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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, 16 Firms, 224 Lawyers, $8.2B

July 2, 2024 Claire Poole

Baker Botts’ Texas capital markets practice has been on fire lately. In June alone, it racked up 10 capital markets deals worth at least $4.2 billion.

Most of them involved – you guessed it – energy-related companies. But the biggest – at $1.3 billion – was by railroad Burlington Northern Santa Fe (Baker Botts assisted the underwriters). Houston partners Josh Davidson and Doug Getten, co-heads of the firm’s capital markets practice, handled three of the 10 (see some of them below).

Davidson has spent his entire legal career at Baker Botts after graduating from Harvard Law School in 1985. Getten arrived at Baker Botts three years ago after seven years at Paul Hastings. But he cut his teeth at Vinson & Elkins after graduating from LSU Law School.

Carina Antweil, Tim Taylor and Clint Rancher, who have also spent their entire careers at Baker Botts, have been busy this year, too.

Why all the activity? According to Getten in an emailed note, the firm has seen a particular uptick in capital markets financings over the past six weeks or so, most of which have been debt transactions. 

“However, we have worked on several equity offerings as well and continue to work on IPO processes in various stages,” he said. “We expect deal flow in the second half of the year to be consistent with that of the first half.”

The week ending June 29 saw 14 deals valued at $8.2 billion, of which there were eight M&A/funding transactions that clocked in at $6.3 billion of the total. That compares pretty favorably with the week prior, which saw 12 deals for $5.7 billion. This time last year we reported 16 deals for $6.9 billion.

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

Nidar Infrastructure, SPAC Cartica plan to merge in deal valued at $2.75B

Deal Description: Nidar Infrastructure Ltd., a data center provider for artificial intelligence and high-performance computing in India, and special purpose acquisition company Cartica Acquisition Corp announced June 24 they agreed to merge in a transaction valued at $2.75 billion. Nidar hopes to become a public company following the combination. Cartica maintains a trust account, which amounted to $25 million as of April 4, and all proceeds from the combination are expected to be used by Nidar to execute its business plan and for general working capital purposes. Cartica’s IPO on Jan. 5, 2022 generated $230 million. The merger’s completion must be cleared by the shareholders of Cartica as well as the listing approval of one of the U.S. stock exchanges. Allen Overy Shearman Sterling US, SNG & Partners and Vale Law were Nidar’s legal counsel. Morrison & Foerster, Khaitan & Co, Appleby (Cayman) Ltd. and Appleby (Mauritius) were legal counsel to Cartica. For more on the SPAC deal, click here.

XCL sells Utah O&G assets to SM Energy, NOG for $2.55B

Deal Description: Denver-based SM Energy Co. announced June 27 that it agreed to acquire the Uinta Basin oil and gas assets owned by entities affiliated with XCL Resources for $2.55 billion in cash. At the same time, Minnesota-based Northern Oil and Gas Inc. will acquire a 20 percent stake in the oil and gas assets for $510 million, resulting in a net $2.04 billion purchase price for SM. SM intends to be the operator of the assets. XCL is a Houston company funded by EnCap Investments and Rice Investment Group. Kirkland & Ellis is legal counsel for SM and NOG while Vinson & Elkins is XCL’s counsel. For more on the story, click here.

ANI Pharmaceuticals buys Alimera for $381M

Deal Description: DLA Piper said June 28 it advised Alpharetta, GA-based Alimera Sciences Inc. on its $381 million cash acquisition by ANI Pharmaceuticals Inc. of Minnesota. The signing date was June 2. The deal was announced June 24 for $5.50 per share in cash at closing and one non-tradable contingent value right representing the right to receive up to 50 cents per share upon the achievement of certain net revenue targets in 2026 and 2027. The deal represents a 75 percent premium to Alimera’s closing share price. Alimera’s two commercial products treat diabetic macular edema and chronic non-infectious uveitis affecting the posterior segment of the eye.

Expected Closing: Late in Q3 2024

From DLA: U.S. chair of its corporate practice and partner Andrew Gilbert in New York led the team, which included Texas lead partner Brent Bernell and Ashley Smith and Catherine Southworth in Austin.

ANI’s Financial Advisors: Guggenheim Securities (lead) and Raymond James & Associates Inc.

ANI’s Outside Counsel: Hughes Hubbard & Reed

Alimera’s Financial Advisors: Centerview Partners (lead) and Perella Weinberg Partners

TXO Partners buys Williston Basin assets for nearly $300MM

Deal Description: Fort Worth-based TXO Partners LP, led by former XTO Energy executive Bob Simpson, announced June 25 Williston acquisitions from Eagle Mountain Energy Partners, a portfolio company of private equity firm Pearl Energy Investments, and Kaiser-Francis Oil Co. for almost $300 million. Eagle Mountain, a portfolio company of Dallas-based investment firm Pearl Energy Investments, is selling the Elm Coulee field in Montana and the Russian Creek field in North Dakota for cash consideration of $225 million and 2.5 million common units of TXO.

Expected Closing: Q3 2024

Eagle Mountain’s Outside Counsel: O’Melveny with a team led by Houston corporate partner Steven Torello and San Francisco partner Kurt Berney with support from partners Will Becker, Kim Williams and Warren Fox, senior counsel John Renneisen, counsel Albert Jou and Tai Vivatvaraphol and associates Connor Corbitt, Eleanor Dunn and Susanna Korkeakivi

Eagle Mountain’s Financial Advisor: Jefferies

TXO’s Outside Counsel: Welborn Sullivan Meck & Tooley in the Rockies

Eos Energy attracts up to $315M from Cerberus

Deal Description: Haynes and Boone said June 26 it guided Eos Energy Enterprises Inc., a publicly traded provider of zinc-based long-duration energy storage systems, in securing a strategic investment of up to $315.5 million from an affiliate of Cerberus Capital Management. The investment structure includes a $210.5 million delayed draw term loan and a $105 million revolver as well as issuances of warrants and preferred stock.

From Haynes Boone: Global projects co-chair Gil Porter led the team. The firm’s capital markets team provided support from partners Matt Fry and Bruce Newsome along with associates Kierra Jones and Tyler Murry and further assistance from finance partner Alex Grishman, counsel Eitan Stavsky and associate Meica Green.

CoolSys acquires Universal Refrigeration

Deal Description: Kirkland & Ellis said June 26 it advised Brea, Calif.-based CoolSys, which claims to be the market-leading provider of sustainable refrigeration, HVAC, energy and engineering solutions, on its acquisition of Universal Refrigeration Inc., an HVAC service provider in Auburn, Wash., with expertise in the installation and servicing of heating, air conditioning and refrigeration systems for commercial, industrial and residential customers throughout Western Washington. Terms weren’t disclosed on the deal, which was announced June 18. Through the purchase, CoolSys will deepen its market presence and service network in the Pacific Northwest region.

From Kirkland: The team was led by corporate partner Brittany Sakowitz and associates Kara von Schnackenberg and Andrew Monioudis. The group included employee benefits partner Matt Antinossi and associate Iris Grossman; employment and labor partner Christie Alcala and associate George Cartveli; executive compensation partner Stephen Jacobson and associate Michal Galayevich; tax partner Mark Dundon; and technology and IP transactions partner Daisy Darvall and associate Derek Ventling.

Kimmeridge closes follow-on control investment in Commonwealth LNG

Deal Description: Vinson & Elkins said June 25 it advised Kimmeridge Energy Management Co. on the acquisition of Commonwealth LNG, a project company developing an LNG liquefaction and export facility .Terms weren’t disclosed on the deal, which was announced June 25. The follow-on control investment funding will support a 9.5 million tons per annum LNG export facility in Cameron, La., through its anticipated final investment decision in the first half of 2025 and will raise Kimmeridge’s equity ownership in Commonwealth to over 90 percent.

From V&E: The team was led by partner Benji Barron and counsel Caroline Kuehn with assistance from associates Michelle Yang and Waleed Vohra. Also advising were partners Kaam Sahely, Eamon Nolan and Kilian de Cintre, counsel Alistair Wishart and associates Michelle West and Sam Cross (energy transactions/projects); partner Patricia Adams and associates Eric Hechler and Cassandra Zarate (executive compensation/benefits); partner Lina Dimachkieh, counsel Allyson Seger and associate Kylan Kinkade (tax); partner Becky Baker and associate Andrew Cox (employment and labor); partner John Decker and associate Jake Silver (regulatory); partner Matt Dobbins and senior associate Audrey Doane (environmental); counsel Ken Adler and associate Camryn McGinnis (real estate); partner Jamie Leader and associate Josh Hasler (litigation); counsel Brian Howard (anti-corruption); counsel Elizabeth Krabill McIntyre (sanctions); and counsel Rajesh Patel (IP).

Commonwealth Projects’ Outside Counsel: King & Spalding with a team led by David Lang, Susan Berry and Mitch Tiras

Mitsui buys unconventional gas asset in Texas from Sabana, Vanna

Deal Description: White & Case said June 26 it advised Japan’s Mitsui & Co. Ltd. through its U.S.–based subsidiary, Mitsui E&P USA (MEPUSA), on the acquisition of an unconventional gas asset in Texas from U.S. oil & gas exploration and production companies Sabana and Vanna. Terms weren’t disclosed on the deal, which was announced June 24. The asset, named Tatonka, covers 46,500 acres with access to the Gulf Coast industrial area, which includes liquefied natural gas export terminals and ammonia plants. MEPUSA will drill wells to evaluate the performance and develop and operate the asset aiming for full-scale development after 2026. Last year, Mitsui & Co bought a 92 percent stake in an unconventional gas asset in Texas from Silver Hill Energy Partners’ unit Silver Hill Eagle Ford E&P for an undisclosed sum. Mitsui is already a partner in Sempra’s Cameron LNG export plant in Louisiana.

From White & Case: The team was led by M&A partners Mingda Zhao and Emery Choi, environment & climate change partner Taylor Pullins and tax partner Chad McCormick (all in Houston) and antitrust partner Rebecca Farrington (in Washington, D.C.). The group also included tax associates Neil Clausen and Kealan Hannes (both in Houston); and M&A associates Samuel Spiers, Muhammad Hasan and John Wiener (Houston) and Taylor Gillespie (New York).

CAPITAL MARKETS/FINANCINGS

Oncor Electric sells $750M in secured notes 

Deal Description: Oncor Electric Delivery Co. announced June 21 the sale of $750 million in 5.55% senior secured notes due 2054 in a private placement to eligible purchasers. Oncor is a regulated electricity transmission and distribution company that provides electricity to end-use customers through their electrical systems as well as providing transmission grid connections to merchant generation facilities and interconnections to other transmission grids in Texas. Oncor operates the largest transmission and distribution system in Texas, delivering electricity to more than 4 million homes and businesses and operating more than 143,000 miles of transmission and distribution lines.

Oncor’s Outside Counsel: Baker McKenzie with a corporate team lead by Dallas partner Aaron Scow with Houston associate Sarah Rodrigue and Dallas summer associates Logan Haller and Neil Schwartz. Advice on tax matters was provided by Houston partners Kai Kramer and Ross Staine with Houston associate Joseph Chung and on finance matters by New York partner Carol Stubblefield.

Initial Purchaser’s Counsel: Hunton Andrews Kurth with a corporate team lead by New York partners Michael Fitzpatrick, Adam O’Brian and Patrick Jamieson and New York associates Reuben Pearlman and Monika Dziewa. Advice on tax matters was given by Houston partner Robert McNamara, Dallas partner William Freeman, Dallas associate Caitlin Scipioni and New York associate Katherine Gallagher.

TXO Partners prices $130M offering of common units

Deal Description: On June 26, TXO Partners announced the pricing of an underwritten public offering of 6.5 million common units representing limited partner interests. The offering size was increased from the previously announced 5 million common units. TXO has granted the Raymond James & Associates Inc. an option to purchase up to an additional 975,000 common units from TXO at the public offering price, less underwriting discounts and commissions.  The offering was expected to close on June 28. TXO expects to receive net proceeds of approximately $122.5 million after deducting underwriting discounts and commissions and estimated offering expenses. TXO intends to use the net proceeds to fund a portion of the cash consideration for the previously announced asset acquisitions from Eagle Mountain Energy Partners and Kaiser-Francis Oil Co. TXO is a master limited partnership focused on the acquisition, development, optimization and exploitation of conventional oil, natural gas and natural gas liquid reserves in North America. TXO’s acreage positions are concentrated in the Permian Basin of West Texas and New Mexico and the San Juan Basin of New Mexico and Colorado.

Raymond James’ Outside Counsel: Baker Botts including, from corporate: Josh Davidson, Doug Getten, Garrett Hughey, Austin Lee and Cade Luedde; on finance: Clint Culpepper; on tax: Chuck Campbell; on environmental: Liz Singleton; and on global projects: Kyle Doherty and Brittany Dudley.

TXO’s Outside Counsel: Latham & Watkins with a capital markets team led by Austin partners Michael Chambers and Mollie Duckworth with associates Om Pandya, Celia Mishra and Don Izekor. Advice was also provided on tax matters by Houston partners Tim Fenn and Jim Cole with associate Dylan White; and on environmental matters by Los Angeles/Houston partner Josh Marnitz with associate Bruce Johnson.

Hess Midstream inks $100M sponsor unit repurchase

Deal Description: Hess Midstream announced June 25 the execution of a definitive agreement providing for the repurchase of $100 million of Class B units by its subsidiary, Hess Midstream Operations, from affiliates of Hess Corp. and Global Infrastructure Partners, Hess Midstream’s sponsors. Hess Midstream Operations agreed to repurchase more than 2.7 million of its Class B units equal to about 1.2 percent of the consolidated company at a price of $36.71, the closing price of the Class A shares on June 24. After completion, ownership of Hess Midstream on a consolidated basis will be around 41 percent for the public, 21.2 percent for GIP and 37.8 percent for Hess Corp. The unit repurchase was anticipated to close on June 26 and Hess Midstream expected to fund it with cash on hand. Hess Midstream CFO Jonathan Stein said since the start of 2021, it has returned $1.75 billion to shareholders through ongoing unit repurchases from its sponsors, reducing the unit count by nearly 25 percent, and he expects to continue to have more than $1.25 billion of financial flexibility through 2026 that can be used to support more repurchases.

Conflicts Committee’s Outside Counsel: Gibson, Dunn & Crutcher with a corporate team led by partner Hillary Holmes and including associates Stella Tang and To Nhu Huynh

Conflicts Committee Financial Advisor’s Outside Counsel (Intrepid Partners): Baker Botts including partner Josh Davidson and senior associate Catherine Baker Ellis

Regis Corp. inks new $105M credit facility to refinance debt

Deal Description: Weil said June 27 it is representing Minneapolis-based hair salon company Regis Corp. on the refinancing of its new senior secured credit facility with TCW Asset Management Co. and Midcap Financial Trust. A $105 million term loan replaces Regis’s existing debt, reducing outstanding indebtedness by more than $80 million and saving approximately $7 million in cash interest annually. In addition to the term loan, Regis will have access to a $25 million revolving credit facility.  The new revolving credit facility and term loan will mature on June 24, 2029. Upon transition of the company’s outstanding letters of credit to the new revolving credit facility, it expects to have full access to the availability in excess of the outstanding letters of credit. Regis operates Supercuts, SmartStyle, Cost Cutters, Roosters and First Choice Haircutters.

From Weil: the team was led by banking and finance partner Courtney Marcus in Dallas and included associates Samantha Patel, Becky Lange and Erik Zimmerman in New York and restructuring partners Ray Schrock and Alexander Welch and associate Alex Cohen, also in New York

Regis’ Financial Advisor: Jefferies

Abacus Life debuts $92M equity offering

Deal Description: Abacus Life Inc., an alternative asset manager specializing in longevity and actuarial technology, announced June 24 the closing of its oversubscribed underwritten public offering of 10 million shares of its common stock at a price to the public of $8 per share. In connection with the offering, the underwriters also exercised the option to purchase up to an additional 1.5 million shares of common stock at the public offering price. The gross proceeds from the offering, before deducting underwriting discounts and commissions and offering expenses, were expected to be around $92 million. All of the shares in the public offering were sold by Abacus. Abacus intends to use net proceeds for its operations, including the purchase of life settlement policies, to support its overall business strategy, for working capital purposes and for general corporate purposes, which may include repayment and refinancing of its indebtedness. Piper Sandler & Co., TD Securities (USA), B. Riley Securities and KKR Capital Markets were book-running managers and representatives of the underwriters for the offering.

Abacus Life’s Outside Counsel: Latham & Watkins with a corporate team led by Houston partner Ryan Maierson and associate Om Pandya with New York associate Abid Ahmed and Houston associate Govin Kaggal. Advice was also provided on tax matters by Houston partners Bryant Lee and Jim Cole with associate Dylan White; on insurance matters by New York partners Gary Boss and Analisa Dillingham with New York counsel Benjamin Lee; on benefits matters by Los Angeles/Orange County partner Michelle Carpenter and Los Angeles/New York counsel Aryeh Zuber; and on data protection matters by Bay Area partner Michelle Gross with associates Andrew Abokhair and Kiara Vaughn.

Tamboran Resources prices $75M IPO

Deal Description: Tamboran Resources Corp., an Australia-based natural gas production company, announced the pricing of its initial public offering on the New York Stock Exchange of 3.125 million shares of common stock at a price to the public of $24.00 per share, raising $75 million. The company plans to use the gross proceeds to fund the ongoing drilling activities in the Beetaloo Basin.

Tamboran’s Outside Counsel: Latham & Watkins with a team led by Austin partners Michael Chambers and David Miller and Houston associate Om Pandya with assistance from New York associate Connor Adams and Austin associates Cooper Shear and Carol Bale. Advice was also provided on tax matters by Houston partners Tim Fenn and Jared Grimley with associate Molly Elkins; on environmental matters by Los Angeles/Houston partner Joshua Marnitz with associate Jacqueline Zhang; on executive compensation matters by Boston partner Josh Friedman with associate Tessa Young; and on public company representation matters by Washington, D.C., partner William Hackett with associates Sara Almousa and Mary Tursi.

Underwriters’ Outside Counsel: Clifford Chance led by Houston partner Trevor Lavelle and New York partner Andrew Epstein along with capital markets associates Paul Lakkis (New York), Kathy Phan (Houston) and Michelle Verkhoglaz (New York). Sydney partner David Clee and counsel Nicole Backhouse advised on Australian capital markets matters, New York partner Paul Seraganian and associate Wei Bin Tan on tax, New York partner Paul Koppel on executive compensation and Houston partner David Sweeney advised on oil and gas.

Notes: Latham said the groundbreaking IPO is the first non-U.S. energy IPO since 2014 and the first upstream IPO of 2024.

OTHER MATTERS

The Woodlands, Texas-based insurer TWFG Inc. intends to go public, seeking to raise up to $100 million through the initial public offering, according to a June 24 filing with the Securities and Exchange Commission. Terms weren’t disclosed but the company wants to list on the Nasdaq listing under the ticker symbol “TWFG.” Underwriting are J.P. Morgan, Morgan Stanley, BMO Capital Markets and Piper Sandler. Robert Shearer, John Goodgame and Shar Ahmed at Akin Gump Strauss Hauer & Feld in Houston are advising TWFG and Michael Kaplan and Pedro Bermeo at Davis Polk & Wardwell in New York the underwriters.

* * *

Houston private equity firm Quantum Capital Group agreed to acquire Denver-based Caerus Oil & Gas from Oaktree Capital Management, Anschutz Investment Co. and Old Ironsides Energy for $1.8 billion, Bloomberg reported June 25 citing unnamed sources. Caerus operates more than 7,400 wells across the Piceance Basin in Colorado and Uinta Basin in Utah. The company also has related infrastructure, including gas and water pipelines and water treatment and storage facilities. 

* * *

Four companies owning more than 70 percent of the Colonial pipeline are considering selling their interests in a transaction that could collectively bring in more than $10 billion, Reuters reported June 17 citing sources. Canadian pension fund Caisse de dépôt et placement du Québec is getting ready to sell its 16.6 percent interest while three others, Shell (16.13%), KKR (23.4%) and IFM Investors (15.8%), are discussing potential divestitures. The remaining co-owner, a unit of Koch Industries, has signaled it plans to keep its stake in Colonial, one of the sources told the news agency.

Claire Poole

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

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