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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, 9 Firms, 173 Lawyers, $21.4B

October 8, 2020 Allen Pusey

The third quarter of 2020 ended last week. It ended better than the last one.

According to Mergermarket totals for Texas businesses, M&A activity was up. Those numbers are reflected in the transactions reported here in recent weeks.

In the past month the CDT Roundup has reported 57 deals with as many as 19 transactions in a week. Even better, values have been progressing week by week: from $7.7 billion to $8.3 billion to $12.7 billion to $21.4 billion.

And even better firms have reported more than 100 lawyers working on deals for three of the last four weeks; and two of those weeks were nearer to 200. That’s a lot of work from home.

Moreover, the deals this week had heft behind the numbers: an Occidental sale of Colombian onshore assets; a frac-water pipeline sale in New Mexico; the $12 billion Devon-WPX merger; a sale and J/V transaction in the industrial chemical space, etc.

Shedding or reallocating debt continues to be the overriding theme, even in the M&A transactions. But assets are again changing hands as companies prepare for whatever the next quarter brings.

This week firms reported nine M&A transactions worth $17.5 billion and five capital markets transactions worth $3.9 billion.

That’s a total of 14 transactions reported by nine firms involving 173 Texas lawyers.

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
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

Last week there were 10 deals worth $12 billion and this week a year ago there were 18 deals worth $14.5 billion.

MERGERS & ACQUISITIONS/PE FUNDING

White & Case Advises on $825M Oxy Sale of Colombian Assets to Carlyle Group

Occidental Petroleum announced Oct. 1 an agreement to sell its onshore assets in Colombia to the Carlyle Group for $825 million.

The agreement includes $700 million in cash up front, with the remainder payable according to several commodity price targets.

Occidental was advised on the deal by White & Case with a team led by partners Jay Cuclis and Emery Choi from Houston. The team includes Houston partners Mingda Zhao, Bill Parish and Chad McCormick, as well as Houston-based counsel Fern Han Houston as well as associates Danny Hatch, James Langlois, Nicole Rodriguez-Fierro, Carlos Ramon Diaz Sordo, Michael Rodgers and Katherine Raunikar, all of Houston. The team was rounded out by lawyers from New York, Miami, Washington, D.C. and London.

The sale is part of an Occidental campaign to reduce debt from its $52 billion acquisition (including debt) in 2019 of Anadarko Petroleum. As part of that effort, the company expects to close by year’s end over $2 billion of announced divestitures for 2020.

KE Advises Blackbuck Purchase of Whites City Pipeline

Blackbuck Resources announced Oct. 1 that it has acquired the Whites City water pipeline from Cimarex Energy Co. No terms of the transaction were announced.

Blackbuck Resources, a company based in Houston and Midland, acquires about 65 miles of water lines in Eddy County, New Mexico.

As part of the sale, Cimarex has agreed to a 15-year dedication of about 40,000 acres for the gathering, disposal and recycling of its produced water.

Said Blackbuck CEO Justin Love: “This acquisition will significantly grow our Delaware Basin platform and overall footprint, further enhancing Blackbuck’s ability to provide our customers economic and reliable water management solutions.”

Kirkland & Ellis LLP served as legal advisers to BBR with a primarily Houston-based team led by transactional partner Chad Smith and associates Isaac Bate and John Elkins. Pitching in were transactional partners Kevin Crews and Anthony Speier; tax partner Mark Dundon and associate Ryan Phelps; and environmental transactions partner Jonathan Kidwell and associate Ty’Meka Reeves-Sobers. Kidwell, based in Dallas and Washington, D.C., was the only team member not based in Texas.

Blackbuck Resources is a portfolio company of Dallas-headquartered Cresta Fund Management. Cresta was founded in 2016 by Chris Rozzell, David Miller and Drew Armstrong as a hard asset investment fund. Cresta’s GC is Benjamin Nelson, a Duke law grad and a former general counsel for the Ray L. Hunt family.

Kirkland, Skadden, V&E Advise on Devon Energy/WPX Energy Merger

Devon Energy and WPX Energy announced Monday that they have agreed to combine to become the third-largest unconventional energy company in the U.S.

Valued at $12 billion, the all-stock merger-of-equals transaction will give Devon shareholders about 57% of the new company with WPX shareholders holding 43%.

Kirkland counseled WPX from Dallas and Houston. Devon Energy was advised by a Skadden, Arps, Slate, Meagher & Flom, with a team that included a few Texas lawyers.

The Kirkland team was led by transactional partners Sean Wheeler, Debbie Yee, Kevin Crews, Melissa Kalka and Cephas Sekhar and associates Zach Savrick and Andrew Lombardo; executive compensation partners Rob Fowler and Stephanie Jeane; tax partner David Wheat; transactional partners Anthony Speier and David Castro and associate Lindsey Jaquillard; capital markets partner Michael Rigdon; debt finance partners Will Bos and Kimberly Perdue and associate Shan Khan; environmental transactions partner Paul Tanaka; antitrust and competition partner Carla Hine; employee benefits partner Melissa Grim; labor and employment partner R.D. Kohut; and energy regulatory partner Brooksany Barrowes.

WPX Energy has been a long-time client of Kirkland & Ellis.  In 2019, Kirkland represented WPX in two significant strategic joint ventures, a minerals joint venture and a non-op joint venture, both of which were led by transactional partners Crews, Speier and Castro, who are part of the Kirkland team advising WPX on the Devon merger.

The Skadden team included M&A partner Frank Bayouth (Houston), counsel Anthony Saldana (Washington, D.C.), and associates Jenna Godfrey (Washington, D.C.), Marc-Anthony Delgado (Houston) and Nicholas Woodruff (Houston); antitrust/competition partner Kenneth Schwartz (New York); environmental counsel Elizabeth Malone (Washington, D.C.); executive compensation & benefits partner Erica Schohn (New York) and counsel Michael Bergmann (Washington, D.C.); intellectual property & technology partner Jose Esteves (New York/Palo Alto); labor & employment law partner David Schwartz (New York); and tax partner Sally Thurston (New York) and counsel Trevor Allen (New York). 

Vinson & Elkins advised EnCap Investments on the merger with the team led by Matt Strock and Doug McWilliams. EnCap owns about 27% of WPX. EnCap has already approved the transaction.

The deal includes 400,000 acres in the Delaware Basin as well as a pro forma net debt-to-EBITDAX ratio of 1.6x on a trailing 12-month basis and is targeting a leverage ratio of approximately 1.0x over the longer term. The combined company will also have approximately $1.7 billion of cash on hand and $3 billion of undrawn capacity on its credit facility expected at closing.

Sidley Advises on Sun Communities, Safe Harbor Marinas $2.11B Merger

Sun Communities announced Tuesday that it had acquired Dallas-based Safe Harbor Marinas for $2.11 billion.

Safe Harbor owns and operates 101 marinas in the U.S. with a network of nearly 40,000-member boat owners in 22 states. Sun Communities said the purchase diversifies its geographic and demographic footprint.

The Dallas offices of Sidley Austin handled the deal with a team led by partner Bill Howell. He was backed by associates Courtney Gilberg, Jack Zeringue and Stacy Gulledge, also from the Dallas office.

Citizens Capital Markets also acted as Safe Harbor’s financial advisor.

Citigroup acted as financial advisor to the Sun Communities and Jaffe, Raitt, Heuer & Weiss advised on legal matters.

The acquisition is expected to account for approximately 15% of the Company’s pro forma total annual rental revenue in 2021.

Safe Harbor’s full operating team, led by CEO Baxter Underwood, will continue to operate Safe Harbor as a Sun Communities subsidiary.

Kirkland, Latham Advise on $2B Sale, J/V Between Sasol, LyondellBasell

Two global chemical and plastics firms, LyondellBasell and Sasol, announced Friday the creation of a 50/50 joint venture to acquire a 50% interest in several of Sasol’s operations in Louisiana.

In effect, Sasol sold a 50% interest in those operations for $2 billion.

LyondellBasell, a Netherlands-based giant with a major presence in Houston, was advised by Kirkland & Ellis. South African Sasol was advised by Latham & Watkins.

The Louisiana assets involved include Sasol’s 1.5MM ton ethane cracker, 0.9 MM ton low and linear-low density polyethylene plants. LyondellBasell will take over the operations on behalf of the joint venture following the close of the transaction.

The Kirkland team was led from Houston by transactional partners Bill Benitez, Ahmed Sidik and Chad Smith; and included environmental transactions partner Alex Farmer; technology and intellectual property Chicago-based transactions partner Matt Lovell; Houston tax partner Mark Dundon; executive compensation partner Stephen Jacobson; real estate partner Josh Faulkner; and project finance partner Brian Greene in Washington, D.C.

Gordon Dyal & Co. and J.P. Morgan are serving as financial advisors for LyondellBasell.

Jeff Kaplan is CLO at LyondellBasell. Andrew Gratz is Associate GC.

The Latham & Watkins team also had a heavy Houston component. The team was led by Houston partners Ryan Maierson and Lauren Anderson, with Houston associates Thomas Verity, Samantha Seley, Denny Lee, Caroline Ellerbe, Sarah Dunn and Danielle Kinchen. The finance team was led by Los Angeles/New York partner Jeffrey Greenberg, while the commercial team was led by Houston partner Jonathan Castelan, with Houston associates Thomas Hillebrand, Corey Allen, Sam Bentley, and Cody Smith. Advice was also provide on antitrust matters by Washington, D.C. partner Jason Cruise and Frankfurt partner Sebastian Max Hauser, with Washington, D.C. associates Lindsey Champlin and Brian O’Connell, and Frankfurt associate Anne Haas; on tax matters by Houston partner Tim Fenn, with Houston associate Michael Rowe; on benefits and compensation matters by Washington, D.C. partner Adam Kestenbaum, with Washington, D.C. associate Kirk Porter; and on licensing matters by New York partner Steven Betensky. 

Bank of America was Sasol’s financial advisor.

Jennifer Gallagher, Sasol’s Houston-based U.S. in-house counsel, was involved, along with an in-house team in Johannesburg that included Jens Straatman, Costa Mutzuris, Siphokazi Matshikiza and Yvette Van der Merwe.

Both companies will provide feedstocks to the joint venture and both will offtake pro-rata shares of cracker and polyethylene (PE) products at cost.

Sasol will retain full ownership and operational control of its Lake Charles Research and Development complex, Lake Charles East Plant ethane cracker and U.S. Performance Chemicals Business assets in Lake Charles.

Sidley, Kirkland Advise Callon Petroleum On Asset Monetization/Notes Offering

Callon Petroleum Company announce Oct. 1 that it has entered into an overriding royalty interest transaction with a Kimmeridge Energy-backed vehicle, and is issuing $300 million in second lien notes to Kimmeridge as part of a monetization of assets

The transaction comes on the heels of a decision by Callon to sell $30 million in non-operated assets as part of an effort to reduce its $1.7 billion debt load by a third.

Kirkland advised Callon Petroleum. The Kirkland team was led by transactional partners David Castro, Anthony Speier and R.J. Malenfant and associates Fraser Wayne and Matt Gibson; capital market partners Michael Rigdon and Sean Wheeler and associates Justin Bosworth, Mitch Athey and Erin Eberle; and debt finance partners Mary Kogut Brawley and Jordan Roberts and associates Mahalia Doughty, Catalina Correa and Kristy Moawad. All are from Houston except Bosworth, who offices in Dallas.

The Kimmeridge entities were advised by Sidley Austin from its offices in Houston and Dallas with a team led by partner Irving Rotter, along with Katy Lukaszewski, Brian Minyard, George Vlahakos, Jim Rice, Zack Pullin, Heather Palmer, Adam Cowan, John Brannan III, Eduardo Marquez, Jocelyn Kelly, Katie Legband, Alan Williams and Kaitlin Schock.

Earlier this year, Houston-based Callon terminated and withdrew a similar $300 million issue and exchange for its 2025 senior notes.

Kimmeridge is a private equity firm based in New York and Denver that focuses on the development of low-cost unconventional upstream assets.

V&E, Sidley Advise as Third Coast Midstream Sells Oklahoma Crude Storage

Third Coast Midstream announced Oct. 1, the sale of its AMID Crude Oil Storage subsidiary to HCS Holdings, an affiliate of Hartree Partners.

AMID consists of five crude oil storage tanks with 3 million barrels of capacity located in Cushing, Oklahoma.

Vinson & Elkins advised Hartree with a team led by counsel Matthew Falcone in Houston with Austin associate Kate Rainey Willson and Houston associate Kara Chung. Also advising were Dallas partner John Grand and Houston senior associate Megan Menniti (oil and gas); senior associate Jared Knight and associate Bryant Buechele (real estate), both in Dallas; partner Matthew Dobbins in Houston and Washington, D.C., senior associate Lindsay Hall (environmental); Houston partner Todd Way and Houston associate Christine Mainguy and Dallas associate David Gilbert (tax); and Houston associate Alex Bluebond (labor/employment).

Sidley Austin counseled Third Coast with a an all-Houston team led by partner Tommer Yoked. The team also included associates Shawheen Molavi and Justin Lim, tax partner Zackary Pullin and O&G partner Heather Palmer.

Wells Fargo Securities served as exclusive financial advisor to Third Coast Midstream.

Matt Rowland, president and CEO of Third Coast Midstream said, “We are confident that Hartree is well-positioned to further optimize these storage assets as Third Coast Midstream continues to execute on its plans to divest non-core assets and focus on its core Gulf of Mexico midstream business.”

Liberty Media Acquires Meyer Shank Racing

Liberty Media Corporation and its Formula One Group announced Oct. 2 that it has purchased a minority equity investment in Meyer Shank Racing, an Ohio-based motorsports team.

Meyer Shank Racing competes in the NTT INDYCAR Series and the IMSA WeatherTech SportsCar Series. Liberty Media, which owns Formula 1, is attributing its equity interest to the Formula One Group.

Baker Botts is representing Liberty Media in the transaction with lawyers from Texas, New York and Washington, D.C. The Baker Botts team was led by partners Jonathan Gordon in New York and Bryan Henderson in Dallas. The team also included Dallas associate Cale Curtin.

The investment will fund the expansion of Meyer Shank Racing’s motorsports operations, including the recently announced multi-year Acura DPi program starting with the Rolex 24 at Daytona in January, as well as future expansion of the team’s INDYCAR program.

Baker Botts also represented Liberty Media in its 2016 acquisition of Formula 1 for $8 billion. In September 2019 Baker Botts New York managing partner Rene Wilm was named general counsel of Liberty Media and its various subsidiaries.

V&E Advises as Coolsys Acquires Carolina Refrigeration

CoolSys, Inc., a nationwide network of refrigeration and HVAC services companies, announced Oct. 2 that it is acquiring Carolina Refrigeration Services Inc, a commercial HVAC and refrigeration company which serves customers in South Carolina, North Carolina, Tennessee, Alabama and Georgia.

The terms of the transaction were not disclosed.

Backed by Ares Management, CoolSys CEO Adam Coffey and company GC Burton Hong have been on a well-publicized campaign to gain $2 billion in valuation through aggressive acquisitions of regional HVAC companies.

V&E advised CoolSys with an all-Houston team led by partner Brittany Sakowitz with assistance from associates Kelly King and Ben Sandlin. Also advising were counsel Christie Alcalá (labor/employment); senior associate Kristy Fields (executive compensation/benefits); and partner Lina Dimachkieh and associate Andrew Mandelbaum (tax).

In the last year CoolSys has been involved in at least five acquisitions, the latest in June. Advised by the same V&E team, CoolSys acquired Richmond Refrigeration Services.

CAPITAL MARKETS

V&E Advises Cablevision Lightpath in $1.565B Debt Deals

Cablevision Lightpath, a provider of Ethernet, VoIP and other fiber-based communications networks, announced Sept. 29 an $865 million offering in two issues of senior notes, as well as a $700 million credit facility.

Vinson & Elkins represented the joint bookrunners in the issues — Goldman Sachs, RBC Capital Markets, Deutsche Bank Securities and Morgan Stanley.

The offering includes $450 million in 3.875% senior secured notes due 2027 and another $415 million in 5.625% senior notes due 2028.

V&E also represented Goldman Sachs Bank USA, RBC Capital Markets, Deutsche Bank Securities and Morgan Stanley, as joint bookrunners and joint lead arrangers, under the Company’s senior secured credit facilities in an aggregate principal amount of $700 million, comprised of a $100 million senior secured revolving credit facility and a $600 million senior secured term loan facility.

In addition, V&E represented the company on a $700 million credit facility that features a $100 million senior secured revolver and a $600 million term loan.

The V&E team was led by partners New York with support from London. But several Houston-based lawyers were involved, including private equity associate Caitlin Snelson, partner Wendy Salinas and associate Liz Snyder on taxes and partner David D’Alessandro and senior associate Heather Reynolds Johnson with ERISA advice.

Cablevision Lightpath is a New York-based subsidiary of Altice USA. The Company’s customers include companies in the health care, financial, education, legal and professional services, and other industries, as well as the public sector and communication providers, incumbent local exchange carriers, and competitive local exchange carriers.

Wendy Salinas and associate Liz Snyder were also part of essentially the same Vinson & Elkins team that provided tax advice on two other senior notes offerings: for El Corte Inglés, S.A., the leading department store in Spain, and Toronto-based First Quantum Minerals.

The notes included €600 million (US$703 million) of senior notes due 2024. The size of the offering was increased from the initially announced €400 million to €600 million. El Corte Inglés expects to close the sale of the notes on October 13 and will use the net proceeds from the sale of the notes for general corporate purposes, including repayment of debt.

El Corte Inglés is one of the largest multi-channel retail operations in the world, as well as one of the largest global real estate portfolios.

The First Quantum issue was for $1.5 billion of 6.875% senior notes due 2027. The offering includes an add-on to the original issue planned for $1.0 billion. The notes are priced at par.

The company intends to use the proceeds of the unsecured notes to pay off a $650 million revolving credit facility, as well as notes due in 2022.

Bracewell Advises in $125M Veritex Holdings Offering

The parent company for Veritex Community Bank, announced Oct. 1 pricing for its $125 million public offering of fixed-to-floating rate subordinated notes due 2030.

Veritex Holding Co. intends to use the proceeds of the offering for general corporate purposes, including debt reduction and support for capital levels at Veritex Community Bank.

Bracewell advised Veritex with a team led by Will Anderson with Joshua T. McNulty, Don J. Lonczak, Ian R. Brown and Caroline E. Ellis.

Keefe, Bruyette & Woods is the sole book-running manager for the offering. Stephens Inc. and Raymond James & Associates, Inc., are co-managers.

Founded in 2009, Dallas-based Veritex operates banking locations in the Dallas-Fort Worth and Houston areas. Veritex Community Bank is a Texas state chartered bank.

Kirkland Advises Peridot SPAC on IPO

Peridot Acquisition Corp., a special purpose acquisition company, announced Sept. 28, the closing of a $300 million IPO.

Peridot is an affiliate of Carnelian Energy Capital Management created to target businesses in the “smart” fields of environmentally sound technologies: electrification, clean fuel transportation, self-directed and autonomous mobility and related infrastructure, energy storage and efficiency, smart grid technology and renewable energy sectors.

Peridot’s shares began trading on the New York Stock Exchange under the ticker symbol “PDAC” on Sept. 24.

Peridot was led by capital markets partners Christian Nagler in New York, Debbie Yee and Cephas Sekhar in Houston, as well as associates Austin Elliott and Erin Eberle; transactional partner Allan Kirk and associate Zach Savrick; tax partners David Wheat and Steve Butler and associate Joe Tobias; and investment funds partners Matt Nadworny and Laura Stake.

UBS Securities and Barclays Capital Inc. acted as joint book running managers and Tudor, Pickering, Holt & Co. Securities acted as co-manager for the offering

Houston-based Carnelian is a private equity firm with $1.8 billion in equity commitments. Jeffrey Gilbert, the company’s COO, is also its general counsel. He’s a UT/UT Law grad, a former associate at Bracewell in Houston and a former reporter for the Houston Chronicle and Austin American-Statesman.

OTHER:

Winston Reps Diginex Limited

Diginex Limited, a Hong Kong headquartered digital assets financial services company, announced Oct. 1 that it closed a combination with the 8i Enterprises Acquisition Corp., a SPAC created in the British Virgin Islands. With a subsequent listing on NASDAQ, Diginex becomes the first company there with a cryptocurrency exchange: EQUOS.io. Winston & Strawn counseled Diginex with a New York/Hong Kong team that nonetheless included a couple of Texas lawyers: Associates John Niedzwiecki and Ben Smolij from Houston.

Allen Pusey

Allen Pusey is a senior editor and writer at The Texas Lawbook.

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