CDT Roundup: 14 Deals, 9 Firms, 179 Lawyers, $7.2B

On Jan. 31, the same day that FTC chairman Lena Khan figuratively left the building to her Republican replacement, a federal judge in Houston slammed the door on the commission’s long-lingering efforts to quash the sale of Houston-based Mattress Firm to Tempur Sealy.

In a 115-page opinion, Judge Charles Eskridge denied an FTC request for a preliminary injunction to stop the sale on grounds that it posed a threat to consumers in the form of higher prices for mattresses and a threat to competitors by creating a formidable combination of the world’s largest mattress manufacturer and the nation’s largest mattress retailer.

In doing so, Judge Eskridge challenged both the specifics of the FTC’s various market analyses as well as the premise upon which the agency had halted consummation of the deal since its announcement in May 2023.

The FTC, in a 45-page petition that included 182 separate redactions, included intriguing but unexplained statements like this: “Multiple high-ranking executives within Tempur Sealy have expressed a desire to eliminate and block rival suppliers and brands from Mattress Firm-post acquisition.” They were unexplained because the supporting references were redacted.

But for Judge Eskridge, the essence of the FTC complaint — despite the hyperbolic language of a highly competitive industry — was problematic both in theory and in fact. First, the merger was a vertical combination, one that even in theory is more likely to be procompetitive than anticompetitive, a premise Judge Eskridge says was never really addressed by the FTC in the evidentiary stages of the case.

Specifically (and perhaps oddly), the FTC model of potential price increases failed to account for EDM (Elimination of Double Marginalization), a competitive advantage built into almost any combination of manufacturer and retailer. Put simply: A manufacturer sells at a margin to the retailer who, in turn, sells at a margin to the customer. A combination of manufacturer and retailer, both in theory and practice, eliminates (or reduces) that double marginalization with the potential of making goods cheaper.

The FTC price modeling presented to Judge Eskridge predicted that consumers would suffer a pricing penalty of as much as $896 million if the merger went through, about $181 per mattress. But the FTC’s expert was unable to account for how such up-pricing would take place in the face of a more logical temptation to use EDM to underprice competition.

“To testify, as he did, that all he can do is ‘put the numbers in the model and then just see what comes out’ doesn’t exactly inspire confidence that he accounted for the market and commercial realities of the situation,” Judge Eskridge observed.

He also noted that the FTC modeling was nearly totally dependent on the upscale end of the mattress retail market, defined by the FTC (but not necessarily the industry) as mattresses priced at $2,000 or more. And in a detailed analysis of their evidence — an analysis that consumes most of his opinion — Judge Eskridge all but eviscerates the FTC contention that competition in that space would be substantially foreclosed by the sale. In fact, he noted, that Mattress Firm — a company that had emerged from bankruptcy in 2019 after excluding Tempur Sealy mattresses from its stores — had argued that its own competitive health in the retail market would be bolstered by the sale.

It was for that concentration on upscale consumers that Judge Eskridge — a former clerk for Justice Byron White and an appointee during the first Trump administration — reserved some of his most explicit criticism.

About 81.5 percent of Mattress Firm sales are below the FTC “premium” price-point model of $2,000. Their exclusion from the FTC market analysis, writes Eskridge, “entirely disregards the purchasing needs and practices of this surpassingly vast majority of Mattress Firm customers.”

“Are they less affluent or more sensitive to price concerns than those buying mattresses priced at or above $2,000? If so, are their interests more worthy of consideration and protection? And at base, shouldn’t the interests of that broad segment of the public at least be addressed as part of the balance as part of the public equities?”

On Feb. 5, Tempur Sealy and Mattress Firm announced that they had, after 639 days, finally closed their deal. As of Feb. 18, the combined company will be known as Somnigroup International Inc. As agreed during the litigation process, Somnigroup says it will divest 73 Mattress Firm retail locations and its own Sleep Outfitters subsidiary, which includes 103 specialty mattress retail locations and seven distribution centers, to Mattress Warehouse (MW SO Holdings Company) in the second quarter of 2025.

And what was originally a $4 billion transaction — $2.7 billion in cash and 34.2 million shares of TSI then-valued at $37.62 ($1.29 billion) — is now a $5 billion deal: $2.7 billion in cash and 34.2 million TSI shares now valued at $64.44 ($2.2 billion).

Cleary Gottlieb Steen & Hamilton and Simpson Thacher defended Tempur Sealy and Mattress Firm, respectively. Beck Redden acted as Houston local counsel for both defendants through partner Alex Roberts and associate Garrett Brawley.

The week ending Feb. 8 saw 14 transactions reported with a total value of $7.15 billion. The week prior there were 16 deals valued at $10.1 billion. And last year at this time, there were 25 transactions for $10.7 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 Count	Amount	Firms	Lawyers	M&A Count	M&A Value $M	CapM Count	CapM Value $M
26-Apr-2025	12	$8,787	9	168	9	$6,011	3	$2,776
19-Apr-2025	11	$8,097	7	138	9	$7,985	2	$112
12-Apr-2025	13	$2,392	8	152	10	$2,065	3	$327
05-Apr-2025	19	$27,762	15	188	16	$25,473	3	$2,289
29-Mar-2025	21	$8,188	10	258	16	$4,125	5	$4,064
22-Mar-2025	19	$6,485	14	231	15	$4,128	4	$2,857
15-Mar-2025	13	$13,737	13	151	10	$9,932	4	$3,805
8-Mar-2025	7	$2,234	5	66	5	$224	2	$2,100
1-Mar-2025	11	$3,050	8	75	10	$2,550	1	$500
24-Feb-25	12	$16,397	7	149	6	$6,635	6	$9,862
17-Feb-25	17	$12,136	13	134	10	$9,411	2	$2,725
10-Feb-25	14	$7,154	9	179	9	$4,950	5	$2,204
3-Feb-25	16	$10,068	7	200	11	$7,553	5	$2,515
25-Jan-25	14	$10,261	10	125	9	$2,207	5	$8,054
18-Jan-25	19	$7,382	15	316	12	$2,300	7	$5,082
11-Jan-25	21	$33,560	16	187	16	$32,521	5	$1,039
4-Jan-25	9	$6,827	9	80	9	$6,827	0	0
21-Dec-24	11	$2,798	11	92	8	$2,229	3	$570
14-Dec-24	15	$5,323	12	186	12	$3,812	3	$1,511
07-Dec-24	16	$4,766	10	231	11	$2,321	5	2,445
30-Nov-24	10	$10,291	9	103	4	$8,290	6	$2.001
23-Nov-24	15	$4,553	15	153	11	$3,379	4	$1,174
16-Nov-24	17	$11,488	11	245	13	$10,186	4	$1,303
09-Nov-24	14	$2,110	12	139	12	$1,410	2	$700
02-Nov-24	12	$52,788	11	107	11	$52,738	1	$50
26-Oct-24	8	$3,160	8	65	7	$3,065	1	$75
19-Oct-24	12	$5,304	11	136	11	$4,554	1	$750
12-Oct-24	17	$8,438	12	150	15	$8,116	2	$322
05-Oct-24	22	$23,181	12	189	15	$19,980	7	$3,201
28-Sep-24	11	$2,356	7	144	7	$53	4	$2,303
21-Sep-24	12	$9,568	10	169	5	$4,101	7	$5,467
14-Sep-24	24	$10,988	12	235	16	$7,175	8	$3,813
7-Sep-24	12	$20,420	16	168	11	$20,307	1	$112.9
31-Aug-24	13	$20,631	9	134	12	$14,775	1	$5,856
24-Aug-24	19	$8,452	21	325	16	$7,102	3	$1,350
17-Aug-24	25	$49,196	16	304	11	$39,386	14	$9,810
10-Aug-24	20	$12,264	15	312	16	$9,794	4	$2,470
03-Aug-24	26	$16,498	16	334	18	$8,137	8	$8,361
27-Jul-24	19	$16,442	21	271	15	$13,838	4	$2,604
20-Jul-24	15	$16,016	14	184	10	$14,232	5	$1,784
13-Jul-24	20	$17,220	14	265	18	$7,146	2	$10,074
6-Jul-24	11	$3,941	11	95	8	$2,650	3	$1,291
29-Jun-24	14	$6,296	15	224	8	$6,296	6	$1,927
22-Jun-24	12	$5,679	8	137	5	$210	7	$5,469
15-Jun-24	13	$9,895	16	214	10	$5,280	3	$4,615
8-Jun-24	19	$23,859	13	239	12	$19,436	7	$4,423
1-Jun-24	12	$34,510	11	147	9	$26,110	3	$8,400
25-May-24	13	$9,684	15	171	10	$4,434	3	$5,250
18-May-24	11	$5,490	11	173	8	$3,129	3	$2,361
11-May-24	22	$14,855	14	227	16	$11,105	6	$3,750
4-May-24	13	$3,139	9	87	10	$1,297	3	$1,842
27-Apr-24	10	$6,684	6	28	10	$6,684	0	0
20-Apr-24	19	$15,989	11	147	9	$5,208	10	$10,781
13-Apr-24	13	$8,952	9	76	10	$1,652	3	$7,300
6-Apr-24	23	$26,616	14	222	14	$13,501	8	$13,116
30-Mar-24	12	$9,286	8	136	8	$4,299	4	$4,987
23-Mar-24	18	$5,451	17	266	16	$4,759	2	$692
16-Mar-24	21	$11,437	13	186	14	$9,316	6	$2,070
9-Mar-24	23	$4,695	21	218	19	$2,723	4	$1,972
2-Mar-24	20	$9,108	19	372	14	$4,558	6	$4,550
24-Feb-24	19	$16,382	12	248	15	$9,507	4	$6,875
17-Feb-24	16	$29,932	15	157	12	$29,216	4	$716
10-Feb-24	25	$10,750	17	196	19	$5,372	6	$5,379
3-Feb-24	12	$8,416	18	125	9	$3,416	3	$5,000
27-Jan-24	9	$8,165	9	87	8	$7,815	1	$800
20-Jan-24	14	$4,084	12	109	12	$3,219	2	$865
13-Jan-24	17	$33,588	12	256	12	$26,765	5	$6,823
6-Jan-24	8	$7,915	8	84	6	$7,265	2	$650
30-Dec-23	17	$14,599	12	99	15	$2,714	2	$11,885
23-Dec-23	23	$4,182	13	219	16	$1,813	7	$2,370
16-Dec-23	13	$16,436	13	280	7	$15,150	5	$1,286
9-Dec-23	26	$14,633.90	17	244	16	$8,095	10	$6,538.90
2-Dec-23	13	$6,720	9	57	12	$6,630	1	$90
25-Nov-23	9	$4,835	9	131	6	$1,785	3	$3,050
18-Nov-23	22	$6,568.70	17	184	14	$4,709.20	8	$1,859.50
11-Nov-23	15	$9,825	13	179	12	$6,581	3	$3,244
4-Nov-23	15	$20,582.50	14	193	12	$19,417.50	3	$1,165
28-Oct-23	18	$68,419.10	18	152	15	$66,646	3	$1,773.10
21-Oct-23	16	$6,755.90	16	165	15	$6,755.90	1	$3
14-Oct-23	14	$67,851.20	13	125	9	$61,998.50	5	$5,852.70
7-Oct-23	17	$6,595.50	13	228	16	$5,995.50	1	$600
30-Sep-23	17	$1,896.45	13	189	14	$806.45	3	$1,090
23-Sep-23	23	$6,432.70	17	230	16	$1,402.80	7	$5,029.90
16-Sep-23	25	$23,226.70	23	353	16	$17,239	9	$5,987.70
9-Sep-23	12	$6,369	8	102	7	$4,311	5	$2,058
2-Sep-23	14	$2,522	6	92	13	$1,322	1	$1,200
26-Aug-23	17	$12,160.25	13	202	15	$6,573.25	2	$5,587.00
19-Aug-23	19	$11,505	13	213	15	$11,255	4	$250
12-Aug-23	19	$9,698.80	13	184	7	$3,270	12	$6,428.80
5-Aug-23	13	$5,201	12	118	12	$5,051	1	$150
29-Jul-23	15	$21,031.60	13	196	11	$18,292.00	4	$2,739.60
22-Jul-23	18	$3,992	12	130	13	$2,808	5	$1,184
15-Jul-23	13	$8,254.95	13	81	13	$8,254.95	0	0
8-Jul-23	16	$5,441.45	12	172	11	$2,443	5	$2,998.45
1-Jul-23	16	$6,872	10	105	12	$5,474	4	$1,398
24-Jun-23	13	$10,914	16	201	10	$7,874	3	$3,040
17-Jun-23	17	$5,880.70	15	151	15	$4,705.70	2	$1,175
10-Jun-23	19	$8,516.10	13	111	16	$6,252.40	3	$2,263.70
June 3 2023	12	$6,104.42	12	138	8	$4,256.92	4	$1,847.50
27-May-23	17	$12,200	10	67	11	$6,165	6	$6,035
20-May-23	11	$22,458.10	8	103	4	$19,455	7	$3,003
13-May-23	12	$7,034	10	101	8	$5,460	4	$1,574
6-May-23	20	$3,297.60	18	196	17	$2,985.60	3	$312
29-Apr-23	23	$3,691.20	18	135	17	$1,969.70	6	$1,721.50
22-Apr-23	16	$5,570	14	104	14	$4,750	2	$1,000
15-Apr-23	12	$23,818.10	9	59	10	$21,618.10	2	$2,200
8-Apr-23	16	$7,949	9	173	9	$5,472	7	$3,477
1-Apr-23	21	$18,676.70	12	175	11	$10,926.70	10	$7,750
25-Mar-23	15	$8,779.50	10	141	5	$2,362	10	$6,416.50
18-Mar-23	7	$14,048.80	6	69	5	$13,345	2	$703.80
11-Mar-23	21	$11,576	16	165	16	$8,131	5	$3,445
4-Mar-23	20	$9,668	11	228	16	$8,209	4	$1,459
25-Feb-23	13	$5,335	13	130	12	$4,235	1	$1,200
18-Feb-23	14	$5,743.70	13	158	8	$898.70	6	$4,845
11-Feb-23	16	$12,088	12	137	12	$9,965	4	$2,123
4-Feb-23	17	$8,066	15	140	13	$5,614	4	$2,452
28-Jan-23	7	$2,180	7	75	5	$1,692.75	2	$488
21-Jan-23	17	$5,768	16	174	12	$1,918	5	$3,850
14-Jan-23	11	$2, 800	10	102	8	$421	3	$2,400
7-Jan-23	18	$8,296	11	167	14	$6,461	3	$1,835
31-Dec-22	14	$2,732	11	99	12	$2,092	2	$640
17-Dec	14	$7,919	13	115	12	$7,419	1	$500
10-Dec-22	14	$10,093	12	88	11	$7,093	3	$3,000
3-Dec-22	26	$12,800.90	11	172	20	$4,141	6	$8,659.90
26-Nov-22	8	$2,266.70	8	5	3	$76	5	$2,190.70
19-Nov-22	21	$2,886	15	212	19	$2,550	2	$336
12-Nov-22	13	$15,093.70	9	81	9	$14,200	4	$893.70
5-Nov-22	25	19,337.20	16	509	22	$8,267.20	3	$11,070
29-Oct-22	15	$7,805.30	9	116	14	$7,180.30	1	$625
22-Oct-22	20	$8,193.50	13	253	13	$5,442	7	$2,751.50
15-Oct-22	9	$3,046.10	9	139	7	$2,588.30	2	$457.80
8-Oct-22	19	$2,011.80	12	114	16	$833.80	3	$1,178
1-Oct-22	23	$5,532.90	16	156	18	$4,952.30	5	$580.60
24-Sep-22	18	$5,194	14	216	15	$4,050	3	$1,144
17-Sep-22	21	$8,352.30	12	320	15	$4,759.60	6	$3,592.70
10-Sep-22	15	$19,853.50	10	126	13	$19,403.60	2	$450
3-Sep-22	9	$2,312	9	62	9	$2,312	0	0
27-Aug-22	16	$30,891.70	10	135	15	$30,666.40	1	227.7
20-Aug-22	12	$1,977	8	152	9	925	3	$1,052
13-Aug-22	18	$8,004.70	11	242	11	$2,844.70	7	$5,160
6-Aug-22	24	$7,948.90	12	240	17	$3,577	7	$4,371.90
30-Jul-22	8	$6,941	9	78	7	$6,839	1	$102
23-Jul-22	11	$801	11	92	10	$801	1	0
16-Jul-22	14	$3,650	10	122	14	$3,650	0	0
9-Jul-22	10	$3,557.70	7	68	9	$3,557.70	1	0
2-Jul-22	18	$8,609.40	13	152	15	$2,754.40	3	$5,855
25-Jun-22	15	$6,142	13	146	9	$2,017	6	$4,125
18-Jun-22	17	$11,890.10	14	228	15	$11,410	2	479.7
11-Jun-22	17	$7,600	12	123	10	$2,300	7	$5,300
4-Jun-22	12	$2,937	10	127	9	$692	3	$2,245
28-May-22	9	$3,197.60	11	86	9	$3,197.60	0	0
21-May-22	14	$7,284.50	12	185	11	$6,609	3	$675.50
14-May-22	11	$306.60	9	80	10	$306.60	1	$225
7-May-22	16	$10,451.75	12	108	12	$1,827	4	$8,624.75
30-Apr-22	16	$2,296.50	16	157	12	$895.50	4	$1,401
23-Apr-22	10	$2,241	11	58	8	$1,641	2	$600
16-Apr-22	11	$6,643	7	156	8	$2,359	3	$4,284
9-Apr-22	17	$4,429	14	184	11	$1,690	6	$2,739
2-Apr-22	13	$1,755	8	84	10	$1,145	3	$610
26-Mar-22	11	$3,205	8	65	6	$200	5	$3,005
19-Mar-22	13	$2,239.17	9	106	13	$2,239.17	0	0
12-Mar-22	18	$12,016	11	239	15	$11,965	2	$51.35
5-Mar-22	17	$6,786	13	137	13	$5,161	4	$1,625
26-Feb-22	12	$5,095	8	149	9	$4,437.50	3	$658
19-Feb-22	17	$22,229	17	174	14	$21,354	3	$875
12-Feb-22	12	$2,344.70	10	73	8	$641.70	4	$1,703
5-Feb-22	11	$2,503	8	99	11	$2,503	0	0
29-Jan-22	11	$3,872	12	101	12	$3,872	0	0
22-Jan-22	13	$5,143.50	10	99	12	$4,842.50	1	$301
15-Jan-22	12	$7,605	9	155	9	$6,480	3	$1,025
8-Jan-22	13	$8,256.20	11	102	13	$8,256.20	0	0
1-Jan-22	9	$1,273.80	6	50	9	$1,273.80	0	0
25-Dec-21	21	$4,734.75	11	176	16	$3,410	5	$1,324.75
18-Dec-21	26	$7,325.20	15	193	18	$3,640.20	8	$3,685.20
11-Dec-21	16	$5,017	10	109	13	$1,417	3	$3,600
4-Dec-21	14	$2,310	8	86	8	$2,310	6	$1,882.05
27-Nov-21	9	$3.460.1	10	101	6	$1,758	3	$1,702.60
20-Nov-21	20	$22,792	15	157	12	$18,864.50	8	$3,928
13-Nov-21	21	$26,729	12	178	13	$11,822	8	$14,907
6-Nov-21	12	$8,303	13	157	10	$6,682	3	$1,621
30-Oct-21	21	$10,368	15	218	15	$9,24.4	6	$1,103.00
23-Oct-21	21	$18.783.1	15	222	11	$12,314	10	$6,468.60
16-Oct-21	15	$3,868	11	118	15	$2,293	2	$1,575
9-Oct-21	20	$8,610	16	175	16	$7,795	4	$815
2-Oct-21	14	$6,250	11	137	10	$5,200	4	$1,050
25-Sep-21	11	$11,460	9	93	7	$10,200	4	$1,250
18-Sep-21	11	$16,603	8	99	8	$15,084	3	$1,519
11-Sep-21	17	$10,653	11	103	13	$8,503	4	$2,150
4-Sep-21	13	$7,222	10	89	11	$6,715	2	$507
28-Aug-21	12	$763	9	63	11	$663	1	$100
21-Aug-21	12	$29,659	7	79	11	$29,579	1	$80
14-Aug-21	22	$17,845	11	199	12	$12,805	10	$5,04
7-Aug-21	17	$13,670	12	139	15	$11,766	2	$1,904
31-Jul-21	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
17-Jul-21	14	$4,009	11	124	12	$2,015	2	$1,994
10-Jul-21	16	$3,997	13	143	11	$1,597	4	$2,4
3-Jul-21	24	$7,492	13	94	16	$3,769	8	$3,722
26-Jun-21	10	$4,995	7	85	8	$3,847	2	$1,148
19-Jun-21	28	$16,830	8	228	9	$1,861	19	$14,968
12-Jun-21	26	$27,238	15	209	19	$25,602	7	$1,636
5-Jun-21	15	$15,539	13	100	13	$14,709	2	$600
29-May-21	35	$20,279	11	145	28	$18,64	7	$1,639
22-May-21	24	$53,208	14	174	17	$51,047	7	$2,161
15-May-21	18	$10,620	13	220	11	$5,870	7	$4,809
8-May-21	17	$10,400	11	156	15	$8,386	2	$2,500
1-May-21	21	$7,200	16	115	12	$3,808	9	$3,392
24-Apr-21	8	$20,200	9	31	8	$20,200	0	0
17-Apr-21	14	$6,270	8	102	11	$40,180	3	$2,260
10-Apr-21	15	$8,940	13	129	14	$7,990	1	$950
3-Apr-21	18	$19,513	10	151	12	$16,923	6	$2,590
27-Mar-21	27	$13,942	15	244	14	$4,300	13	$9,633.50
20-Mar-21	11	$2,046	4	102	3	$270	8	$1,776
13-Mar-21	15	$3,270	9	109	6	$538	9	$2,732
6-Mar-21	24	$13,617	10	196	13	$10,395	11	$3,222
27-Feb-21	19	$8,105	12	139	15	$4,970	4	$3,135
20-Feb-21	9	$8,820	9	153	8	$8,520	1	$300
13-Feb-21	12	$4,852.60	7	81	7	2,766	5	$2,086.60
6-Feb-21	18	$9,752	13	153	14	$5,222	4	$4,530
30-Jan-21	18	$9,449	9	182	15	$8,753.80	3	$695.30
23-Jan-21	14	$8,150	8	118	6	$4,000	8	$4,150
16-Jan-21	17	$6,783	13	138	11	$2,400	6	$4,382.90
9-Jan-21	22	$6,829	14	135	18	$3,139.30	4	$3,690
2-Jan-21	7	$1,466	7	60	7	$1,466	0	0
26-Dec-20	18	$15,900	12	163	16	$5,300	1	$600
19-Dec-20	18	$9,769	14	110	14	$8,426	4	$1,343
12-Dec-20	10	$7,200	9	100	9	$3,325	1	$3,830
5-Dec-20	15	$4,261	9	122	9	$2,780	6	$1,481
28-Nov-20	19	$7,758	10	110	13	$4,003	6	$3,755
14-Nov-20	14	$864.10	14	157	12	$289.10	2	$575
7-Nov-20	13	$6,332	9	129	9	$2,483.50	4	$3,849
31-Oct-20	10	$3,995.80	8	103	6	$3,231.10	4	$754.70
24-Oct-20	6	$18,100	6	58	5	$17,709	1	$350
17-Oct-20	8	$351.90	5	55	8	$351.90	0	0
10-Oct-20	7	$5,229	3	50	4	$735	3	$4,494
3-Oct-20	14	$21,428	9	173	9	$17,535	5	$3,893
26-Sep-20	10	$12,770	8	93	5	$10,300	5	$2,470
19-Sep-20	14	$8,365	9	101	6	$1,020	8	$7,345
12-Sep-20	6	$4,406	8	59	3	$1,270	3	$3,136
5-Sep-20	11	$5,191	8	117	9	$4,061	2	$1,130
29-Aug-20	11	$2,531	9	94	5	$1,130	6	$1,401
22-Aug-20	18	$6,574	12	140	7	$1,930	11	$4,644
15-Aug-20	13	$4,991	10	97	7	$1,216	6	$3,775
8-Aug-20	12	$32,092	11	112	9	$30,457	3	$1,635
1-Aug-20	7	$5,287	8	76	5	$3,687	2	$1,600
25-Jul-20	9	$18,751	6	67	7	$18,403	2	$348
18-Jul-20	6	$1,982.50	5	50	4	$1,407.50	2	$575
11-Jul-20	11	$565.10	12	75	10	$65.10	1	$500
4-Jul-20	10	$8,889	8	98	9	$8,788	1	$100.30
27-Jun-20	8	$6,874	10	50	5	$4,972.50	3	$2,081.50
20-Jun-20	12	$4,444	9	115	7	$2,829	5	$1,615
13-Jun-20	6	$3,582	4	37	2	$350	4	$3,232
6-Jun-20	11	$3,213.70	8	65	7	$470	4	$2,743.70
30-May-20	8	$7,335	7	48	6	$4,639	2	$2,697
23-May-20	4	$432.40	4	34	3	$432.40	1	0
16-May-20	6	$310	6	34	5	$310	1	0
9-May-20	18	$5,630	16	124	14	$3,180	4	$2,450
2-May-20	15	10,400	10	90	8	$1,900	7	$,8,500
25-Apr-20	8	$3,400	9	36	5	$1,000	3	$2,450
18-Apr-20	19	$9,500	14	92	8	$185.70	11	$9,360
11-Apr-20	12	$6,000	9	40	5	$190	7	$5,800
4-Apr-20	14	$8,200	11	68	10	$2,200	4	$6,000
28-Mar-20	16	$6,500	13	96	10	$3,700	6	$2,800
21-Mar-20	11	$11,910	7	33	7	$2,250	4	$9,960
14-Mar-20	7	809.8	6	34	6	684.8	1	125
7-Mar-20	16	$2,500	15	70	13	$669	3	$1,400
29-Feb-20	13	$15,260	13	128	11	$11,760	2	$3,500
22-Feb-20	12	$3,700	10	92	10	$2,560	2	$1,130
15-Feb-20	16	$1,250	10	84	12	$35	4	$1,222
8-Feb-20	18	$6,080	14	123	14	$2,595	4	$3,485
1-Feb-20	21	$20,900	12	101	14	$17,860	7	$3,060
25-Jan-20	13	$7,430	13	62	12	$6,430	1	$1,000
18-Jan-20	23	$9,580	15	120	19	$6,580	4	$3,000
11-Jan-20	21	$14,200	18	199	16	$1,020	5	$13,200
4-Jan-20	22	$6,400	11	119	16	$3,204	6	$3,245
28-Dec-19	22	$7,150	19	175	18	$6,800	4	$327.40
14-Dec-19	24	$36,300	23	167	19	$9,500	5	$26,800
7-Dec-19	11	$10,400	11	55	7	$1,082	4	$9,370
November 30. 2019	14	$2,450	12	126	12	$1,760	2	$692.50
23-Nov-19	16	$1,995	10	41	11	$615	5	$1,380
16-Nov-19	15	$3,820	13	135	11	$2,500	4	$1,271
9-Nov-19	25	$12,900	17	182	23	$12,200	2	$575
2-Nov-19	10	$2,470	12	61	9	2,450	3	$22
26-Oct-19	12	$5,560	14	70	11	$3,860	1	$1,700
19-Oct-19	8	$6,600	8	138	8	$6,600	0	0
12-Oct-19	19	$4,300	14	55	16	$3,800	3	$500
5-Oct-19	18	$14,500	19	166	15	$11,100	3	$3,400
28-Sep-19	19	$8,100	18	132	18	$7,560	1	$550
21-Sep-19	14	$6,300	16	66	11	$2,160	3	$4,170
14-Sep-19	15	$23,800	12	56	11	$21,250	4	$2,570
7-Sep-19	17	$3,500	15	98	14	$1,900	3	$1,600
31-Aug-19	5	$8,700	6	50	5	$8,700	0	0
24-Aug-19	16	$10,000	14	82	15	$4,250	1	$5,750
16-Aug-19	10	$1,680	5	52	7	$650	3	$950
9-Aug-19	17	$17,700	15	68	14	$3,900	3	$13,800
2-Aug-19	13	$5,760	12	108	13	$5,760	NA	NA
27-Jul-19	11	$7,300	13	76	8	$6,570	3	$730
20-Jul-19	13	$11,800	13	125	11	$5,300	2	$6,500
13-Jul-19	10	$775	7	46	8	$542.50	2	$233
6-Jul-19	7	$2,500	9	85	7	$2,500	0	0
29-Jun-19	23	$8,290	15	154	17	$2,300	6	$5,970
22-Jun-19	17	$10,700	10	139	14	$7,700	3	$3,000
15-Jun-19	11	$13,500	14	160	11	$13,500	NA	NA
8-Jun-19	13	$2,870	17	55	11	$1,570	2	$1,300
1-Jun-19	10	$4,460	11	60	8	$4,140	2	$315
25-May-19	17	$4,360	14	79	14	$3,700	3	$612
18-May-19	22	$9,000	17	150	16	$3,400	6	$5,600
11-May-19	18	$19,800	17	177	15	$18,300	3	$1,500
4-May-19	10	$7,075	6	32	8	$6,900	2	$175
27-Apr-19	15	$3,200	14	117	14	$3,160	1	$40
20-Apr-19	13	$13,500	10	90	9	$12,200	4	$1,300
13-Apr-19	16	$38,900	14	91	14	$37,800	2	$1,100
6-Apr-19	12	$6,870	11	94	10	$6,730	2	$50
30-Mar-19	15	$6,470	12	84	10	$7,91.5	5	$5,677
23-Mar-19	18	$6,450	14	91	14	$5,042	4	$1,408
16-Mar-19	14	$10,180	12	115	11	$8,800	3	$1,300
9-Mar-19	9	$1,800	6	49	8	$1,300	1	$500
2-Mar-19	20	$3,033	16	107	14	$1,817	6	$1,262
23-Feb-19	12	$2,040	8	69	9	$614.60	3	$1,430
16-Feb-19	16	$9,970	18	77	16	$9,970	0	0
9-Feb-19	14	$6,400	10	110	14	$6,400	0	0
2-Feb-19	18	$6,740	15	99	16	$5,720	2	$950
26-Jan-19	13	$2,770	11	67	11	$918.95	2	$1,850
19-Jan-19	15	$3,819	16	76	12	$2,594	3	$1,225
12-Jan-19	18	$7,283	14	92	15	$1,683	3	$5,600
5-Jan-19	10	$529	12	50	10	$529	0	0
22-Dec-18	17	$2,570	13	87	14	$941	3	$1,629
15-Dec-18	10	$2,860	8	26	8	$264	2	$2,600
8-Dec-18	15	$1,819	16	65	12	$552	3	$1,267
1-Dec-18	12	$7,500	10	90	9	$1,200	3	$6,200
28-Nov-18	15	$4,500	11	107	14	$4,000	1	$500
19-Nov-18	18	$6,137	13	98	13	$2,142	5	$3,995
14-Nov-18	18	$9,200	13	152	15	$8,500	3	$694
6-Nov-18	16	$17,300	16	183	14	$16,361	2	$950
29-Oct-18	14	$14,400	18	127	17	$13,800	1	$600
24-Oct-18	13	$6,140	13	126	11	$5,122	2	$1,018
17-Oct-18	18	$18,390	15	125	14	$12,292	4	$6,098
10-Oct-18	29	$3,149	18	104	20	$1,647	9	$819
2-Oct-18	18	$9,300	11	67	14	$7,300	4	$2,000
25-Sep-18	13	$7,000	11	75	10	$6,000	3	$995
18-Sep-18	9	$3,570	7	44	9	$3,570	0	0
11-Sep-18	13	$5,900	10	132	13	$5,900	0	0
7-Sep-18	14	$5,000	15	86	11	$4,000	3	$1,000
29-Aug-18	15	$20,700	14	79	13	$4,700	2	$16,000
20-Aug-18	10	$12,400	11	53	8	$11,380	3	$1,057
14-Aug-18	12	$19,900	12	132	9	$18,889	3	$1,011
7-Aug-18	16	$68,600	11	106	13	$67,259	3	$1,340
31-Jul-18	15	$15,100	15	95	11	$13,060	4	$2,060
23-Jul-18	13	$2,130	15	60	10	$1,804	3	$1,100
17-Jul-18	14	$5,370	17	98	9	$4,310	5	$1,100
9-Jul-18	16	$11,200	15	74	10	$11,080	6	$862
3-Jul-18	13	$7,000	7	81	12	$6,330	1	$750
25-Jun-18	15	$8,800	13	97	9	$4,970	6	$3,930
18-Jun-18	13	$14,200	14	80	7	$221	6	$14,290
11-Jun-18	12	$6,300	8	96	8	$5,910	4	$803
6-Jun-18	13	$14,500	10	88	8	$14,154	5	$579
31-May-18	11	$4,890	10	63	8	$3,240	3	$1,790
22-May-18	15	$20,400	11	63	9	$19,808	6	$885
15-May-18	15	$4,700	15	106	10	$3,900	5	$643
9-May-18	11	$1,400	13	88	9	$1,300	2	$560
1-May-18	8	$14,250	7	88	7	$13,400	1	$450
24-Apr-18	12	$5,300	6	61	11	$4,470	1	$800
17-Apr-18	9	$1,800	10	44	7	$2,330	2	$1,434
11-Apr-18	11	$2,500	8	32	6	$1,690	5	$809
3-Apr-18	15	$13,400	11	121	9	$12,020	6	$1,090
28-Mar-18	10	$4,000	10	92	7	$3,870	3	$215
19-Mar-18	17	$5,800	13	51	10	$590	7	$5,165
12-Mar-18	15	$3,130	11	43	11	$2,360	4	$788
6-Mar-18	19	$5,400	13	116	10	$1,530	9	$4,860
27-Feb-18	20	$6,600	13	69	14	$5,530	6	$1,030
19-Feb-18	15	$5,500	14	111	10	$3,990	6	$1,980
12-Feb-18	23	$10,900	17	157	12	$7,110	11	$3,840
5-Feb-18	16	$8,600	13	100	7	$1,330	9	$7,800
30-Jan-18	11	$12,600	11	68	5	$7,300	6	$4,982
24-Jan-18	19	$9,400	15	129	5	$2,010	14	$7,337
18-Jan-18	10	$6,280	8	49	2	$2,100	8	$4,188
9-Jan-18	12	$16,500	12	92	9	$15,890	3	$475
3-Jan-18	10	$2,500	9	47	8	$2,350	2	$150
27-Dec-17	15	$9,000	15	113	9	$7,568	6	$1,784
18-Dec-17	15	$13,800	16	164	9	$13,010	7	$1,118
11-Dec-17	14	$9,700	10	126	12	$2,940	4	$8,500
4-Dec-17	6	$1,800	6	31	5	$1,510	1	$300
28-Nov-17	7	$3,850	8	76	4	$3,260	3	$285
16-Nov-17	10	$2,700	10	48	6	$1,840	4	$856
8-Nov-17	15	$2,380	17	91	10	$1,860	5	$516
1-Nov-17	12	$4,700	17	94	9	$3,400	4	$1,300
23-Oct-17	15	$10,500	10	67	10	$9,780	4	$1,530
18-Oct-17	6	$2,000		37	3	$225	3	$1,820
10-Oct-17	12	$6,570		100	9	$3,880	3	$3,360
2-Oct-17	8	$3,100	11	19	3	$1,630	5	$1,750
25-Sep-17	8	$4,880	8	79	5	$2,660	5	$2,070
18-Sep-17	9	$4,770			3	$300	6	$4,470
12-Sep-17	11	$4,430			8	$2,030	3	$2,400
1-Sep-17	4	$1,310			3	$317	1	$1,000
23-Aug-17	11	$13,640	9		8	$11,840	3	$1,800

M&A/Funding

Altus Power to be taken private by TPG’s Climate for $2.2B

Deal Description: Altus Power, a commercial-scale provider of clean electric power in Stamford, Connecticut, announced on Thursday that it has agreed to be acquired by TPG Rise Climate in an all-cash transaction for $5 per share of its common stock, valuing the company at $2.2 billion, including debt. TPG acquired the company through its TPG Rise Climate Transition Infrastructure strategy and following the close of the transaction, Altus Power’s stock will no longer be listed on the NYSE. Latham & Watkins served as Altus Power’s outside legal counsel, and Kirkland & Ellis as TPG’s outside legal counsel. For more information, see our daily coverage here.

AMG acquires minority interest in Northbridge Partners

Deal Description: AMG, a strategic partner and long-term investor in global independent investment firms, announced on Feb. 6 that is acquiring a minority stake in NorthBridge Partners, a real estate-focused investment manager based in Wakefield, Massachusetts. Details of the transaction were undisclosed. The NorthBridge management team will continue to own a majority interest in the company and will direct day-to-day operations. AMG plans to use the agreement to expand its presence and exposure in areas of secular growth. NorthBridge will look to leverage AMG’s experience and capital to support its strategic long-term growth initiatives within the real estate industry.

AMG Outside Legal Counsel: Gibson Dunn advised AMG in the deal with a team that included Michael Piazza (Houston), Andrew Friedman (Century City), Kevin Lafferty (Century City), Juliette Rafael (Los Angeles), Michelle Lou (Los Angeles), A.J. Frey (Washington, D.C./New York), Mitchell Dost (Dallas), Ali Speiss (Houston), Darius Mehraban (New York), Claire Griffet (New York), Pamela Lawrence Endreny (New York), Kate Long (New York), Sean Feller (Century City), Spencer Bankhead (Orange County) and Gregory Merz (Washington, D.C.).

Pearl Energy Investments Announces Close of $999.9M Fund

Deal Description: Pearl Energy Investments, a Dallas-based energy-focused investment firm, announced on Feb. 4 the closing of its Pearl Energy Investments IV fund. The fund closed over-subscribed with capital commitments of $999.9 million in just four months following its launch. With $3 billion in funds under management, Pearl specializes in investments of $50 million to $150 million. Pearl did not use a placement agent.

Pearl Energy Investments Outside Legal Counsel: Kirkland & Ellis represented Pearl Energy Investments in the deal with a team that included Susan Eisenberg (Houston), Shannon Thompson (Dallas), Megan Bourassa (Houston), Reem Ahmed (Dallas), Alexa Wachsman (Austin), Blake Cleary (Houston), Stephen Butler (Austin/Houston), Grace Bridwell (Chicago), Stacie Nguyen (Houston), Reed Schuster (Austin/Chicago) and Sabrina Glaser (New York).

Trinity Hunt to combine Craft, Verndale for CX platform

Deal Description: Trinity Hunt Partners, a Dallas-based PE firm, announced on Feb. 4 that it has made majority investments in two digital customer experience-focused firms based in Boston, Craft and Verndale. Following the investments, Trinity plans to merge the pair to create a full-service digital customer experience platform. Founded in 2016, Craft specializes in the research and design of CX products; Verndale, founded in 1998, specializes in the strategies and implementation of customer experiences. No terms were disclosed.

Trinity Hunt Partners Outside Legal Counsel: Kirkland & Ellis represented Trinity Hunt Partners in the deal, which involved a team that included Thomas Laughlin (Dallas), Brad Johnson (Dallas), Sarah Walden (Dallas), David Wheat (Dallas/Houston) and Jon Nelsen (Austin).

Verndale Financial Advisor: Clearsight Advisors

ONEOK, MPLX form LNG projects for $1.75B

Deal Description: Tulsa-based ONEOK, announced Feb. 4 that it has agreed with Marathon Petroleum subsidiary MPLX, to develop and operate a natural gas processing terminal and pipeline project connecting ONEOK upstream assets to the Texas Gulf Coast. The two firms are expected to invest a combined $1.75 billion in the projects. Under the agreement MPLX, based in Findlay, Ohio, will construct and operate a 400,000-barrel-per-day LPG export terminal in Texas City, with construction expected to finish in early 2028. Each firm will own 50 percent of the newly developed export terminal and contribute $700 million to the project. ONEOK build and operate a 24-inch pipeline from its storage facility in Mont Belvieu, Texas, to the new terminal. ONEOK will own 80 percent and contribute $280 million to the new pipeline, while MPLX LP will own 20 percent and contribute $70 million.

ONEOK, Inc. In-Housse Legal Counsel: Lyndon C. Taylor (Austin)

ONEOK, Inc. Outside Legal Counsel: Latham & Watkins represented ONEOK in the deal with a team that included partner Charles Carpenter (New York/Houston), partner Ashley Nguyen (Houston), associate Rebekah Bingham (Houston), associate Emily Brown (Houston), associate Taylor Lopez (Houston), associate Ikechukwu (Ike) Obioma (Houston), associate Jeffrey Romano (Houston), associate Dylan Brown (Houston), partner Robert Frances (San Diego), counsel Aaron Friberg (San Diego), partner David Miller (Austin/Houston), partner Timothy Fenn (Houston), partner Jim Cole (Houston), associate Dominick Constantino (Houston), partner Joshua Marnitz (Los Angeles/Houston) and associate Nolan Fargo (San Diego).

Voldex acquires “Brookhaven”

Deal Description: Voldex, a London-based owner of many of the most played games on Roblox, announced on Feb. 4 that it has added the life simulation-focused game Brookhaven to its growing library of games. Terms of the agreement were undisclosed. Voldex said it will fund the acquisition through its most recent capital raise. The equity financing for the raise included Raine Partners (The Raine Group’s growth equity fund), Makers Fund, QIA, MIT, Tirta Ventures and Lalotte Ventures. The firm also raised additional debt financing through a handful of firms, which included Shamrock Capital, Ares Management Credit funds and Cadma Capital Partners. The recently announced acquisition of Brookhaven will expand the London-based firm’s Roblox user base to 145 million players monthly.

The Raine Group Outside Legal Counsel: Pillsbury Winthrop Shaw Pittman advised The Raine Group in connection with its recent investment into Voldex with a team that included Stephen Amdur (New York), Nick Burgess (London), Nina Bakhtina (New York), Alexandra Stephanos (New York), Kate Chan (London), Natalie Alexander (New York), Robert Stein (New York), Nora Burke (New York), Steven Farmer (London), Evan Storm (Washington, D.C.), Scott Morton (London), Mark Booth (London), Shruti Bhutani Arora (San Francisco), Iris Karaman (London), Christine Mastromonaco (San Francisco), Edward Cavazos (Austin), Luke Hartman (Austin), Jessica Lutrin (Austin/New York), Ryan Kenny (San Francisco), Rebecca Carr Rizzo (Washington, D.C.), Robert Davies (London) and Laura Killalea (Washington, D.C.).

Unity Partners closes oversubscribed fund

Deal Description: According to Kirkland & Ellis, Dallas-based Unity Partners, a middle-market private equity firm, has closed an unnamed, oversubscribed PE fund. United specializes in acquiring small businesses in fragmented markets, particularly in the services sector. Founded by John Block and Bryan Adams in 2022, Unity’s portfolio companies now include: Tropolis (insurance); Poolie (residential pool services); Katsam (commercial property maintenance servies) and Prosperity Partners (tax and accounting services).

Unity Partners Outside Legal Counsel: Kirkland & Ellis advised Unity Partners in forming and closing its fund with a team that included Matt Nadworny (Houston/Dallas), Nathan Andrew Wolcott (Houston), Misha Checkovich (Houston) and Alex Albert (New York). 

Energy Spectrum Capital invests in midstream Renegade Infrastructure

Deal Description: Renegade Infrastructure, a Houston-based energy investor, announced Feb. 3, an inaugural but undisclosed capital commitment from Dallas-based Energy Spectrum Capital. The formation of Renegade reunites Drew Ward and Jason Tanous, the team behind Pinnacle Midstream II. Pinnacle II, also backed by Energy Spectrum Capital, was sold to Phillips 66 in July 2024 for $550 million. Renegade says it plans to pursue midstream acquisition opportunities and greenfield projects in multiple O&G basins inside the Lower 48.

Energy Spectrum Partners In-House Counsel: Ashley DeLuca (Dallas)

Energy Spectrum Partners Outside Legal Counsel: Vinson & Elkins represented Energy Spectrum Partners in the deal with a V&E team that included  Crosby Scofield (Houston), senior associate Zac Horne (Dallas), partner Brian Russell (Dallas) and senior associate Miron Klimkowski (Dallas).

Renegade Infrastructure Outside Legal Counsel: Troutman Pepper Locke represented Renegade Infrastructure in the deal with a team that included partner Jennie Simmons (Houston), partner Eric Larson (Houston) and associate Andrew Nelson (Houston).

Bain Capital Acquires Frontline Road Safety Group From The Sterling Group

Deal Description: Frontline Road Safety Group, a Denver-based pavement marking services provider, announced on Jan. 30 that Bain Capital, a Boston-based PE firm, has entered into a definitive agreement to acquire its business from The Sterling Group. The Sterling Group has been a partner with Frontline since its platform launched in 2020. The financial details of the recent acquisition were not announced; however, post-acquisition Mitch Williams, Frontline’s current CEO, will continue to run the team, and its current management team will remain significant investors in the company.

The Sterling Group In-House Legal Counsel: Max Klupchak (Houston)

Frontline Road Safety and The Sterling Group Outside Legal Counsel: Latham & Watkins advised with a team that included partner Bruce C. Herzog (Houston), partner Scott Miller (Houston) with counsel Richard Quay (New York), associate William Fullenweider (Houston), associate Dean Dixon (Houston), associate Braydon Jones (Houston), associate Alexandra Cumberland (Houston), partner Bradd Williamson (New York), counsel Leah Segall (Chicago), associate Mary Daniel Morgan (Houston), counsel Robert Brown (Houston/Austin) and lawyers from New York, Chicago, Boston and Los Angeles.

Bain Capital Outside Legal Counsel: Kirkland & Ellis led by Chicago partner Christopher Thomas

Frontline Road Safety Financial Advisors: Harris Williams and Guggenheim Securities

Bain Capital Financial Advisors: Stifel and UBS Investment Bank

Capital Markets/Credit

Cleveland-Cliffs Announces Announces Offering of $850M Senior Unsecured Guaranteed Notes

Deal Description: Cleveland-Cliffs, a Cleveland-based steel producer and steel-focused services provider, announced on Feb. 3 that it has priced and upsized a group of senior unsecured guaranteed notes worth $850 million at 7.5 percent due in 2031. The newly announced notes are expected to be guaranteed on a senior unsecured basis through a select grouping of the company’s subsidiaries. The offering is intended to close on Feb. 6, and Cleveland-Cliffs will use the proceeds to repay debt owed for its asset-based credit facility and other general corporate purposes.

Cleveland-Cliffs Outside Legal Counsel: Jones Day represented Cleveland-Cliffs in the offering with a team that included Michael Solecki (Cleveland), Ferrell Keel (Dallas), Malory Thelen (Dallas), Ruben Aguirre (Dallas), Terrence Wicks (Dallas), Kelly Rubin (Dallas) and Paul Johnson III (Dallas).

Valero Announces Offering of $650M Senior Notes

Deal Description: Valero Energy Corporation, the San Antonio-based producer and marketer of fuels and other petrochemical products, announced on Feb. 4 that it has priced a new batch of senior notes worth $650 million at 5.150 percent due in 2030. The offering intends to close on Feb. 7, and the San Antonio-based firm will use the proceeds to repay, repurchase and redeem its outstanding 3.650 percent senior notes and its 2.850 percent senior notes, both due in 2025. The firm will also use the proceeds from the offering for other everyday corporate purposes.

Valero Energy Corporation Outside Legal Counsel: Baker Botts represented Valero Energy Corporation in the deal with a team that included Jamie Yarbrough (Houston), Timothy Taylor (Houston), Robert Cowan (Austin/Houston), Brevan Ward (Houston), Jon Lobb (Houston), Nick Frey (San Francisco) and Elizabeth Singleton (Houston).

Joint Book-Running Managers For The Offering: Citigroup Global Markets, BofA Securities, JP Morgan Securities and Mizuho Securities 

TransMontaigne Partners offers $500M in senior notes

Deal Description: TransMontaigne Partners, a Denver-based terminal, storage and transportation provider to those within the energy industry, announced on Feb. 6 that it has priced a new collection of senior unsecured notes worth $500 million at 8.5 percent due in 2030. The notes will be part of a private offering at an issue price of 100 percent, with the offering intended to close on Feb. 21. Furthermore, its subsidiaries, who guarantee its credit facility, will also fully guarantee the notes. TransMontaigne will use the net proceeds to redeem its 6.125 percent senior unsecured notes due in 2026 and repay debt for its revolving credit facility. TransMontaigne will also use the proceeds to distribute to its parent, TLP Finance Holdings, and repay TLP’s term loan due in 2025. Outside of using the proceeds for those activities, the company will also use the proceeds to pay for other transaction-associated expenses and fees.

Initial Purchaser Outside Legal Counsel: V&E represented Barclays Capital in the deal with a team that included Thomas Zentner (Austin/Houston), Ramey Layne (Denver/Houston), David Harry Stone (Houston), John Frey (Houston), Waleed Vohra (Houston), Rylie Goldwait (Houston), Chet Wynne (Houston), Nick Wetzeler (Dallas), Matthew Dobbins (Houston), Kelly Rondinelli (Washington, D.C.), Ryan Carney (Houston), Natan Leyva (Dallas), Jeff Slusher (Dallas), Victoria Galves Godfrey (Washington, D.C.), Andrew Beach (Washington, D.C.), Carrigan English (Houston), Rajesh Patel (Houston), Haley Titcomb (Austin), Brian Howard (Washington, D.C.), Elizabeth Krabill McIntyre (Washington, D.C.), Melissa Jester Spohn (Dallas/Houston) and Nicole Waterstradt (Dallas).

Mach Natural Resources announces $192.5M public offering

Deal Description: Mach Natural Resources, an Oklahoma City-based acquirer and developer of oil, natural gas and NGL reserves in the Anadarko Basin region of Western Oklahoma, Southern Kansas and Texas’ panhandle, announced the pricing of a new public offering of its standard units on Feb. 6. The offering will see Mach offer 12,903,226 units to the public for $15.50 per unit. In addition, it will offer the underwriters part of the offering the opportunity to purchase an additional 1,935,483 units. Mach expects to receive net proceeds of $192.5 million after expenses. The units will be offered on the NYSE and traded under the ticker symbol “MNR.” It plans to use these proceeds to repay $23 million of its current borrowings at its super-priority credit facility and a part of its term loan credit facility. Mach also intends to repay the remaining borrowings owed to its loan credit facility through a combination of additional cash on hand and from the proceeds of a new credit facility it will enter following the close of this offering.

Underwriters Outside Legal Counsel: Baker Botts represented the underwriters in the offering with a team that included partner Doug Getten (Houston), senior counsel Joshua Davidson (Houston), senior associate Parker Hinman (Houston), associate Austin Lee (Houston), associate Cade Luedde (Houston), partner Clint Culpepper (Austin/Houston), associate Morgan Copher (Dallas), special counsel Chuck Campbell (Houston), senior associate Kyle Doherty (Houston) associate Brittany Dudley (Dallas) and special counsel Elizabeth Singleton (Houston).

Joint Book-running Managers for the Offering: Stifel, Nicolaus & Company, Raymond James & Associates, TCBI Securities (as Texas Capital Securities) and Truist Securities 

Co-managers for the Offering: Johnson Rice & Company and Stephens

EPWK HOLDINGS announces $11.25M IPO

Deal Description: EPWK HOLDINGS, a Xiamen, China-based company that leverages cloud-sourcing platforms to connect businesses with talent, announced on Feb. 7 the close of its public IPO that saw the firm obtain $11.275 million in proceeds. Through this offering, EPWK made 2,750,000 shares available at $4.10 per share to the public and offered the underwriters the 30-day option to purchase an additional 412,500 shares after closing. The shares began trading on Feb. 6 on the Nasdaq under the ticker symbol “EPWK.” EPWK intends to use the $11.275 million primarily for business and product development. However, it will also use the proceeds to create an online global design center and ensure it has working capital.

EPWK Outside Legal Counsel: VCL Law

Underwriters’ Outside Legal Counsel: Winston & Strawn represented Revere Securities in connection with the offering with a team that included partner Michael Blankenship (Houston/San Francisco/New York), associate Robert Allan Oakes (Houston), associate Hannah Miller (Houston), associate Jeremy Spankowski (Chicago) and associate Peter Staviski (Houston).

Underwriters for the Offering: Cathay Securities and Revere Securities