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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: 16 Deals, 10 Firms, 135 Lawyers, $30.9B

August 30, 2022 Claire Poole

A Texas team at Kirkland & Ellis announced it worked on a huge deal this past week, advising Brookfield Asset Management on a plan to jointly invest with Intel Corp. up to $30 billion in chip factories in Arizona.

Why is Canadian-based investment firm using Texas corporate lawyers?

The key may be Roald Nashi, a partner in the firm’s Washington, D.C., and Houston offices. He has worked on a lot of Brookfield deals, both M&A and capital markets transactions, including its $6.9 billion joint venture with Blackstone Infrastructure to acquire a 42 percent stake in Cheniere Energy Partners in 2020.

Like Andy Calder, the de facto head of Kirkland’s expansion into Texas, Nashi previously was an associate at Simpson Thacher in Houston. He joined Kirkland in 2018.

The deal was incredibly complex, with an infrastructure fund investing with a market leader in the semi-conductor space to create new build capacity in a constrained market.

The joint effort will be a sales generator for Intel, whose stock has lagged 35 percent since January (Intel and Brookfield share in the revenue stream from the chip plants as well as the capital costs). The announcement last week, however, didn’t give Intel shares much of a bounce.

Despite that, and perhaps more importantly, the plan creates a pathway to create innovative investment structures intended to broaden the opportunities for infrastructure funds to provide capital to the industrials and manufacturing sectors. Expect more of these schemes going forward.

Toss in a $30 billion joint venture like the Brookfield/Intel deal and ANY week is going to look like a good one. Thus, the week ending Aug. 27 found 16 transactions — all but one of them M&A — involving worth $30.9 billion. Not a bad week for the 10 firms and 135 mostly Texas lawyers involved. During the previous week, there were 12 deals for just under $2 billion. And during the same week last year, a dozen deals tallied only $763 million.

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
05-Jul-20259$15,7788914$7,2805$8,498
28-Jun-202513$7,77781547$2,0316$5,746
21-Jun-202516$5,9841011311$3,0875$2,897
14-Jun-20259$4788133603$478
07-Jun-202516$26,2101119611$24,7445$1,466
31-May-202519$23,3811116612$18,6657$4,717
24-May-202515$24,0331112113$23,6242$409
17-May-202516$21,7601214511$18,6155$3,145
10-May-202524$33,1751620619$30,7655$2,410
03-May-202511$4,249139011$2,226.52$2,022.5
26-Apr-202512$8,78791689$6,0113$2,776
19-Apr-202511$8,09771389$7,9852$112
12-Apr-202513$2,392815210$2,0653$327
05-Apr-202519$27,7621518816$25,4733$2,289
29-Mar-202521$8,1881025816$4,1255$4,064
22-Mar-202519$6,4851423115$4,1284$2,857
15-Mar-202513$13,7371315110$9,9324$3,805
8-Mar-20257$2,2345665$2242$2,100
1-Mar-202511$3,05087510$2,5501$500
24-Feb-2512$16,39771496$6,6356$9,862
17-Feb-2517$12,1361313410$9,4112$2,725
10-Feb-2514$7,15491799$4,9505$2,204
3-Feb-2516 $10,068720011$7,5535$2,515
25-Jan-2514$10,261101259$2,2075$8,054
18-Jan-2519$7,3821531612$2,3007$5,082
11-Jan-2521$33,5601618716$32,5215$1,039
4-Jan-259$6,8279809$6,82700
21-Dec-2411$2,79811928$2,2293$570
14-Dec-2415$5,3231218612$3,8123$1,511
07-Dec-2416$4,7661023111$2,32152,445
30-Nov-2410$10,29191034$8,2906$2.001
23-Nov-2415$4,5531515311$3,3794$1,174
16-Nov-2417$11,4881124513$10,1864$1,303
09-Nov-2414$2,1101213912$1,4102$700
02-Nov-2412 $52,788 1110711$52,7381$50
26-Oct-248$3,1608657$3,0651$75
19-Oct-2412$5,3041113611$4,5541$750
12-Oct-2417$8,4381215015$8,1162$322
05-Oct-2422$23,1811218915$19,9807$3,201
28-Sep-2411$2,35671447$534$2,303
21-Sep-2412$9,568101695$4,1017$5,467
14-Sep-2424$10,9881223516$7,1758$3,813
7-Sep-2412$20,4201616811$20,3071$112.9
31-Aug-2413$20,631913412$14,7751$5,856
24-Aug-2419$8,4522132516$7,1023$1,350
17-Aug-2425$49,1961630411$39,38614$9,810
10-Aug-2420$12,2641531216$9,7944$2,470
03-Aug-2426$16,4981633418$8,1378$8,361
27-Jul-2419$16,4422127115$13,8384$2,604
20-Jul-2415$16,0161418410$14,2325$1,784
13-Jul-2420$17,220 1426518$7,146 2$10,074
6-Jul-2411$3,941 11958$2,650 3$1,291
29-Jun-2414$6,296 152248$6,296 6$1,927
22-Jun-2412$5,679 81375$210 7$5,469
15-Jun-2413$9,895 1621410$5,280 3$4,615
8-Jun-2419$23,859 1323912$19,436 7$4,423
1-Jun-2412$34,510 111479$26,110 3$8,400
25-May-2413$9,684 1517110$4,434 3$5,250
18-May-2411$5,490 111738$3,129 3$2,361
11-May-2422$14,855 1422716$11,105 6$3,750
4-May-2413$3,139 98710$1,297 3$1,842
27-Apr-2410$6,684 62810$6,684 00
20-Apr-2419$15,989 111479$5,208 10$10,781
13-Apr-2413$8,952 97610$1,652 3$7,300
6-Apr-2423$26,616 1422214$13,501 8$13,116
30-Mar-2412$9,286 81368$4,299 4$4,987
23-Mar-2418$5,451 1726616$4,759 2$692
16-Mar-2421$11,437 1318614$9,316 6$2,070
9-Mar-2423$4,695 2121819$2,723 4$1,972
2-Mar-2420$9,108 1937214$4,558 6$4,550
24-Feb-2419$16,382 1224815$9,507 4$6,875
17-Feb-2416$29,932 1515712$29,216 4$716
10-Feb-2425$10,750 1719619$5,372 6$5,379
3-Feb-2412$8,416 181259$3,416 3$5,000
27-Jan-249$8,165 9878$7,815 1$800
20-Jan-2414$4,084 1210912$3,219 2$865
13-Jan-2417$33,588 1225612$26,765 5$6,823
6-Jan-248$7,915 8846$7,265 2$650
30-Dec-2317$14,599 129915$2,714 2$11,885
23-Dec-2323$4,182 1321916$1,813 7$2,370
16-Dec-2313$16,436 132807$15,150 5$1,286
9-Dec-2326$14,633.90 1724416$8,095 10$6,538.90
2-Dec-2313$6,720 95712$6,630 1$90
25-Nov-239$4,835 91316$1,785 3$3,050
18-Nov-2322$6,568.70 1718414$4,709.20 8$1,859.50
11-Nov-2315$9,825 1317912$6,581 3$3,244
4-Nov-2315$20,582.50 1419312$19,417.50 3$1,165
28-Oct-2318$68,419.10 1815215$66,646 3$1,773.10
21-Oct-2316$6,755.90 1616515$6,755.90 1$3
14-Oct-2314$67,851.20 131259$61,998.50 5$5,852.70
7-Oct-2317$6,595.50 1322816$5,995.50 1$600
30-Sep-2317$1,896.45 1318914$806.45 3$1,090
23-Sep-2323$6,432.70 1723016$1,402.80 7$5,029.90
16-Sep-2325$23,226.70 2335316$17,239 9$5,987.70
9-Sep-2312$6,369 81027$4,311 5$2,058
2-Sep-2314$2,522 69213$1,322 1$1,200
26-Aug-2317$12,160.25 1320215$6,573.25 2$5,587.00
19-Aug-2319$11,505 1321315$11,255 4$250
12-Aug-2319$9,698.80 131847$3,270 12$6,428.80
5-Aug-2313$5,201 1211812$5,051 1$150
29-Jul-2315$21,031.60 1319611$18,292.00 4$2,739.60
22-Jul-2318$3,992 1213013$2,808 5$1,184
15-Jul-2313$8,254.95 138113$8,254.95 00
8-Jul-2316$5,441.45 1217211$2,443 5$2,998.45
1-Jul-2316$6,872 1010512$5,474 4$1,398
24-Jun-2313$10,914 1620110$7,874 3$3,040
17-Jun-2317$5,880.70 1515115$4,705.70 2$1,175
10-Jun-2319$8,516.10 1311116$6,252.40 3$2,263.70
June 3 202312$6,104.42 121388$4,256.92 4$1,847.50
27-May-2317$12,200 106711$6,165 6$6,035
20-May-2311$22,458.10 81034$19,455 7$3,003
13-May-2312$7,034 101018$5,460 4$1,574
6-May-2320$3,297.60 1819617$2,985.60 3$312
29-Apr-2323$3,691.20 1813517$1,969.70 6$1,721.50
22-Apr-2316$5,570 1410414$4,750 2$1,000
15-Apr-2312$23,818.10 95910$21,618.10 2$2,200
8-Apr-2316$7,949 91739$5,472 7$3,477
1-Apr-2321$18,676.70 1217511$10,926.70 10$7,750
25-Mar-2315$8,779.50 101415$2,362 10$6,416.50
18-Mar-237$14,048.80 6695$13,345 2$703.80
11-Mar-2321$11,576 1616516$8,131 5$3,445
4-Mar-2320$9,668 1122816$8,209 4$1,459
25-Feb-2313$5,335 1313012$4,235 1$1,200
18-Feb-2314$5,743.70 131588$898.70 6$4,845
11-Feb-2316$12,088 1213712$9,965 4$2,123
4-Feb-2317$8,066 1514013$5,614 4$2,452
28-Jan-237$2,180 7755$1,692.75 2$488
21-Jan-2317$5,768 1617412$1,918 5$3,850
14-Jan-2311$2, 800101028$421 3$2,400
7-Jan-2318$8,296 1116714$6,461 3$1,835
31-Dec-2214$2,732 119912$2,092 2$640
17-Dec14$7,919 1311512$7,419 1$500
10-Dec-2214$10,093 128811$7,093 3$3,000
3-Dec-2226$12,800.90 1117220$4,141 6$8,659.90
26-Nov-228$2,266.70 853$76 5$2,190.70
19-Nov-2221$2,886 1521219$2,550 2$336
12-Nov-2213$15,093.70 9819$14,200 4$893.70
5-Nov-222519,337.201650922$8,267.20 3$11,070
29-Oct-2215$7,805.30 911614$7,180.30 1$625
22-Oct-2220$8,193.50 1325313$5,442 7$2,751.50
15-Oct-229$3,046.10 91397$2,588.30 2$457.80
8-Oct-2219$2,011.80 1211416$833.80 3$1,178
1-Oct-2223$5,532.90 1615618$4,952.30 5$580.60
24-Sep-2218$5,194 1421615$4,050 3$1,144
17-Sep-2221$8,352.30 1232015$4,759.60 6$3,592.70
10-Sep-2215$19,853.50 1012613$19,403.60 2$450
3-Sep-229$2,312 9629$2,312 00
27-Aug-2216$30,891.70 1013515$30,666.40 1227.7
20-Aug-2212$1,977 815299253$1,052
13-Aug-2218$8,004.70 1124211$2,844.70 7$5,160
6-Aug-2224$7,948.90 1224017$3,577 7$4,371.90
30-Jul-228$6,941 9787$6,839 1$102
23-Jul-2211$801 119210$801 10
16-Jul-2214$3,650 1012214$3,650 00
9-Jul-2210$3,557.70 7689$3,557.70 10
2-Jul-2218$8,609.40 1315215$2,754.40 3$5,855
25-Jun-2215$6,142 131469$2,017 6$4,125
18-Jun-2217$11,890.10 1422815$11,410 2479.7
11-Jun-2217$7,600 1212310$2,300 7$5,300
4-Jun-2212$2,937 101279$692 3$2,245
28-May-229$3,197.60 11869$3,197.60 00
21-May-2214$7,284.50 1218511$6,609 3$675.50
14-May-2211$306.60 98010$306.60 1$225
7-May-2216$10,451.75 1210812$1,827 4$8,624.75
30-Apr-2216$2,296.50 1615712$895.50 4$1,401
23-Apr-2210$2,241 11588$1,641 2$600
16-Apr-2211$6,643 71568$2,359 3$4,284
9-Apr-2217$4,429 1418411$1,690 6$2,739
2-Apr-2213$1,755 88410$1,145 3$610
26-Mar-2211$3,205 8656$200 5$3,005
19-Mar-2213$2,239.17 910613$2,239.17 00
12-Mar-2218$12,016 1123915$11,965 2$51.35
5-Mar-2217$6,786 1313713$5,161 4$1,625
26-Feb-2212$5,095 81499$4,437.50 3$658
19-Feb-2217$22,229 1717414$21,354 3$875
12-Feb-2212$2,344.70 10738$641.70 4$1,703
5-Feb-2211$2,503 89911$2,503 00
29-Jan-2211$3,872 1210112$3,872 00
22-Jan-2213$5,143.50 109912$4,842.50 1$301
15-Jan-2212$7,605 91559$6,480 3$1,025
8-Jan-2213$8,256.20 1110213$8,256.20 00
1-Jan-229$1,273.80 6509$1,273.80 00
25-Dec-2121$4,734.75 1117616$3,410 5$1,324.75
18-Dec-2126$7,325.20 1519318$3,640.20 8$3,685.20
11-Dec-2116$5,017 1010913$1,417 3$3,600
4-Dec-2114$2,310 8868$2,310 6$1,882.05
27-Nov-219$3.460.1101016$1,758 3$1,702.60
20-Nov-2120$22,792 1515712$18,864.50 8$3,928
13-Nov-2121$26,729 1217813$11,822 8$14,907
6-Nov-2112$8,303 1315710$6,682 3$1,621
30-Oct-2121$10,368 1521815$9,24.46$1,103.00
23-Oct-2121$18.783.11522211$12,314 10$6,468.60
16-Oct-2115$3,868 1111815$2,293 2$1,575
9-Oct-2120$8,610 1617516$7,795 4$815
2-Oct-2114$6,250 1113710$5,200 4$1,050
25-Sep-2111$11,460 9937$10,200 4$1,250
18-Sep-2111$16,603 8998$15,084 3$1,519
11-Sep-2117$10,653 1110313$8,503 4$2,150
4-Sep-2113$7,222 108911$6,715 2$507
28-Aug-2112$763 96311$663 1$100
21-Aug-2112$29,659 77911$29,579 1$80
14-Aug-2122$17,845 1119912$12,805 10$5,04
7-Aug-2117$13,670 1213915$11,766 2$1,904
31-Jul-2121$8,160 1113410$3,574 10$4,586
July 24,202121$6,367 1113915$3,712 6$2,655
17-Jul-2114$4,009 1112412$2,015 2$1,994
10-Jul-2116$3,997 1314311$1,597 4$2,4
3-Jul-2124$7,492 139416$3,769 8$3,722
26-Jun-2110$4,995 7858$3,847 2$1,148
19-Jun-2128$16,830 82289$1,861 19$14,968
12-Jun-2126$27,238 1520919$25,602 7$1,636
5-Jun-2115$15,539 1310013$14,709 2$600
29-May-2135$20,279 1114528$18,647$1,639
22-May-2124$53,208 1417417$51,047 7$2,161
15-May-2118$10,620 1322011$5,870 7$4,809
8-May-2117$10,400 1115615$8,386 2$2,500
1-May-2121$7,200 1611512$3,808 9$3,392
24-Apr-218$20,200 9318$20,200 00
17-Apr-2114$6,270 810211$40,180 3$2,260
10-Apr-2115$8,940 1312914$7,990 1$950
3-Apr-2118$19,513 1015112$16,923 6$2,590
27-Mar-2127$13,942 1524414$4,300 13$9,633.50
20-Mar-2111$2,046 41023$270 8$1,776
13-Mar-2115$3,270 91096$538 9$2,732
6-Mar-2124$13,617 1019613$10,395 11$3,222
27-Feb-2119$8,105 1213915$4,970 4$3,135
20-Feb-219$8,820 91538$8,520 1$300
13-Feb-2112$4,852.60 78172,7665$2,086.60
6-Feb-2118$9,752 1315314$5,222 4$4,530
30-Jan-2118$9,449 918215$8,753.80 3$695.30
23-Jan-2114$8,150 81186$4,000 8$4,150
16-Jan-2117$6,783 1313811$2,400 6$4,382.90
9-Jan-2122$6,829 1413518$3,139.30 4$3,690
2-Jan-217$1,466 7607$1,466 00
26-Dec-2018$15,900 1216316$5,300 1$600
19-Dec-2018$9,769 1411014$8,426 4$1,343
12-Dec-2010$7,200 91009$3,325 1$3,830
5-Dec-2015$4,261 91229$2,780 6$1,481
28-Nov-2019$7,758 1011013$4,003 6$3,755
14-Nov-2014$864.10 1415712$289.10 2$575
7-Nov-2013$6,332 91299$2,483.50 4$3,849
31-Oct-2010$3,995.80 81036$3,231.10 4$754.70
24-Oct-206$18,100 6585$17,709 1$350
17-Oct-208$351.90 5558$351.90 00
10-Oct-207$5,229 3504$735 3$4,494
3-Oct-2014$21,428 91739$17,535 5$3,893
26-Sep-2010$12,770 8935$10,300 5$2,470
19-Sep-2014$8,365 91016$1,020 8$7,345
12-Sep-206$4,406 8593$1,270 3$3,136
5-Sep-2011$5,191 81179$4,061 2$1,130
29-Aug-2011$2,531 9945$1,130 6$1,401
22-Aug-2018$6,574 121407$1,930 11$4,644
15-Aug-2013$4,991 10977$1,216 6$3,775
8-Aug-2012$32,092 111129$30,457 3$1,635
1-Aug-207$5,287 8765$3,687 2$1,600
25-Jul-209$18,751 6677$18,403 2$348
18-Jul-206$1,982.50 5504$1,407.50 2$575
11-Jul-2011$565.10 127510$65.10 1$500
4-Jul-2010$8,889 8989$8,788 1$100.30
27-Jun-208$6,874 10505$4,972.50 3$2,081.50
20-Jun-2012$4,444 91157$2,829 5$1,615
13-Jun-206$3,582 4372$350 4$3,232
6-Jun-2011$3,213.70 8657$470 4$2,743.70
30-May-208$7,335 7486$4,639 2$2,697
23-May-204$432.40 4343$432.40 10
16-May-206$310 6345$310 10
9-May-2018$5,630 1612414$3,180 4$2,450
2-May-201510,40010908$1,900 7$,8,500
25-Apr-208$3,400 9365$1,000 3$2,450
18-Apr-2019$9,500 14928$185.70 11$9,360
11-Apr-2012$6,000 9405$190 7$5,800
4-Apr-2014$8,200 116810$2,200 4$6,000
28-Mar-2016$6,500 139610$3,700 6$2,800
21-Mar-2011$11,910 7337$2,250 4$9,960
14-Mar-207809.86346684.81125
7-Mar-2016$2,500 157013$669 3$1,400
29-Feb-2013$15,260 1312811$11,760 2$3,500
22-Feb-2012$3,700 109210$2,560 2$1,130
15-Feb-2016$1,250 108412$35 4$1,222
8-Feb-2018$6,080 1412314$2,595 4$3,485
1-Feb-2021$20,900 1210114$17,860 7$3,060
25-Jan-2013$7,430 136212$6,430 1$1,000
18-Jan-2023$9,580 1512019$6,580 4$3,000
11-Jan-2021$14,200 1819916$1,020 5$13,200
4-Jan-2022$6,400 1111916$3,204 6$3,245
28-Dec-1922$7,150 1917518$6,800 4$327.40
14-Dec-1924$36,300 2316719$9,500 5$26,800
7-Dec-1911$10,400 11557$1,082 4$9,370
November 30. 201914$2,450 1212612$1,760 2$692.50
23-Nov-1916$1,995 104111$615 5$1,380
16-Nov-1915$3,820 1313511$2,500 4$1,271
9-Nov-1925$12,900 1718223$12,200 2$575
2-Nov-1910$2,470 126192,4503$22
26-Oct-1912$5,560 147011$3,860 1$1,700
19-Oct-198$6,600 81388$6,600 00
12-Oct-1919$4,300 145516$3,800 3$500
5-Oct-1918$14,500 1916615$11,100 3$3,400
28-Sep-1919$8,100 1813218$7,560 1$550
21-Sep-1914$6,300 166611$2,160 3$4,170
14-Sep-1915$23,800 125611$21,250 4$2,570
7-Sep-1917$3,500 159814$1,900 3$1,600
31-Aug-195$8,700 6505$8,700 00
24-Aug-1916$10,000 148215$4,250 1$5,750
16-Aug-1910$1,680 5527$650 3$950
9-Aug-1917$17,700 156814$3,900 3$13,800
2-Aug-1913$5,760 1210813$5,760 NANA
27-Jul-1911$7,300 13768$6,570 3$730
20-Jul-1913$11,800 1312511$5,300 2$6,500
13-Jul-1910$775 7468$542.50 2$233
6-Jul-197$2,500 9857$2,500 00
29-Jun-1923$8,290 1515417$2,300 6$5,970
22-Jun-1917$10,700 1013914$7,700 3$3,000
15-Jun-1911$13,500 1416011$13,500 NANA
8-Jun-1913$2,870 175511$1,570 2$1,300
1-Jun-1910$4,460 11608$4,140 2$315
25-May-1917$4,360 147914$3,700 3$612
18-May-1922$9,000 1715016$3,400 6$5,600
11-May-1918$19,800 1717715$18,300 3$1,500
4-May-1910$7,075 6328$6,900 2$175
27-Apr-1915$3,200 1411714$3,160 1$40
20-Apr-1913$13,500 10909$12,200 4$1,300
13-Apr-1916$38,900 149114$37,800 2$1,100
6-Apr-1912$6,870 119410$6,730 2$50
30-Mar-1915$6,470 128410$7,91.55$5,677
23-Mar-1918$6,450 149114$5,042 4$1,408
16-Mar-1914$10,180 1211511$8,800 3$1,300
9-Mar-199$1,800 6498$1,300 1$500
2-Mar-1920$3,033 1610714$1,817 6$1,262
23-Feb-1912$2,040 8699$614.60 3$1,430
16-Feb-1916$9,970 187716$9,970 00
9-Feb-1914$6,400 1011014$6,400 00
2-Feb-1918$6,740 159916$5,720 2$950
26-Jan-1913$2,770 116711$918.95 2$1,850
19-Jan-1915$3,819 167612$2,594 3$1,225
12-Jan-1918$7,283 149215$1,683 3$5,600
5-Jan-1910$529 125010$529 00
22-Dec-1817$2,570 138714$941 3$1,629
15-Dec-1810$2,860 8268$264 2$2,600
8-Dec-1815$1,819 166512$552 3$1,267
1-Dec-1812$7,500 10909$1,200 3$6,200
28-Nov-1815$4,500 1110714$4,000 1$500
19-Nov-1818$6,137 139813$2,142 5$3,995
14-Nov-1818$9,200 1315215$8,500 3$694
6-Nov-1816$17,300 1618314$16,361 2$950
29-Oct-1814$14,400 1812717$13,800 1$600
24-Oct-1813$6,140 1312611$5,122 2$1,018
17-Oct-1818$18,390 1512514$12,292 4$6,098
10-Oct-1829$3,149 1810420$1,647 9$819
2-Oct-1818$9,300 116714$7,300 4$2,000
25-Sep-1813$7,000 117510$6,000 3$995
18-Sep-189$3,570 7449$3,570 00
11-Sep-1813$5,900 1013213$5,900 00
7-Sep-1814$5,000 158611$4,000 3$1,000
29-Aug-1815$20,700 147913$4,700 2$16,000
20-Aug-1810$12,400 11538$11,380 3$1,057
14-Aug-1812$19,900 121329$18,889 3$1,011
7-Aug-1816$68,600 1110613$67,259 3$1,340
31-Jul-1815$15,100 159511$13,060 4$2,060
23-Jul-1813$2,130 156010$1,804 3$1,100
17-Jul-1814$5,370 17989$4,310 5$1,100
9-Jul-1816$11,200 157410$11,080 6$862
3-Jul-1813$7,000 78112$6,330 1$750
25-Jun-1815$8,800 13979$4,970 6$3,930
18-Jun-1813$14,200 14807$221 6$14,290
11-Jun-1812$6,300 8968$5,910 4$803
6-Jun-1813$14,500 10888$14,154 5$579
31-May-1811$4,890 10638$3,240 3$1,790
22-May-1815$20,400 11639$19,808 6$885
15-May-1815$4,700 1510610$3,900 5$643
9-May-1811$1,400 13889$1,300 2$560
1-May-188$14,250 7887$13,400 1$450
24-Apr-1812$5,300 66111$4,470 1$800
17-Apr-189$1,800 10447$2,330 2$1,434
11-Apr-1811$2,500 8326$1,690 5$809
3-Apr-1815$13,400 111219$12,020 6$1,090
28-Mar-1810$4,000 10927$3,870 3$215
19-Mar-1817$5,800 135110$590 7$5,165
12-Mar-1815$3,130 114311$2,360 4$788
6-Mar-1819$5,400 1311610$1,530 9$4,860
27-Feb-1820$6,600 136914$5,530 6$1,030
19-Feb-1815$5,500 1411110$3,990 6$1,980
12-Feb-1823$10,900 1715712$7,110 11$3,840
5-Feb-1816$8,600 131007$1,330 9$7,800
30-Jan-1811$12,600 11685$7,300 6$4,982
24-Jan-1819$9,400 151295$2,010 14$7,337
18-Jan-1810$6,280 8492$2,100 8$4,188
9-Jan-1812$16,500 12929$15,890 3$475
3-Jan-1810$2,500 9478$2,350 2$150
27-Dec-1715$9,000 151139$7,568 6$1,784
18-Dec-1715$13,800 161649$13,010 7$1,118
11-Dec-1714$9,700 1012612$2,940 4$8,500
4-Dec-176$1,800 6315$1,510 1$300
28-Nov-177$3,850 8764$3,260 3$285
16-Nov-1710$2,700 10486$1,840 4$856
8-Nov-1715$2,380 179110$1,860 5$516
1-Nov-1712$4,700 17949$3,400 4$1,300
23-Oct-1715$10,500 106710$9,780 4$1,530
18-Oct-176$2,000 373$225 3$1,820
10-Oct-1712$6,570 1009$3,880 3$3,360
2-Oct-178$3,100 11193$1,630 5$1,750
25-Sep-178$4,880 8795$2,660 5$2,070
18-Sep-179$4,770 3$300 6$4,470
12-Sep-1711$4,430 8$2,030 3$2,400
1-Sep-174$1,310 3$317 1$1,000
23-Aug-1711$13,640 98$11,840 3$1,800

M&A/FUNDINGS

Brookfield Infrastructure signs $30B JV with Intel

Deal Description: Intel Corp. announced Aug. 23 what it’s billing as a first-of-its-kind semiconductor co-investment program that introduces a new funding model to the capital-intensive semiconductor industry. As part of its program, Intel signed a definitive agreement with the infrastructure affiliate of Brookfield Asset Management to jointly invest up to $30 billion in chip factories in Arizona, with Intel funding 51 percent of the project cost and Brookfield handing over 49 percent. By sharing the capital costs and revenues from the plant operations, the deal allows Intel to tap into a new pool of capital below its cost of equity while protecting its cash and debt capacity for investments and continuing to fund a healthy and growing dividend, the company said. Over the next several years, the structure is expected to provide a $15 billion cumulative benefit to Intel’s adjusted free cash flow and be accretive to Intel’s earnings per share during the construction and ramp phase. The program also provides Intel the ability to replicate the co-investment model with other partners for other build-outs globally.

Expected Closing: YE 2022

Intel’s Financial Advisor: Lazard Frères & Co.

Intel’s Outside Legal: Skadden, Arps, Slate, Meagher & Flom led out of Washington, D.C.

Brookfield’s Outside Legal: Kirkland & Ellis led by corporate partners Andrew Calder, Doug Bacon, Brittany Sakowitz, Kim Hicks, Allan Kirk and Patrick Salvo; and debt finance partners Roald Nashi, Gregory Howling, Robert Warfield and Sebastian Chan; international trade and national security partners Mario Mancuso, Ivan Schlager and Luci Hague; and tax partners Sara Zablotney, David Wheat and Bill Dong. Aid was also provided by corporate associates Patrick Moneypenny and David Jean-Baptiste; and debt finance associates Sharaf Islam, Jacqueline Trudeau, Charles Martin and Will Haslun.

Rubicon completes $196.8M merger with Founder SPAC

Deal Description: Rubicon Technologies Inc., a digital marketplace for waste and recycling and provider of software-based products for businesses and governments worldwide, announced Aug. 15 that it completed its combination with Founder SPAC. The combined company will operate under the name Rubicon Technologies Inc. and will continue to be led by chairman and CEO Nate Morris. Rubicon’s Class A common stock and warrants were expected to trade Aug. 16 on the New York Stock Exchange under the symbols “RBT” and “RBT WS.” The transaction was approved by Founder’s shareholders at an extraordinary general meeting on Aug. 2, with 97 percent of the votes cast clearing the combo. Rubicon raised $196.8 million in gross proceeds consisting of funds from Founder’s trust account and PIPE investments. Rubicon intends to use the proceeds to capitalize on expansion from organic and inorganic opportunities and investment in new software development.

Founder’s Financial Advisor: Moelis & Co.

Rubicon’s Financial Advisor: Cohen & Co. Capital Markets, a unit of JVB Financial Group

Founder’s Placement Agents: Cohen & Co. Capital Markets and Moelis & Co.

Founder’s Capital Markets Advisor: Jefferies

Rubicon’s Capital Markets Advisors: Canaccord Genuity and MKM Partners

Founder’s Outside Counsel: Winston & Strawn led by partner Mike Blankenship in Houston and including, from Texas, partners James Brown and Dean Hinderliter and associates Brandon Davidson, Chris McAlister, John Niedzwiecki, Robbie Oakes, Luisa Patoni, Alexandra Santana, Louis Savage, Kate Schorken, Emily Semon and Franklin Shen

Rubicon’s Outside Counsel: Gibson, Dunn & Crutcher led by partners in Washington, D.C., and New York but including of counsel Melissa Persons of the firm’s Denver and Houston office

Bitcoin Depot combines with SPAC GSR II Meteora in $170M deal

Deal Description: Lux Vending, dba Bitcoin Depot, announced Aug. 25 it agreed to combine with GSR II Meteora Acquisition Corp., a special purpose acquisition company, making it a public company. Upon closing of the transaction, the company will be named Bitcoin Depot Inc. and trade on the NASDAQ under the new ticker symbol “BTM.” Assuming no redemptions, the company will have an estimated post-transaction enterprise value of $755 million with an estimated equity value of $885 million from the contribution of up to $170 million in cash proceeds from the transaction, net of cash distribution to selling equity holders and expenses.

Expected Closing: Q1 2023

Lux’s Outside Counsel: Kirkland & Ellis led by corporate partners Thomas Laughlin, Mark Ramzy and Doug Bacon; capital markets partners Matt Pacey and Atma Kabad and associate Billy Vranish; tax partner Mark Dundon; technology & IP transactions partner Jeff Norman; and banking regulatory partner Edwin del Hierro.

GSRM’s Financial Advisor: Oppenheimer & Co. Inc.

GSRM‘ Outside Counsel: Latham & Watkins

P10 agrees to buy Westech for $147.6M

Deal Description: P10 Inc., a private markets solutions provider, announced Aug. 26 it agreed to acquire through its unit P10 Intermediate Holdings all of the outstanding membership interests of venture lender Westech Investment Advisors for about $147.6 million. The deal includes $97 million in cash and 3.9 million membership units of P10 Intermediate Holdings, which can be exchanged into 3.9 milion shares of P10 common stock. WTI has deployed $7.8 billion in loan commitments across 1,400 venture-backed companies since its founding in 1980. Many publicly traded technology companies, representing $1 trillion in aggregate market capitalization, count WTI as an early lender and partner, P10 said.

Expected Closing: Q4 2022

WTI’s Financial Advisor: Colchester Partners

WTI’s Outside Counsel: Skadden, Arps, Slate, Meagher & Flom led out of New York

P10’s Outside Counsel: Gibson, Dunn & Crutcher led by partner Doug Rayburn and including associates Jonathan Sapp, Jena Pollock and Josh Stout. Partner Michael Cannon and associates Ryan Rott and Adam Gregory are advising on tax aspects, partner Krista Hanvey and associate Lucy Hong are advising on benefits and counsel Andrew Cline is advising on antitrust.

Bank First agrees to acquire Denmark Bancshares for $119M

Deal Description: Bank First Corp., the Wisconsin-based bank holding company of Bank First, closed Aug. 12 its acquisition of Denmark Bancshares Inc., the Wisconsin bank holding company for Denmark State Bank, for $119 million. As of Dec. 31, Denmark had $687.6 million in consolidated assets, $479.4 million in gross loans, $614.5 million in deposits and $68 million in consolidated stockholders’ equity. Based on the financial results as of Dec. 31, the combined company will have total assets of $3.6 billion, loans of $2.7 billion and deposits of $3.2 billion.

Bank First’s Outside Counsel: Alston & Bird led out of Atlanta but including partner Patrick Hanchey in Dallas

Adams’ GulfMark buys Firebird, Phoenix for $33M

Deal Description: Adams Resources & Energy Inc. announced Aug. 15 that one of its units, GulfMark Asset Holdings Inc., completed the purchase of Firebird Bulk Carriers Inc. and Phoenix Oil Inc. for $33 million. The deal consists of $32 million in cash and $500,000 of Adams’ common stock. Firebird is an interstate bulk motor carrier of crude oil, condensate, fuels, oils and other petroleum products. Phoenix Oil recycles and repurposes off-spec fuels, lubricants, crude oil and other chemicals from producers in the U.S. Adams is engaged in crude oil marketing, transportation, terminaling and storage and tank truck transportation of liquid chemicals and dry bulk through its units GulfMark Energy Inc., Service Transport Company, Victoria Express Pipeline and GulfMark Terminals.

Firebird Bulk’s/Phoenix Oil’s Outside Counsel: Morgan Lewis led by partner Jeff Dinerstein (Houston) and associates Kelsey Warren (Houston) and William Barnard (New York) along with associate Melissa Brown (Houston), partners Stefanie Moll (Houston) and Cullen Wallace (Houston), associate Ian Wright (Houston) and partner Casey August (Philadelphia)

Pharos Capital sells TechLab to SSI Diagnostica

Deal Description: Pharos Capital Group, a private equity firm based in Dallas and Nashville, announced Aug. 22 that it sold its stake in portfolio company TechLab to SSI Diagnostica, a portfolio company of the private investment firm Adelis Equity. Terms were not disclosed. TechLab is a developer and manufacturer of rapid, non-invasive diagnostic tests for infectious disease, intestinal inflammation and parasitology. SSI Diagnostica is a developer and manufacturer of diagnostics products based in Copenhagen, Denmark. SSI Diagnostica’s global distribution network and production capability will complement TechLab’s U.S. and global operations to expand the scale of the combined company’s diagnostics business. TechLab will continue to operate out of its Virginia R&D and manufacturing facilities and keep its workforce, including its management team. Pharos initially invested in TechLab in September 2016. The sale represents the third exit from Pharos’ third fund.

TechLab/Pharos’ Financial Advisor: Lincoln International

TechLab/Pharos’ Outside Counsel: Gibson Dunn & Crutcher led by partner Jeffrey Chapman and included associates Phillip Sanders and Kiel Sauerman. Partner Michael Cannon and associate Josiah Bethards advised on tax and partner Krista Hanvey advised on benefits.

Compass Group Equity invests in Florida Energy, Water & Air

Deal Description: Compass Group Equity Partners, a St. Louis private equity firm, announced Aug. 11 a new strategic partnership with Florida Energy, Water & Air, an Orlando-based sales, installation and service contractor providing water treatment systems, water heaters and HVAC across Florida, Georgia and Alabama. Terms weren’t disclosed. Since its founding in 1990, FEWA has expanded its product and service portfolio to become a one-stop shop for homeowners’ water treatment, water heater and air conditioning needs. The company has partnerships with retailers.

Compass’ Outside Counsel: McGuireWoods led by Dallas partner Jon Finger with associates Josh Powers and Chelsie Kidd

Banner Ventures sets partnership with Zerorez

Deal Description: Banner Ventures announced Aug. 15 a new partnership with Zerorez Franchising Systems Inc. and several of its franchisee partners in Colorado Springs, Dallas, Denver, Minneapolis, Phoenix, Pittsburgh, Raleigh, Salt Lake City, Spokane and St. Louis. Terms weren’t disclosed. Zerorez was founded in 2003 as a natural alternative to traditional chemical-based carpet cleaning and claims to be a leading residential and commercial services franchisor in the U.S. Zerorez’s management group and the acquired franchisees kept a “meaningful” ownership stake in Zerorez, the release said, and Shawn Moon will continue to serve as chairman and CEO during the next phase of expansion. Zerorez also appointed as CFO Jon Laudie, who previously held financial leadership roles for 1-800-Contacts, Lucid Software, Ancestry.com and Netflix.

Financing Provider: KeyBank

Banner’s Outside Counsel: McGuireWoods led by Dallas partner David McLean and including Dallas associates Kelly Wray and Will Matthews, Los Angeles associate Callista Cody and Chicago associate Aaron Lasker

Zerorez’s Outside Counsel: Kirton McConkie in Utah

Knox-Precision acquires Lenders Title Group

Deal Description: Knox-Precision Holdings, a holding company of private equity firm Knox Capital, announced Aug. 16 that it acquired the Lenders Title Group, the title services business of First Horizon Corp. Terms weren’t disclosed. Knox said the investment creates a top 20 national title company. The acquisition combines LTG with two previous investments, including Precision Title, creating a fast-growing, super-regional residential and commercial title company, the release said. Stephens Capital Partners invested with Knox Capital to facilitate the transaction alongside existing investors including ORIX Corp. USA’s private equity solutions group, Granite Creek Capital Partners and GMB Capital Partners. LTG is one of the largest title insurance agencies in the southeast, operating in Arkansas, Louisiana and Tennessee. LTG marks the largest investment to date by Knox Capital’s real estate title platform and complements its prominent and growing market positions in Illinois, Florida, New Jersey, New York and Pennsylvania.

Knox-Precision’s Outside Counsel: Foley & Lardner led by partners Chris Converse and Dovi Adlerstein, of counsel Cynthia Harkness, special counsel Thomas Fritsch and associate Andrew Del Real.

Atlas Crane Service acquired by Ares Management

Deal Description: Atlas Crane Service, a crane rental company that primarily serves the wind industry, announced Aug. 23 that a fund managed by the Infrastructure Opportunities strategy of Ares Management acquired a controlling interest in the company. Terms were not disclosed. Founded in 2009 and headquartered in Aurora, Ill., Atlas offers turnkey maintenance, repair and overhaul solutions to 250 customers. The company’s fleet provides maintenance and repair services for wind turbines. Atlas’ executive management team, led by CEO Zach Prentis, will continue to guide the company with an emphasis on growth, geographic expansion and a continued focus on delivering premier services and a dedication to safety, the release said. Ares’ platform has $334 billion of assets under management.

Atlas Crane’s Financial Advisor: TM Capital

Ares’ Outside Counsel: Vinson & Elkins led by Danielle Patterson, Dan Komarek, Isabella Correa and Tara Tegeleci with assistance from Jason McIntosh, Peter Rogers, Sean Becker, Peter Goetschel, David D’Alessandro, Heather Johnson, Brian DeShannon, Sarah Mitchell and Sebastian Devora. The finance team was led Tzvi Werzberger and Randy Aman with assistance from Aaron Prince, Coral O’Connor and Michelle Kraidman.

KKR leads investment in Arevia Power

Deal Description: KKR announced Aug. 22 that it led a structured investment in Arevia Power, a U.S. renewable energy developer, with strategic participation by GCM Grosvenor, a global alternative asset management solutions provider. Terms weren’t disclosed. The investment will support the company’s growth and development of new solar and wind projects throughout the U.S. Founded in 2015, Arevia is a dedicated solar and wind project developer that originates, permits and manages renewable energy projects through their lifecycle. The company is advancing a multi-gigawatt portfolio of early-stage projects across the country. Arevia’s projects are responsibly sited and aim to meet local and regional energy demand with a focus on mitigating environmental impacts and minimizing impacts to surrounding communities, the release said. Arevia’s founders Mark Boyadjian and Ricardo Graf have developed more than 2 gigawatts of utility-scale solar photovoltaic infrastructure.

Arevia’s Outside Counsel: Willkie Farr & Gallagher and Munish Dayal, with a Willkie team co-led by partner Jorge Kamine out of the firm’s Washington, D.C., and Houston office

KKR’s Outside Counsel: Amis, Patel & Brewer

GCM Grosvenor’s Outside Counsel: Allen & Overy

Notes: Kamine is barred in Texas, went to Rice University and consistently collaborates with Willkie’s Texas attorneys, transitioning part of his time to the Houston office.

IPG sells telecom transmission product lines to Lumentum

Deal Description: Lumentum announced Aug. 15 that it acquired IPG Photonics Corp’s telecom transmission product lines in an all-cash transaction for undisclosed financial terms. IPG’s telecom transmission product lines are made up of optical transceivers and coherent components. The divestment includes the former Menara Networks and a unit in Brazil.

Lumentum’s Outside Counsel: Wilson Sonsini Goodrich & Rosati led out of San Francisco

IPG Photonics’ Financial Advisor: Centerview Partners

IPG Photonics’ Outside Counsel: Locke Lord led out of Providence but including Paul Nason, Geoffrey Polma and Susan Rainey in Dallas

Availity to acquire Diameter Health

Deal Description: Availity, one of the nation’s largest real-time health information networks, agreed Aug. 9 to acquire Diameter Health, a national leader in clinical data quality and interoperability. Terms weren’t disclosed. Integrating Diameter Health’s Upcycling Data technology into Availity’s clinical data gateway capabilities positions Availity to deliver one of the strongest integrated clinical and claims data network and interoperability platforms in healthcare, Availity said. The solutions will fuel innovations in value-based care arrangements, provide information exchange between providers, health plans and technology partners and normalize structured and unstructured clinical data for digitally enabled use cases.

Diameter Health’s Financial Advisor: TripleTree

Diameter Health’s Outside Counsel: Feinberg Hanson

Availity’s Outside Counsel: Alston & Bird led by Darren Hauck in Dallas/Fort Worth and including senior attorney Victoria Kulik in Dallas

Refuel makes two more acquisitions

Deal Description: Refuel Operating Co., a retail and wholesale fuel distribution and convenience-store company, acquired nine locations from two c-store chains in two separate deals: the assets of Premier Stores Inc., including six stores in the Greensboro, N.C., market (the deal closed Aug. 2); and the assets of the Whalen Corp., with three stores in the Raleigh-Durham market (closing set for the fourth quarter). Terms weren’t disclosed. The transactions represent the 12th and 13th acquisitions for Refuel since its backing by First Reserve in 2019, bringing store count to 195 company-operated locations across Texas, Mississippi, Arkansas, South Carolina and North Carolina.

Whalen’s Financial Advisor: Southeastern Acquisition Advisors

Refuel’s Outside Counsel: Locke Lord including Lauren Corbeil Clarke, Mark Miller and Shannon Schroeder in Houston on the Premier deal with assistance by Jerry Higdon, Ed Razim, Jeff McPhaul and Rich Spiker (all of Houston), Michael Bennett (Chicago) and Kevin Twining (Dallas). Jennie Simmons, Miller and Lauren Richter advised on the Whalen deal with assistance by Shumaila Dhuka, Higdon, Sara Longtain, Ed Razim, Jordan Rodriguez, Lani Blake and Steve Boyd (all of Houston) and Twining.

CAPITAL MARKETS/FINANCINGS

Sunnova securitizes $227.7M in residential solar loan agreements

Deal Description: Sunnova Energy International Inc. announced Aug. 18 the closing of its seventh solar loan securitization and its thirteenth residential solar securitization. The securitization includes $178 million in 5 percent notes and $49.7 million in 6 percent notes with an anticipated repayment date of Aug. 20, 2029, and a final maturity of Aug. 20, 2049. The notes are backed by a portfolio of 8,397 solar rooftop systems distributed across more than 21 states and territories.

Sunnova’s Outside Counsel: Baker Botts including, from Houston, corporate partner Travis Wofford and associates Thomas Blackwell and Chelsea Johnson; tax partner Michael Bresson; ERISA Gail Stewart and associate Gabriela Alvarez; and advisory partner Danny David 

Claire Poole

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

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