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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, 13 Firms, 115 Lawyers, $7.9B

December 20, 2022 Claire Poole

Despite a slowing global economy, M&A dealmakers are an optimistic bunch, with 62 percent of respondents to a recent Mergermarket survey expecting overall levels of M&A activity to increase over the next year.

All respondents – Mergermarket polled dealmakers from 225 corporate and 75 private equity firms – are expecting to undertake deal activity over the next 12 months, and 42 percent anticipate doing four or more deals.

The mid-market is expected to dominate, according to the survey report. More than three-quarters of respondents (78 percent) anticipate undertaking a mid-market transaction (worth less than $2 billion) in the next 12 months.

While corporate dealmakers are increasingly preoccupied with the economy, increasing inflation and geopolitical risks, private equity investors are still sitting on unprecedented amounts of dry powder. As a result, private equity dealmakers are notably more optimistic about their deal activity, with 64 percent expecting to undertake four or more deals over the next 12 months, compared with 34 percent of corporates.

The ups and downs of the energy commodities market over the past few years have created unfavorable conditions for M&A in the energy, mining and utilities sector, per the report. As a result, nearly one in five (19 percent) of those surveyed said they expect the industry to see the lowest growth in the next year.

On top of the slowing economy, previously soaring energy prices now appear to have peaked and the ongoing conflict in Ukraine is driving uncertainty about the short- to-medium term outlook for large parts of the sector, the report said.

Technology, media and telecom once again are expected to be especially dominant, with over a third of respondents (38 percent) picking the sector as showing the highest growth in deal activity in the next 12 months. The business and financial services industries are also set to see a healthy level of dealmaking over the next 12 months, with 23 percent of respondents expecting to see the highest growth.

Like energy, however, pharmaceuticals, medical and biotech – previously considered as a potentially hot area for M&A activity – is now forecast to deliver paltry growth as well as the real estate and construction sector.

The week ending Dec. 17 saw 14 deals reported for a value of $7.9 billion. Compare that to last week’s 14 deals for $10 billion, and 26 deals for $7.3 billion this time last year.

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

M&A/FUNDINGS

Advent acquires Maxar Technologies for $6.4B

Deal Description: Publicly traded Maxar Technologies, a provider of space solutions and geospatial intelligence, announced Dec. 16 that it agreed to be acquired by Boston private equity firm Advent International for $6.4 billion. Under the terms of the agreement, Advent agreed to acquire all outstanding shares of Maxar common stock for $53 per share in cash, a 129 percent premium over Maxar’s closing stock price of $23.10 on Dec. 15 and a 34 percent premium over Maxar’s 52-week high. The deal includes a 60-day “go-shop” period expiring on Feb. 15 in which Maxar will actively initiate, solicit and consider alternative acquisition proposals from third parties. Advent arranged debt and equity financing commitments, including $3.1 billion from Advent and $1 billion from British Columbia Investment Management Corp. As a private company, Westminster, Colo.-based Maxar said it will be able to accelerate investments in next-generation satellite technologies and data insights vital to its government and commercial customers and pursue M&A to enhance its solutions. With $28 billion invested across the defense, security and cybersecurity sectors over the last three years, Advent’s portfolio companies support many satellite and defense platforms that serve the U.S. government and its allies and global companies.

Expected Closing: mid-2023 if it clears Maxar stockholders and regulators

Maxar’s Financial Advisor: J.P. Morgan Securities

Maxar’s Outside Counsel: Wachtell, Lipton, Rosen & Katz and Milbank (space industry and regulatory)

Advent’s Financial Advisors: Goldman Sachs & Co. and Morgan Stanley & Co.

Advent’s Outside Counsel: Weil, Gotshal & Manges led by Dallas partner James R. Griffin and including counsel Claudia Lai; and Covington & Burling (regulatory)

BCI’s Outside Counsel: Skadden, Arps, Slate, Meagher & Flom and Freshfields Bruckhaus Deringer (regulatory)

NET Power in $535M merger with SPAC Rice Acquisition II

Deal Description: Rice Acquisition Corp. II, a special purpose acquisition company focused on supply-side decarbonization solutions, and NET Power announced Dec. 14 they agreed to merge to accelerate deployment of NET Power’s technology that delivers clean, reliable and low-cost power from natural gas. The company will be named NET Power Inc. and will be listed on the NYSE under the ticker symbol “NPWR.” The combination has an enterprise value of $1.459 billion. The transaction is expected to provide NET Power with $535 million of cash net of transaction fees consisting of $347 million of cash in trust, of which $10 million is subject to a non-redemption agreement, and $225 million of PIPE commitments. Total committed investment of $235 million is made up of $100 million from the Rice family and affiliates through a $90 million PIPE commitment and $10 million non-redemption agreement and PIPE commitments of $100 million from Occidental, $5 million from 8 Rivers, $5 million from Constellation and $25 million from other investors. Upon closing, Ron DeGregorio, current CEO of NET Power, will be succeeded by Danny Rice, director of RAC II and former CEO of Rice Energy Inc.

Expected Closing: Q2 2023

Rice Acquisition II’s Financial Advisors: Guggenheim Securities and Barclays Capital Inc.

Rice Acquisition II’s Outside Counsel: Kirkland & Ellis led by corporate partners Cyril Jones, David Feirstein and Jennifer Gasser, capital markets partners Lanchi Huynh, Matt Pacey and Noah Allen, technology and IP transactions partners Daniel Lewis and Rory Wellever, IP partner Ellisen Turner and executive compensation partners Stephen Jacobson and Jabir Yusoff

NET Power’s Financial/Capital Markets Advisor: Credit Suisse Securities

NET Power’s Outside Counsel: Mintz, Levin, Cohn, Ferris, Glovsky and Popeo

Rice Acquisition II’s Capital Markets Advisors: Barclays Capital Inc. and Citigroup Global Markets Inc.

Placement Agents on PIPE: Barclays Capital Inc. and Citigroup Global Markets Inc. (leads) and Credit Suisse Securities (co-lead)

Capital Markets Advisors/Placement Agents’ Outside Counsel: Vinson & Elkins led by partners Ramey Layne and Brenda Lenahan with assistance from partners Steve Gill and Robert Kimball and associates Johnathan Nixon, Jake Lubenow, Kelli Westmoreland and Taylor Kim. Others included counsel Rajesh Patel and associate Alexa Chally (technology transactions/IP); partner David D’Alessandro, counsel Regina Ibarra and associate Brian DeShannon (executive compensation/benefits); partner Maggie Peloso and associates Kelly Rondinelli and Hannah Flesch (environmental); partner Sean Becker and associate Peter Goetschel (employment/labor); associate John Larbalestier (energy transactions/projects); partner Mike Tomsu and associate Steve Weinberger (energy regulatory); and partners Rebecca Fike and Fry Wernick, counsel Elizabeth McIntyre and senior associate Brian Howard (litigation).

Occidental’s Outside Counsel: White & Case led by capital markets partner A.J. Ericksen and M&A partner Emery Choi, both in Houston. The team also included capital markets associate Rachel Collier and project development and finance associate Clint Farha in Houston.

Notes: White & Case said since 2020 its SPAC team has led more than 50 SPAC business combinations valued at over $90 billion.

Lifezone Metals in $318M merger with SPAC GoGreen Investments

Deal Description: Lifezone Metals, a developer of clean battery metals, announced Dec. 13 that it entered into a definitive agreement for a business combination with GoGreen Investments, a publicly listed special purpose acquisition company. The transaction values the combined company at a pro forma implied equity value of about $1 billion with total net proceeds of $318 million. The transaction will create the first nickel resource and green technology company listed on the New York Stock Exchange. Upon completion of the proposed transaction, the combined company will operate under the “Lifezone Metals” name and be listed on the NYSE under the ticker symbol “LZM.” Including the net proceeds from the transaction and existing cash on Lifezone’s balance sheet, Lifezone would have $357 million in cash at transaction close, which is expected to help fund its future growth and transition into its commercialization phase in 2026. New strategic and institutional investors committed $70 million in a common equity PIPE at $10 per share. BTIG and Sprott Capital Partners were placement agents for the PIPE financing.

GoGreen’s Outside Counsel: Latham & Watkins led by Houston partners Ryan Maierson and Nick Dhesi, with associates Dan Harrist, John Daywalt, Jordan Mack, Wole Oluborode and Zek Zhang. Advice was also provided on tax matters by Houston partner Jared Grimley, with Houston associate Mike Rowe, and on benefits and compensation matters by Houston counsel Krisa Benskin, with Houston associate Dane Rebkowec.

Other Advisors: Sprott Capital Partners was financial and capital markets advisor to GoGreen; Skadden, Arps, Slate, Meagher & Flom (UK) was legal counsel to the placement agents; RBC Capital Markets was financial adviser and Travers Smith was UK legal counsel and Cravath, Swaine & Moore was U.S. legal counsel to Lifezone Metals; and Mayer Brown was legal counsel to RBC Capital Markets.

EDF Renewables sells stake in PowerFlex to Manulife for $100M

Deal Description: PowerFlex, an EDF Renewables North America affiliate and a national provider of intelligent solar, storage and electric vehicle charging solutions for commercial and industrial customers, announced Dec. 13 a $100 million investment from Manulife Investment Management on behalf of investors. Manulife IM will also acquire a portfolio of operational distributed solar generation and storage projects developed by PowerFlex. EDFR will keep a controlling stake in PowerFlex following closing. PowerFlex is one of the largest developers and installers of commercial solar in the U.S., with more than 400 megawatts in service. The company has deployed and operates around 10,000 chargers and its clients include the Los Angeles International Airport, PepsiCo and Bloomberg. It is a solar developer for Prologis, an industrial real estate company, including rooftop and carport solar systems at 70 sites.

EDFR’s Outside Counsel: Latham led by Washington, D.C./Houston M&A partner Ethan Schultz along with New York partner David Owen and associates Daley King, Matt de Bernardo and Jordan Wampler. Advice was also provided on tax matters by Houston partner Jim Cole with associate Andrea Herman.

RCI buys five adult nightclubs in Texas for $66.5M

Deal Description: Publicly traded RCI Hospitality Holdings Inc. announced Dec. 13 the signing of definitive agreements to acquire two Baby Dolls and three Chicas Locas adult nightclubs and their associated real estate in Dallas-Fort Worth and Houston for $66.5 million. The price includes $25 million in cash; 10-year, 7 percent seller financing notes totaling $25.5 million; and 200,000 restricted shares of common stock based on a per share price of $80. The acquisition would be Houston-based RCI’s second largest since its founding and one of the largest in the history of the adult nightclub industry. The buyer expects that the EBITDA contribution would be $11 million in the first year. Four locations are open, a fifth will reopen shortly after a full remodel, and RCI anticipates expanding operations of two of the locations. Once the remodeling and expansions are complete, EBITDA is expected to grow to $14 million to $16 million annually.

Expected Closing: January

RCI’s Outside Counsel: Robert Axelrod at Axelrod & Smith in Houston

Sellers’ Outside Counsel: Charles Quaid at Quaid Farish in Dallas

Riata Capital invests in Salon Republic

Deal Description: Riata Capital Group, a Dallas-based private equity investment firm, announced Dec. 12 that it made a strategic investment in Salon Republic in partnership with founder and CEO Eric Taylor and the company’s management team. Terms were not disclosed, although the firm targets equity investments of $25 million to $150 million in companies with $5 million to $30 million in EBITDA. Salon Republic is an operator of company-owned salon suites that provides individual salon studio venues and value-added services to beauty care professionals in upscale environments. Riata’s investment will support Salon Republic’s geographic expansion and strategic growth plans. Based in Woodland Hills, Calif., Salon Republic operates 24 salon suite locations and supports 2,500 professions across seven major markets in four western states. The Riata principals have deployed $2 billion of capital into more than 200 acquisitions totaling in excess of $6.8 billion in transaction value.

Riata’s Outside Counsel: Vinson & Elkins with an all-Texas team led by partner Peter Marshall and counsel Abby Branigan with assistance from associates Ted Belden, Luke Strieber and Leah Powers. Also assisting were partner Chris Dawe and associates Frank George, Bryce Imhoff and Payton Hampton; partner Sarah Mitchell and senior associate Alexander Baker; partner Jim Meyer, senior associate Brian Russell and associate Tyler Underwood; and senior associate Ken Adler.

Aligned Data Centers acquires ODATA

Deal Description: Aligned Data Centers announced Dec. 13 it agreed to acquire ODATA – a data center service provider offering IT infrastructure in Latin America – from Patria Investments and other selling stakeholders. Terms weren’t disclosed. In connection with the acquisition, Aligned, which is majority owned by fMacquarie Asset Management, agreed to receive a structured minority investment in ODATA from SDC Capital Partners, an operationally focused digital infrastructure investment firm with experience developing, owning and operating hyperscale data centers globally, including in Latin America. The transaction marks Aligned’s expansion into Latin America and will position it as one of the largest private data center operators in the Americas with a footprint spanning 2 gigawatts across 30 sites at full buildout. ODATA has operational facilities located across Brazil, Colombia, Mexico and Chile as well as additional data centers under development across the region. The transaction is being funded by Aligned alongside a preferred equity investment from funds managed by SDC and SMBC, MUFG, Deutsche Bank and Nomura were lead arrangers for the newly committed debt financing for the transaction.

Expected Closing: Early 2023

Aligned’s Financial Advisors: Guggenheim Securities and J.P. Morgan Securities

Aligned’s Outside Counsel: Vinson & Elkins led by partners Gabriel Silva and Eamon Nolan in New York as well as senior associate Gabriela Astolphi but including partner Robert Hughes, senior associate Caitlin Turner and partner Jason McIntosh 

SDC Capital Partners’ Outside Counsel: Skadden, Arps, Slate, Meagher & Flom led by M&A partner Thomas Greenberg in New York

Lead Arrangers’ Outside Counsel: Paul Hastings

Patria Investments/ODATA’s Financial Advisors: Evercore and DH Capital, a division of Citizens

Patria Investments/ODATA’s Outside Counsel: Proskauer Rose and Pinheiro Neto Advogados

3E acquires Toxnot

Deal Description: Carlsbad, Calif.-based 3E announced Dec. 12 the acquisition of Toxnot, a software-as-a-service platform that enables product compliance and sustainability within supply chains. Terms weren’t disclosed. The buyer said Fort Colins, Colorado-based Toxnot has gained traction across multiple sectors, such as the manufacturing and technology industries, and the acquisition supports 3E’s continued investment in its supply chain compliance offerings, helping companies to better solve their increasingly complex supply chain challenges. 3E is a provider of intelligent compliance solutions for chemical and workplace safety, product stewardship and sustainable supply chains.

3E’s Outside Counsel: Shearman & Sterling led by Alain Dermarkar and including Tim Doyle, Emily Kelly, Kyle Park and Dillon Tan

Toxnot’s Outside Counsel: Moulton Law Group

Stonepeak buys interest in KAPS

Deal Description: Stonepeak Partners, an alternative investment firm specializing in infrastructure and real assets, announced Dec. 12 that it entered into an agreement to acquire a 50 percent interest in KAPS, a Canadian natural gas liquids pipeline system connecting Northwest Alberta to energy hubs in Edmonton and Fort Saskatchewan. Terms weren’t disclosed. Keyera Corp. will continue to own the remaining 50 percent of KAPS and operate the asset. KAPS is a 560-kilometer dual pipeline system linking Montney and Duvernay production in Western Canada to Keyera’s fractionation and logistics assets in Fort Saskatchewan. The system is anchored by secure, long-term, take-or-pay revenues with a broad customer base that includes commitments from investment grade counterparties. It also has the ability to expand. KAPS’ infrastructure is well-positioned to support decarbonization and global energy security goals by supporting the ongoing global displacement of coal by natural gas. Stonepeak believes this will be particularly impactful as the liquified natural gas corridor from Western Canada to Asia continues to expand in the near-term.

Expected Closing: Q1 2023

Stonepeak’s Financial Advisors: Goldman Sachs & Co., MUFG Bank Ltd. and Mizuho Securities USA

Stonepeak’s Outside Counsel: Sidley Austin led by partner Tim Chandler and including managing associate Cedric E. Seley III and associates Sean Valentine and Veronica Courtney; and Stikeman Elliott

NexPoint Storage acquires SAFStor 

Deal Description: NexPoint Storage Partners Inc. announced Dec. 12 that it became the sole owner of 29 new, well-located and high-quality self-storage properties developed by SAFStor. The acquisition brings NexPoint Storage to a total asset value of about $1.7 billion with 71 wholly owned and operating properties and one additional property expected to open in February 2023. The newly acquired properties are in high-density, high-growth submarkets in major U.S. markets and benefit from demographics similar to those in the NexPoint Storage portfolio, including strong household incomes, a high percentage of renters and barriers to new development. The markets of the newly acquired properties include Baltimore, Cleveland, Detroit, Houston, Miami/Ft. Lauderdale, Nashville, New Orleans, Philadelphia, and Washington D.C.

NexPoint’s Outside Counsel: Winston & Strawn led by partner Charlie Haag and including, from Texas, partner Andrew Betaque and associates Ben Chrisman, Danielle Marr, Jon Pevey, Brooke Reichardt, Emily Semon, Franklin Shen and Jennifer Ybarra.

Lamar Street acquires Fidelity Bancshares

Deal Description: Lamar Street Investment Partners and Fidelity Bancshares Inc., Waco, Texas, jointly announced Dec. 16 Lamar Street’s anticipated acquisition of Fidelity and its wholly-owned subsidiary, Fidelity Bank of Texas. Terms weren’t disclosed. The acquisition must clear shareholders and regulators. The bank has been locally owned since the late 1970s when the Strasburger family purchased Robinson State Bank, which was run as a single location state chartered bank. In the early 1980s, the Strasburger family opened a second bank, Waco State Bank, on the west side of Waco. Both banks operated under the Fidelity Bancshares holding company until they merged to form Fidelity Bank of Texas in the early 1990s. Lamar Street was formed to serve communities and customers in the Texas community banking industry and its strategy is to continue to grow and expand within the Waco communities and other North Texas and Central Texas markets. 

Fidelity Bancshares’ Advisors: Commerce Street Capital and Beard Kultgen Brophy Bostwick & Dickson

Lamar Street’s Outside Counsel: Alston & Bird led by Sandy Brown and Patrick Hanchey in Dallas and including JP Mahoney (Dallas) and Lizzie Dunn (Atlanta)

Nick the Greek sells controlling interest to franchisee YTG Enterprises

Deal Description: Nick the Greek, an emerging fast casual restaurant franchisor, announced Dec. 12 it sold a controlling interest to strategic investor and mega franchisee Anil Yadav’s YTG Enterprises. Terms weren’t disclosed. Nick the Greek will continue to be run by its founding management team, who keep a substantial minority stake in the business. Nick the Greek has 48 units in operation in California, Nevada, Kansas, Utah and Texas and 70 units in development. Yadav is the owner-operator of 600 restaurants nationwide across both company-owned and franchised brands, including Taco Cabana, Jack in the Box, Denny’s and TGI Fridays.

Outside Counsel for NTG, franchisor of Nick the Greek: Winston & Strawn led by Dallas partner Matt Stockstill and including, also from Dallas, partner Andrew Betaque, associates Ben Chrisman and Danielle Marr and practice counsel Yang Wang

Sunlight buys Triathlon

Deal Description: Hunton Andrews Kurth said Dec. 8 it served as U.S. counsel for Sunlight Group Energy Storage Systems in connection with its agreement to acquire a 51 percent stake in Germany’s Triathlon Holding, which specializes in high-performance battery systems. Terms weren’t disclosed. Sunlight is a global technology company based in Athens, Greece, specializing in integrated and innovative industrial and off-road energy storage solutions. The acquisition is expected to expand its production capacity, geographical reach and its portfolio of products and services. Both companies are expected to continue their autonomous commercial operations but will leverage synergies for the global market in existing and new areas.

From HAK: Partner Jordan Hirsch leads with assistance from associates Hannah Bradley and Kathleen Dill.

OTHER TRANSACTIONS

Baker Botts represents BOK Financial in $500M Fundare Credit Agreement

Deal Description: Fundare Resources Co. announced that it entered into a credit agreement among Fundare Redtail and a syndicate of lenders led by BOK Financial as administrative agent, sole bookrunner and a joint lead arranger. KeyBanc Capital Markets served as a joint lead arranger and UMB Bank as syndication agent. The credit agreement provides for a reserve-based revolving facility of $500 million subject to a borrowing base that will be redetermined semi-annually. The credit facility will be used to refinance existing indebtedness, to fund future development of the borrower’s oil and gas properties and for other corporate development opportunities and general corporate purposes.

BOK’s Outside Counsel: Baker Botts including Dallas partner Shad Sumrow, Houston senior associate Alex Kamel and Dallas associate Spencer Crawford

Claire Poole

Claire Poole is a senior writer at The Texas Lawbook, where she covers corporate transactions.

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