and lawyers from New York, Boston and Washington, D.C.

Under the terms of the all-stock agreement, Montage Resources shareholders will receive 1.8656 shares of Southwestern for each Montage Resources share. Once approved by Montage shareholders, the combined will be the third largest natural gas producer in Appalachia .

“This is an exciting step for Southwestern as we expand our Appalachia footprint with the high-quality assets of Montage. As we have consistently stated, we are firm believers in the benefits of value-creating consolidation,” noted Southwestern CEO Bill Way.

Baker Botts, Gibson Dunn Advise on Delek US Holdings $484M Equity Exchange

Delek US Holdings announced Aug. 13 that Delek Logistics Partners was eliminating all incentive distribution rights held by its general partner, converting its 2% interest in Delek Logistics into a non-economic GP interest.

In exchange, the general partner will receive 14 million newly issued common limited partner shares of DKL and $45 million cash. The transaction leaves Delek US with an 80% interest in Delek Logistics.

In connection with the transaction, the independent, disinterested members of the Delek US Board approved the purchase by the GP of the 5.2% interest in the GP previously held by members of management. Following this purchase, the GP is a 100% owned subsidiary of Delek US.

Baker Botts advised Tennessee-based Delek US in the transaction, which was approved by a conflicts committee. The Baker Botts team was led from Houston by corporate partner A.J. Ericksen, assisted by senior associate Laura Katherine Mann and associates Ieuan List and Shumaila Dhuka. Financial advice was provided by partner Rachael Lichman, senior associate Chad Davis, and associates Taylor Courtade and Keegan Bobholz. Partner Michael Bresson and senior associate Jared Meier provided advice on tax. All are from Houston except Davis (New York) and Courtade (Dallas).

Barclays provided financial advice on the transaction.

The conflicts committee was advised by Gibson Dunn & Crutcher. The Gibson Dunn team is led by Houston partner Gerry Spedale and includes Houston partner Shalla Prichard and Houston associates Stella Tang, William Bald and Collin Metcalf.  Houston partner James Chenoweth advised on tax aspects.

“This lowers the cost of capital for Delek Logistics paving the way for better execution of our midstream growth strategy,” said Uzi Yemin, president and CEO of Delek US. “The partnership has a robust growth platform with high distribution coverage and a strong financial position.”

Delek US Holdings is a diversified oil and gas company with operations that include two Texas refineries in Tyler and Big Spring.

Kirkland Advises Software SPAC on Reverse Merger Creating $512M CuriosityStream

CuriosityStream, a general, low-cost media and documentary streaming company founded by John Hendricks of the Discovery Channel, announced Aug. 11 a reverse merger with the SPAC Software Acquisition Group that takes the company public.

Hendricks will remain chair of the CuriosityStream which, at merger, is equity valued at $512 million with more than 13 million subscribers.

Kirkland & Ellis advised Software Acquisition Group with a team led by partners from New York, San Francisco, as well as Houston corporate partner Brooks Antweil.

“CuriosityStream has the unique advantage of being a ‘pure-play’ streaming media service that is not burdened with legacy linear TV assets in cable and broadcasting,” said Hendricks.

“We are excited to now have access to the public capital markets to support our growth plans and to over-deliver on our mission.”

“CuriosityStream is the clear leader in the high growth factual media streaming market,” said Jonathan Huberman, chair and CEO of Software Acquisition Group. “We look forward to working with such a strong management team led by industry legend John Hendricks and his business partner of many years, Clint Stinchcomb.”

Jones Day Advises Wright Group on Sale of Avionics Firm

Gardner Standard, a private investment firm based in Eden Prairie, Minnesota, announced Aug. 12 the purchase of Shadin Avionics from The Wright Group. Terms for the transaction were undisclosed.

Shadin is a manufacturer of advanced systems to track aircraft fuel consumption and altitude management, used on aircraft ranging from military C-130 Hercules, CH-47 Chinook and A-10 Warthog to Textron Aviation’s King Air and Bell’s 412 helicopter.

Jones Day provided counsel for The Wright Group with a team led from Dallas by partners Troy Lewis and Martha Wach.

Said Michael Healy, managing member of Gardner Standard, “The combination of Shadin’s proprietary technology and engineering expertise helps customers modernize aircraft quickly and efficiently. We are excited to see what the Shadin team accomplishes in the years ahead.”

V&E, Willkie Advise on $220M Antero Resources Prepayment

Keeping in step with industry-wide debt reduction efforts, Denver-based Antero Resourcdes announced that it has transacted a $220 million volumetric production payment with an affiliate of J.P. Morgan.

Simultaneously, the company announced a $525 million cash tender offer for all its 2021 senior notes and a portion of its senior notes that mature in 2022 and 2023.

V&E advised Antero Resources with a team led from Houston by energy partner Danielle Patterson with assistance from senior associate Megan Menniti and associate Erin Mitchell. Also advising were partner John B. Connally and associates Kara Chung and Anton Krayniy.

On finance were Houston partner Guy Gribov and New York partner Steve Abramowitz, counsel Steve Tarry, senior associate Alex Kamel and associate Joe Higdon in Houston; on corporate matters partner Scott Rubinsky, senior associate Austin March and associate John Daywalt, all in Houston; on taxes, partners Todd Way in Dallas and Lina Dimachkieh in Houston and Dallas associate David Gilbert; and on environmental matters, Houston partner Matt Dobbins and Dallas partner Shane Tucker.

Likewise, Willkie Farr counseled J.P. Morgan on the VPP transaction with Houston team led by Michael De Voe Piazza. Other Willkie lawyers on the deal included: corporate partners Ryan Cicero and David Aaronson, and associates Cody Dreibelbis, Lynn Abell and Michael Babcock, along with New York restructuring partner Ana Alfonso, tax partner Robert Jacobson and Houston tax associate Yaniv Maman.

The VPP is based on dry gas producing properties in West Virginia, covering a seven-year term that began July 1.

Antero chair and CEO Paul Rady said the transaction puts the company at “the low end” of the target range for asset sales they announced in December of 2019. “The ability to monetize $751 million of assets in such a challenging market is a testament to the quality of Antero’s substantial producing properties and acreage.”

Willkie Farr Counsels Sterling Group in Acquisition of Stripe-A-Zone

Willkie Farr & Gallagher announced last week that it had advised the Houston-based Sterling Group in its purchase of Stripe-A-Zone, a Dallas provider of highway and parking lot markings.

The transaction was the first for a newly-formed Sterling affiliate Frontline Road Safety from which Sterling intends to build a national leader in highway safety products. Terms of the deal were undisclosed.

The Willkie team was led from Houston by Bruce Herzog, along with New York corporate partner Daniel Mun. Herzog was the only Texas lawyer on the team.

“Joining with Sterling and Frontline was the right next step in the growth of our family’s business given our shared vision for the industry,” said David Sargent, President of Stripe-A-Zone.

Founded in 1982, The Sterling Group is a Houston-headquartered private equity investment firm that targets controlling interests in basic manufacturing, distribution and industrial services companies. Sterling generally prefers companies valued in the $100 million to $750 million range.

Company GC Max Klupchak joined Sterling in 2015 as the firm’s first in-house legal counsel. Prior to Sterling, the Emory University law grad worked in the private equity groups of Kirkland & Ellis LLP and Ropes & Gray.

CAPITAL MARKETS

V&E Advises NETSTREIT on $225M IPO

NETSTREIT Corp., a Dallas headquartered Real Estate Investment Trust, announced Aug. 13 that it has priced its upcoming IPO of 12.5 million shares at $18.00 per share.

Vinson & Elkins advised the underwriters with a team based in Richmond and Washington D.C. No Texas lawyers were involved.

Of the 12.5 million shares, 255,268 are being offered by existing stockholders

NETSTREIT specializes in long term net lease real estate transactions involving single-tenant properties. The company has a current portfolio of 163 properties in 34 states that include convenience stores, pharmacies and big box retail tenants including: 7-Eleven, CVS, Dollar General, WalMart, Lowe’s and Home Depot.

Wells Fargo Securities, BofA Securities, Citigroup, Stifel, and Jefferies are acting as the book-running managers for the offering.

V&E Advises on Highwoods Properties Offering

Vinson & Elkins announced last week that it advised North Carolina-based REIT Highwoods Properties on its offering of $400 million in unsecured notes that closed Aug. 15.

V&E acted as special tax counsel for the transaction led by Washington D. C. partner Chris Mangin with assistance by lawyers from Richmond. No Texas lawyers were involved.

Highwoods Realty Limited Partnership, the company’s operating arm headquartered in Raleigh, offered the 2.600% unsecured notes under an existing shelf registration statement. The notes are due in February 2031 and were priced to yield 2.645%.

The company intends to use the resulting cash in a tender for existing 3.20% notes due in 2021 and to pay down other existing debts.

Wells Fargo Securities, LLC, BofA Securities, Inc., Jefferies LLC, SunTrust Robinson Humphrey, Inc., U.S. Bancorp Investments, Inc., Capital One Securities, Inc., Regions Securities LLC and J.P. Morgan Securities LLC served as joint book-running managers. FHN Financial Securities Corp. and Fifth Third Securities, Inc. served as co-managers.

Bracewell, Davis Polk Advise on Textron’s $500M Debt Offering

Defense and aviation conglomerate Textron Inc. closed its public offering of $500 million of senior unsecured notes Aug. 5.

The offering drew a Baa2 senior unsecured rating from Moody’s. The rating agency noted the company’s increased liquidity and cessation of stock repurchases through the rest of the year. However, they also noted that its cash balances were largely the result of debt offerings.

Bracewell advised Rhode Island-based Textron with a team led by Todd W. Eckland out of New York and Will Anderson and Houston. They were supported from Houston by associates Kathy Witty Medford and Shannon Baldwin.

Davis Polk advised the underwriters, including book-running managers Goldman Sachs & Co. LLC, Citigroup Global Markets Inc. and SMBC Nikko Securities America, Inc.

Proceeds from the notes issuances will be used to repay $500 million principal amount outstanding under Textron’s 364-day term loan credit agreement.

Moody’s noted that Textron’s diverse industrial businesses offer some protection from cyclical downturn, but the effect of the pandemic is likely to be particularly acute in the company’s signature aviation business which derives 95% of its revenue from commercial aviation.

Gibson Dunn Counsels Concho on $500 Notes Offering

Concho Resources Inc. announced Aug. 10, the pricing of its $500 million offer of senior unsecured 2031 notes.

Scheduled for an Aug. 24 issue, the notes will bear 2.40% annualized interest and will be priced at 99.761% of par. Concho plans to use the proceeds to redeem its outstanding 4.375% senior notes due 2025.

Concho general counsel Travis Counts turned to a team from Gibson Dunn led by Houston partner Hillary Holmes for legal advice She was assisted by Dallas partner Doug Rayburn and Houston associates Harrison Tucker, Melissa Pick, and Jordan Rex.  Houston partner James Chenoweth advised on tax matters.

BofA Securities, J.P. Morgan and Wells Fargo Securities will act as joint bookrunning managers for the senior unsecured notes offering.

Based in Midland, Concho Resources is one of the largest unconventional shale producers of oil and natural gas in the Permian Basin, with operations focused on safely and efficiently developing oil and natural gas resources.

V&E Advises Pioneer Natural Resources on $1.1B Notes Offering

Dallas-headquartered Pioneer Natural Resources announced Aug. 6 that it had priced a new offering of senior notes at $1.1 billion.

The 1.90% notes will mature in August 2030 and the price to the public is 99.205% of the principal amount. The company intends to use the $1.08 billion proceeds to repurchase its 3.45% senior notes due 2021 and its 3.95% notes due 2022.

Vinson & Elkins advised Pioneer with a team led by corporate partners Robert Kimball of Dallas and David Stone of Houston. They were assisted from New York by Shelley Barber, with assistance from senior associate Joanna Enns in Dallas and associates Cameron Land in Houston, and Ted Belden and Luke Strieber in Dallas. Advising on tax matters from Dallas were partners Jim Meyer and Wendy Salinas and associate David Gilbert. 

Gibson Dunn advised the joint book-running managers, and the team was led by Dallas partner Doug Rayburn and included Dallas associate Jonathan Sapp and Houston associate William Bald. Dallas partner David Sinak and associate Michael Cannon advised on tax aspects. Washington, D.C. associate Kyle Guest advised on environmental aspects.

BofA Securities, Inc., J.P. Morgan Securities LLC, Wells Fargo Securities, LLC, Barclays Capital Inc., BMO Capital Markets Corp., Citigroup Global Markets Inc., Morgan Stanley & Co. LLC, MUFG Securities Americas Inc. and TD Securities (USA) LLC are acting as Joint Book-Running Managers for the offering.

Credit Suisse (USA) LLC, Goldman Sachs & Co. LLC, RBC Capital Markets, LLC, Scotia Capital (USA) Inc. and U.S. Bancorp Investments, Inc. are acting as Senior Co-Managers and BBVA Securities Inc., CIBC World Markets Corp., Citizens Capital Markets, Inc., PNC Capital Markets LLC and Truist Securities, Inc. are acting as Co-Managers for the offering.

Baker Botts, V&E Advise on Sunnova Energy $250M Secondary Offering

In its second offering in six weeks, Houston-based Sunnova Energy International announced Aug. 13 a $250 million secondary offering by existing stockholders.

The offering is for 10 million shares priced at $25 per share. Sunnova is not offering any shares and will receive no proceeds from the sale.

Baker Botts represented Sunnova with a team led from Houston by corporate partners Travis Wofford and Josh Davidson. Houston associates Jennifer Gasser, Gita Pathak and Malakeh Hijazi assisted.

Also pitching in were tax partners Michael Bresson and Jon Nelson, as well as partner Danny David as advisory counsel.

Vinson & Elkins represented the underwriters: BofA Securities, J.P. Morgan, Credit Suisse and Goldman Sachs & Co. LLC are acting as joint book-running managers. Baird and Roth Capital Partners are acting as co-managers.

The V&E team was led by capital markets partner David Oelman and senior associate Crosby Scofield, with assistance from associates Anne Peetz, Andrianna Frinzi and Houston Morgan, all of Houston. Houston partner David Cole and counsel Debbie Duncan in Washington D.C. provided tax advice. Also advising on the matter from Houston were counsel Damien Lyster (energy regulatory); and partner Matthew Dobbins (environmental).

Sunnova is a leading residential solar and energy storage service provider, serving more than 85,000 customers in more than 20 U.S. states and territories.

Bracewell Advises Underwriters of $800M DTE Energy Senior Notes

DTE Energy announced that it had closed an $800 million public offering of its Series F 1.05% unsecured senior notes due 2025 on Aug. 6.

The funds are to be used as part of the company’s deleveraging efforts and for general corporate purposes. Fitch Ratings gives pegs the bonds at BBB with an optimistic view toward the company’s reduction of debt.

Underwriters for the issue by the Detroit-based utility were advised by Bracewell with a team led from New York, but included Houston Partner Troy Harder, counsel Ian R. Brown in Dallas, along with associates Shannon Baldwin, Kathy Witty Medford and Jay N. Larry, all from the Houston office.

BMO Capital Markets Corp., Citigroup Global Markets Inc., Morgan Stanley & Co. and PNC Capital Markets were joint book-running managers for the offering. KeyBanc Capital Markets Inc. and U.S. Bancorp Investments Inc. acted as co-managers.

Last October the company announced its acquisition of a natural gas pipeline in the Haynesville Shale formation of Louisiana for $2.25 billion. Under the terms of the agreement, DTE acquired 100 percent of the midstream assets from Momentum Midstream and Louisiana’s largest gas producer Indigo Natural Resources.

Allen Pusey

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

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