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)
(Deal Values in Millions)
Deal Count | Amount | Firms | Lawyers | M&A Count | M&A Value $M | CapM Count | ||
---|---|---|---|---|---|---|---|---|
April 20, 2024 | 19 | $15,989 | 11 | 147 | 9 | $5,208 | 10 | $10,781 |
April 13, 2024 | 13 | $8,952 | 9 | 76 | 10 | $1,652 | 3 | $7,300 |
April 6, 2024 | 22 | $22,616 | 14 | 222 | 14 | $13,501 | 8 | $13,116 |
March 30, 2024 | 12 | $9,286 | 8 | 136 | 8 | $4,299 | 4 | $4,987 |
March 23, 2024 | 18 | $5,451 | 17 | 266 | 16 | $4,759 | 2 | $692 |
March 16, 2024 | 21 | $11,437 | 13 | 186 | 14 | $9,316 | 6 | $2,070 |
March 9, 2024 | 23 | $4,695 | 21 | 218 | 19 | $2,723 | 4 | $1,972 |
March 2, 2024 | 20 | $9,108 | 19 | 372 | 14 | $4,558 | 6 | $4,550 |
February 24, 2024 | 19 | $16,382 | 12 | 248 | 15 | $9,507 | 4 | $6,875 |
February 17, 2024 | 16 | $29,932 | 15 | 157 | 12 | $29,216 | 4 | $716 |
February 10, 2024 | 25 | $10,750 | 17 | 196 | 19 | $5,372 | 6 | $5,379 |
February 3, 2024 | 12 | $8,416 | 18 | 125 | 9 | $3,416 | 3 | $5,000 |
January 27, 2024 | 9 | $8,165 | 9 | 87 | 8 | $7,815 | 1 | $800 |
January 20, 2024 | 14 | $4,084 | 12 | 109 | 12 | $3,219 | 2 | $865 |
January 13, 2024 | 17 | $33,588 | 12 | 256 | 12 | $26,765 | 5 | $6,823 |
January 6, 2024 | 8 | $7,915 | 8 | 84 | 6 | $7,265 | 2 | $650 |
December 30, 2023 | 17 | $14,599 | 12 | 99 | 15 | $2,714 | 2 | $11,885 |
December 23, 2023 | 23 | $4,182 | 13 | 219 | 16 | $1,813 | 7 | $2,370 |
December 16, 2023 | 13 | $16,436 | 13 | 280 | 7 | $15,150 | 5 | $1,286 |
December 9, 2023 | 26 | $14,633.9 | 17 | 244 | 16 | $8,095 | 10 | $6,538.9 |
December 2, 2023 | 13 | $6,720 | 9 | 57 | 12 | $6,630 | 1 | $90 |
November 25, 2023 | 9 | $4,835 | 9 | 131 | 6 | $1,785 | 3 | $3,050 |
November 18, 2023 | 22 | $6,568.7 | 17 | 184 | 14 | $4,709.2 | 8 | $1,859.5 |
November 11, 2023 | 15 | $9,825 | 13 | 179 | 12 | $6,581 | 3 | $3,244 |
November 4, 2023 | 15 | $20,582.5 | 14 | 193 | 12 | $19,417.5 | 3 | $1,165 |
October 28, 2023 | 18 | $68,419.1 | 18 | 152 | 15 | $66,646 | 3 | $1,773.1 |
October 21, 2023 | 16 | $6,755.9 | 16 | 165 | 15 | $6,755.9 | 1 | $3 |
October 14, 2023 | 10 | $67,851.2 | 13 | 125 | 7 | $61,998.5 | 3 | $5,852.7 |
October 7, 2023 | 17 | $6,595.5 | 13 | 228 | 16 | $5,995.5 | 1 | $600 |
September 30, 2023 | 17 | $1,896.45 | 13 | 189 | 14 | $806.45 | 3 | $1,090 |
September 23, 2023 | 23 | $6,432.7 | 17 | 230 | 16 | $1,402.8 | 7 | $5,029.9 |
September 16, 2023 | 25 | $23,226.7 | 23 | 353 | 16 | $17,239 | 9 | $5,987.7 |
September 9, 2023 | 12 | $6,369 | 8 | 102 | 7 | $4,311 | 5 | $2,058 |
September 2, 2023 | 14 | $2,522 | 6 | 92 | 13 | $1,322 | 1 | $1,200 |
August 26, 2023 | 17 | $12,160.25 | 13 | 202 | 15 | $ 6,573.25 | 2 | $ 5,587.00 |
August 19, 2023 | 19 | $11,505 | 13 | 213 | 15 | $11,255 | 4 | $250 |
August 12, 2023 | 19 | $9,698.8 | 13 | 184 | 7 | $3,270 | 12 | $6,428.8 |
August 5, 2023 | 13 | $5,201 | 12 | 118 | 12 | $5,051 | 1 | $150 |
July 29, 2023 | 15 | $21,031.6 | 13 | 196 | 11 | $18,292.0 | 4 | $2,739.6 |
July 22, 2023 | 18 | $3,992 | 12 | 130 | 13 | $2,808 | 5 | $1,184 |
July 15, 2023 | 13 | $8,254.95 | 13 | 81 | 13 | $8,254.95 | 0 | 0 |
July 8, 2023 | 16 | $5,441.45 | 12 | 172 | 11 | $2,443 | 5 | $2,998.45 |
July 1, 2023 | 16 | $6,872 | 10 | 105 | 12 | $5,474 | 4 | $1,398 |
June 24, 2023 | 13 | $10,914 | 16 | 201 | 10 | $7,874 | 3 | $3,040 |
June 17, 2023 | 17 | $5,880.7 | 15 | 151 | 15 | $4,705.7 | 2 | $1,175 |
June 10, 2023 | 19 | $8,516.1 | 13 | 111 | 16 | $6,252.4 | 3 | $2,263.7 |
June 3 2023 | 12 | $6,104.42 | 12 | 138 | 8 | $4,256.92 | 4 | $1,847.5 |
May 27, 2023 | 17 | $12,200 | 10 | 67 | 11 | $6,165 | 6 | $6,035 |
May 20, 2023 | 11 | $22,458.1 | 8 | 103 | 4 | $19,455 | 7 | $3,003 |
May 13, 2023 | 12 | $7,034 | 10 | 101 | 8 | $5,460 | 4 | $1,574 |
May 6, 2023 | 20 | $3,297.6 | 18 | 196 | 17 | $2,985.6 | 3 | $312 |
April 29, 2023 | 23 | $3,691.2 | 18 | 135 | 17 | $1,969.7 | 6 | $1,721.5 |
April 22, 2023 | 16 | $5,570 | 14 | 104 | 14 | $4,750 | 2 | $1,000 |
April 15, 2023 | 12 | $23,818.1 | 9 | 59 | 10 | $21,618.1 | 2 | $2,200 |
April 8, 2023 | 16 | $7,949 | 9 | 173 | 9 | $5,472 | 7 | $3,477 |
April 1, 2023 | 21 | $18,676.7 | 12 | 175 | 11 | $10,926.7 | 10 | $7,750 |
March 25, 2023 | 15 | $8,779.5 | 10 | 141 | 5 | $2,362 | 10 | $6,416.5 |
March 18, 2023 | 7 | $14,048.8 | 6 | 69 | 5 | $13,345 | 2 | $703.8 |
March 11, 2023 | 21 | $11,576 | 16 | 165 | 16 | $8,131 | 5 | $3,445 |
March 4, 2023 | 20 | $9,668 | 11 | 228 | 16 | $8,209 | 4 | $1,459 |
February 25, 2023 | 13 | $5,335 | 13 | 130 | 12 | $4,235 | 1 | $1,200 |
February 18, 2023 | 14 | $5,743.7 | 13 | 158 | 8 | $898.7 | 6 | $4,845 |
February 11, 2023 | 16 | $12,088 | 12 | 137 | 12 | $9,965 | 4 | $2,123 |
February 4, 2023 | 17 | $8,066 | 15 | 140 | 13 | $5,614 | 4 | $2,452 |
January 28, 2023 | 7 | $2,180 | 7 | 75 | 5 | $1,692.75 | 2 | $488 |
January 21, 2023 | 17 | $5,768 | 16 | 174 | 12 | $1,918 | 5 | $3,850 |
January 14, 2023 | 11 | $2, 800 | 10 | 102 | 8 | $421 | 3 | $2,400 |
January 7, 2023 | 18 | $8,296 | 11 | 167 | 14 | $6,461 | 3 | $1,835 |
December 31, 2022 | 14 | $2,732 | 11 | 99 | 12 | $2,092 | 2 | $640 |
December 17 | 14 | $7,919 | 13 | 115 | 12 | $7,419 | 1 | $500 |
December 10, 2022 | 14 | $10,093 | 12 | 88 | 11 | $7,093 | 3 | $3,000 |
December 3, 2022 | 26 | $12,800.9 | 11 | 172 | 20 | $4,141 | 6 | $8,659.9 |
November 26, 2022 | 8 | $2,266.7 | 8 | 5 | 3 | $76 | 5 | $2,190.7 |
November 19, 2022 | 21 | $2,886 | 15 | 212 | 19 | $2,550 | 2 | $336 |
November 12, 2022 | 13 | $15,093.7 | 9 | 81 | 9 | $14,200 | 4 | $893.7 |
November 5, 2022 | 25 | 19,337.2 | 16 | 509 | 22 | $8,267.2 | 3 | $11,070 |
October 29, 2022 | 15 | $7,805.3 | 9 | 116 | 14 | $7,180.3 | 1 | $625 |
October 22, 2022 | 20 | $8,193.5 | 13 | 253 | 13 | $5,442 | 7 | $2,751.5 |
October 15, 2022 | 9 | $3,046.1 | 9 | 139 | 7 | $2,588.3 | 2 | $457.8 |
October 8, 2022 | 19 | $2,011.8 | 12 | 114 | 16 | $833.8 | 3 | $1,178 |
October 1, 2022 | 23 | $5,532.9 | 16 | 156 | 18 | $4,952.3 | 5 | $580.6 |
September 24, 2022 | 18 | $5,194 | 14 | 216 | 15 | $4,050 | 3 | $1,144 |
September 17, 2022 | 21 | $8,352.3 | 12 | 320 | 15 | $4,759.6 | 6 | $3,592.7 |
September 10, 2022 | 15 | $19,853.5 | 10 | 126 | 13 | $19,403.6 | 2 | $450 |
September 3, 2022 | 9 | $2,312 | 9 | 62 | 9 | $2,312 | 0 | 0 |
August 27, 2022 | 16 | $30,891.7 | 10 | 135 | 15 | $30,666.4 | 1 | 227.7 |
August 20, 2022 | 12 | $1,977 | 8 | 152 | 9 | 925 | 3 | $1,052 |
August 13, 2022 | 18 | $8,004.7 | 11 | 242 | 11 | $2,844.7 | 7 | $5,160 |
August 6, 2022 | 24 | $7,948.9 | 12 | 240 | 17 | $3,577 | 7 | $4,371.9 |
July 30, 2022 | 8 | $6,941 | 9 | 78 | 7 | $6,839 | 1 | $102 |
July 23, 2022 | 11 | $801 | 11 | 92 | 10 | $801 | 1 | 0 |
July 16, 2022 | 14 | $3,650 | 10 | 122 | 14 | $3,650 | 0 | 0 |
July 9, 2022 | 10 | $3,557.7 | 7 | 68 | 9 | $3,557.7 | 1 | 0 |
July 2, 2022 | 18 | $8,609.4 | 13 | 152 | 15 | $2,754.4 | 3 | $5,855 |
June 25, 2022 | 15 | $6,142 | 13 | 146 | 9 | $2,017 | 6 | $4,125 |
June 18, 2022 | 17 | $11,890.1 | 14 | 228 | 15 | $11,410 | 2 | 479.7 |
June 11, 2022 | 17 | $7,600 | 12 | 123 | 10 | $2,300 | 7 | $5,300 |
June 4, 2022 | 12 | $2,937 | 10 | 127 | 9 | $692 | 3 | $2,245 |
May 28, 2022 | 9 | $3,197.6 | 11 | 86 | 9 | $3,197.6 | 0 | 0 |
May 21, 2022 | 14 | $7,284.5 | 12 | 185 | 11 | $6,609 | 3 | $675.5 |
May 14, 2022 | 11 | $306.6 | 9 | 80 | 10 | $306.6 | 1 | $225 |
May 7, 2022 | 16 | $10,451.75 | 12 | 108 | 12 | $1,827 | 4 | $8,624.75 |
April 30, 2022 | 16 | $2,296.5 | 16 | 157 | 12 | $895.5 | 4 | $1,401 |
April 23, 2022 | 10 | $2,241 | 11 | 58 | 8 | $1641 | 2 | $600 |
April 16, 2022 | 11 | $6,643 | 7 | 156 | 8 | $2,359 | 3 | $4,284 |
April 9, 2022 | 17 | $4,429 | 14 | 184 | 11 | $1,690 | 6 | $2,739 |
April 2, 2022 | 13 | $1,755 | 8 | 84 | 10 | $1,145 | 3 | $610 |
March 26, 2022 | 11 | $3,205 | 8 | 65 | 6 | $200 | 5 | $3,005 |
March 19, 2022 | 13 | $2,239.17 | 9 | 106 | 13 | $2,239.17 | 0 | 0 |
March 12, 2022 | 18 | $12,016 | 11 | 239 | 15 | $11,965 | 2 | $51.35 |
March 5, 2022 | 17 | $6,786 | 13 | 137 | 13 | $5,161 | 4 | $1,625 |
February 26, 2022 | 12 | $5,095 | 8 | 149 | 9 | $4,437.5 | 3 | $658 |
February 19, 2022 | 17 | $22,229 | 17 | 174 | 14 | $21,354 | 3 | $875 |
February 12, 2022 | 12 | $2,344.7 | 10 | 73 | 8 | $641.7 | 4 | $1,703 |
February 5, 2022 | 11 | $2,503 | 8 | 99 | 11 | $2,503 | 0 | 0 |
January 29, 2022 | 11 | $3,872 | 12 | 101 | 12 | $3,872 | 0 | 0 |
January 22, 2022 | 13 | $5,143.5 | 10 | 99 | 12 | $4,842.5 | 1 | $301 |
January 15, 2022 | 12 | $7,605 | 9 | 155 | 9 | $6,480 | 3 | $1,025 |
January 8, 2022 | 13 | $8,256.2 | 11 | 102 | 13 | $8,256.2 | 0 | 0 |
January 1, 2022 | 9 | $1,273.8 | 6 | 50 | 9 | $1,273.8 | 0 | 0 |
December 25, 2021 | 21 | $4,734.75 | 11 | 176 | 16 | $3,410 | 5 | $1,324.75 |
December 18, 2021 | 26 | $7,325.2 | 15 | 193 | 18 | $3,640.2 | 8 | $3,685.2 |
December 11, 2021 | 16 | $5,017 | 10 | 109 | 13 | $1,417 | 3 | $3,600 |
December 4, 2021 | 14 | $2,310 | 8 | 86 | 8 | $2,310 | 6 | $1,882.05 |
November 27, 2021 | 9 | $3.460.1 | 10 | 101 | 6 | $1,758 | 3 | $1,702.6 |
November 20, 2021 | 20 | $22,792 | 15 | 157 | 12 | $18,864.5 | 8 | $3,928 |
November 13, 2021 | 21 | $26,729 | 12 | 178 | 13 | $11,822 | 8 | $14,907 |
November 6, 2021 | 12 | $8,303 | 13 | 157 | 10 | $6,682 | 3 | $1,621 |
October 30, 2021 | 21 | $10,368 | 15 | 218 | 15 | $9,24.4 | 6 | $1,103. |
October 23, 2021 | 21 | $18.783.1 | 15 | 222 | 11 | $12,314 | 10 | $6,468.6 |
October 16, 2021 | 15 | $3,868 | 11 | 118 | 15 | $2,293 | 2 | $1,575 |
October 9, 2021 | 20 | $8,610 | 16 | 175 | 16 | $7,795 | 4 | $815 |
October 2, 2021 | 14 | $6,250 | 11 | 137 | 10 | $5,200 | 4 | $1,050 |
September 25, 2021 | 11 | $11,460 | 9 | 93 | 7 | $10,200 | 4 | $1,250 |
September 18, 2021 | 11 | $16,603 | 8 | 99 | 8 | $15,084 | 3 | $1,519 |
September 11, 2021 | 17 | $10,653 | 11 | 103 | 13 | $8,503 | 4 | $2,150 |
September 4, 2021 | 13 | $7,222 | 10 | 89 | 11 | $6,715 | 2 | $507 |
August 28, 2021 | 12 | $763 | 9 | 63 | 11 | $663 | 1 | $100 |
August 21, 2021 | 12 | $29,659 | 7 | 79 | 11 | $29,579 | 1 | $80 |
August 14, 2021 | 22 | $17,845 | 11 | 199 | 12 | $12,805 | 10 | $5,04 |
August 7, 2021 | 17 | $13,670 | 12 | 139 | 15 | $11,766 | 2 | $1,904 |
July 31, 2021 | 21 | $8,160 | 11 | 134 | 10 | $3,574 | 10 | $4,586 |
July 24,2021 | 21 | $6,367 | 11 | 139 | 15 | $3,712 | 6 | $2,655 |
July 17, 2021 | 14 | $4,009 | 11 | 124 | 12 | $2,015 | 2 | $1,994 |
July 10, 2021 | 16 | $3,997 | 13 | 143 | 11 | $1,597 | 4 | $2,4 |
July 3, 2021 | 24 | $7,492 | 13 | 94 | 16 | $3,769 | 8 | $3,722 |
June 26, 2021 | 10 | $4,995 | 7 | 85 | 8 | $3,847 | 2 | $1,148 |
June 19, 2021 | 28 | $16,830 | 8 | 228 | 9 | $1,861 | 19 | $14,968 |
June 12, 2021 | 26 | $27,238 | 15 | 209 | 19 | $25,602 | 7 | $1,636 |
June 5, 2021 | 15 | $15,539 | 13 | 100 | 13 | $14,709 | 2 | $600 |
May 29, 2021 | 35 | $20,279 | 11 | 145 | 28 | $18,64 | 7 | $1,639 |
May 22, 2021 | 24 | $53,208 | 14 | 174 | 17 | $51,047 | 7 | $2,161 |
May 15, 2021 | 18 | $10,620 | 13 | 220 | 11 | $5,870 | 7 | $4,809 |
May 8, 2021 | 17 | $10,400 | 11 | 156 | 15 | $8,386 | 2 | $2,500 |
May 1, 2021 | 21 | $7,200 | 16 | 115 | 12 | $3,808 | 9 | $3,392 |
April 24, 2021 | 8 | $20,200 | 9 | 31 | 8 | $20,200 | 0 | 0 |
April 17, 2021 | 14 | $6,270 | 8 | 102 | 11 | $4,0180 | 3 | $2,260 |
April 10, 2021 | 15 | $8,940 | 13 | 129 | 14 | $7,990 | 1 | $950 |
April 3, 2021 | 18 | $19,513 | 10 | 151 | 12 | $16,923 | 6 | $2,590 |
March 27, 2021 | 27 | $13,942 | 15 | 244 | 14 | $4,300 | 13 | $9,633.5 |
March 20, 2021 | 11 | $2,046 | 4 | 102 | 3 | $270 | 8 | $1,776 |
March 13, 2021 | 15 | $3,270 | 9 | 109 | 6 | $538 | 9 | $2,732 |
March 6, 2021 | 24 | $13,617 | 10 | 196 | 13 | $10,395 | 11 | $3,222 |
February 27, 2021 | 19 | $8,105 | 12 | 139 | 15 | $4,970 | 4 | $3,135 |
February 20, 2021 | 9 | $8,820 | 9 | 153 | 8 | $8,520 | 1 | $300 |
February 13, 2021 | 12 | $4,852.6 | 7 | 81 | 7 | 2,766 | 5 | $2,086.6 |
February 6, 2021 | 18 | $9,752 | 13 | 153 | 14 | $5,222 | 4 | $4,530 |
January 30, 2021 | 18 | $9,449 | 9 | 182 | 15 | $8753.8 | 3 | $695.3 |
January 23, 2021 | 14 | $8,150 | 8 | 118 | 6 | $4,000 | 8 | $4,150 |
January 16, 2021 | 17 | $6,783 | 13 | 138 | 11 | $2,400 | 6 | $4,382.9 |
January 9, 2021 | 22 | $6,829 | 14 | 135 | 18 | $3,139.3 | 4 | $3,690 |
January 2, 2021 | 7 | $1,466 | 7 | 60 | 7 | $1,466 | 0 | 0 |
December 26, 2020 | 18 | $15,900 | 12 | 163 | 16 | $5,300 | 1 | $600 |
December 19, 2020 | 18 | $9,769 | 14 | 110 | 14 | $8,426 | 4 | $1,343 |
December 12, 2020 | 10 | $7,200 | 9 | 100 | 9 | $3,325 | 1 | $3,830 |
December 5, 2020 | 15 | $4,261 | 9 | 122 | 9 | $2,780 | 6 | $1,481 |
November 28, 2020 | 19 | $7,758 | 10 | 110 | 13 | $4,003 | 6 | $3,755 |
November 14, 2020 | 14 | $864.1 | 14 | 157 | 12 | $289.1 | 2 | $575 |
November 7, 2020 | 13 | $6,332 | 9 | 129 | 9 | $2,483.5 | 4 | $3,849 |
October 31, 2020 | 10 | $3,995.8 | 8 | 103 | 6 | $3,231.1 | 4 | $754.7 |
October 24, 2020 | 6 | $18,100 | 6 | 58 | 5 | $17,709 | 1 | $350 |
October 17, 2020 | 8 | $351.9 | 5 | 55 | 8 | $351.9 | 0 | 0 |
October 10, 2020 | 7 | $5,229 | 3 | 50 | 4 | $735 | 3 | $4,494 |
October 3, 2020 | 14 | $21,428 | 9 | 173 | 9 | $17,535 | 5 | $3,893 |
September 26, 2020 | 10 | $12,770 | 8 | 93 | 5 | $10,300 | 5 | $2,470 |
September 19, 2020 | 14 | $8,365 | 9 | 101 | 6 | $1,020 | 8 | $7,345 |
September 12, 2020 | 6 | $4,406 | 8 | 59 | 3 | $1,270 | 3 | $3,136 |
September 5, 2020 | 11 | $5,191 | 8 | 117 | 9 | $4,061 | 2 | $1,130 |
August 29, 2020 | 11 | $2,531 | 9 | 94 | 5 | $1,130 | 6 | $1,401 |
August 22, 2020 | 18 | $6,574 | 12 | 140 | 7 | $1,930 | 11 | $4,644 |
August 15, 2020 | 13 | $4,991 | 10 | 97 | 7 | $1,216 | 6 | $3,775 |
August 8, 2020 | 12 | $32,092 | 11 | 112 | 9 | $30,457 | 3 | $1,635 |
August 1, 2020 | 7 | $5,287 | 8 | 76 | 5 | $3,687 | 2 | $1,600 |
July 25, 2020 | 9 | $18,751 | 6 | 67 | 7 | $18,403 | 2 | $348 |
July 18, 2020 | 6 | $1,982.5 | 5 | 50 | 4 | $1,407.5 | 2 | $575 |
July 11, 2020 | 11 | $565.1 | 12 | 75 | 10 | $65.1 | 1 | $500 |
July 4, 2020 | 10 | $8,889 | 8 | 98 | 9 | $8,788 | 1 | $100.3 |
June 27, 2020 | 8 | $6,874 | 10 | 50 | 5 | $4,972.5 | 3 | $2,081.5 |
June 20, 2020 | 12 | $4,444 | 9 | 115 | 7 | $2,829 | 5 | $1,615 |
June 13, 2020 | 6 | $3,582 | 4 | 37 | 2 | $350 | 4 | $3,232 |
June 6, 2020 | 11 | $3,213.7 | 8 | 65 | 7 | $470 | 4 | $2,743.7 |
May 30, 2020 | 8 | $7,335 | 7 | 48 | 6 | $4,639 | 2 | $2,697 |
May 23, 2020 | 4 | $432.4 | 4 | 34 | 3 | $432.4 | 1 | 0 |
May 16, 2020 | 6 | $310 | 6 | 34 | 5 | $310 | 1 | 0 |
May 9, 2020 | 18 | $5,630 | 16 | 124 | 14 | $3,180 | 4 | $2,450 |
May 2, 2020 | 15 | 10,400 | 10 | 90 | 8 | $1,900 | 7 | $,8,500 |
April 25, 2020 | 8 | $3,400 | 9 | 36 | 5 | $1,000 | 3 | $2,450 |
April 18, 2020 | 19 | $9,500 | 14 | 92 | 8 | $185.7 | 11 | $9,360 |
April 11, 2020 | 12 | $6,000 | 9 | 40 | 5 | $190 | 7 | $5,800 |
April 4, 2020 | 14 | $8,200 | 11 | 68 | 10 | $2,200 | 4 | $6,000 |
March 28, 2020 | 16 | $6,500 | 13 | 96 | 10 | $3,700 | 6 | $2,800 |
March 21, 2020 | 11 | $11,910 | 7 | 33 | 7 | $2,250 | 4 | $9,960 |
March 14, 2020 | 7 | 809.8 | 6 | 34 | 6 | 684.8 | 1 | 125 |
March 7, 2020 | 16 | $2,500 | 15 | 70 | 13 | $669 | 3 | $1,400 |
February 29, 2020 | 13 | $15,260 | 13 | 128 | 11 | $11,760 | 2 | $3,500 |
February 22, 2020 | 12 | $3,700 | 10 | 92 | 10 | $2,560 | 2 | $1,130 |
February 15, 2020 | 16 | $1,250 | 10 | 84 | 12 | $35 | 4 | $1,222 |
February 8, 2020 | 18 | $6,080 | 14 | 123 | 14 | $2,595 | 4 | $3,485 |
February 1, 2020 | 21 | $20,900 | 12 | 101 | 14 | $17,860 | 7 | $3,060 |
January 25, 2020 | 13 | $7,430 | 13 | 62 | 12 | $6,430 | 1 | $1,000 |
January 18, 2020 | 23 | $9,580 | 15 | 120 | 19 | $6,580 | 4 | $3,000 |
January 11, 2020 | 21 | $14,200 | 18 | 199 | 16 | $1,020 | 5 | $13,200 |
January 4, 2020 | 22 | $6,400 | 11 | 119 | 16 | $3,204 | 6 | $3,245 |
December 28, 2019 | 22 | $7,150 | 19 | 175 | 18 | $6,800 | 4 | $327.4 |
December 14, 2019 | 24 | $36,300 | 23 | 167 | 19 | $9,500 | 5 | $26,800 |
December 7, 2019 | 11 | $10,400 | 11 | 55 | 7 | $1,082 | 4 | $9,370 |
November 30. 2019 | 14 | $2,450 | 12 | 126 | 12 | $1,760 | 2 | $692.5 |
November 23, 2019 | 16 | $1,995 | 10 | 41 | 11 | $615 | 5 | $1,380 |
November 16, 2019 | 15 | $3,820 | 13 | 135 | 11 | $2,500 | 4 | $1,271 |
November 9, 2019 | 25 | $12,900 | 17 | 182 | 23 | $12,200 | 2 | $575 |
November 2, 2019 | 10 | $2,470 | 12 | 61 | 9 | 2,450 | 3 | $22 |
October 26, 2019 | 12 | $5,560 | 14 | 70 | 11 | $3,860 | 1 | $1,700 |
October 19, 2019 | 8 | $6,600 | 8 | 138 | 8 | $6,600 | 0 | 0 |
October 12, 2019 | 19 | $4,300 | 14 | 55 | 16 | $3,800 | 3 | $500 |
October 5, 2019 | 18 | $14,500 | 19 | 166 | 15 | $11,100 | 3 | $3,400 |
September 28, 2019 | 19 | $8,100 | 18 | 132 | 18 | $7,560 | 1 | $550 |
September 21, 2019 | 14 | $6,300 | 16 | 66 | 11 | $2,160 | 3 | $4,170 |
September 14, 2019 | 15 | $23,800 | 12 | 56 | 11 | $21,250 | 4 | $2,570 |
September 7, 2019 | 17 | $3,500 | 15 | 98 | 14 | $1,900 | 3 | $1,600 |
August 31, 2019 | 5 | $8,700 | 6 | 50 | 5 | $8,700 | 0 | 0 |
August 24, 2019 | 16 | $10,000 | 14 | 82 | 15 | $4,250 | 1 | $5,750 |
August 16, 2019 | 10 | $1,680 | 5 | 52 | 7 | $650 | 3 | $950 |
August 9, 2019 | 17 | $17,700 | 15 | 68 | 14 | $3,900 | 3 | $13,800 |
August 2, 2019 | 13 | $5,760 | 12 | 108 | 13 | $5,760 | NA | NA |
July 27, 2019 | 11 | $7,300 | 13 | 76 | 8 | $6,570 | 3 | $730 |
July 20, 2019 | 13 | $11,800 | 13 | 125 | 11 | $5,300 | 2 | $6,500 |
July 13, 2019 | 10 | $775 | 7 | 46 | 8 | $542.5 | 2 | $233 |
July 6, 2019 | 7 | $2,500 | 9 | 85 | 7 | $2,500 | 0 | 0 |
June 29, 2019 | 23 | $8,290 | 15 | 154 | 17 | $2,300 | 6 | $5,970 |
June 22, 2019 | 17 | $10,700 | 10 | 139 | 14 | $7,700 | 3 | $3,000 |
June 15, 2019 | 11 | $13,500 | 14 | 160 | 11 | $13,500 | NA | NA |
June 8, 2019 | 13 | $2,870 | 17 | 55 | 11 | $1,570 | 2 | $1,300 |
June 1, 2019 | 10 | $4,460 | 11 | 60 | 8 | $4,140 | 2 | $315 |
May 25, 2019 | 17 | $4,360 | 14 | 79 | 14 | $3,700 | 3 | $612 |
May 18, 2019 | 22 | $9,000 | 17 | 150 | 16 | $3,400 | 6 | $5,600 |
May 11, 2019 | 18 | $19,800 | 17 | 177 | 15 | $18,300 | 3 | $1,500 |
May 4, 2019 | 10 | $7,075 | 6 | 32 | 8 | $6,900 | 2 | $175 |
April 27, 2019 | 15 | $3,200 | 14 | 117 | 14 | $3,160 | 1 | $40 |
April 20, 2019 | 13 | $13,500 | 10 | 90 | 9 | $12,200 | 4 | $1,300 |
April 13, 2019 | 16 | $38,900 | 14 | 91 | 14 | $37,800 | 2 | $1,100 |
April 6, 2019 | 12 | $6,870 | 11 | 94 | 10 | $6,730 | 2 | $50 |
March 30, 2019 | 15 | $6,470 | 12 | 84 | 10 | $7,91.5 | 5 | $5,677 |
March 23, 2019 | 18 | $6,450 | 14 | 91 | 14 | $5,042 | 4 | $1,408 |
March 16, 2019 | 14 | $10,180 | 12 | 115 | 11 | $8,800 | 3 | $1,300 |
March 9, 2019 | 9 | $1,800 | 6 | 49 | 8 | $1,300 | 1 | $500 |
March 2, 2019 | 20 | $3,033 | 16 | 107 | 14 | $1,817 | 6 | $1,262 |
February 23, 2019 | 12 | $2,040 | 8 | 69 | 9 | $614.6 | 3 | $1,430 |
February 16, 2019 | 16 | $9,970 | 18 | 77 | 16 | $9,970 | 0 | 0 |
February 9, 2019 | 14 | $6,400 | 10 | 110 | 14 | $6,400 | 0 | 0 |
February 2, 2019 | 18 | $6,740 | 15 | 99 | 16 | $5,720 | 2 | $950 |
January 26, 2019 | 13 | $2,770 | 11 | 67 | 11 | $918.95 | 2 | $1,850 |
January 19, 2019 | 15 | $3,819 | 16 | 76 | 12 | $2,594 | 3 | $1,225 |
January 12, 2019 | 18 | $7,283 | 14 | 92 | 15 | $1,683 | 3 | $5,600 |
January 5, 2019 | 10 | $529 | 12 | 50 | 10 | $529 | 0 | 0 |
December 22, 2018 | 17 | $2,570 | 13 | 87 | 14 | $941 | 3 | $1,629 |
December 15, 2018 | 10 | $2,860 | 8 | 26 | 8 | $264 | 2 | $2,600 |
December 8, 2018 | 15 | $1,819 | 16 | 65 | 12 | $552 | 3 | $1,267 |
December 1, 2018 | 12 | $7,500 | 10 | 90 | 9 | $1,200 | 3 | $6,200 |
November 28, 2018 | 15 | $4,500 | 11 | 107 | 14 | $4,000 | 1 | $500 |
November 19, 2018 | 18 | $6,137 | 13 | 98 | 13 | $2,142 | 5 | $3,995 |
November 14, 2018 | 18 | $9,200 | 13 | 152 | 15 | $8,500 | 3 | $694 |
November 6, 2018 | 16 | $17,300 | 16 | 183 | 14 | $16,361 | 2 | $950 |
October 29, 2018 | 14 | $14,400 | 18 | 127 | 17 | $13,800 | 1 | $600 |
October 24, 2018 | 13 | $6,140 | 13 | 126 | 11 | $5,122 | 2 | $1,018 |
October 17, 2018 | 18 | $18,390 | 15 | 125 | 14 | $12,292 | 4 | $6,098 |
October 10, 2018 | 29 | $3,149 | 18 | 104 | 20 | $1,647 | 9 | $819 |
October 2, 2018 | 18 | $9,300 | 11 | 67 | 14 | $7,300 | 4 | $2,000 |
September 25, 2018 | 13 | $7,000 | 11 | 75 | 10 | $6,000 | 3 | $995 |
September 18, 2018 | 9 | $3,570 | 7 | 44 | 9 | $3,570 | 0 | 0 |
September 11, 2018 | 13 | $5,900 | 10 | 132 | 13 | $5,900 | 0 | 0 |
September 7, 2018 | 14 | $5,000 | 15 | 86 | 11 | $4,000 | 3 | $1,000 |
August 29, 2018 | 15 | $20,700 | 14 | 79 | 13 | $4,700 | 2 | $16,000 |
August 20, 2018 | 10 | $12,400 | 11 | 53 | 8 | $11,380 | 3 | $1,057 |
August 14, 2018 | 12 | $19,900 | 12 | 132 | 9 | $18,889 | 3 | $1,011 |
August 7, 2018 | 16 | $68,600 | 11 | 106 | 13 | $67,259 | 3 | $1,340 |
July 31, 2018 | 15 | $15,100 | 15 | 95 | 11 | $13,060 | 4 | $2,060 |
July 23, 2018 | 13 | $2,130 | 15 | 60 | 10 | $1,804 | 3 | $1,100 |
July 17, 2018 | 14 | $5,370 | 17 | 98 | 9 | $4,310 | 5 | $1,100 |
July 9, 2018 | 16 | $11,200 | 15 | 74 | 10 | $11,080 | 6 | $862 |
July 3, 2018 | 13 | $7,000 | 7 | 81 | 12 | $6,330 | 1 | $750 |
June 25, 2018 | 15 | $8,800 | 13 | 97 | 9 | $4,970 | 6 | $3,930 |
June 18, 2018 | 13 | $14,200 | 14 | 80 | 7 | $221 | 6 | $14,290 |
June 11, 2018 | 12 | $6,300 | 8 | 96 | 8 | $5,910 | 4 | $803 |
June 6, 2018 | 13 | $14,500 | 10 | 88 | 8 | $14,154 | 5 | $579 |
May 31, 2018 | 11 | $4,890 | 10 | 63 | 8 | $3,240 | 3 | $1,790 |
May 22, 2018 | 15 | $20,400 | 11 | 63 | 9 | $19,808 | 6 | $885 |
May 15, 2018 | 15 | $4,700 | 15 | 106 | 10 | $3,900 | 5 | $643 |
May 9, 2018 | 11 | $1,400 | 13 | 88 | 9 | $1,300 | 2 | $560 |
May 1, 2018 | 8 | $14,250 | 7 | 88 | 7 | $13,400 | 1 | $450 |
April 24, 2018 | 12 | $5,300 | 6 | 61 | 11 | $4,470 | 1 | $800 |
April 17, 2018 | 9 | $1,800 | 10 | 44 | 7 | $2,330 | 2 | $1,434 |
April 11, 2018 | 11 | $2,500 | 8 | 32 | 6 | $1,690 | 5 | $809 |
April 3, 2018 | 15 | $13,400 | 11 | 121 | 9 | $12,020 | 6 | $1,090 |
March 28, 2018 | 10 | $4,000 | 10 | 92 | 7 | $3,870 | 3 | $215 |
March 19, 2018 | 17 | $5,800 | 13 | 51 | 10 | $590 | 7 | $5,165 |
March 12, 2018 | 15 | $3,130 | 11 | 43 | 11 | $2,360 | 4 | $788 |
March 6, 2018 | 19 | $5,400 | 13 | 116 | 10 | $1,530 | 9 | $4,860 |
February 27, 2018 | 20 | $6,600 | 13 | 69 | 14 | $5,530 | 6 | $1,030 |
February 19, 2018 | 15 | $5,500 | 14 | 111 | 10 | $3,990 | 6 | $1,980 |
February 12, 2018 | 23 | $10,900 | 17 | 157 | 12 | $7,110 | 11 | $3,840 |
February 5, 2018 | 16 | $8,600 | 13 | 100 | 7 | $1,330 | 9 | $7,800 |
January 30, 2018 | 11 | $12,600 | 11 | 68 | 5 | $7,300 | 6 | $4,982 |
January 24, 2018 | 19 | $9,400 | 15 | 129 | 5 | $2,010 | 14 | $7,337 |
January 18, 2018 | 10 | $6,280 | 8 | 49 | 2 | $2,100 | 8 | $4,188 |
January 9, 2018 | 12 | $16,500 | 12 | 92 | 9 | $15,890 | 3 | $475 |
January 3, 2018 | 10 | $2,500 | 9 | 47 | 8 | $2,350 | 2 | $150 |
December 27, 2017 | 15 | $9,000 | 15 | 113 | 9 | $7,568 | 6 | $1,784 |
December 18, 2017 | 15 | $13,800 | 16 | 164 | 9 | $13,010 | 7 | $1,118 |
December 11, 2017 | 14 | $9,700 | 10 | 126 | 12 | $2,940 | 4 | $8,500 |
December 4, 2017 | 6 | $1,800 | 6 | 31 | 5 | $1,510 | 1 | $300 |
November 28, 2017 | 7 | $3,850 | 8 | 76 | 4 | $3,260 | 3 | $285 |
November 16, 2017 | 10 | $2,700 | 10 | 48 | 6 | $1,840 | 4 | $856 |
November 8, 2017 | 15 | $2,380 | 17 | 91 | 10 | $1,860 | 5 | $516 |
November 1, 2017 | 12 | $4,700 | 17 | 94 | 9 | $3,400 | 4 | $1,300 |
October 23, 2017 | 15 | $10,500 | 10 | 67 | 10 | $9,780 | 4 | $1,530 |
October 18, 2017 | 6 | $2,000 | 37 | 3 | $225 | 3 | $1,820 | |
October 10, 2017 | 12 | $6,570 | 100 | 9 | $3,880 | 3 | $3,360 | |
October 2, 2017 | 8 | $3,100 | 11 | 19 | 3 | $1,630 | 5 | $1,750 |
September 25, 2017 | 8 | $4,880 | 8 | 79 | 5 | $2,660 | 5 | $2,070 |
September 18, 2017 | 9 | $4,770 | 3 | $300 | 6 | $4,470 | ||
September 12, 2017 | 11 | $4,430 | 8 | $2,030 | 3 | $2,400 | ||
September 1, 2017 | 4 | $1,310 | 3 | $317 | 1 | $1,000 | ||
August 23, 2017 | 11 | $13,640 | 9 | 8 | $11,840 | 3 | $1,800 |
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.