CDT Roundup: 14 Deals, 12 Firms, 185 Lawyers, $7.3B

ProFrac completed its initial public offering last week, raising about $290 million from public investors.  It was the first oilfield service company to go public in years. 

Granted, the issue priced at $18 per share, below its hoped-for target of $21 to $24, and fell on its first day of trading May 13. But it signals that investors are willing to step up and play in oilfield services after being generally absent for the last few years, according to Jim Wicklund, a longtime industry analyst and a former investment banker at Stephens.

Sector participants are certainly more upbeat. On a conference call last month, Olivier Le Peuch, the CEO of oilfield services giant Schlumberger, said that the industry is entering a period that is proving to be greater and longer “than previously anticipated” with higher prices for products and services across both North America and internationally.

But Le Peuch emphasized the defining characteristic of this upcycle would be the industry’s “newfound capital discipline” and “commitment to margin expansion.”

After some high profile bankruptcies in the sector, we will believe it when we see it.

Energy continues to dominate in deals reported to The Lawbook. Fully 10 of the 14 transactions worth $7.3 billion reported for the week ending May 21 were energy-related, including a $414 million deSPAC merger that will take public O&G portfolio assets owned by Grey Rock Investment Partners.

The 14 deals included 11 M&A transactions worth $6.6 billion and three CapM deals worth $675.5 million. The deals were worked by 185 mostly-Texas lawyers at 12 different firms.

That was far more favorable on the value side than the 11 deals for $307 million reported last week, but far less than the same week last year which saw 24 deals for $53.2 billion. Of course that week included the $43 billion AT&T spin-off of WarnerMedia to Discovery — a genuine blockbuster.

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 Count	Amount	Firms	Lawyers	M&A Count	M&A Value $M	CapM Count	CapM Value $M
June 25, 2022	15	$6,142	13	146	9	$2,017	6	$4,125
June 18, 2022	17	$11,890.1	14	228	15	$11,410	2	479.7
June 11, 2022	17	$7,600	12	123	10	$2,300	7	$5,300
June 4, 2022	12	$2,937	10	127	9	$692	3	$2,245
May 28, 2022	9	$3,197.6	11	86	9	$3,197.6	0	0
May 21, 2022	14	$7,284.5	12	185	11	$6,609	3	$675.5
May 14, 2022	11	$306.6	9	80	10	$306.6	1	$225
May 7, 2022	16	$10,451.75	12	108	12	$1,827	4	$8,624.75
April 30, 2022	16	$2,296.5	16	157	12	$895.5	4	$1,401
April 23, 2022	10	$2,241	11	58	8	$1641	2	$600
April 16, 2022	11	$6,643	7	156	8	$2,359	3	$4,284
April 9, 2022	17	$4,429	14	184	11	$1,690	6	$2,739
April 2, 2022	13	$1,755	8	84	10	$1,145	3	$610
March 26, 2022	11	$3,205	8	65	6	$200	5	$3,005
March 19, 2022	13	$2,239.17	9	106	13	$2,239.17	0	0
March 12, 2022	18	$12,016	11	239	15	$11,965	2	$51.35
March 5, 2022	17	$6,786	13	137	13	$5,161	4	$1,625
February 26, 2022	12	$5,095	8	149	9	$4,437.5	3	$658
February 19, 2022	17	$22,229	17	174	14	$21,354	3	$875
February 12, 2022	12	$2,344.7	10	73	8	$641.7	4	$1,703
February 5, 2022	11	$2,503	8	99	11	$2,503	0	0
January 29, 2022	11	$3,872	12	101	12	$3,872	0	0
January 22, 2022	13	$5,143.5	10	99	12	$4,842.5	1	$301
January 15, 2022	12	$7,605	9	155	9	$6,480	3	$1,025
January 8, 2022	13	$8,256.2	11	102	13	$8,256.2	0	0
January 1, 2022	9	$1,273.8	6	50	9	$1,273.8	0	0
December 25, 2021	21	$4,734.75	11	176	16	$3,410	5	$1,324.75
December 18, 2021	26	$7,325.2	15	193	18	$3,640.2	8	$3,685.2
December 11, 2021	16	$5,017	10	109	13	$1,417	3	$3,600
December 4, 2021	14	$2,310	8	86	8	$2,310	6	$1,882.05
November 27, 2021	9	$3.460.1	10	101	6	$1,758	3	$1,702.6
November 20, 2021	20	$22,792	15	157	12	$18,864.5	8	$3,928
November 13, 2021	21	$26,729	12	178	13	$11,822	8	$14,907
November 6, 2021	12	$8,303	13	157	10	$6,682	3	$1,621
October 30, 2021	21	$10,368	15	218	15	$9,24.4	6	$1,103.
October 23, 2021	21	$18.783.1	15	222	11	$12,314	10	$6,468.6
October 16, 2021	15	$3,868	11	118	15	$2,293	2	$1,575
October 9, 2021	20	$8,610	16	175	16	$7,795	4	$815
October 2, 2021	14	$6,250	11	137	10	$5,200	4	$1,050
September 25, 2021	11	$11,460	9	93	7	$10,200	4	$1,250
September 18, 2021	11	$16,603	8	99	8	$15,084	3	$1,519
September 11, 2021	17	$10,653	11	103	13	$8,503	4	$2,150
September 4, 2021	13	$7,222	10	89	11	$6,715	2	$507
August 28, 2021	12	$763	9	63	11	$663	1	$100
August 21, 2021	12	$29,659	7	79	11	$29,579	1	$80
August 14, 2021	22	$17,845	11	199	12	$12,805	10	$5,04
August 7, 2021	17	$13,670	12	139	15	$11,766	2	$1,904
July 31, 2021	21	$8,160	11	134	10	$3,574	10	$4,586
July 24,2021	21	$6,367	11	139	15	$3,712	6	$2,655
July 17, 2021	14	$4,009	11	124	12	$2,015	2	$1,994
July 10, 2021	16	$3,997	13	143	11	$1,597	4	$2,4
July 3, 2021	24	$7,492	13	94	16	$3,769	8	$3,722
June 26, 2021	10	$4,995	7	85	8	$3,847	2	$1,148
June 19, 2021	28	$16,830	8	228	9	$1,861	19	$14,968
June 12, 2021	26	$27,238	15	209	19	$25,602	7	$1,636
June 5, 2021	15	$15,539	13	100	13	$14,709	2	$600
May 29, 2021	35	$20,279	11	145	28	$18,64	7	$1,639
May 22, 2021	24	$53,208	14	174	17	$51,047	7	$2,161
May 15, 2021	18	$10,620	13	220	11	$5,870	7	$4,809
May 8, 2021	17	$10,400	11	156	15	$8,386	2	$2,500
May 1, 2021	21	$7,200	16	115	12	$3,808	9	$3,392
April 24, 2021	8	$20,200	9	31	8	$20,200	0	0
April 17, 2021	14	$6,270	8	102	11	$4,0180	3	$2,260
April 10, 2021	15	$8,940	13	129	14	$7,990	1	$950
April 3, 2021	18	$19,513	10	151	12	$16,923	6	$2,590
March 27, 2021	27	$13,942	15	244	14	$4,300	13	$9,633.5
March 20, 2021	11	$2,046	4	102	3	$270	8	$1,776
March 13, 2021	15	$3,270	9	109	6	$538	9	$2,732
March 6, 2021	24	$13,617	10	196	13	$10,395	11	$3,222
February 27, 2021	19	$8,105	12	139	15	$4,970	4	$3,135
February 20, 2021	9	$8,820	9	153	8	$8,520	1	$300
February 13, 2021	12	$4,852.6	7	81	7	2,766	5	$2,086.6
February 6, 2021	18	$9,752	13	153	14	$5,222	4	$4,530
January 30, 2021	18	$9,449	9	182	15	$8753.8	3	$695.3
January 23, 2021	14	$8,150	8	118	6	$4,000	8	$4,150
January 16, 2021	17	$6,783	13	138	11	$2,400	6	$4,382.9
January 9, 2021	22	$6,829	14	135	18	$3,139.3	4	$3,690
January 2, 2021	7	$1,466	7	60	7	$1,466	0	0
December 26, 2020	18	$15,900	12	163	16	$5,300	1	$600
December 19, 2020	18	$9,769	14	110	14	$8,426	4	$1,343
December 12, 2020	10	$7,200	9	100	9	$3,325	1	$3,830
December 5, 2020	15	$4,261	9	122	9	$2,780	6	$1,481
November 28, 2020	19	$7,758	10	110	13	$4,003	6	$3,755
November 14, 2020	14	$864.1	14	157	12	$289.1	2	$575
November 7, 2020	13	$6,332	9	129	9	$2,483.5	4	$3,849
October 31, 2020	10	$3,995.8	8	103	6	$3,231.1	4	$754.7
October 24, 2020	6	$18,100	6	58	5	$17,709	1	$350
October 17, 2020	8	$351.9	5	55	8	$351.9	0	0
October 10, 2020	7	$5,229	3	50	4	$735	3	$4,494
October 3, 2020	14	$21,428	9	173	9	$17,535	5	$3,893
September 26, 2020	10	$12,770	8	93	5	$10,300	5	$2,470
September 19, 2020	14	$8,365	9	101	6	$1,020	8	$7,345
September 12, 2020	6	$4,406	8	59	3	$1,270	3	$3,136
September 5, 2020	11	$5,191	8	117	9	$4,061	2	$1,130
August 29, 2020	11	$2,531	9	94	5	$1,130	6	$1,401
August 22, 2020	18	$6,574	12	140	7	$1,930	11	$4,644
August 15, 2020	13	$4,991	10	97	7	$1,216	6	$3,775
August 8, 2020	12	$32,092	11	112	9	$30,457	3	$1,635
August 1, 2020	7	$5,287	8	76	5	$3,687	2	$1,600
July 25, 2020	9	$18,751	6	67	7	$18,403	2	$348
July 18, 2020	6	$1,982.5	5	50	4	$1,407.5	2	$575
July 11, 2020	11	$565.1	12	75	10	$65.1	1	$500
July 4, 2020	10	$8,889	8	98	9	$8,788	1	$100.3
June 27, 2020	8	$6,874	10	50	5	$4,972.5	3	$2,081.5
June 20, 2020	12	$4,444	9	115	7	$2,829	5	$1,615
June 13, 2020	6	$3,582	4	37	2	$350	4	$3,232
June 6, 2020	11	$3,213.7	8	65	7	$470	4	$2,743.7
May 30, 2020	8	$7,335	7	48	6	$4,639	2	$2,697
May 23, 2020	4	$432.4	4	34	3	$432.4	1	0
May 16, 2020	6	$310	6	34	5	$310	1	0
May 9, 2020	18	$5,630	16	124	14	$3,180	4	$2,450
May 2, 2020	15	10,400	10	90	8	$1,900	7	$,8,500
April 25, 2020	8	$3,400	9	36	5	$1,000	3	$2,450
April 18, 2020	19	$9,500	14	92	8	$185.7	11	$9,360
April 11, 2020	12	$6,000	9	40	5	$190	7	$5,800
April 4, 2020	14	$8,200	11	68	10	$2,200	4	$6,000
March 28, 2020	16	$6,500	13	96	10	$3,700	6	$2,800
March 21, 2020	11	$11,910	7	33	7	$2,250	4	$9,960
March 14, 2020	7	809.8	6	34	6	684.8	1	125
March 7, 2020	16	$2,500	15	70	13	$669	3	$1,400
February 29, 2020	13	$15,260	13	128	11	$11,760	2	$3,500
February 22, 2020	12	$3,700	10	92	10	$2,560	2	$1,130
February 15, 2020	16	$1,250	10	84	12	$35	4	$1,222
February 8, 2020	18	$6,080	14	123	14	$2,595	4	$3,485
February 1, 2020	21	$20,900	12	101	14	$17,860	7	$3,060
January 25, 2020	13	$7,430	13	62	12	$6,430	1	$1,000
January 18, 2020	23	$9,580	15	120	19	$6,580	4	$3,000
January 11, 2020	21	$14,200	18	199	16	$1,020	5	$13,200
January 4, 2020	22	$6,400	11	119	16	$3,204	6	$3,245
December 28, 2019	22	$7,150	19	175	18	$6,800	4	$327.4
December 14, 2019	24	$36,300	23	167	19	$9,500	5	$26,800
December 7, 2019	11	$10,400	11	55	7	$1,082	4	$9,370
November 30. 2019	14	$2,450	12	126	12	$1,760	2	$692.5
November 23, 2019	16	$1,995	10	41	11	$615	5	$1,380
November 16, 2019	15	$3,820	13	135	11	$2,500	4	$1,271
November 9, 2019	25	$12,900	17	182	23	$12,200	2	$575
November 2, 2019	10	$2,470	12	61	9	2,450	3	$22
October 26, 2019	12	$5,560	14	70	11	$3,860	1	$1,700
October 19, 2019	8	$6,600	8	138	8	$6,600	0	0
October 12, 2019	19	$4,300	14	55	16	$3,800	3	$500
October 5, 2019	18	$14,500	19	166	15	$11,100	3	$3,400
September 28, 2019	19	$8,100	18	132	18	$7,560	1	$550
September 21, 2019	14	$6,300	16	66	11	$2,160	3	$4,170
September 14, 2019	15	$23,800	12	56	11	$21,250	4	$2,570
September 7, 2019	17	$3,500	15	98	14	$1,900	3	$1,600
August 31, 2019	5	$8,700	6	50	5	$8,700	0	0
August 24, 2019	16	$10,000	14	82	15	$4,250	1	$5,750
August 16, 2019	10	$1,680	5	52	7	$650	3	$950
August 9, 2019	17	$17,700	15	68	14	$3,900	3	$13,800
August 2, 2019	13	$5,760	12	108	13	$5,760	NA	NA
July 27, 2019	11	$7,300	13	76	8	$6,570	3	$730
July 20, 2019	13	$11,800	13	125	11	$5,300	2	$6,500
July 13, 2019	10	$775	7	46	8	$542.5	2	$233
July 6, 2019	7	$2,500	9	85	7	$2,500	0	0
June 29, 2019	23	$8,290	15	154	17	$2,300	6	$5,970
June 22, 2019	17	$10,700	10	139	14	$7,700	3	$3,000
June 15, 2019	11	$13,500	14	160	11	$13,500	NA	NA
June 8, 2019	13	$2,870	17	55	11	$1,570	2	$1,300
June 1, 2019	10	$4,460	11	60	8	$4,140	2	$315
May 25, 2019	17	$4,360	14	79	14	$3,700	3	$612
May 18, 2019	22	$9,000	17	150	16	$3,400	6	$5,600
May 11, 2019	18	$19,800	17	177	15	$18,300	3	$1,500
May 4, 2019	10	$7,075	6	32	8	$6,900	2	$175
April 27, 2019	15	$3,200	14	117	14	$3,160	1	$40
April 20, 2019	13	$13,500	10	90	9	$12,200	4	$1,300
April 13, 2019	16	$38,900	14	91	14	$37,800	2	$1,100
April 6, 2019	12	$6,870	11	94	10	$6,730	2	$50
March 30, 2019	15	$6,470	12	84	10	$7,91.5	5	$5,677
March 23, 2019	18	$6,450	14	91	14	$5,042	4	$1,408
March 16, 2019	14	$10,180	12	115	11	$8,800	3	$1,300
March 9, 2019	9	$1,800	6	49	8	$1,300	1	$500
March 2, 2019	20	$3,033	16	107	14	$1,817	6	$1,262
February 23, 2019	12	$2,040	8	69	9	$614.6	3	$1,430
February 16, 2019	16	$9,970	18	77	16	$9,970	0	0
February 9, 2019	14	$6,400	10	110	14	$6,400	0	0
February 2, 2019	18	$6,740	15	99	16	$5,720	2	$950
January 26, 2019	13	$2,770	11	67	11	$918.95	2	$1,850
January 19, 2019	15	$3,819	16	76	12	$2,594	3	$1,225
January 12, 2019	18	$7,283	14	92	15	$1,683	3	$5,600
January 5, 2019	10	$529	12	50	10	$529	0	0
December 22, 2018	17	$2,570	13	87	14	$941	3	$1,629
December 15, 2018	10	$2,860	8	26	8	$264	2	$2,600
December 8, 2018	15	$1,819	16	65	12	$552	3	$1,267
December 1, 2018	12	$7,500	10	90	9	$1,200	3	$6,200
November 28, 2018	15	$4,500	11	107	14	$4,000	1	$500
November 19, 2018	18	$6,137	13	98	13	$2,142	5	$3,995
November 14, 2018	18	$9,200	13	152	15	$8,500	3	$694
November 6, 2018	16	$17,300	16	183	14	$16,361	2	$950
October 29, 2018	14	$14,400	18	127	17	$13,800	1	$600
October 24, 2018	13	$6,140	13	126	11	$5,122	2	$1,018
October 17, 2018	18	$18,390	15	125	14	$12,292	4	$6,098
October 10, 2018	29	$3,149	18	104	20	$1,647	9	$819
October 2, 2018	18	$9,300	11	67	14	$7,300	4	$2,000
September 25, 2018	13	$7,000	11	75	10	$6,000	3	$995
September 18, 2018	9	$3,570	7	44	9	$3,570	0	0
September 11, 2018	13	$5,900	10	132	13	$5,900	0	0
September 7, 2018	14	$5,000	15	86	11	$4,000	3	$1,000
August 29, 2018	15	$20,700	14	79	13	$4,700	2	$16,000
August 20, 2018	10	$12,400	11	53	8	$11,380	3	$1,057
August 14, 2018	12	$19,900	12	132	9	$18,889	3	$1,011
August 7, 2018	16	$68,600	11	106	13	$67,259	3	$1,340
July 31, 2018	15	$15,100	15	95	11	$13,060	4	$2,060
July 23, 2018	13	$2,130	15	60	10	$1,804	3	$1,100
July 17, 2018	14	$5,370	17	98	9	$4,310	5	$1,100
July 9, 2018	16	$11,200	15	74	10	$11,080	6	$862
July 3, 2018	13	$7,000	7	81	12	$6,330	1	$750
June 25, 2018	15	$8,800	13	97	9	$4,970	6	$3,930
June 18, 2018	13	$14,200	14	80	7	$221	6	$14,290
June 11, 2018	12	$6,300	8	96	8	$5,910	4	$803
June 6, 2018	13	$14,500	10	88	8	$14,154	5	$579
May 31, 2018	11	$4,890	10	63	8	$3,240	3	$1,790
May 22, 2018	15	$20,400	11	63	9	$19,808	6	$885
May 15, 2018	15	$4,700	15	106	10	$3,900	5	$643
May 9, 2018	11	$1,400	13	88	9	$1,300	2	$560
May 1, 2018	8	$14,250	7	88	7	$13,400	1	$450
April 24, 2018	12	$5,300	6	61	11	$4,470	1	$800
April 17, 2018	9	$1,800	10	44	7	$2,330	2	$1,434
April 11, 2018	11	$2,500	8	32	6	$1,690	5	$809
April 3, 2018	15	$13,400	11	121	9	$12,020	6	$1,090
March 28, 2018	10	$4,000	10	92	7	$3,870	3	$215
March 19, 2018	17	$5,800	13	51	10	$590	7	$5,165
March 12, 2018	15	$3,130	11	43	11	$2,360	4	$788
March 6, 2018	19	$5,400	13	116	10	$1,530	9	$4,860
February 27, 2018	20	$6,600	13	69	14	$5,530	6	$1,030
February 19, 2018	15	$5,500	14	111	10	$3,990	6	$1,980
February 12, 2018	23	$10,900	17	157	12	$7,110	11	$3,840
February 5, 2018	16	$8,600	13	100	7	$1,330	9	$7,800
January 30, 2018	11	$12,600	11	68	5	$7,300	6	$4,982
January 24, 2018	19	$9,400	15	129	5	$2,010	14	$7,337
January 18, 2018	10	$6,280	8	49	2	$2,100	8	$4,188
January 9, 2018	12	$16,500	12	92	9	$15,890	3	$475
January 3, 2018	10	$2,500	9	47	8	$2,350	2	$150
December 27, 2017	15	$9,000	15	113	9	$7,568	6	$1,784
December 18, 2017	15	$13,800	16	164	9	$13,010	7	$1,118
December 11, 2017	14	$9,700	10	126	12	$2,940	4	$8,500
December 4, 2017	6	$1,800	6	31	5	$1,510	1	$300
November 28, 2017	7	$3,850	8	76	4	$3,260	3	$285
November 16, 2017	10	$2,700	10	48	6	$1,840	4	$856
November 8, 2017	15	$2,380	17	91	10	$1,860	5	$516
November 1, 2017	12	$4,700	17	94	9	$3,400	4	$1,300
October 23, 2017	15	$10,500	10	67	10	$9,780	4	$1,530
October 18, 2017	6	$2,000		37	3	$225	3	$1,820
October 10, 2017	12	$6,570		100	9	$3,880	3	$3,360
October 2, 2017	8	$3,100	11	19	3	$1,630	5	$1,750
September 25, 2017	8	$4,880	8	79	5	$2,660	5	$2,070
September 18, 2017	9	$4,770			3	$300	6	$4,470
September 12, 2017	11	$4,430			8	$2,030	3	$2,400
September 1, 2017	4	$1,310			3	$317	1	$1,000
August 23, 2017	11	$13,640	9		8	$11,840	3	$1,800

M&A/FUNDINGS

Centennial Resource acquires Colgate Energy for $3.9B

Deal Description: Publicly traded Centennial Resource Development Inc. and private equity-backed Colgate Energy Partners III announced plans May 19 to combine in a merger-of-equals that values Colgate at $3.9 billion. The move would create a $7 billion pure-play in the Delaware Basin within the Permian Basin of West Texas and southern New Mexico. For more on the deal, click here.

ArcLight buys quarter of Gulf Coast Express Pipeline from Targa for $857M

Deal Description: ArcLight Capital Partners announced May 17 it completed the acquisition and financing of a Targa Resources Corp. unit that owns a 25 percent equity interest in Gulf Coast Express Pipeline for $857 million. GCX is a natural gas pipeline with 2.02 billion cubic feet per day of capacity that is underpinned by shippers under long-term, committed contracts. GCX is operated by Kinder Morgan Inc. and provides residue gas takeaway service from the Permian Basin to U.S. Gulf Coast end-markets, including emerging demand regions such as the liquefied natural gas export market in South Texas.

ArcLight’s Outside Counsel: Latham & Watkins led by partners Chris Cross and Justin Stolte with associates Julian Azran, Denny Lee, Omar Shariff and Haley Sandoval. The finance team was led by partner Warren Lilien with associates Cameron Lyons, Dominika Kovacicova and Jessica Lietz. Advice was provided on tax matters by partner Katharine Moir with associate Alexander Farris; on regulatory matters by partner Patrick Nevins; on environmental matters by partner James Barrett and counsel Josh Marnitz; on benefits and compensation matters by partner Brad Williamson, with associate Alisa Hand; on real estate matters by partner Robert Frances; and on antitrust matters by partner Jason Cruise.

ArcLight’s Financial Advisor: Macquarie Capital (USA) Inc.

BKV acquires Barnett Shale assets from XTO/ExxonMobil for $750M

Deal Description: BKV Corp. announced May 20 that its unit have signed definitive purchase and sale agreements to acquire natural gas upstream and associated midstream infrastructure in the Barnett Shale region of North Texas from XTO Energy Inc., a unit of ExxonMobil Corp., for $750 million. The assets include around 160,000 gross acres and 2,100 wells with operator positions.

Expected Closing: Q2 of 2022

BKV’s Outside Counsel: Baker Botts including, from global projects/corporate, Julie Mayo (partner, Houston), Erica Youngstrom (senior associate, Houston), Ryan Chastain (associate, Houston), Andrew Crayden (associate, Houston), Samantha Crispin (partner, Dallas) and Elaine Walsh (partner, Washington, D.C.). On antitrust: Jeffrey Oliver (partner, Washington, D.C.), Michael Bodosky (special counsel, Washington, D.C.) and on international trade: Matt West (partner, Washington, D.C.).

BKV’s Other Outside Counsel: Fox Rothschild

BKV’s In-House Counsel: Lindsay Larrick, VP and general counsel in Denver

ExxonMobil’s In-House Counsel: Its GC is Craig Morford

Diamondback to buy rest of Rattler Midstream for $575M

Deal Description: Diamondback Energy Inc. and Rattler Midstream announced May 16 that they agreed for Diamondback to acquire all of the publicly held common units representing the limited partner interests in Rattler that it doesn’t already own. Enverus estimated the deal’s value at $575 million. The agreement is an all-stock transaction in which each public unit holder of Rattler would receive 0.113 of a share of common stock in Diamondback in exchange for each Rattler common unit owned, which implies a 17.3 percent premium for Rattler common units based on the closing prices of Rattler’s common units and Diamondback’s common stock as of May 13. The deal values all of Rattler at $2.2 billion. CEO Travis Stice said in the release that the energy landscape has transformed dramatically since Rattler was taken public in 2019 and management believes the agreement to merge companies is in the best interests of Diamondback and Rattler stakeholders and will allow both to benefit from simplicity and scale. The agreement was announced almost three years to the day of the midstream partnership’s $765 million IPO, Enverus said.

Expected Closing: Q3 of 2022

Diamondback’s Financial Advisor: J.P. Morgan Securities including Andrew Costaldo in New York and Jonathan Cox in Houston

Diamondback’s Outside Counsel: Akin Gump Strauss Hauer & Feld including partners John Goodgame, Lisa Hearn and Alison Chen, counsel Leana Garipova, senior counsel Irina Maistrenko and associate Anthony Hilbert

Rattler’s Conflicts Committee’s Financial Advisor: Evercore including Ray Strong, Will Hiltz, John McGraw, Ricky Kuruvilla, Peter Sitterle and Dan Hotez

Rattler’s Conflicts Committee’s Outside Counsel: Gibson, Dunn & Crutcher including partners Hillary Holmes and Tull Florey and associates Stella Tang, Abby Joens-Witherow and Caitlyn Fiebrich with partner Brian Lutz on securities aspects

SPAC PropTech combines with Renters Warehouse

Deal Description: PropTech Investment Corp. II, a publicly traded special purpose acquisition company targeting businesses in the real estate technology industry, announced May 17 it agreed to merge with RW National Holdings, the parent holding company of Renters Warehouse. The combined company will have an estimated post-transaction enterprise value of $416 million consisting of an estimated equity value of $575 million, $159 million in cash and no debt, assuming no redemptions by PropTech II public stockholders. Cash proceeds of $330 million raised will consist of PropTech II’s $230 million of cash in trust and a committed equity facility of $100 million from CF Principal Investments, an affiliate of Cantor Fitzgerald & Co. Doing business as Appreciate, the target claims to be a leading end-to-end single family rental marketplace and management platform. Upon closing, PropTech II will be renamed Appreciate and will remain listed on the Nasdaq Capital Market under the new ticker symbol “SFR.”

Expected Closing: Q3 of 2022

PropTech’s Outside Counsel: Kirkland & Ellis led by corporate partners Patrick Salvo in Austin and Doug Ryder in New York and associates Gabrielle Sumich in Houston and Lauren Stelck in Austin and capital markets partners Christian Nagler in New York, Julian Seiguer in Houston and Wayne Williams in Chicago and associate Anthony Sanderson in Houston.

PropTech’s M&A Advisor: Northland

PropTech’s Capital Markets Advisor: Cantor Fitzgerald & Co.

CF Principal’s Outside Counsel: King & Spalding

PropTech II/Appreciate’s Investor Relations/PR advisor: Gateway Group

Appreciate’s Financial Advisor: Moelis & Co.

Appreciate’s Outside Counsel: Winthrop & Weinstine and Faegre Drinker Biddle & Reath

SPAC Executive Network to buy Grey Rock’s O&G assets with gross proceeds of $414M

Deal Description: Special purpose acquisition company Executive Network Partnering Corp. announced May 16 it agreed with Dallas-based Grey Rock Investment Partners to complete a $1.3 billion business combination resulting in the formation of publicly traded Granite Ridge Resources Inc. Once it clears ENPC stockholders, Granite Ridge intends to be listed on the NYSE under the ticker symbol “GRNT” upon closing, which is expected to occur later this year. Grey Rock will contribute oil and gas assets held in its Fund I, Fund II and Fund III to Granite Ridge in exchange for equity. Grey Rock won’t receive any cash proceeds and will roll all of its equity into the company. Gross proceeds of $414 million held in the trust account will be transferred to Granite Ridge for growth capital purposes, including future acquisitions. Granite Ridge will be led by CEO Luke Brandenberg and CFO Tyler Farquharson. Grey Rock will continue to help manage the assets post-transaction and may take 25 percent of any acquisitions.

ENPC’s Outside Counsel: Kirkland & Ellis led by corporate partners Thomas Laughlin in Dallas, Will Boothby and Peter Martelli in New York and Randy Santa Ana in Houston and associates Parker Collins in Dallas, Josh Rocha in Austin and T.J. Collins in Dallas. The rest of the Texas-based team included capital markets partners Julian Seiguer and Anne Peetz and associate Tony Flor; and real assets partner Danny Nappier and associates Jonathan Strom and Sean Valentine.

Grey Rock’s Outside Counsel: Holland & Knight led by corporate partners Jeremiah Mayfield and Amy Curtis with Roger Aksamit leading the tax structuring. They were assisted by partners Hunter White, Nathan Stone, Mark Melton, Brandon Bloom, Tony Campiti, Kerry Halpern, Ashley Phillips and John Dierking, of counsel James McKellar and associates Heath DeJean, Ricky Alvarado, Cameron Haltom, Richard Jaramillo, Mark Jones, Aaron Powell, Anna Boyer, Ross Tuminello and Leslie Reynolds.

Grey Rock’s Financial Advisor: Evercore, including Santiago Garavito and Curtis Flood in Houston

ENPC’s Financial Advisor: Stephens Inc.

Stephens’ Outside Counsel: Baker Botts including Houston corporate partner Doug Getten and special counsel Lakshmi Ramanathan, Dallas associate Derek Gabriel and Houston associate Chelsea Johnson

Notes: ENPC chairman Paul Ryan is the former speaker of the U.S. House of Representatives. One of Grey Rock’s founders is Griffin Perry, the son of former Texas governor and onetime U.S. presidential candidate Rick Perry.

Infinitum Electric raises $80M in Series D funding led by Riverstone Holdings

Deal Description: Infinitum Electric, creator of the sustainable air-core motor, announced May 17 that it raised $80 million in Series D funding to scale production to meet increasing demand. Riverstone Holdings led with Alliance Resource Partners, Applied Ventures, the venture capital arm of Applied Materials Inc., and existing investors Cottonwood Technology Fund, Chevron Technology Ventures, Aventurine Partners, Energy Innovation Capital and Ajax Strategies participating. The company’s funding to date to $135 million. Other current shareholders include industry leaders Rockwell Automation and Caterpillar Venture Capital. Infinitum will use the investment to vertically integrate and automate production of its motors for the commercial and industrial market segments and complete development and commercialization of a traction motor for the electric vehicle market, where its power density can extend the range of electric vehicles. Infinitum plans to expand production out of its facility in Tijuana, Mexico, and double its U.S. workforce in 2022 with an additional 50 employees across its Round Rock, Texas, and Spokane, Washington, offices. Infinitum moved its headquarters to a larger facility in Round Rock to support the company’s growth and expanding operations.

Riverstone’s Outside Counsel: Vinson & Elkins led by Dan Komarek, Abby Branigan, Ted Belden and Elisie Lee. Other team members included Devika Kornbacher and Alexa Chally.

Infinitum’s Placement Agent: Evercore including David Andrews and Zac Marsalis in Houston

Bansk to buy haircare brands Amika and Eva NYC

Deal Description: Bansk Group, a consumer-focused private investment firm, announced May 12 that it agreed to acquire a majority stake in Amika and Eva NYC. Terms of the transaction weren’t disclosed. Founded in 2009, Amika is one of the largest independent haircare brands in the U.S. Eva NYC, founded in 2012, has become one of the fastest growing “masstige” (mass produced yet prestigious) haircare brands in the U.S. Both brands are climate neutral certified and sustainably-minded with cruelty-free products and recycled plastic or aluminum packaging. Amika and Eva NYC will continue to operate as individual brands under their respective brand presidents, Chelsea Riggs and Jane Moran. In partnership with Bansk, the brands will seek to expand their reach across customers, channels and geographies. The brands are expected to reach a combined $150 million in sales this year, Women’s Wear Daily reported citing industry sources. Amika and Eva NYC will be Bansk’s second and third acquisitions in the beauty category, following the firm’s 2020 acquisition of Ethique.

Amika and Eva NYC’s Outside Counsel: Sidley Austin including M&A partners Katy Lukaszewski in Houston and David Grinberg in Century City

Bansk’s Outside Counsel: Davis Polk & Wardwell

Amika and Eva NYC’s Financial Advisor: Financo | Raymond James 

Bansk’s Financial Advisor: Jefferies

JERA buys thermal power generation projects from Stonepeak

Deal Description: Japan’s JERA Co. Inc., through its unit JERA Americas Inc., bought thermal power generation projects in New England from Stonepeak for undisclosed terms. The acquisition is expected to be finalized upon completion of all necessary approval and authorization procedures. The two projects, with a capacity of 1.63 gigawatts, are the Canal Thermal Power Station in Massachusetts and the Bucksport Thermal Power Station in Maine.

Stonepeak’s Outside Counsel: Sidley including a Houston team made up of Tim Chandler, energy partner, and Zack Pullin, tax partner; Alexander Tanton, senior managing associate; Chanse Barnes, managing associate; and Sarah O’Brien and Konnor Rodriguez, associates

Skylark backs USA Automotive

Deal Description: Skylark Private Equity Partners, an entrepreneur-centric lower middle-market private equity firm, announced May 12 it formed USA Automotive Partners together with management and USA Automotive acquired Caldwell Automotive Partners, an “upfitter,” or modifier, and dealer of law enforcement and other vehicles for local, state and federal government entities. Skylark claims CAP is the number one dealer in the U.S. for government vehicles. Skylark’s investment will accelerate CAP’s growth through investments in facilities, talent and product extensions.

Skylark’s Outside Counsel: Foley & Lardner led by Glenn Singleton and including Emma Blumer, Justin Cajero, Cynthia Harkness, Clifton Dugas and Carrie Hoffman

MPLX forms JV with Whitewater, EnLink, Devon to build pipeline

Deal Description: WhiteWater, EnLink Midstream, Devon Energy Corp. and MPLX announced May 19 they reached a final investment decision to move forward with the construction of the Matterhorn Express Pipeline after having secured sufficient firm transportation agreements with shippers. The Matterhorn has been designed to transport up to 2.5 billion cubic feet per day of natural gas from Waha, Texas, to the Katy area near Houston. Supply for the Matterhorn will be sourced from multiple upstream connections in the Permian Basin, including direct connections to processing facilities in the Midland Basin and a direct connection to the Agua Blanca Pipeline, a joint venture between WhiteWater and MPLX. The Matterhorn is expected to be in service in the third quarter of 2024 pending regulatory and other approvals.

MPLX’s Outside Counsel: Morgan Lewis including partners Sameer Mohan and Conor Larkin and associates Randall Bentley and Kelsey Warren

WhiteWater’s Outside Counsel: Simpson Thacher & Bartlett including partners Shamus Crosby and Breen Haire and associates Kyle Kreshover, Matthew Callison and Emiley Dillon (Houston – corporate); and partner Nancy Mehlman and associate Tyler S. Robbins (New York – tax)  

CAPITAL MARKETS/FINANCINGS

ProFrac prices $288M IPO

Deal Description: ProFrac Holding Corp. announced May 12 the pricing of its initial public offering of 16 million shares of its Class A common stock at $18 per share. The shares are traded on the Nasdaq Global Select Market under the ticker symbol “PFHC.” ProFrac granted the underwriters a 30-day option to purchase up to an additional 2.4 million shares of its Class A common stock. ProFrac intends to use $273.4 million of net proceeds, or $313.8 million if the underwriters exercise their option in full, to repay certain outstanding indebtedness and for general corporate purposes. Founded in 2016 by the billionaire Dan and Farris Wilks brothers, ProFrac is a service provider for exploration and production companies’ most demanding hydraulic fracturing needs.

Expected Closing: May 17

Underwriters: J.P. Morgan, Piper Sandler and Morgan Stanley

Underwriters’ Outside Counsel: Latham & Watkins with a corporate team led by Austin partner David Miller, New York partner Jason Ewart and Houston partner Monica White, with Houston associates Jessica Sherman, Sarah Dunn and Nathaniel Bass and New York associate Jacob Weiner. Advice was provided on tax matters by Houston partner Bryant Lee and Houston associate Emily Fawcett; and on environmental matters by Los Angeles counsel Joshua Marnitz.

ProFrac’s Outside Counsel: Vinson & Elkins including partners Michael Telle and Scott Rubinsky in Houston as well as senior associates Amy Deroo and Jing Tong and associates Walt Baker, Phil Greenfield, Chloe Schmergel, Elisie Lee and Emily Kercheville; partner Lina Dimachkieh, senior associate Brian Russell and associate Lauren Neiman (tax); partner Guy Gribov, counsel Caitlin Lawrence, senior associate Alex Kamel and associate Joe Higdon (finance); partner David D’Alessandro, counsel Dario Mendoza and associate Madison Riddick (executive compensation/benefits); and partner Matt Dobbins and associate Simon Willis (environmental).

Service Compression attracts $215M in financing from Crestline

Deal Description: On May 17, Service Compression announced the closing of a committed financing of up to $215 million of first lien senior secured credit facilities with affiliates of Crestline Investors Inc. The company plans to direct the net proceeds to acquire additional wellhead compression in the Permian Basin and the kickoff of a newbuild electric-driven wellhead compression program.

Service Compression’s Outside Counsel on Finance: Baker Botts including, from corporate, Jon Platt (partner, Dallas) and Rusty Shellhorn (associate, Dallas); from finance, Shad Sumrow (partner, Dallas), James Bedotto (senior associate, Dallas) and Regan Vicknair (associate, Houston); on tax Josh Mandell (partner, Dallas) and Jordan Hahn (senior associate, Dallas); and on benefits Jason Loden (partner, Dallas) and Gabriela Alvarez (associate, Houston)

Service Compression’s Outside Counsel on Acquisition: Bigbee & Curtis Law including Ryan Bigbee and Cassy McGinnis

Service Compression’s Financial Advisor: Imperial Capital

Crestline’s Outside Counsel: Haynes and Boone including, from finance, Austin Elam (partner, Houston), Kim Mai (partner, Houston), Elizabeth Felicidario (associate, Houston) and Grant Armentor (associate, Houston); from corporate, Matt Fry (partner, Dallas) and Valisa Berber-Thayer (associate, Houston); and, on employment, Raquel Alvarenga (partner, Dallas) and Christina Gad (associate, Houston)

Global Blockchain Acquisition SPAC raises $172.5M

Deal Description: Global Blockchain Acquisition Corp., a special purpose acquisition company, launched its initial public offering May 9, issuing 17.25 million units at an offering price of $10 per unit. Each unit consisted one share, one redeemable warrant and one right. The IPO was expected to close May 12. Global Blockchain is a blank check company organized for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or other similar business combination with one or more businesses or entities. While the company may pursue an initial business combination target in any business, industry or geographical location, it intends to focus its search on businesses that are focused on blockchain related technology, economy, industries and solutions. The company is led by CEO Max Hooper and CFO Jonathan Morris.

I-Bankers Securities’ Outside Counsel: Shearman & Sterling including partners Bill Nelson In Houston, Alain Dermarkar in Dallas, Taylor Landry In Houston and Jennifer Morton in New York and Dallas associates Sara Prendergast, Emily Kelly and Taylor Pugliese

Global Blockchain’s Outside Counsel: ArentFox Schiff with the lead lawyers in Washington, D.C. (Ralph De Martino and Cavas Pavri)