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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: 15 Deals, 12 Law Firms, 84 Texas Lawyers, $6.47B

April 2, 2019 Claire Poole

The Texas Lawbook has been writing a lot about the drop-off in dealmaking in the state so far this year. Newly released data shows that M&A also has slowed globally.

According to data provider Refinitiv, there were 8,765 deals between Jan. 1 and March 27, a 30.5 percent slide over the same period last year – and the lowest deal volume since 2005. Deal value, meanwhile, only reached $927 billion, a 17.1 percent drop over the $1.11 trillion worth of transactions inked in the same period of last year.

It’s worth noting, however, that 2018’s first quarter was the highest since 2000’s $1.13 trillion and the second highest over a 21-year period, so this year’s first quarter had a high hurdle to clear.

Consumer packaged goods and retail companies were doing fewer big deals last year. According to a new report by consulting firm A.T. Kearney, based on a proprietary analysis of M&A transactional data, mergers and acquisitions dropped from $392 billion in 2017 to $308 million in 2018, mostly due to a lower number of large transactions.

But based on a survey of more than 100 C-level executives, the firm predicts that 2019 will be a high-volume year in those sectors. It says that consumer and retail companies are looking to M&A to strengthen their portfolios and capabilities ahead of a potential slowdown in the economy, with smaller companies the chief targets.

“This trend will be driven by multiple factors, including a large supply of dry powder, falling asset prices, divestiture of non-core assets of strategic companies and a continuous search for growth through category expansion and investment in adjacencies,” the firm said.

A.T. Kearney noted the Keurig/Dr Pepper merger in Texas last year that created a diversified brand portfolio by marrying a strong “in-home” brand with a leader in the “ready-to-drink” market – and made it the third-largest nonalcoholic beverage company in the world

The year has already produced a sizeable deal in the packaged goods industry: Kellogg Co.’s $1.3 billion sale of its non-core cookies, fruit and fruit-flavored snacks, pie-crusts and ice-cream cones businesses to the Ferrero Group. So maybe A.T. Kearney is on to something.

Meanwhile, in Texas, dealmaking continues to hold steady, with 15 deals worth $6.47 billion announced last week versus 18 transactions valued at $6.45 billion the previous week. 

For all of March, there were 56 deals worth $24.89 billion compared with 61 transactions valued at $18.33 billion in the same month last year, continuing the trend of fewer agreements but at higher values.

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
28-Jun-202513$7,77781387$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

Twelve law firms and 84 Texas lawyers worked on the past week’s deals, which amounted to 10 M&A/private equity/venture capital transactions worth $791.5 million and five capital markets transactions worth $5.677 billion.

Newly minted Vinson & Elkins partner Brittany Sakowitz – a member of the famed Sakowitz retail family in Houston – won the overachiever of the week award, working on three transactions valued at $365 million.

M&A/PRIVATE EQUITY/VENTURE CAPITAL

Kirkland aids Quantum’s HG Energy II on $400M asset sale to Diversified

Kirkland & Ellis said it advised Quantum-backed HG Energy II Appalachia on the sale of oil and gas properties to Diversified Gas & Oil Corp. for $400 million.

Corporate partners David Castro Jr. and Christopher Heasley and associate Morgan Moore in Houston led the deal team, which included environmental transactions partners Paul Tanaka, who offices out of San Francisco and Houston, and Houston associate Brett Nuttall; and tax partner Mark Dundon and associate Joe Tobias, both of Houston.

Maynard Cooper Gale in Birmingham, Ala., represented Diversified.

The assets include 107 unconventional gas wells in Pennsylvania’s and West Virginia’s Appalachian Basin. Altogether they produce more than 20,000 barrels of oil equivalent per day.

V&E advises Noble Midstream on $200M GIP investment

Vinson & Elkins said it advised Noble Midstream Partners on a $200 million equity commitment from Global Infrastructure Partners Capital Solutions Fund to fund capital contributions to Dos Rios Crude Intermediate.

Partner Shamus Crosby led the group with assistance from partner Brittany Sakowitz, associate Mike Marek, senior associates Danny McEntee and John Slaybaugh and associates Burke Wendt, Audrey Bartosh and Danny Wicoff. 

Specialists included partner Doug Bland on energy transactions/projects; and partner Todd Way, senior associate Julia Pashin and associate Christine Mainguy on tax.

Bracewell partners Tom Tomlinson and Lytch Gutman and associate Kathy Medford in Houston counseled GIP, along with Austin managing partner Timothy Wilkins and associate Daniel Pope.

Barclays Capital Inc. was Noble Midstream’s financial advisor.

Dos Rios is a new unit holding Noble Midstream’s 30 percent interest in the Epic Crude Pipeline. 

Half of the $200 million commitment was to be funded in the first quarter with the rest available for a year.

The preferred equity is perpetual and has a 6.5 percent annual dividend rate payable quarterly in cash. Payment can be deferred during the first two years after closing.

Noble Midstream also can redeem the preferred equity in whole or in part at any time for cash at a predetermined redemption price. GIP can request redemption six years after closing or five years after the pipeline is completed at a pre-determined base return.

The partnership plans to use the proceeds to repay part of the outstanding borrowings under its revolver that were drawn to fund the exercise of its option to invest in the pipeline.

CFO John Bookout said that the preferred equity allows the partnership to maintain a prudent balance sheet without issuing common equity as the pipeline progresses. He added that the pipeline and other recently announced joint ventures are crucial pieces in building a top Permian Basin midstream platform and deliver long-term value for unitholders.

The pipeline is being designed to carry oil from the Permian Basin and Eagle Ford to the Gulf Coast with the ability to be expanded. Interim service is expected in the third quarter and permanent service by January.

Noble Midstream is a growth-oriented master limited partnership formed by Noble Energy Inc. to own, operate, develop and acquire U.S. midstream infrastructure assets. GIP invests in infrastructure assets and businesses. 

V&E counsels Enviva Partners sponsor on $165M drop-down

Vinson & Elkins said it counseled Enviva Partners’ sponsor on the sale of its interest in Enviva Wilmington Holdings to Enviva Partners for $165 million.

Texas lawyers on the team were partner Brittany Sakowitz, partner Ryan Carney, of counsel Price Manford and associate Dan Henderson on tax; partner Ramey Layne and associate Brittany Smith on capital markets; and senior associate Daniel Hatch on energy transactions/projects.

Baker Botts counseled the conflicts committee of the board of the partnership’s general partner Enviva Partners GP, including partner Michael Bresson and associate Jared Meier on tax matters and partner Matthew Kuryla on environmental matters.

Bracewell partner William S. Anderson in Houston represented Evercore, the financial advisor to the committee.

The unit, which is the two parties’ first development joint venture, owns a wood pellet production plant under construction in Hamlet, N.C. It has a 15-year take-or-pay off-take contract to supply MGT Power Ltd.’s Tees renewable energy plant with nearly one million metric tons per year of wood pellets aftre a ramp period.

The partnership expected to complete the transaction by April 2.

Enviva also announced that it agreed to make the second and final payment for its October 2017 acquisition of a deep-water marine terminal in Wilmington, N.C., and begin the terminal services agreement to handle contracted volumes from the Hamlet plant.

The Hamlet transaction is expected to generate net income of $10.4 million to $13.4 million and adjusted EBITDA of $26 million to $29 million once the Hamlet plant and the MGT contract are fully up and running. 

Enviva chairman and CEO John Keppler said in a statement that the transactions should help the partnership deliver double-digit annual distribution growth along with higher coverage levels for the “foreseeable” future.

The sponsor plans to use the proceeds to build out its Pascagoula assets, which the partnership aims to acquire, Keppler added.

V&E advises on ActivTrak’s $20M in funding from Elsewhere

Vinson & Elkins advised on ActivTrak’s $20 million Series A financing round led exclusively by Elsewhere Partners.

The law firm’s team couldn’t be determined by press time.

Founded by Herb Axilrod and Anton Seidler, ActivTrak is a provider of cloud-based productivity monitoring software, helping companies improve employee performance, keep track of sensitive internal information and improve operational efficiency.

Austin-based Elsewhere – which is led by former Austin Ventures executives Chris Pacitti and John Thornton – invests primarily in B2B software startups outside of traditional venture capital hubs. 

Elsewhere said it was drawn to ActivTrak because of its 130,000 “freemium” users and 5,000 subscription customers, revenue growth and industry demand. 

As part of the investment, Elsewhere brought on software executives who could help expand and scale the company. They include Elsewhere operating advisors Rita Selvaggi as CEO and Josh Stephens as product strategy advisor. Selvaggi previously was chief marketing officer of AlienVault and senior VP of marketing at SolarWinds.

ActivTrak is moving its headquarters to Austin from Dallas, where it will keep an office.

Roberts Foster advises Linear Labs on $4.5M funding

Linear Labs said March 26 it closed a $4.5 million funding round led by Science Inc. and Kindred Ventures.

Other investors were Chris and Crystal Sacca, Ryan Graves of Saltwater Ventures, Dynamic Signal CEO Russ Fradin, Masergy Executive Chairman and former CEO Chris MacFarland along with Ustream co-founder Dr. Gyula Feher.

Ryan Roberts from Roberts Foster in Southlake counseled the company on the funding.

Linear Labs is a creator of next generation electric motors. The funding will be used to market its Hunstable Electric Turbine to the electric vehicle, scooter, robotics, wind turbine and heating, ventilation and air conditioning industries.

CEO Brad Hunstable said in a statement that automotive manufacturers are already looking at the technology as the solution to size, weight and range constraints. 

The motor uses multiple rotors and is able to adapt to conditions while in motion. It claims to produce two times the torque density, three times the power density, two times the output per given motor size and 10 percent more range. 

Linear Labs currently has 50 filed patents, 21 of which are issued.

The Fort Worth-based company was founded in 2014 in Texas by Brad and Fred Hunstable. 

Brad Hunstable is former CEO and founder of Ustream, a live-video streaming service that was sold to IBM in 2016 for $150 million. 

CTO Fred Hunstable previously led Ebasco and Walker Engineering’s efforts in designing, upgrading and completing electrical infrastructure, environmental and enterprise projects.

The two invented the technology while working to design a device capable of pumping clean water and providing power for small communities in underdeveloped regions of the world. 

The company recent hired president John Curry from KLA-Tencor and NanoPhotonics and vice president Jon Hurry, who previously was a technical representative for Tesla and Faraday Future and worked on General Motor’s hydrogen fuel cell program and at Lucid Motors.

Peter Pham led the investment from Science Inc.

JW, Kastner Gravelle counsel on FunnelAI’s $1.5M funding

Artificial intelligence-focused marketing and sales platform FunnelAI in San Antonio announced that it raised $1.5 million in funding with Active Capital leading the round.

Geekdom Fund, U.K.-based retail and consumer sector investor True and angels from San Antonio and Houston also participated.

FunnelAI’s legal counsel was Jackson Walker partner Stephanie Chandler in San Antonio and Active Capital’s legal counsel was Kastner Gravelle associate Mark Mallery in Austin.

FunnelAI uses artificial intelligence to turn social intent and web activity into prospects for businesses. It’s been focused on the auto industry, where it connects dealerships, automakers, e-commerce websites and auto financing and insurance companies with potential customers. 

The company was founded and is led by CEO Sri Kamma and chief strategy officer Suja Kamma. It counts BMW of Austin as a customer and topped $1 million in annual recurring revenue in November within 15 months of its 2017 launch.

Pat Matthews led the deal from San Antonio-based Active Capital while Mike Troy did so from the Geekdom Fund and Paul Cocker led from True.

Winstead advises KorMex on Taco Bell restaurant sale to Bessemer

Bessemer Investment Partners-backed Mas Restaurant Group paid an undisclosed sum for the assets of KorMex Foods, which operates 73 Taco Bell locations in the Houston area.

KorMex used Winstead partner Mark G. Johnson in Dallas for its outside counsel. Bessemer tapped lawyers at Akin Gump Strauss Hauer & Feld and Paul Hastings outside of Texas.

Trinity Capital’s Kevin Burke and Geno Orrico provided financial advice to KorMex on the sale. Trinity said it managed a “robust” auction process, assisted in negotiating the purchase and navigated complex franchisor approvals.

Bessemer said the sale offers liquidity to KorMex’s founders, who include Phil Rhee and Oscar Saavedra, and other selling shareholders and provides capital to support future growth through new store development and acquisitions.

The new management team consists of CEO Chad Motsinger, the former COO at KorMex; CFO Ben Walsh, former VP of finance planning and analysis at California Pizza Kitchen; and other executives previously with KorMex who keep a minority stake.

The sale included two co-branded KFC and six co-branded Pizza Hut Express locations in Houston and surrounding markets. 

Andrew Mendelsohn led the deal from New York-based Bessemer, a Phipps family investment vehicle formed in early 2018 to invest in lower middle market companies in industrials, business services, consumer products and services and insurance services.

V&E advises Coolsys management on sale to Ares

Vinson & Elkins said it advised the management team of Audax Capital-backed Coolsys Inc. on its sale to a fund managed by the private equity group of Ares Management Corp. for an undisclosed sum.

Partner Brittany Sakowitz led the corporate deal team, which included partner Joe Garcia on tax; partner Sean Becker and senior associate Christie Alcalá on labor/employment; and partner Stephen Jacobson and senior associate Kristy Fields on executive compensation/benefits.

Proskauer represented Ares with attorneys in Los Angeles who recently moved to Kirkland & Ellis.

Coolsys is the parent of market-leading refrigeration and HVAC companies nationwide. It will continue to operate under its current executive team, which will maintain a significant equity investment in the company.  

CEO Adam Coffey said in a statement that Ares’ additional support and resources will allow the company to pursue a more aggressive acquisition and expansion strategy.

Over the last three years, CoolSys has made eight acquisitions to expand its presence and reinforce its services in key geographic markets across the U.S. The company plans to continue its growth organically as well as through acquisitions.

The company expanded into a 27,000 square-foot headquarters in Brea, Calif., in 2017. It currently employs more than 2,000 employees nationwide and has 4,000 customers.

Matt Cwiertnia led the investment from Ares, a publicly traded global alternative asset manager with $130.7 billion in assets under management as of Dec. 31 and 18 offices globally.

Kinder Morgan sells stake in offshore crude oil export terminal to Enbridge

Houston pipeline operator Kinder Morgan sold its stake in a proposed offshore crude oil export terminal in the Gulf of Mexico known as Texas COLT to the project’s lead developer Enbridge for an undisclosed sum.

The company said it determined that continuing the project didn’t align with its strategic priorities given the ongoing commitment required to move it forward through the regulatory phase.

A Kinder Morgan spokeswoman wouldn’t provide in-house or outside counsel on the sale. 

Catherine Callaway James joined the company as general counsel in February, replacing James Curtis Moffatt, who died of cardiac arrest in December. She previously was general counsel of Dynegy.

Talos acquires the Antrim Discovery from ExxonMobil

Talos Energy said it acquired the Antrim project in the Gulf of Mexico’s Green Canyon Block 304 from ExxonMobil for an undisclosed sum.

Jim Gibson, assistant general counsel at Talos, worked on the deal. ExxonMobil also used in-house counsel. Bill Moss is Talos’ general counsel.

Exxon drilled an exploratory well in the prospect in 2017 that encountered hydrocarbons in a sub-salt Miocene reservoir. It subsequently sold the well and the lease to Talos for further appraisal and a possible development.

Talos plans to drill an additional well to further appraise the discovered resource. If the appraisal is successful, the company said it’s considereing a tie-back to the Talos owned and operated facility it acquired from Whistler in 2018. The lease expires in 2025.

In addition to a nominal upfront cash consideration payment by Talos, ExxonMobil will get an overriding royalty interest in the lease and a future cash payment 30 days after the completion of drilling operations on the first well or by the end of the third quarter of 2020, whichever comes first.

CAPITAL MARKETS

Latham, HuntonAK aid on Energy Transfer’s $4.21B in exchange offers

Latham & Watkins said it advised Energy Transfer Operating on exchange offers and consent solicitations worth $4.21 billion.

The Houston-based team led by partner Debbie Yee with associates Kevin Richardson, Dan Harrist, Caroline Ellerbe and Kate Wang.

Hunton Andrews Kurth counseled the underwriters with a team led by partners Jordan Hirsch and Mike O’Leary with partners Henry Havre, Robert McNamara, Tom Ford, Rob Taylor, O’Banion Williams and Lisa Shelton.

Hunton AK’s associates on the deal were Mike Hoffman, Chris Adcock, Michael Wright, Garrett Hughey and Erin Kaufman.

Energy Transfer Operating, formerly Energy Transfer Partners and a unit of Energy Transfer, previously announced offers to exchange all validly tendered and accepted senior notes of Energy Transfer for new Energy Transfer Operating notes.

As of March 22, about 97 percent of existing Energy Transfer Partners’ notes had been validly tendered and not validly withdrawn. 

The deal managers were Citigroup, JP Morgan and TD Securities.

Gibson Dunn counsels Valero Energy on $1B notes offering

Gibson Dunn & Crutcher said it advised Valero Energy Corp. on its public offering of $1 billion in 4 percent senior notes due 2029. 

The team included Houston partner Gerry Spedale and Houston associates Melissa Pick, Jordan Rex and Justine Robinson. Houston partner James Chenoweth advised on tax aspects.

Davis Polk & Wardwell in New York counseled the underwriters.

Valero plans to use the net proceeds from the offering for general corporate purposes, which may include the funding of the redemption of $850 million in 6.125 percent senior notes due 2020.

The joint book-running managers were Citigroup Global Markets Inc., J.P. Morgan Securities, Mizuho Securities USA and MUFG Securities Americas Inc.

Latham assists CNX Resources on $400M notes offering

Latham & Watkins counseled Pittsburgh-based CNX Resources Corp. on a cash tender offer to purchase up to $400 million out of $1.294 billion of its 5.875 percent senior notes.

The team included partners Jeffrey Muñoz, Nick Dhesi and David Miller and associates Caroline Ellerbe, Clayton Heery, Bryan Ryan and Monica White. 

The notes are due 2022. MUFG Securities Americas was the dealer manager of the offering.

Baker Botts aids agent in $62.9M Westlake placement

Baker Botts said March 27 that it represented Barclays Capital on a private placement for Westlake Chemical Partners.

The corporate team included partner Josh Davidson, senior associate Carina Antweil and associates Lakshmi Ramanathan and Steven Lackey.

Vinson & Elkins represented Westlake Chemical Partners, including Ramey Layne, Austin March, Mariam Boxwala and Key Hemyari. Ryan Carney, Price Manford and Neil Clausen assisted on tax matters.

The placement involves 2.94 million units representing limited partner interests for gross proceeds of $62.9 million, or $21.40 per common unit. 

The partnership plans to use the proceeds plus borrowings under its revolver to fund its obligations under the acquisition of an additional 4.50 percent limited partner interest in Westlake Chemical OpCo, increasing its limited partner interest to 22.8 percent. 

OpCo plans to use the proceeds it receives from the equity purchase to repay borrowings under its intercompany debt agreements with Westlake Chemical Corp.

Winston advises NexPoint on $4.58M IPO

NexPoint Hospitality Trust said March 29 that it completed its initial public offering of 917,700 units at $5 per unit, raising gross proceeds of $4.58 million.

Winston & Strawn worked on the deal for NexPoint, including Dallas partners Charlie Haag and Justin Reinus, who also has an office in Los Angeles. The associates were Melissa Kalka, Miles McDougal and Steven Franklin, all of Dallas.

Goodmans was NexPoint’s Canadian counsel and Baker McKenzie worked on U.S. tax matters. Blake, Cassels & Graydon represented Raymond James, which acted as agent for the offering.

The real estate investment trust was created to acquire a portfolio of 11 hospitality assets in the U.S., raise capital to acquire additional U.S. hospitality assets and own, renovate and operate its portfolio of income-producing hotel properties. It’s managed by NexPoint Real Estate Advisors VI, which owns 38.2 percent.

UPDATE

San Antonio-based radio broadcasting giant iHeartMedia said March 22 it’s considering an initial public offering or direct listing as part of its emergence from Chapter 11, which is expected by the end of June. In January the company won court approval to eliminate $10 billion of its $20 billion debt load. Liberty Media was among the company’s interested bidders but later abandoned its plan to buy a 40 percent stake. General counsel Robert Walls chose Kirkland & Ellis and Jackson Walker to guide it through its restructuring, including JW partners Patricia B. Tomasco and Matthew D. Cavenaugh and associate Jennifer F. Wertz in Houston. Bain Capital Partners and Thomas H. Lee Partners bought iHeartMedia in 2008 for $26.7 billion.

***

Madison Dearborn Partners paid an undisclosed sum for a majority stake in Lightspeed Systems, an Austin-based provider of web filtering and mobile device management software for the K-12 education market. Kirkland & Ellis counseled Madison Dearborn while DLA Piper assisted Lightspeed, but alas, the lead lawyers weren’t in Texas. William Blair & Co. was Lightspeed’s financial advisor and GSV Advisors was Madison Dearborn’s strategic advisor.

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