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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, 8 Firms, 118 Lawyers, $8.15B

January 27, 2021 Caroline Evans

The conversation around carbon capture, and utilization and sequestration as a potentially profitable and effective weapon in the battle against climate change has steadily grown over the past year as the Covid-19 pandemic has accelerated an already in-progress shift in focus on environmental, social and governance matters, especially for fossil fuel companies.

But that conversation went mainstream last week, after Tesla chief executive (and soon-to-be Texas resident) Elon Musk tweeted that he would donate $100 million toward a prize for carbon capture technology.

Musk’s announcement caused a stir in the oil patch, with Occidental Petroleum, one of the biggest movers in the recent CCUS craze, chiming in “great idea”. The company is developing a direct air capture facility in Texas with Carbon Engineering and 1Pointfive. The project developers say the technology could go beyond achieving net-zero emissions and land in net-negative territory.

While there are still unanswered questions around CCUS’ effectiveness in mitigating climate change, the industry at large believes that CCUS will be key to achieving Paris agreement goals.

“There is credible doubt that CCUS can solve all the world’s carbon emission ills and we recognize that within the current construct of IEA and IPCC climate mitigation scenarios that there is a certain “backfill” aspect within the agencies’ assumptions that humans will just “figure it out” and build enough CCS facilities to meet 2050 Paris Climate Agreement targets,” Evercore ISI analyst James West wrote recently in a note. “However, we still hold that this technology is likely THE key climate change mitigation pathway.”

Tudor Pickering Holt, commenting on Chevron’s recent investment in CCUS technology firm Blue Planet Systems, noted that carbon capture, utilization and sequestration will be essential to hydrogen development as well.

“On top of making carbon intensive production and generation cleaner, CCUS is also vital for the production of industrial scale hydrogen,” the firm said in a note. “By combining conventional hydrogen production methods with carbon capture technology, blue hydrogen can be produced with little, to no, carbon footprint.”

CCUS did not show up in this week’s deal tracker. But with projects ramping up, and a little boost from Musk, they can’t be far behind.

There were 14 transactions worth $8.15 billion reported to the Deal Tracker last week, including six M&A deals worth $4 billion and eight capital markets deals worth $4.15 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
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

That compares with 17 deals worth $6.8 billion the week before and 13 deals worth $7.4 billion this time last year.

M&A/PE FUNDING

Latham, V&E advise as EVgo goes public via merger

As previously reported, Electric vehicle charging venture EVgo services plans to go public via a merger with special purpose acquisition company Climate Change Crisis Real Impact I Acquisition that values the combined company at $2.6 billion.

EVgo, which is described in a Jan. 22 announcement as the largest electric vehicle public fast-charging network in the U.S., plans to grow even larger as a result of the merger. The new company will retain the EVgo name and will be listed on the New York Stock Exchange with the ticker symbol “EVGO”.

Vinson & Elkins is advising EVgo with a team led by partners Ramey Layne of Houston, Brenda Lenahan and John Kupiec (both of New York), along with senior associates Robert Hughes and Jessica Lewis, (both of Houston), and Stancell Haigwood of New York.

The team was assisted by Houston associates Mariam Boxwala, Alex Lewis, Lawrence Nelson, Ben Sandlin, Nico Kroeker, and Joshua Blankenship. Also advising were partners Jason McIntosh (Houston) and David Peck (Dallas), senior associate Megan James (Dallas) and associate Andrew Mandelbaum (Houston) on tax; Houston partner Sean Becker on labor; Austin counsel Sarah Fortt on governance matters; partner Devika Kornbacher of Houston and New York, senior associate Ben Cukerbaum of Austin and associate Briana Falcon of Houston on intellectual property and technology; and New York and Washington, D.C. partner Margaret Peloso, New York senior associate Lindsay Hall and Houston associate Austin Pierce on environmental matters.

Latham & Watkins is serving as counsel to the placement agents on a $400 million PIPE financing to help fund the deal, with a team led from Houston by partner Ryan Maierson, with associate Sarah Dunn.

The placement agents include BofA Securities, which is acting as CRIS’ financial advisor,  and EVgo’s financial advisors Credit Suisse and Evercore. BofA and Credit Suisse are joint lead placement agents, and Credit Suisse is lead financial advisor to CRIS.

Mayer Brown is serving as legal advisor to Climate Change Crisis Real Impact I Acquisition (CRIS) with a large team based largely in Chicago that does not include any of the firm’s Texas lawyers.

EVgo, a subsidiary of New York-based LS power, has grown rapidly since its founding 10 years ago through multiple partnerships with car manufacturers such as Tesla and General Motors and rideshare companies including Uber and Lyft. But EVgo sees room to expand beyond its current 220,000 customers.

The Los Angeles-headquartered company opened its first public EV charging station at the Dallas-Ft. Worth Airport Park ‘N Fly in November 2011, according to its website.

“Fast charging’s share of EV charging is expected to increase to greater than 40% by 2040,” according to a release. “However, even at that point, EVs are expected to account for less than a third of all vehicles on U.S. roads, providing a significant pathway for further, multi-decade growth.”

Including the PIPE financing and $230 million in cash held in trust by the SPAC, proceeds from the deal are estimated at about $575 million before adjustments and expenses. 

“Proceeds will be used to fuel EVgo’s growth strategy, including the buildout of its charging infrastructure network, and will enhance the company’s position as the market leader in the transition to clean mobility,” according to the release.

LS Power and EVgo management, who together currently own 100% of EVgo, will roll 100% of their equity into the combined company for a 74% stake in the new entity when the transaction closes. In addition, EVgo’s leadership will remain intact, with Cathy Zoi continuing as chief executive. 

Meanwhile, the board of directors of the combined company will include representation from EVgo, LS Power and CRIS, as well as independent directors. 

The deal is expected to close in the second quarter.

NRF counsels Greencoat on $160 million Texas windfarm investment

Anglo-Irish investment manager Greencoat Capital has entered the U.S. renewables markt with the acquisition of a 24% stake in four onshore wind farms located in South Texas from RWE.

The decarbonisation-focused firm made the $160 million investment through its Greencoat Vela vehicle funded in partnership with clients of BAE Systems Pension Funds Investment Management and Towers Watson Investment Services.

Norton Rose Fulbright advised Greencoat on the deal, with a team led by partners Keith Martin of Washington, D.C. and Becky Diffen of Austin. They were assisted by a number of lawyers from Washington, D.C., New York and Los Angeles, as well as Houston associates Geetika Jerath and Randi Rymut.

Jefferies acted as financial advisor to Greencoat.

Together, the wind farms (located in Kennedy, Refugio, Willacy, Cameron and Hidalgo counties), produce 861 megawatts.

RWE will retain a 25% stake in the wind farms. Algonquin Power & Utilities already owns a 51% interest it acquired from RWE in December, and Greencoat will own the rest.

Greencoat expects to expand its renewable energy holdings in the US following the deal, which was announced Jan. 19.

“Greencoat believes that the fast-growing U.S. renewables market provides interesting investment opportunities, with a range of returns available from differing offtake contracting strategies,” the firm said in a release. “Many of the leading developers in the U.S. are parties well known to Greencoat from its existing activities in Europe.”

…and advises on a $119 million solar deal

Spanish renewable energy developer EDPR has acquired a majority stake in New York-based distributed solar generation player C2 Omega in a deal valued at $119 million.

Under the terms of the deal announced Jan. 18, EDPR will acquire an 85% equity stake in a solar generation portfolio that includes 89 megawatts of operating and imminent completion capacity and a near-term pipeline of around 120 MW, across nearly 200 sites in 16 states. In addition to the $119 million price tag, the deal also includes earn-out payments based on growth in future operational capacity.

Norton Rose Fulbright advised C2 Energy Capital (C2 Omega’s parent company) on the investment with a team based mostly in New York and Washington, D.C. However, Dallas associate Lacey Stevenson was also on the team.

A spokesperson for EDPR said the company would not disclose information about its legal team.

C2’s principals, who will retain a minority interest in the platform, are long-time Norton Rose Fulbright clients, a firm spokesperson said via email.

C2’s management team will continue to be engaged in the day-to-day operations of the business.

Horzepa Spiegel advises Houston software developer in takeover of Austrian company

Houston-based B2B software developer Idera has acquired Austrian data automation specialist apilayer Data Products for an undisclosed amount.

apilayer’s products include application programming interfaces (APIs)  for IP geolocation, weather forecasts, financial markets, currencies, and flight tracking. The deal will expand Idera’s footprint in the API segment and serve as a platform for the Texas company’s continued expansion of Idera’s API management and tool capabilities, Atanas Popov, Idera’s general manager of Developer Tools, said in a Jan. 18 announcement.

Horzepa Spiegel represented Idera in the transaction, with Houston-based founder and partner Joseph E. Horzepa in the driver’s seat.

“APIs play an integral role in nearly every modern organization, and apilayer offers a growing range of data-driven services that customers love for their simplicity and performance,” said apilayer chief executive and founder Paul Zehetmayr. ”With apilayer joining the Idera family, we see great potential to expand its reach globally and establish an ecosystem to be leveraged by developers in virtually any industry.”

Gibson Dunn advises investor in EV manufacturer Rivian’s $2.65 billion round…

Electric truck maker Rivian has closed a $2.65 billion investment round led by funds and accounts advised by T. Rowe Price Associates.

The investment, announced Jan. 19, marks Rivian’s first for 2021 and the company has raised $8 billion over the past two years.

Gibson, Dunn & Crutcher represented Global Oryx, a subsidiary of the Abdul Latif Jameel Companies and initial sponsor of Rivian Automotive, in the financing round. The legal team was led by  Houston partner Stephen Olson and included Los Angeles associates Negin Nazemi and Thomas Alexander. Houston partner James Chenoweth advised on tax aspects.

Other sponsors in the round included Fidelity Management and Research Company, Amazon’s Climate Pledge Fund, Coatue and D1 Capital Partners as well as “several other existing and new investors,” according to a release.

Rivian chief executive RJ Scaringe said 2021 was gearing up to be a critical year for the company as it anticipates launching two new truck models as well as new commercial delivery vehicles for online behemoth Amazon.

“This is a critical year for us as we are launching the R1T, the R1S and the Amazon commercial delivery vehicles. The support and confidence of our investors enables us to remain focused on these launches while simultaneously scaling our business for our next stage of growth,” said Rivian Founder and CEO RJ Scaringe.

“We have been eagerly anticipating the arrival of 2021, and with it, the exhilaration of Rivian starting to deliver its revolutionary products to customers. It is invigorating for us to continue our journey with such a talented, mission-driven team building a robust organization for the long term,” said Joe Fath, T. Rowe Price portfolio manager.

…and counsels another one on pharma startup’s $500 million raise

Pharmaceutical startup EQRx announced Jan. 11 it has raised $500 million in Series B financing towards its goal of providing low-cost medicines to treat life-threatening and chronic disease.

The company, launched in 2020, has already raised about $750 million.

Gibson, Dunn & Crutcher advised ALJ Healthcare & Life Sciences, one of the sponsors in the financing,  in its preferred equity investment in EQRx.

The same team that advised Global Oryx on its Rivian investment represented ALJ, with Houston partner Stephen Olson in the driver’s seat along with Los Angeles associates Negin Nazemi and Thomas Alexander. Houston partner James Chenoweth advised on tax aspects.

The Series B financing includes participation from all of EQRx’s Series A investors, life science specialists, mutual funds and private equity funds, sovereign wealth and family offices, and payers and health systems that cover more than 20% of insured lives in the U.S., according to a release.

“There is an urgent need for change in the industry’s approach to drug pricing, and although challenging, changing the model is not only possible, it is critical,” said EQRx chief executive Alexis Borisy.

“The price of a drug should never be the rate-limiting factor to patient access. EQRx is confronting this issue head-on by employing a disruptive, market-based approach to create true, sustainable access to great medicines at fair prices and reestablish trust and transparency between drug developers and the people who need these medicines.”

CAPITAL MARKETS

Bracewell acts as bond counsel in $181.27 million financing for Texas Medical Center

The sweeping Texas Medical Center in Houston has secured $181.27 million in bond financing for its new TMC3 Collaborative Research Campus, slated to open in 2022.

According to a Jan. 19 announcement, the financing included $145.63 million of tax-exempt and taxable bonds issued by the Harris County Cultural Education Facilities Finance Corporation on behalf of the Texas Medical Center for site development, underground parking facilities and a portion of the construction of the TMC3 Collaborative Building. It also included $35.64 million of bonds issued by TMC3 Development Corporation to finance Texas A&M’s leasehold interest in the TMC3 Collaborative Building, which is being jointly developed by The Texas Medical Center, Texas A&M Health Science Center, the University of Texas Health Science Center and MD Anderson Cancer Center.

Bracewell served as bond counsel and company counsel in the financing, with a team largely based in Houston. The legal team included partners Cristy C. Edwards, Todd Greenwalt, Brian Teaff, Clark Stockton Lord, Jonathan Frels, Barron Wallace, Jason Cohen and Matthew Grunert, all of Houston.

Senior counsel Edward Fierro of Houston and Counsel George G. Rodriguez of Dallas were also on the team. Three associates also advised: Paige H. Abernathy and Emily A. Banse of Houston, and Shelby Harden of Dallas.

Masterson Advisors served as financial advisors to the Texas Medical Center.

On top of the bond financing, the remaining portions of the TMC3 Collaborative Building were financed with cash contributions from the University of Texas and MD Anderson Cancer Center.

The TMC3 Collaborative Research Campus, which is being developed by Transwestern Development Company, will sit on 37 acres just south of the main Texas Medical Center campus in Houston.

“It is designed to be a world-class life science complex with shared and proprietary research centers, laboratories, a hotel and conference center, retail, parking and a unique double-helix shaped green space,” according to a release. “The campus is designed to enable innovators from healthcare, science, academia, government, industry, manufacturing and non-profit sectors to collaborate on new medicines, medical devices, diagnostic and digital health platforms and treatment solutions.”

The TMC3 Collaborative Building, designed by Elkus Manfredi Architects, will provide 187,000 square feet of space across four floors with research facilities, office space, laboratories, open spaces, a lecture hall and retail space, all of which will face the TMC3 Helix Gardens, a “first-of-its-kind green space” in the shape of a double-helix strand “DNA necklace”, whih will be open to the public.

The project developers estimate an annual economic impact from the campus of $5.4 billion to the State of Texas, with nearly 23,000 permanent jobs created plus an additional 17,000 construction jobs during development.

Kirkland counsels Pontem SPAC in $690 million IPO…

New York-based blank-check firm Pontem Corp. has raised $690 million through its initial public offering, far more than it originally expected to net in its public debut.

The industrial tech-focused special purpose acquisition company (SPAC) originally set a goal in December to raise $375 million in its public debut by offering 37.5 million units at a price of $10 each, according to Renaissance Capital. However, it upsized the offering at least twice, landing on its final IPO of 60 million shares at $10 each, plus an additional 9 million shares at the same price in an option extended to underwriters, according to a Jan. 19 announcement.

Kirkland & Ellis counseled Pontem with a team led from Houston by capital markets partner Debbie Yee and associates Caleb Lowery, Ibe Alozie and Paul David Fife. The team also included transactional partners Rick Campbell (Chicago) and Alex Rose (Dallas), along with associate Jack Shirley (Houston).

Credit Suisse Securities (USA) LLC and Guggenheim Securities, LLC acted as the joint book-running managers for this offering.

Pontem is led by chief executive Hubertus Mühlhäuser, the former CEO of industrial vehicle maker CNH Industrial. He abruptly left CNH industrial in March less than two months after a profit warning, according to Reuters.

…and advises Authentic Equity on $230 million public debut

Rye, N.Y.-based special purpose acquisition company (SPAC) Authentic Equity announced Jan. 20 it had closed its initial public offering, raising $230 million from the process.

The company is hunting a wide range of deals in the consumer products and services sector, including packaged foods, pet products and personal care items.

Kirkland & Ellis counseled Authentic Equity on its public debut, with a team led by capital markets partners Christian Nagler of New York and Debbie Yee of Houston, with associates Chris Fox and Ibe Alozie (both of Houston).

Jefferies and BMO Capital Markets acted as the joint book-running managers for the  offering.

The IPO involved the sale of 20 million Authentic Equity units at a price of $10 per unit plus an additional 3 million units sold at the IPO price under an option extended to underwriters. The units are listed on the Nasdaq Capital Market and trade under the ticker symbol “AEACU.”

Baker Botts counsels Dream Finders in $143.5 million traditional IPO

Florida-based homebuilder Dream Finders Homes expects to get up to $143.5 million in proceeds from an initial public offering following massive growth in 2020.

The company announced on Jan. 20 that it had priced its IPO of 9.6 million shares of Class A common stock at $13 each, with trading to begin on the Nasdaq Global Select Market the following day under the ticker symbol “DFH.”

Baker Botts advised Dream Finders with a team based almost entirely  in Texas. The corporate team included partner Timothy Taylor, senior associate Carina Antweil, and associates Parker Hinman  and Nathaniel Richards.

In addition, Houston partner Michael Bresson, Dallas partner Matthew Larsen, and Houston senior associate Jared Meier advised on tax.

Meanwhile, partner Gail Stewart, special counsel Chris Pratt, associate Gaby Alvarez (all of Houston) and special counsel Laura McDaniels of Palo Alto, Calif., handled  employee benefits & executive compensation matters.

Dallas partner Luke Weedon and Austin senior associate Clint Culpepper advised on finance, and Houston associate Laura Williams advised on environmental matters.

BofA Securities, RBC Capital Markets and BTIG acted as joint book-running managers for the offering. Builder Advisor Group, LLC and Zelman Partners LLC acted as joint lead managers. Wedbush Securities and TCB Capital Markets acted as co-managers.

Dream Finders expects to receive about  $124.8 million of gross proceeds from the offering before discounts or expenses. However, if underwriters exercise an option to purchase another 1.44 million shares at the IPO price, the offering could net the company up to $143.5 million.

In a release, Dream Finders called itself one of the nation’s fastest growing homebuilding companies. The company closed over 3,150 homes in 2020, an increase of 54% over the homes closed in 2019, according to a release, and  increased new home sales over 95% in 2020 when compared to 2019.

Dream Finders builds homes in Florida, Texas, North Carolina, South Carolina, Georgia, Colorado, Virginia and Maryland. 

Vinson counsels Targa on $1 billion senior notes offering

Midstream master limited partnership Targa Resources Partners recently announced a $1 billion offering of senior notes to help refinance and pay off some debt.

The offering, announced Jan. 19, was upsized from its original $750 million estimate after Targa priced the notes.

Vinson & Elkins is serving as the issuer’s counsel with a corporate team led from Houston by partner Thomas Zentner and counsel Dan Spelkin with assistance from senior associate Bo Shi and associates Jordan Fossee, Farah Chranya and Carmen Guidry. Also advising were Dallas partners James Meyer and Wendy Salinas and associate David Gilbert (tax) as well as Houston counsel Larry Pechacek (environmental).

The proceeds from the offering of the 4% senior unsecured notes due 2032 will be used to fund a cash tender offer of Targa’s 5.125% senior notes due 2025 and reduce borrowings under the MLP’s credit facility as well as that of parent company Targa Resources Corp.

The offering is expected to close on Feb. 2.

Kirkland, Latham advise on Indigo’s $700 million notes offering

Privately held Haynesville shale operator Indigo Natural Resources said Jan. 19 it had priced a $700 million private offering of senior notes, which it will use to refinance some of its debt.

Proceeds from the offering of the notes, which mature in February 2029 and will pay interest at a rate of 5.375%, will be used to redeem all of its outstanding 6.875% senior notes due 2026 and to pay down borrowings from its credit facility.

Kirkland & Ellis advised Indigo with a team led by Houston partners Matt Pacey and Brooks Antweil, assisted by Dallas associate Logan Weissler.

Latham & Watkins is representing the initial purchasers in the offering with a Houston-based team led by partners David Miller and Trevor Lavelle with associates Lexi Santa Ana, Erin Lee, Evann Hall, Sarah Dunn, Chad Leiper, and Anji Yuan. Advice was also provided on environmental and regulatory matters by Houston partner Joel Mack and Los Angeles counsel Joshua Marnitz; and on tax matters by Houston partners Tim Fenn and Jim Cole, with associate Mike Rowe.

The offering is expected to close Feb. 2.

V&E advises California Resources on $600 million notes offering

Oil producer California Resources Corporation has launched a private $600 million offering of senior notes to repay some of its debt.

In a Jan. 14 announcement, the company estimated it would get about $589 million in proceeds from the offering of 7.125% senior notes due 2026, which will fund the full repayment of its second lien term loan and outstanding senior secured notes due 2027 previously issued by its Elk Hills gas processing and power plant subsidiary. The rest will be used to repay a portion of the outstanding borrowings under California Resources’ revolving credit facility.

Vinson & Elkins advised California Resources in the offering with a Houston team led by partners Sarah Morgan, David Stone and Scott Rubinsky with assistance from senior associate Jing Tong and associates Kelly King and Marcus Martinez. Also advising were partner James Longhofer and associate Derrik Sweeney.

California Resources, which spun off of Occidental Petroleum several years ago, recently announced it would undergo a full-scale business review to determine a new strategic focus following its filing in July for Chapter 11 protection through the Southern District of Texas.

The company has already taken action to reduce the size of its leadership team to drive efficiency and reduce costs, eliminating leadership positions in the areas of public affairs, exploration and development, investor relations and finance. The move could save California Resources $8 million a year with one-time charges of $5 million.

“This streamlined leadership team is the first step in better positioning the company to focus on implementing additional cost reductions, maintaining our capital discipline and asset rationalization through our full-scale business review,” interim chief executive Mac McFarland said.

“We will continue to maintain our focus on safe and environmentally responsible operations as we implement changes to the company’s organization and strategic direction.”

Latham advises oil sands outfit on $600 million notes offering

Canadian oil sands operator MEG Energy announced plans on Jan. 19 to refinance some of its debt, a move which could add up to millions of dollars in annual savings

The Calgary, Alta.-based company said it had priced a private offering of US$600 million in 5.875% senior unsecured notes due 2029, proceeds of which it plans to redeem its outstanding 7% senior notes due March 2024.

Latham & Watkins is representing MEG Energy in the offeringwith a Houston-based corporate team led by partners David Miller and Trevor Lavelle, with associates Monica White, Erin Lee, Sam Bentley, Ricky Alvarado and Anji Yuan.

Tudor Pickering Holt said in a note that the refinancing could shave C$3.5 million per quarter off MEG’s interest burden, for run-rate savings of C$14 million (US$11.08 million) per year.

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