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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, 14 Firms, 193 Lawyers, $20.6B

November 7, 2023 Claire Poole

This past week saw two billion-dollar deals, each of them non-energy (for a change): Realty Income buying Spirit Realty for $9.3 billion and iconic Six Flags merging with Cedar Fair in a $8 billion transaction. There was also a sizable learning-related software deal: Instructure buys Parchment for $835 million.

But there was plenty of energy deals to feast over pre-Thanksgiving: Entergy shedding its gas distribution unit to Bernhard Capital for $484 million while Williams picking up Cureton Midstream from Tailwater Capital and Ares for an undisclosed sum. Comstock formed a $400 million partnership with Quantum and Forum Energy Technologies bought SCF Partners-backed Variperm for $193.5 million. Some private equity firms are getting deeper into energy while others are exiting their positions.

Haynes Boone also came out with its oil and gas borrowing base survey this past week, which revealed increased interest in financing new wells in an otherwise tight reserve-based lending market. “[That] is a change from prior years where lenders closely scrutinized developmental capital expenditures,” partner Kraig Grahmann, head of Haynes Boone’s energy transactions practice Group, said in a release. 

And get this: Industry executives expect to use equity and debt from capital markets more in 2024 than in previous years. Get ready for some more action on the CapM front.

The week ending Nov. 4 saw 15 deals valued at $20.6 billion. That includes a dozen M&A transactions for $19.4 billion and three cap markets deals for $1.2 billion. That can’t compete with the prior week’s 18 deals for $68.4 billion, which included the $60 billion Chevron acquisition of Hess Corp. Maybe a better comparison is the same week last year, which saw 25 transactions for $19.3 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
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

Realty Income buys Spirit Realty for $9.3B

Deal Description: San Diego-based Realty Income Corp. announced Oct. 30 it agreed to acquire Spirit Realty Capital Inc. of Dallas in an all-stock transaction with an enterprise value of $9.3 billion. Spirit shareholders will receive 0.762 newly-issued Realty Income common shares for each Spirit common share they own. At closing, this will result in Realty Income stockholders owning 87 percent and Spirit shareholders holding 13 percent. The leverage-neutral transaction is anticipated to deliver 2.5 percent accretion to Realty Income’s annualized adjusted funds from operations per share. No new external capital is expected to be required to finance the transaction. The merger, once completed, will result in an enterprise value of about $63 billion for the combined company, enhancing Realty Income’s size, scale and diversification to expand for future growth.

Expected Closing: Q1 2024 if Spirit shareholders approve it

Realty’s Financial Advisor: Wells Fargo

Realty’s Outside Counsel: Latham & Watkins with a team led by partners Charles Ruck, Darren Guttenberg and Bradley Helms

Spirit’s Financial Advisors: J.P. Morgan Securities and Morgan Stanley & Co.

Spirit’s In-House Counsel: Rochelle Thomas is Spirit’s general counsel

Spirit’s Outside Counsel: Wachtell, Lipton, Rosen & Katz with a group led by partners Adam O. Emmerich and Karessa L. Cain

Six Flags merges with Cedar Fair in $8B deal

Deal Description: Amusement park companies Cedar Fair and Six Flags Entertainment Corp., which is based in Arlington, Texas, announced Nov. 2 that they agreed to combine in a merger-of-equals transaction worth $8 billion, based on their debt and equity values as of Oct. 31. The merger is expected to close in the first half of 2024 if the deal clears Six Flags shareholders and regulators. Cedar Fair hired Weil, Gotshal & Manges and Squire Patton Boggs as outside legal counsel and used Six Flags used Kirkland & Ellis led by an M&A partner in Austin and a debt finance partner in Houston. For more on this story, click here.

Instructure buys Parchment for $835M

Deal Description: Instructure Holdings Inc., a Salt Lake City learning platform and maker of Canvas, announced Oct. 30 it signed a definitive agreement to acquire Scottsdale, Ariz.-based Parchment for $835 million, including a tax benefit. The net purchase price is around $795 million, or 16 times Parchment’s expected 2024 adjusted EBITDA including anticipated run-rate cost synergies. Parchment has more than 15,000 customers and has exchanged over 165 million credentials over two decades. With the transaction, Instructure will add the world’s largest academic credentialing platform and network to its learning platform. The acquisition is expected to significantly expand Instructure’s customer base and unlock new growth opportunities. Parchment is anticipated to contribute $115 million of revenue in 2024. Instructure plans to finance the deal with cash on hand and incremental debt under its credit facility.

Expected Closing: Q1 2024 if it clears regulators

Instructure’s Financial Advisor: J.P. Morgan Securities

Instructure’s Outside Counsel: Kirkland & Ellis led by corporate partners Peter Stach and Steven Page in Chicago

Parchment’s Financial Advisors: Macquarie Capital and Robert W. Baird & Co.

Parchment’s Outside Counsel: Latham & Watkins led by Samer Zabaneh and Jim Cole

Entergy sheds gas distribution unit to Bernhard for $484M

Deal Description: Entergy announced Oct. 30 it entered into an agreement to sell its gas distribution business to Bernhard Capital Partners for $484 million in cash. Drew Marsh, Entergy’s chairman and CEO, said the agreement allows the company to continue its strategy of simplifying operations and focusing on its regulated electric utility business. If approved, the net proceeds will be used to strengthen Entergy’s credit through debt repayment and support the capital needs in its growing electric utility business. The impact on Entergy’s adjusted earnings per share outlook is expected to be essentially neutral. Entergy Louisiana’s gas business serves 95,000 homes and businesses in the Baton Rouge area and Entergy New Orleans’ gas business serves 109,000 homes and businesses in New Orleans. Based in Baton Rouge, La., Bernhard focuses on investing in companies that provide critical services to government, infrastructure, industrial, utility and energy sectors. It has plowed money into 65 companies across 19 platforms, including several utility companies, that collectively employ 19,000 people globally.

Expected Closing: In 21 months if the deal clears state and city regulators

Entergy’s Financial Advisor: RBC Capital Markets

Entergy’s Outside Counsel: Skadden, Arps, Slate, Meagher & Flom including M&A partner Pankaj Sinha, counsel Erik Elsea and associate Samantha Lasley in Washington, D.C.

Bernhard’s Financial Advisor: Jefferies

Bernhard’s Outside Counsel: Kirkland and Ellis with a team led by corporate partners Bill Benitez, Rob Goodin and Daniel Cadis; debt finance partners Lucas Spivey and Jordan Roberts; tax partner Mark Dundon; and energy regulatory partner Brooksany Barrowes.

Comstock forms $400M partnership with Quantum

Deal Description: Comstock announced Oct. 30 it is forming a midstream partnership for its Western Haynesville acreage with Quantum Capital Solutions, an affiliate of Quantum Capital Group.  As part of the transaction, Comstock will contribute its Pinnacle gathering and treating system, which consisting of a 145-mile high pressure pipeline and the Bethel natural gas processing plant, to the partnership in exchange for a QCS capital commitment of $300 million to fund the build-out of the Western Haynesville midstream system over the next several years. Comstock will control and operate the system.

Comstock’s Outside Counsel: O’Melveny & Myers with a team led from Dallas by partners Jack Jacobsen and Jason Schumacher. They were assisted by Dallas associates Sahil Nooruddin and Sean Horan; counsel Cody Dreibelbis in Houston; Dallas tax partner Will Becker and Dallas tax associate Eleanor Gilbert.

Quantum’s Outside Counsel: Kirkland & Ellis with a team led by corporate partners Cyril Jones, Chad Smith and Emily Lichtenheld and associates Isaac Bate and Scott Myers; debt finance partners Will Bos and Angela Hagerman; and tax partners David Wheat and Bill Dong.

Forum Energy Technologies buys Variperm for $193.5M

Deal Description: Forum Energy Technologies Inc. announced Nov. 2 that it entered into a definitive agreement to acquire Variperm Energy Services for $150 million in cash and 2 million shares of Forum’s common stock recently worth $43.5 million. The price reflects a valuation of 3.7 times Variperm’s trailing 12 months EBITDA as of Sept 30. Variperm is backed by SCF Partners. The combination will have $873 million in revenue. The cash consideration will be funded from $90 million in cash on hand and borrowings under Forum’s credit facility and a $60 million seller term loan. Before closing the acquisition, the company will explore an alternative financing arrangement to the seller term loan. Calgary-based Variperm is a manufacturer of downhole technology solutions, providing sand and flow control products for heavy oil applications. 

Expected Closing: January 2024 if it clears Canadian regulators

Forum’s Outside Counsel: Gibson, Dunn & Crutcher and Goodmans. The Gibson Dunn team was led by partner Tull Florey and including associates Stella Tang, Adri Langemeier and Alexis Levine and partner Chad Nichols and associates Robert Bollinger and Matthew Ross. Senior counsel Gregory Nelson is advising on tax and partners Krista Hanvey and Tiffany Phan associate Daniel Lim on benefits.

Forum’s Financial Advisor: Goldman Sachs & Co.

Variperm’s Financial Advisor: TPH&Co., the energy business of Perella Weinberg Partners

Variperm’s Outside Counsel: Vinson & Elkins and Bennett Jones. The V&E team was led by partner Mike Marek and associate Chandler Spinks with assistance from associate Mimi Nguyen. Others included partner Matt Strock; partner Jackson O’Maley and associates Walt Baker and Jonathan Burks; counsel Zach Rider and associate Bryce Imhoff; partner Lina Dimachkieh, senior associate Curt Wimberly and associate Paige Rapp; partner Sarah Mitchell and associate Victoria Bahrami-Neghad; partner Shane Tucker and associate Matt Green; counsel Alex Bluebond and associate Ashley Plunk; counsel Rajesh Patel and associate Alexa Chally; senior associate Ken Adler and associate Alex Paez; partner Matt Dobbins and Kelly Rondinelli; counsel Brian Howard, counsel Elizabeth Krabill McIntyre and associate Lara McMahon; and partner Hill Wellford and senior associate Ryan Will.

Infinitum raises $185M

Deal Description: Infinitum, an Austin-based provider of a sustainable air-core motor, announced Nov. 1 $185 million in Series E funding led by Just Climate with participation from Galvanize Climate Solutions and NGP. Existing investors also participated in the round, bringing total funding to $350 million. Past investors included Alliance Resource Partners, Rockwell Automation, Riverstone Holdings, Chevron Technology Ventures, Cottonwood Technology Fund and Ajax Strategies

Infinitum’s Outside Counsel: Wilson Sonsini Goodrich & Rosati including Austin partner Brian Dillavou and associates Kimball Smith and Vickie Wang

Notes: Dillavou, who was previously at Shearman & Sterling and Andrews Kurth, also advised Infinitum on its $30 million raise a year ago from a group of investors led by Riverstone.

Wafra JV’s with Chesswood in $20M deal

Deal Description: Toronto-based commercial equipment finance company Chesswood Group Ltd. and alternative investment firm Wafra Inc. announced Oct. 31 an agreement forming a joint venture between Chesswood unit Pawnee Leasing Corp. and funds managed by Wafra. Chesswood agreed to issue to Wafra warrants to purchase more than 2 million Chesswood shares at a $10 exercise price, or $20 million. The JV will invest in equipment finance leases and loans originated by Chesswood units Pawnee and Tandem Finance Ltd. targeting up to $1 billion in acquisitions. Wafra and Pawnee will contribute equity to the JV with Wafra owning up to 95 percent. The JV will enable Chesswood’s units to continue growing originations to meet market demand and evaluate new opportunities that leverage Chesswood’s infrastructure. The warrant issuance has to clear the Toronto Stock Exchange.

Wafra’s Outside Counsel: Latham & Watkins with a deal team led by Houston partner James Garrett and Chicago partner Matt Hays with assistance on corporate matters by associates John Daywalt and Justin Reinking and on finance by associates Daniel Spivey and Jana Zupikova. Advice was also provided on tax by Bay Area partner Katharine Moir with associate Christina McLeod.

Blackstone, Vista acquires Energy Exemplar

Deal Description: Energy Exemplar, a provider of energy market simulation software, announced Oct. 31 it agreed to be acquired by private equity funds affiliated with Blackstone and Vista Equity Partners. Terms weren’t disclosed. The company was previously backed by the Riverside Co. With Blackstone and Vista backing, Energy Exemplar gains new resources to help accelerate growth and drive platform innovation in support of grid reliability and the energy transition, it said. Energy market participants worldwide rely on Energy Exemplar’s platform to optimize decision-making across new asset development and existing operations, including utilities, power producers and grid system operators, using the software to forecast market operations, drive long-term investments and optimize ongoing operations across their assets and systems. Blackstone has invested $21 billion of equity globally across a range of energy sectors. Vista is an investment firm with $101 billion in assets under management.

Blackstone/Vista’s Outside Counsel: Kirkland & Ellis with a team led by corporate partners Allan Kirk, Vlad Kroll and Randy Santa Ana with assistance from corporate partners Rhett Van Syoc and Ari Levi; tax partners David Wheat and Joe Tobias; and antitrust and competition partners Mark Gardner, Jeff Ayer, Matthew Wheatley, Alasdair Balfour, Scott Scheele and Marin Boney.

Blackstone/Vista’s Financial Advisor: William Blair

Energy Exemplar’s Outside Counsel: Jones Day (led by Jason Grove) and Herbert Smith Freehills

Energy Exemplar’s Financial Advisor: Lazard

CenterOak-backed HomeTown buys Texas Air Zone

Deal Description: Gibson Dunn & Crutcher said Nov. 1 it advised CenterOak Partners on COP HomeTown Acquisitions Inc.’s acquisition of all of the issued and outstanding equity interests of Texas Air Zone and almost all of the assets of Total Air Experts. Terms weren’t disclosed. The deal closed Oct. 24.

From Gibson Dunn: The team was led by Rob Little and included Michael Cannon and Krista Hanvey

Greenbelt picks up Saber Power Services

Deal Description: Saber Power Services announced Nov. 1 that an investor group led by Greenbelt Capital Management, in partnership with funds managed by Schroders Capital, StepStone Group and Wafra Inc., completed its acquisition of the company from funds managed by Oaktree Capital Management. Terms weren’t disclosed. Key members of Saber’s management team will continue to own a significant stake. Greenbelt secured debt and equity financing to support the acquisition from Blackstone Credit. Founded in 2010, Saber is an electrical services firm offering end-to-end design, construction, testing and maintenance solutions for substations and medium-to-high-voltage infrastructure across the renewables, battery storage, utility, industrial and energy infrastructure markets. The Houston-based company serves customers throughout Texas and the Southeast.

Greenbelt’s Outside Counsel: Latham & Watkins with a corporate deal team led by Houston partner Justin Stolte and Houston counsel Thomas Verity, with associates Jameson Miller, Grace Kim, Haley Sandoval, and Jack DeMeulenaere. Advice was also provided on tax matters by Houston partner Jared Grimley, with associate Dominick Constantino; on benefits matters by Washington, D.C. partner Adam Kestenbaum and Washington, D.C. counsel Laura Szarmach, with associates Joe Denker and Bryce Williamson; on finance matters by Houston partner Matthew Jones, with associates Chris Wood and Robert Cunningham; on intellectual property matters by Washington, D.C. counsel Kieran Dickinson, with associate Lyle Stewart; on environmental matters by Los Angeles/Houston partner Joshua Marnitz, with associate Cody Kermanian; on real estate matters by San Diego partner Robert Frances and San Diego counsel Aaron Friberg, with associate David Rao; on antitrust matters by Washington, D.C. partner Jason Cruise, Frankfurt partner Max Hauser and Washington, D.C. counsel Peter Todaro, with associates Brian Goodell and Markus Welzenbach; on insurance matters by Los Angeles partner Drew Levin, with associate Hannah Cary; on data privacy matters by Bay Area partner Robert Blamires, with associate Deborah Hinck; on anti-corruption matters by Washington, D.C. partner Erin Brown Jones and Washington, D.C. counsel Andrew Galdes; on government contracts matters by Washington, D.C. partners Kyle Jefcoat and Dean Baxtresser, with associate Walter Perry; and on CFIUS matters by Washington, D.C. partners James Barker and Damara Chambers.

Saber’s Financial Advisor: Harris Williams

Saber/Oaktree’s Outside Counsel: Kirkland & Ellis led by corporate partners Hamed Meshki, Karen Flanagan and Guirgis Nasief and tax partners Mike Beinus, Vivek Ratnam and Maria Smith

Cureton Midstream sells to Williams

Deal Description: Tailwater Capital, an energy and growth infrastructure private equity firm, and a fund managed by the private equity group of Ares Management, an alternative investment manager, announced Nov. 2 that they signed definitive agreements to sell Cureton Front Range to Williams Field Services Group, a unit of the Williams Cos. Inc. Terms weren’t disclosed. Tailwater and Ares initially invested in Cureton in 2017 to pursue an anchored greenfield midstream strategy in the DJ Basin in Colorado. Cureton’s initial project started with an acreage dedication from a single private producer and culminated in the development of a multi-customer midstream gathering and processing platform. Tailwater has raised $4.5 billion in committed capital since inception and the team has executed more than 100 transactions representing over $23 billion in value. Ares has $395 billion of assets under management and 2,800 employees. 

Expected Closing: December 2023 if it clears regulators

Cureton’s Financial Advisor: Evercore

Cureton’s Outside Counsel: Kirkland & Ellis with a team led by corporate partners Thomas Laughlin and Jacqueline Scioli and associates Caleb Martin, Andrei Bucur, Aburiyeba Ibiye Amaso and Sarah Mason. They had support from corporate partner Kevin Crews; real assets partner Will Eiland; tax partners David Wheat and Joe Tobias; environmental transactions partners Jonathan Kidwell and Jennifer Cornejo; antitrust partner Chuck Boyars; debt finance partners Lucas Spivey, Purun Cheong and James Bedotto; energy regulatory partner Marcia Hook; executive compensation partner Jared Whalen; labor & employment partner Christie Alcala; and employee benefits partner Maureen O’Brien.

Williams’ Financial Advisor: RBC Capital Markets

Williams’ Outside Counsel: Davis Polk & Wardwell

CAPITAL MARKETS/FINANCINGS

Atmos offers $900M in senior notes

Deal Description: Gibson Dunn & Crutcher said Nov. 1 it advised Atmos Energy Corp. on an offering of $900 million in senior notes, which consisted of $400 million in 5.9 percent senior notes due 2033 and $500 million in 6.2 percent senior notes due 2053. The issue closed Oct. 10.

From Gibson Dunn: The team was led by Robyn Zolman in Denver but included Michael Cannon in Dallas

Raising Cane’s Restaurants issues $500M in senior notes

Deal Description: Sidley Austin said Nov. 2 it represented Raising Cane’s Restaurants on the issuance of $500 million in 9.375 percent senior notes due 2029.

From Sidley: Partners Bill Howell and Kelly Dybala assisted by Jocelyne Kelly, Tanner Groce and Molly Byman

Opposing counsel: Simpson Thacher & Bartlett including partners Art Robinson and John O’Connell and associates Sam Zhu and John Strubing

Great Bay Renewables lines up $247M credit facility

Deal Description: Vinson & Elkins said Nov. 1 it advised Great Bay Renewables, a joint venture company between funds managed by affiliates of Apollo and Altius Renewable Royalties Corp., in connection with Great Bay’s entry into senior secured credit financing agreements worth $247 million. The financing includes a $123.5 million initial term facility, a $100 million delayed draw term facility and a $23 million letter of credit facility, with the two term facilities qualifying for green loan eligibility. MUFG Bank and Natixis Corporate & Investment Banking were coordinating lead arrangers, bookrunners, syndication agents and hedge providers for the facilities.

From V&E: The team was led by Tzvi Werzberger, Maya Bobbitt, Jennifer Bassett and Michelle Kraidman.

Green Bay’s Other Outside Counsel: Pierce Atwood led by Kris Eimicke

Green Bay’s Financial Advisor: Apterra Infrastructure Capital, a platform company of Apollo, led by Ralph Cho

Aileron launches $18M private placement related to Lung Therapeutics purchase

Deal Description: Winston & Strawn said Oct. 31 it is representing Clear Street, the placement agent in Aileron Therapeutics Inc.’s recently announced acquisition of Lung Therapeutics, a privately held biopharmaceutical company focused on developing therapies for the treatment of orphan pulmonary and fibrosis indications that have no approved or limited effective treatments. The acquisition of Lung Tx was structured as a stock-for-stock transaction in which all of Lung Tx’s outstanding equity interests were exchanged in a merger for a combination of shares of Aileron common stock and shares of Aileron Series X preferred stock. Following the acquisition, Lung Tx became a wholly owned unit of Aileron. Immediately after the acquisition of Lung Tx, Aileron entered into a definitive agreement for a private placement with existing Lung Tx investors and new investors to raise $18 million, including the conversion of convertible promissory notes of $1.6 million issued by Lung Tx to Bios before the acquisition. In the private placement, investors have agreed to purchase 4,707 shares of Series X preferred stock and warrants to purchase up to 2.35 million shares of Aileron common stock. The private placement was expected to close Nov. 2.

From Winston: The team was led by partner Mike Blankenship and included Robbie Oakes, Matthew Regens and Ben Smolij

Claire Poole

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

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