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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, 13 Firms, 143 Lawyers, $3.99B

July 14, 2021 Anna Butler

The Texas Lawbook has received the latest numbers from Mergermarket on deal activity in Texas in the second quarter of 2021. And as legal and financial sources have already indicated, deal flow continued at a rampant clip in Texas with the second quarter eclipsing the first in deal value by nearly $113 billion and losing out on deal count by 23. 

It should be noted, however, that Mergermarket used the enterprise value for SPAC mergers in its analysis of reported deals in addition to valuing AT&T’s planned blockbuster spin-off of WarnerMedia and combination with Discovery at more than $96 billion.

Some of the most striking findings from the Mergermarket report can be found in the legal league tables.

While transaction value by firm was weighted toward New York-based firms due to the AT&T transaction, Texas deal count by firm saw seismic shifts for a handful of newer players in the market and entities that are charging ahead in their revenue growth.

Comparing the first half of 2020 with the first half of 2021, the results aren’t shocking given the global pandemic and oil’s collapse. Deal value rose by more than 625% with 189 more deals. And the first half of 2021 has already surpassed the entire year of 2020 in value, according to Mergermarket.

Some of the shifts in deal count rankings grant a nod toward firms that are making a concerted effort to expand their corporate practices in Texas, beefing up particularly through lateral hiring. 

The firms that saw the largest jumps in ranking by deal count – detailed more fully in a table below – were White & Case, leaping a whopping 34 places; Alston & Bird at 24; and Skadden at 21.

Kirkland & Ellis at No. 1, along with Simpson Thacher & Bartlett at No. 20, mark two of the firms with the fastest-growing revenues in the state last year with the former more than doubling the runner-up’s deal count.

Kirkland’s 2020 Texas revenues surged 35% last year, while Simpson Thacher’s spiked 58%.

The Lawbook plans to dive further into findings in the data in the coming days.

Last week, according to the Corporate Deal Tracker, 143 Texas-based lawyers at 13 firms took part in 11 M&A and funding transactions at more than a reported $1.59 billion in deal value and five capital market transactions at $2.4 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 CountAmountFirmsLawyersM&A CountM&A Value $MCapM Count
CapM Value $M
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

Compared with the previous week’s roundup, reported deal value fell for both M&A and funding and capital markets transactions with 87 Texas lawyers from 13 firms chipping in. Year-over-year, 98 lawyers from eight firms took part in nine M&A or funding transactions valued at a reported $8.7 billion and a single capital markets transaction just over $100 million.

Note: Texas Lawbook corporate transactions editor Claire Poole contributed to this article.


M&A/FUNDING


Healthcare-focused SPAC Picks 2 Targets

HealthCor Catalio Acquisition Corp. has selected two targets that will hit the public markets as part of a special purpose acquisition company merger: Hyperfine Inc., the creator of the first FDA-approved portable magnetic resonance imaging device, and Liminal Sciences Inc., a medical device development company focused on measuring key vitals in the brain.

HealthCor has about $375 million in cash, including $126 million in private investment in public equity funding.

J.P. Morgan acted as exclusive financial advisor to Hyperfine and Liminal while Mintz, Levin, Cohn, Ferris, Glovsky and Popeo provided legal counsel to both.

Jefferies was financial advisor on the transaction. Jefferies also acted as capital markets advisor and co-lead placement agent along with Evercore Group and Wells Fargo Securities in relation to the private placement.

Kirkland & Ellis, in addition to Paul Hastings, advised Health Cor and the private placement agents on the transaction on legal matters.

Houston partners Debbie Yee, Sean Wheeler and Cephas Sekhar led the Kirkland team along with Houston associates Camille Walker, Jack Chadderdon, Carter Johnston and Tomi Olutoye. 

Additional Texas-based help came from Houston partners Rob Fowler and Stephanie Jeane, Houston and Dallas partner David Wheat, Dallas associate Noah Allen and Houston associates Sarah Byrd, Sam Roberts, David Branham, Nicole Martin and Charles Inclan.


Oaktree Co-invests as Diversified Makes Further Cotton Valley, Haynesville Plays

Independent energy company Diversified Energy announced plans to purchase upstream assets and related facilities across the Cotton Valley formation and Haynesville shale in Texas and Louisiana from Tanos Energy Holdings III for $308 million.

Those plans mark a concurrent transaction with Oaktree Capital Management, which announced first in October intentions to co-invest by way of a joint participation agreement with Diversified.

The parties expect to close the transaction in mid-August.

Additionally, Oaktree plans to join Diversified on its recently announced purchase of certain Indigo Materials assets, also located in the Cotton Valley.

Willkie Farr & Gallagher represented Oaktree with a team led by Houston partners Michael De Voe Piazza and David Aaronson. 

Truist Securities Inc. acted as Diversified’s exclusive financial advisor.

Shearman & Sterling advised Diversified in the transaction with a team that led by Houston partner Jeremy Kennedy with assistance from associates John Craven and Will Johnson.

Houston partners Todd Lowther and Daniel Tristan, Dallas partner Luckey McDowell, Dallas senior associate Julia Pashin and Houston associate Molly Harding.

Brookfield Asset Management acquired the controlling interest in Oaktree in 2019.


Patterson-UTI to Buy San Antonio Company

Houston-based Patterson-UTI Energy entered into an agreement to acquire Pioneer Energy Services for $295 million.

Patterson-UTI will gain San Antonio-based Pioneer’s 16 super-spec drilling rigs in the U.S. and eight pad-capable rigs in Colombia, among other assets.

Gibson Dunn advised Patterson-UTI Energy Inc. on the transaction with a team led by Houston partner Tull Florey with assistance from Orange County associate Darren Kerstien, Houston associate Jordan Rex and New York associate Tracey Tomlinson. 

Additional Texas-based help came by way of Dallas partners David Sinak and Krista Hanvey and associates Michael Cannon and Gina Hancock. 

Pioneer Energy Services tapped Vinson & Elkins as its legal counsel with a team led by Houston partners Chris Collins and Matt Strock with assistance from Houston associates David Lassetter and Matthew Fiorillo.

Also advising were Houston partner John Lynch and associate Adam Bateman on tax matters, along with Houston and Dallas partner David D’Alessandro and Houston associate Mary Daniel Morgan on executive compensation and benefits.

Pioneer selected Simmons Energy, a division of Piper Sandler, and Tudor, Pickering, Holt & Co. as financial advisors (Terry Padden from Simmons and BJ Walker from TPH).

Latham & Watkins represented Piper Sandler, financial advisor to Pioneer Energy Services, on the transaction with a corporate deal team led by New York and Orange County partner Charles Ruck and Houston partner James Garrett.

The transaction should close in the fourth quarter.


Westlake Subsidiary to Buy PVC Fittings Company

Westlake Chemical Corp. unit North American Pipe Corp. announced plans to purchase a designer, engineer and manufacturer of injected-molded PVC fittings. 

Should the deal close, NAPCO would pick up LASCO Fittings from Dutch manufacturer Aalberts for $252.2 million.

Baker Botts advised Westlake on legal matters.

Houston partners Tim Taylor and Carina Antweil led the efforts for the firm along with Austin senior associate J. Michael Portillo and Houston associate Bryson Manning.

Additional Texas-based assistance came from Houston partners Jon Lobb, Gail Stewart, Connie Simmons Taylor, Scott Janoe and Kevin Jacobs; Dallas partner Jennifer Trulock; Houston special counsel Michelle Eber; Houston associates Gabriela Alvarez, Fred Carbone, Austin Jennings, Cole Killion and Kristina Vu; and Dallas associate Snow Rui.

L. Benjamin Ederington is senior vice president, general counsel, chief administrative officer and secretary for Westlake.

Westlake, which is based in Houston, recently announced plans to purchase the North American building products businesses of Boral Industries, also using Taylor and Antweil from Baker Botts. 


FisherBroyles Reps Allen Company in Carve-out

Allen, Texas-based PFSweb has sold its customer experience and commerce agency business unit to Merkle Inc. 

Merkle will pay about $250 million to PFSweb as part of the carve-out deal. PFSweb, which is traded on the Nasdaq, is eyeing proceeds from the transaction to pay down its senior financing facilities in full.

Raymond James provided financial counsel to PFSweb while FisherBroyles represented the company on the legal front. 

Dallas partner Soren Lindstrom led the cross-border FisherBroyles team. Additional Texas-based aid came from Dallas partner Mark Mathis.


Contango to Acquire ConocoPhillips Wyoming Assets

Contango Oil & Gas Co., a Fort Worth-based independent oil and gas company, announced intentions to acquire ConocoPhillips’ Wyoming natural gas assets. 

Contango plans to fund the $67 million purchase price with cash on hand and availability under its existing revolving credit facility. 

The transaction is expected to close in the third quarter.

Skadden advised Contango on legal matters on the transaction while Lazard served as financial advisor.

M&A partner Cody Carper and energy and infrastructure projects associate David Passarelli, both of Houston, led the Skadden team and managing directors Dan Hamilton and Harris Ghozali and director Mark Lund in Houston led the Lazard team. Carper just joined the firm from Willkie Farr in January.

Contango entered into a definitive merger agreement with KKR-backed Independence Energy that would see the combined company headquartered in Houston. The deal is expected to close late in the third quarter.


Blackbuck Gets $50M Bump From Riverstone Fund

Midland’s Blackbuck Resources has closed a sustainability-linked term loan with Riverstone Credit Partners, an energy and power credit fund managed by private equity firm Riverstone Holdings.

Blackbuck, a Permian Basin-focused water infrastructure provider to the oil and gas industry, is looking to the financing for additional growth liquidity. The $50 million commitment is subject to an accordion feature tied to sustainability performance targets set internally by Blackbuck.

Foley & Lardner acted as legal counsel to Blackbuck.

A Houston-based finance team led the Foley team with partner Hoang Quan Vu in addition to of counsel Felisa Elayne Sanchez and Neal Bakare, associate Jennifer Gardner and paralegal Debra Vincent.

Additional Texas-based team members Houston partners Michael Abbott, James Howard and Randall Jones and associate Eun Sung Lim provided additional Texas-based counsel on the transaction. 


PE-backed Energy Company to Change Hands

WildFire Energy I has entered into a definitive agreement to acquire exploration and production company Hawkwood Energy.

Both energy firms are backed by big names in private equity. WildFire, an energy platform based in Houston, was founded in 2019 with funding from Kayne Anderson, Warburg Pincus and the management team, while Hawkwood, started in 2012 in Denver, began with a line-of-equity commitment with Warburg Pincus and Ontario Teachers’ Pension Plan as lead investors.

Financial specifics of the transaction were not disclosed, although the deal represents an enterprise valuation of Hawkwood of about $650 million. 

Once the transaction closes, Hawkwood’s existing shareholders will keep about half of the company, while the other half will be held by WildFire’s management team and Kayne Anderson.

Along with the acquisition, Kayne Anderson and WildFire’s management team plan to make a significant equity investment that will substantially de-lever the company.

Locke Lord represented WildFire in legal matters in the transaction with Houston partners Mitch Tiras, Kevin Peter and Jennie Simmons leading the effort.

Other Texas-based lawyers that worked on the transaction included Houston partners Terry Radney, Hunter Summerford, Jerry Higdon, Eric Larson, Sara Longtain, Ed Razim, Buddy Sanders and Jeff Wallace; Houston associates Evan Blankenau, Jason McCloskey, Andrew Nelson, Lauren Richter, Case Towslee and Kenton Wilson; and Dallas partner Van Jolas.

Kirkland & Ellis advised Warburg and Hawkwood in the transaction.

Corporate partners Adam Larson, Kim Hicks and Chris Heasley, all based in Austin and Houston, along with Houston associates Alia Heintz and Jenna McCord, led the transaction for Kirkland. 

Additional Texas-based assistance included Houston corporate associates Jennifer Gasser, Mya Johnson, Zach Scott, James Murphy and Sean Valentine; Houston debt finance partner Rachael Lichman and associates Mahalia Doughty and Catalina Bravo Correa; Dallas and Houston tax partner David Wheat and Houston associate Joe Tobias; and Dallas environmental transactions partner Jonathan Kidwell and associate Courtney Tibbetts. 

The transaction is expected to close in the third quarter.


NGP-backed Mesa II Makes Portfolio Buy

Mesa Royalties II closed on the acquisition of a mineral and royalty portfolio consisting of about 15,000 acres in the Haynesville shale with 472 existing proved developed producing wells.

The seller and financial terms of the deal were not disclosed.

Kirkland & Ellis and Willkie Farr & Gallagher advised Mesa. 

The Kirkland team was led by real asset transactions partner Chris Heasley of Austin and Houston and Dallas associate William Eiland. 

Real asset transactions partner David Castro of Houston, along with Dallas and Houston tax partner David Wheat and Houston associate Joe Tobias, also aided on the transaction.

Houston partners Michael De Voe Piazza and Robert Jacobson led the Willkie team.

Mesa recently received equity commitments of $150 million from Dallas-based NGP by way of its NGP Natural Resources XII and NGP Royalty Partners earlier this year.


MAM, Ontario Teachers Bet on Washington’s Largest Utility

Macquarie Asset Management and Ontario Teachers’ Pension Plan Board have joined forces to acquire a stake in Puget Holdings for an undisclosed sum.

The pair will acquire a 31.6% interest in the holding company for Washington’s largest electric and natural gas utility from another institutional investor, Canada Pension Plan Investment. 

Upon close of the acquisition, for which financial terms were not disclosed, MAM and Ontario Teachers will each hold a 15.8% stake in the company. 

Kirkland & Ellis counseled MAM and Ontario Teachers in the transaction with a team led by corporate partners Kristin Mendoza of New York and Allan Kirk of Houston and New York associates Brandon Gershowitz and Marie-Joe Abi-Nassif. 

A timeline for closing on the transaction was also not disclosed. It has to pass muster with regulators.


Cypress Creek to Be Acquired by EQT Fund

EQT Infrastructure plans to acquire Cypress Creek Renewables with an eye toward further expanding its development pipeline execution, fleet optimization and expansion in addition to scaling its operations and maintenance services business.

Through its EQT Infrastructure V fund, EQT will purchase the company from funds managed by HPS Investment Partners and Temasek.

Transaction terms were not disclosed. The deal is expected to close in the second half of the year.

Cypress Creek selected Kirkland & Ellis as legal counsel and Morgan Stanley & Co. as exclusive financial advisor. 

Corporate partner Michael Considine of Dallas and New York associate Rami Totari led the transaction with additional Texas-based assistance from capital markets and transactional partner Matt Pacey.

Barclays acted as financial advisor to EQT while Simpson Thacher & Bartlett represented the company in legal matters.


CAPITAL MARKETS

Enbridge Issues $1.5B in Senior Notes

Canada’s Enbridge Inc. closed on a green-linked bond tied to a larger $1.5 billion in financing. 

The company, which focuses on transportation of crude oil and natural gas, issued $1 billion 12-year 2.5% senior notes. Additionally, Enbridge closed on $500 million of 30-year 3.4% senior notes.

The $1 billion note incorporated emissions and inclusion goals. 

Enbridge plans to use the proceeds from the issuance to repay debt, fund capital projects and for general corporate purposes.

Baker Botts represented the underwriters with a Houston-based corporate team led by partners Joshua Davidson and Natasha Khan and associates Garrett Hughey, Malakeh Hijazi and Christopher Carreon.

Additional Texas-based counsel was provided by Austin partner Paulina Williams, Austin special counsel Clint Culpepper, Houston special counsel Chuck Campbell, Houston senior associate Katie McEvilly and Houston associate Austin Echols.


Mississippi Power Co. Announces $525M in Senior Notes

Mississippi Power Co., a wholly owned subsidiary of Atlanta-based Southern Co., has issued two notes offerings, including $200 million of series 2021 A floating rate senior notes due June 28, 2024 and $325 million of series 2021 B 3.1% senior notes due July 30, 2051.

Mississippi Power, which is investor-owned and trades on the New York Stock Exchange, plans to use proceeds from the series B offering to finance or refinance one or more projects that meet eligibility criteria tied to wind or solar power, renewables or diverse or small business suppliers.

Balch & Bingham and Troutman Pepper Hamilton Sanders advised Mississippi Power in the transaction on legal matters.

Hunton Andrews Kurth counseled Barclays Capital, Mizuho Securities USA Inc., RBC Capital Markets and Piper Jaffray as underwriters. New York partners Steven Friend and Peter K. O’Brien led the Hunton AK team with Houston-based assistance from partner Robert McNamara and associate Tim Strother.


Fresh SPAC IPO Hits NYSE

Acropolis Infrastructure Acquisition Corp., a special purpose acquisition company seeking a North American target tied to infrastructure, infrastructure services and related sectors, unveiled a $300 million offering of 30 million units of Class A common stock.

Acropolis is sponsored by an affiliate of Apollo Global Management.

Credit Suisse Securities is acting as a joint bookrunner and representative of the underwriters. 

Apollo Global Securities, Citigroup Global Markets, Barclays Capital and Evercore Group are joint bookrunners with Siebert Williams Shank & Co. serving as co-bookrunner.  

Latham & Watkins represented the underwriters in legal matters with a team led by Houston partner Ryan Maierson. 

CTO Realty Growth Closes Upsized Offering

As part of an upsized public offering, CTO Realty Growth issued $75 million of 6.375% Series A cumulative redeemable preferred stock.

Hunton Andrews Kurth represented the underwriter, Wells Fargo Securities, with a team led by Richmond partner James V. Davidson along with Houston associates Marshall Heins, Casey Shaw and Alexa N. Williams; and Miami associate Andrew Spector. 

V&E counseled CTO Realty Growth.

Both Hunton AK and V&E have previously represented the same entities in past offerings associated with CTO, such as this one from May.

Note: Bracewell’s counsel to Evercore in Enviva’s drop-down acquisitions announced in June were added to this Roundup.

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