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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, 125 Lawyers, $10.3B

January 27, 2025 Nick Peck & Allen Pusey

If you’ve been searching for a simplified motive to explain corporate M&A over the past several years, you’d be hard put to find a better focus than simplification itself.

Although the process has, in Texas, been most visible in the energy industry — particularly in the form of consolidations in the upstream Permian and its midstream connections to Gulf Coast LNG facilities — the drive for straight-line strategies is a global phenomenon, according to Goldman Sachs.

In their 2025 M&A Outlook, the global financial advisors say simplification in all its forms is likely to spur growth in M&A over the coming year — as restrictive regulation, market reluctance and economic pressures give way to a greater assumption of risk in the service of growth, particularly in the corporate M&A sector.

Moreover, according to the global financiers, corporates globally are transitioning from sellers to buyers, as corporate M&A, led by TMT (technology, media and telecommunications) and a surge in natural resources deals, accounted for 71 percent of all buy-side deal activity during the first three quarters of 2024 — despite the multiple dampers of regulation, “hawkish monetary policy” and high levels of geopolitical turmoil.

“We expect this demand to grow as the cost of capital comes down and markets absorb potential policy changes in 2025,” the folks at Goldman assert.

Corporate simplification is a significant driver. Companies are not only looking to monetize undervalued assets, they are also separating themselves from “non-core” and divergent businesses and either honing their geographic focus, or expanding the geography of their core concerns.

The reasons are multitudinous, according to Goldman; the conglomerate model has become burdensome: “Managing corporate assets across multiple regions carries significant operational complexities due to differing tax laws, accounting treatments, and regulations—not to mention costs.”

Even more importantly, these separations ended up generating more M&A in the following years. Companies that engage in spin-offs have higher rates of M&A, and in about 40 percent of the cases, companies that re-segment their assets end up pursuing spin-offs or other M&A in the immediately following years.

Goldman says the coming year is likely to be shaped by several trends, spreading the benefits of reinvigorated M&A across the board. As the cost of capital continues to challenge returns, for instance, sponsors are already key simplification partners. Corporates unloading geographic assets shift M&A to more regional investor targets. And increasingly creative deals — involving earnouts, rollovers and other tailored transactions — generate new M&A possibilities.

And finally, an astonishing reservoir of dry powder is likely to fuel an already steady boom in take-private transactions, particularly for sponsors. In 2024, sponsor buy-side M&A rose 21 percent year-over-year, representing 30 percent of total sponsor buy-side volumes for the year.

So, fasten your seat belts. The coming year in M&A may be a very interesting ride.

For the week ending Jan. 25, there were 14 deals reported with a total value of $10.26 billion. M&A accounted for nine of the deals, but only $2 billion of the total value. For comparison, the week prior should seem familiar: 19 deals for $7.4 billion, but that included a dozen M&A transactions valued at $2.3 billion. This time a year ago? Nine deals valued at $8.2 billion.

The more things allege to change, the less they seem to do so.

Weekly Corporate Deal Tracker Roundup Stats

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

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

M&A/Funding

Blackstone buys NG power plant from Ares for $1B

Deal Description: Blackstone’s energy-focused PE business, Blackstone Energy Transition Partners, announced on Jan. 24 that it has acquired the Potomac Energy Center from alternative investment firm Ares Management, which has owned the plant since 2021. While terms of the agreement were undisclosed, Reuters reported that the deal is valued at around $1B. The newly acquired asset is a Virginia-based 774-megawatt natural gas power plant that supports one of Blackstone’s current initiatives: identifying opportunities to invest in infrastructure supporting data centers and AI. The Potomac Energy Center, located in Leesburg, Virginia, is close to over 130 data centers that represent 25 percent of the US data center capacity.

Ares Management Outside Legal Counsel: Latham & Watkins represented Ares in the deal with a team that included partner Trina Chandler (Houston), partner Caroline Phillips (New York), with associates Joshua Blankenship (Washington, D.C.), Vera Bespalova (Houston), Brock Jones (Houston) and Stacey Lyn Hall (Houston). Additionally, partner Matthew Henegar (New York), counsel Joanna Gorska (San Diego), associate Deborah Ogali (New York), associate Bradford Taylor (Washington, D.C.), partner Yvette Valdez (New York), associate Naffie Lamin (New York) and tax partners Bryant Lee (Houston) and Christine Mainguy (Houston) contributed to the deal. Furthermore, partner Natasha Gianvecchio (Washington, D.C.), partner Tyler Brown (Washington, D.C.), partner Robert Frances (San Diego), partner Adam Kestenbaum (Washington, D.C. ), counsel Krisa Benskin (Houston), counsel Kieran Dickinson (Washington, D.C.) also contributed to the deal. Partner Joshua Marnitz (Los Angeles/Houston), associate Phil Goldberg (Century City), counsel Andrew Galdes (Washington, D.C.), partner Jason Cruise (Washington, D.C.), partner Elizabeth Park (Washington, D.C.), counsel Robert W. Brown II (Houston/Austin) and counsel Catherine Hein (Washington, D.C.) also contributed to the deal.

Blackstone Outside Legal Counsel: Kirkland & Ellis represented Blackstone in the deal with a team that included corporate lawyers Allan Kirk (Houston), Daniel Cadis (Austin/Houston), Nicolas Lee (Austin), and Alexiz Magro-Malo(Houston), debt finance lawyers Tatiana Monastyrskaya (New York), Greg Howling (New York) and Sharaf Islam (New York), and tax lawyers Mark Dundon (Houston) and Jacob Walley (Houston).

Blackstone M&A Advisors: Santander and Jefferies

Torch Clean Energy partners with Morgan Stanley Infrastructure Partners

Deal Description: Torch Clean Energy, a Boulder-based clean energy and battery storage developer, announced Jan. 21, a strategic partnership and investment from Morgan Stanley Infrastructure Partners. Neither firm disclosed the investment amount; however, Torch said new capital will allow the company to scale efforts to become an integrated clean power platform, allowing Torch to expand its construction, operations management, procurement and project finance capabilities to take advantage of the uptick in electrification and data center development.

Torch Clean Energy Outside Legal Counsel: Latham & Watkins with a deal team led by partners Dan Sinaiko (Century City), Ethan Schultz (Washington, D.C/Houston), Ashley Nguyen (Houston), and corporate associates Patrick Loeffler (Washington, D.C.), Justin Reinking (Houston) and Paul Bowers (Washington, D.C.). Additionally, partner Jim Cole (Houston), associate Jacob Nagelberg (New York), partner Matthew Conway (Washington, D.C.), counsel Krisa Benskin (Houston), associate Christina Schrantz (Houston), partner Robert Frances (San Diego) and counsel Aaron Friberg (San Diego) contributed to the deal. Furthermore, partner Tyler Brown (Washington, D.C.), partner Josh Marnitz (Los Angeles/Houston), associate Katherine Johnstone (Los Angeles) and associate Andrew Abokhair (Austin) contributed to the deal.

Morgan Stanley Infrastructure Partners Outside Legal Counsel: Simpson Thacher & Bartlett  with team that included partners Eli Hunt (New York), Javad Asghari (New York/Los Angeles) and Ana Sanchez (Houston), associate Roy Jackson (Los Angeles), associate Julian Alsarhn (Los Angeles), associate Patrick D.J. Przybylski (New York) and associate Leila Khamees (Los Angeles). Additionally, partner Matthew Einbinder (Houston), partner W. Andrew Lanius (Houston), senior counsel Jeff Cohen(Los Angeles), associate Oscar Campos (Houston), partner Nancy Mehlman (New York), partner Adam Arikat(Houston), and associate Edward Grais (New York) contributed, along with additional lawyers from Washington, D.C., New York and Palo Alto.

Torch Clean Energy Financial Advisor: KeyBanc Capital Markets

Morgan Stanley Infrastructure Partners Financial Advisor: Santander

Degree Analytics announces $5M in funding round led by LiveOak Ventures

Deal Description: Degree Analytics, an Austin-based higher-education data platform, announced on Jan. 23 that it has closed a $5 million funding round led by Austin-based early-stage venture capital firm LiveOak Ventures. Degree primarily serves US-based universities and colleges by delivering practical solutions to enhance student recruitment, retention and overall campus operations. The recent investment from LiveOak will aid the data-focused company’s ability to further develop and effectively release its facilities optimization platform to colleges and universities nationwide. This platform will provide actionable insights from its data collection to assist schools in enhancing facility space and cutting costs. Additionally, the investment will add it to LiveOak’s portfolio, which comprises 60 Texas-based companies with $500 million worth of assets under management.

LiveOak Ventures Outside Legal Counsel: Pillsbury Winthrop Shaw Pittman represented LiveOak in the deal with a team that included corporate partner Andy Smetana (Austin), associate Valerie Medina (Austin) and senior law clerk Patrick Dolan (Austin).

Mark Cuban contributes to Beanstack’s $2M growth capital round

Deal Description: Beanstack, an Arlington, Virginia-based reading challenge and motivation tools platform that primarily serves libraries and schools, announced on Jan. 22 that it has raised $1.5 million of its ongoing $2 million growth capital round. The firm is looking to raise the additional $500K needed to close the round through the same convertible note terms by the end of March. The investors participating in the raise thus far have been New York’s Riverside Acceleration Capital, Atlanta’s Evoce Capital, Oakland’s Kapor Capital and Virginia’s Militello Capital. The firm’s founders, Felix Brandon Lloyd and Jordan Lloyd Bookey, and their families also contributed to the round as well. Additionally, Dallas-based businessman and television personality Mark Cuban also contributed to the round. Cuban initially worked with the Beanstack team in 2014, then a book-of-the-month-focused business, when the firm appeared on “Shark Tank” during the show’s fifth season and saw them walk away with a $250,000 investment from Cuban. Following the firm’s appearance on the show, it shifted its business model to what it is today and plans to use the newly announced funding to grow this newly developed business model and invest in its client marketing program, Reading Culture Trailblazer.

Beanstack Outside Legal Counsel: Morgan Lewis assisted Beanstack in the deal with a team that included partner Mark Opitz (Pittsburgh) and associate Matthew Cubin (Pittsburgh).

Warrior Technologies buys OFS business from Diamondback Energy

Deal Description: Warrior Technologies, a Midland-based industrial and environmental services provider to oil and gas operators, announced on Jan. 18 that it acquired an oilfield services business from Diamondback Energy. The business was acquired by Diamondback in its 2024 acquisition of Endeavor Energy Resouces. With the acquisition, Warrior will add 84 members to its team, bringing its headcount to 320. Additionally, the move helps the firm expand into the environmental and mechanical integrity service industries by adding 607 equipment units to serve that market area.

Diamondback Energy In-House Legal Counsel: Ryan Latham (Midland)

Diamondback Energy and Endeavor Energy Resources Outside Legal Counsel: Morgan, Lewis & Bockius with a team that included partner Sameer Mohan (Houston), associate Kelsey Warren (Houston), associate Chrystelle Navarro (Silicon Valley), partner Mims Maynard Zabriskie (Philadelphia) and associate Emily Rickard (Philadelphia).

Del Monte Capital buys Cornerstone Companies

Deal Description: Del Monte Capital, a Houston-based private equity firm focused on investing in companies within the lower middle market, announced on Jan. 17 that it has acquired a majority ownership stake in Cornerstone companies, which consists of Cornerstone Excavating and Cornerstone On-Site Concrete, both located in Saginaw, Texas. As part of the transaction, Cornerstone Excavating founder David Stocker will retain an ownership stake in the company while serving in a newly created consulting role. Company president president, David Owen, who gained a significant ownership in the transaction, will continue to manage operations. The new investment is also expected to aid Cornerstone, which has primarily operated in the DFW area in the past, in expanding geographically and taking advantage of opportunities in the infrastructure sector.

Del Monte Capital Outside Legal Counsel: Troutman Pepper Locke represented Del Monte in the deal with a team that included Jennie Simmons (Houston), Eric Larson (Houston), Tammi Niven (Houston), Ashley Lopez(Houston), Mackenzie Purvis (Houston) and John Nelson (Houston).

Seller Counsel: Blank Rome

Financing Provider: Woodforest National Bank 

Lenovo to acquire Infinidat

Deal Description: Lenovo, the Chinese-owned PC and technology products manufacturer, announced on Jan. 16 that it acquired Israeli-owned Infinidat, a Massachusetts-based data storage provider. Neither firm disclosed the deal’s financial details. However, Lenovo says the addition of Infinidat’s R&D and storage capacity boosts Lenovo’s global storage offerings and enhances service options to its target market of entry- to middle-level enterprises.

Infinidat Outside Legal Counsel: Kirkland & Ellis and Arnon, Tadmor-Levy advised Infindiant in the deal with a Kirkland team that included corporate lawyers Laura Sullivan (New York), Martha Todd (Austin), and Michael Weisser (New York), as well as technology and IP transactions lawyers Seth Traxler (Chicago), Shellie Freedman (New York) and James Delacenserie (New York).

Lenovo Outside Legal Counsel: Skadden, Arps, Slate, Meagher & Flom, and H-F & Co.

Lenovo Financial Advisor: Morgan Stanley Asia 

Infinidat Board of Directors Financial Advisor: Evercore and Lincoln International

Eagle Mountain Energy II to partner with Pearl Energy

Deal Descriptions: Eagle Mountain Energy Partners II, a Houston-based upstream business, announced Jan. 16 that it has received an equity commitment from Pearl Energy Investments, a Dallas-based investment firm. The Houston-based firm plans to use the undisclosed investment to enhance its focus on the Williston basins and others in the Rockies. Pearl Energy also invested last year in EMEP I, a deal in which O’Melveny & Myers also represented Eagle Mountain.

Eagle Mountain Energy Partners II In-House Legal Counsel: Kyle Dubiel (Houston)

Eagle Mountain Energy Partners II Outside Legal Counsel: O’Melveny & Myers

Pearl Energy Outside Legal Counsel: Willkie Farr & Gallagher represented Pearl in the deal with a team that included partners Tony Johnston (Dallas) and J. Holt Foster, III (Dallas) and associate Erin Kaufman (Houston).

Ridgewood Infrastructure closes its second fund at $1.2B

Deal Description: Ridgewood Infrastructure, a New York-based US lower and middle markets infrastructure investor, announced on Jan. 15 the close of its second fund, the Ridgewood Water & Strategic Infrastructure Fund II. The fund received $1.2 billion in commitments, above the New York-based firm’s anticipated $1 billion target. The $1.2 billion worth of commitments came primarily from a diverse group of global institutional investors, including pensions, endowment funds, insurance companies and asset managers. The fund plans to invest in essential infrastructure firms in a handful of specific sectors, including water, energy, transportation and utilities. The fund has already begun to make some initial investments, including one to aid in the development of the Fort Lauderdale Prospect Lake Clean Water Center, a public-private partnership with Fort Lauderdale city officials announced in February 2023.

Ridgewood Infrastructure Outside Legal Counsel: Vinson & Elkins represented Ridgewood on the deal with a team that included partner Robert Seber (New York), senior associates Matt Hortenstine (New York), Alice Zhang (New York) and Jack Daum (New York). Additionally, partners David Peck (Dallas), Megan James (Dallas) and counsel Lauren Meyers (Dallas) contributed to the deal.

Ridgewood Infrastructure Placement Agent: Eaton Partners

Capital Markets/Credit

Liverpool Announces $1B Senior Notes Offering

Deal Description: El Puerto de Liverpool, a Mexico-based retailer, announced on Jan. 17 a new offering of Rule 144A/Regulation S senior notes worth $1 billion. The latest offering will comprise $500 million of senior notes at 6.255 percent due in 2032 and $500 million at 6.658 percent due in 2037. The Mexico-based retailer plans to use the proceeds from the offering to aid it in paying for its December 2024 announced agreement to acquire Nordstrom alongside the Nordstrom family for $6.25 billion.

Liverpool Outside Legal Counsel: Simpson Thacher & Bartlett advised Liverpool in the offering with a team that included partner Juan Francisco Mendez (New York), senior counsel Kirsten Davis (New York), associate Enrique Güijosa (New York) and international associate Begoña Rodriguez (Mexico City). Tax-focused partner Adam Arikat(Houston) and counsel Michael Mann (New York) also contributed to the deal.

HF Sinclair prices $1.4 billion of senior notes

Deal Description: Dallas-based HF Sinclair Corporation announced the pricing of its $1.4 billion offering of $1.4 billion in senior notes. The offering consists of $650 million in 5.750 percent notes due 2031 priced at 99.667 percent of principal and $750 million 6.250 percent notes due 2035 priced at 99.475 percent. The company intends to use cash raised to pay off a $350 million revolver for its subsidiary, Holly Energy Partners, and to fund a concurrent tender offer for notes due in 2026 and 2027.

HF Sinclair General Counsel: Eric Nicht (Dallas)

Bookrunning managers: BofA Securities, MUFG, SMBC Nikko, Wells Fargo Securities, Citigroup, Scotiabank, TD Securities and Truist Securities are acting as joint book-running managers for the offering. Barclays, Citizens Capital Markets, Comerica Securities, Goldman Sachs and PNC Capital Markets are co-managers.

HF Sinclair Outside Legal Counsel: Vinson & Elkins with a team led by partners Katherine Frank and David Stone, with assistance from associates Nick Wetzeler, Leah Powers, Janae Wilson, and Olivia Cahill. Also advising were partners Wendy Salinas and Ryan Carney and associate Katie Dillard (tax); partner Mike Bielby and associates Jalee Blackwell and Brad Rossiter (finance); and partner Matt Dobbins and associate Alyssa Sieja (environmental).

Houston American announced $4.42 million in private placement

Deal Description: Houston American Energy Corp. announced Jan. 22, that it is offering to institutional investors 2.6 million shares of its common stock for $1.70 per share. The company, formed 2001 to operate primarily in Colombia, is headquartered in Houston and has formed a partnership with Hupercol Meta. Through its membership interest in Hupecol Meta, Houston American now holds an approximately 16% interest in the Venus Exploration area and an approximately 8% interest in the remainder of the block. In the U.S. Houston American operates primarily in the Delaware Basin.

Placement Agent: Univest Securities

Houston American Outside Legal Counsel: Norton Rose Fulbright with a deal team led by Brian Fenske and Amelia Zhang and also included Lee McIntyre, Sloka Srisai Valleru Borrego and Alexia Thomas (Houston).

APA Announces A Pair of New Revolving Credit Facilities Worth $3.85B

Deal Description: APA Corporation, a Houston-based owner of consolidated subsidiaries that produce oil and natural gas globally, announced the addition of two new revolving credit facilities on Jan. 15. The new facilities include a $2 billion credit agreement and a £1.5 billion ($1.85 billion) credit agreement with JP Morgan named as the administrative agent on both agreements. The newly announced credit agreements replace APA’s previously announced contracts of $1.8 billion and £1.5 billion ($1.85 billion)., The move comes a week after the Houston-based firm announced a $3.6 billion exchange and tender offer, in which Bracewell also represented APA.

APA Corporation In-Hounse Counsel: Kimberly Warnica (Houston)

APA Corporation Outside Legal Counsel: Bracewell represented APA in the deal with a team that included partner Heather L. Brown (Houston) and associates Young June Jhe (New York) and Nour Haikal (Houston).

Blue Owl JV Announces $2.3 Billion Construction Loan for Abilene Data Center

Deal Description: Blue Owl Capital, a New York-based alternative asset manager, announced on Jan. 23 that it received a $2.3 billion construction loan that was arranged by JPMorgan for its $3.4 billion joint venture with Crusoe Energy and Primary Digital Infrastructure to develop a 206-megawatt 998,000 square foot data center in Abilene. Crusoe is a Denver-based firm that uses clean energy to power AI, data centers, cryptocurrency and other computing applications. While Primary Digital Infrastructure is an Austin-based financial services provider for firms operating data centers. The trio of companies initially announced the JV in Oct. 2024 and officially closed the agreement in Jan. 2025. In its Oct. 2024 announcement of the JV, the trio of companies shared that Blue Owl’s real estate team and Primary Digital Infrastructure will work to manage and finance the project while Crusoe will aid in the facility’s operation. Since the announcement, it has also been revealed that the center will be long-term leased by Austin-based and big tech firm Oracle. Furthermore, the data center is also expected to be an essential site for the federal government’s recently announced Project Stargate and bring close to $1 billion to Abilene’s economy over the next 20 years.

Blue Owl Capital Outside Legal Counsel: Kirkland & Ellis advised Blue Owl on closing the joint venture and the recent construction loan. The real estate-focused lawyers who advised on the closing of the JV included  David Rosenberg (Chicago), Andy Van Noord (Dallas), David Stanek (Chicago) and Tam Ho (New York). The lawyers who advised on the financings in the deal included real estate finance lawyers Kimberly McGrath (Chicago) and Kevin Donahue (New York) and debt finance lawyers Roald Nashi (Houston/Washington, D.C.), Linda Zang (New York) and Gregory Howling (New York).

Other Matters…

Independence Contract Drilling, a Houston-based drilling service provider primarily serving natural gas and oil-focused firms, announced on Jan. 20 that it has re-emerged as a private company following its Dec. 2024 Chapter 11 bankruptcy. Through this process, the company was able to eliminate more than $197 million of convertible debt and improve its working capital position. The Houston-based firm has also acquired an undrawn $30 million revolving credit facility to support its strategic plans following its re-emergence. Sidley Austin advised Independence. Latham & Watkins advised the convertible noteholders.

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