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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, 10 Firms, 126 Lawyers, $20B

September 13, 2022 Claire Poole

Four sizable energy deals last week in which Texas lawyers were involved? What’s going on?

After Labor Day, there are typically a lot of deal announcements across all sectors (note the bank and consumer products transactions below), making the third quarter a solid one in terms of M&A volume.

But according to PwC, energy, utilities and resources could see robust M&A activity in the near to medium term due to capital availability, energy transition, supply chain security and value.

“Uncertainty has given [energy] dealmakers good reason to draw breath, but this won’t be for long as climate and supply chain imperatives—plus the desire to pursue value opportunities—will quickly have them back at the table,” said Wim Blom, PwC’s global energy, utilities and resources deal leader.

Williams Cos. Inc., for one, seems to be chasing value, buying NorTex Midstream from Tailwater Capital for $423 million. As per TPH’s Colton Bean, the transaction screens attractive on both an EBITDA multiple as well as an implied unit price when compared with Plains All American’s last divestiture, with the potential for multiple compression down the road should capacity get re-contracted at higher rates.  

“Overall, we don’t expect this announcement to be a major needle-mover for the equity, but rather another tangible example of WMB [Williams] opportunistically re-deploying cash flow to expand its natural gas value chain at an attractive price,” Bean said in a note.

EQT was also thought to be acquiring on favorable terms the Appalachian upstream and midstream assets held by Quantum-backed Tug Hill and XcL Midstream for $5.2 billion. According to EQT, the purchase price represented a 20 percent discount to PDP reserves, midstream assets and wells in progress.

The deal’s price tag was half in cash and half in stock, so Quantum can take part in any upside in EQT’s shares. There’s no lockup on the stock, however, although Quantum’s Wil VanLoh will be joining EQT’s board, TPH’s Jeoffrey Lambujon notes in a report. “We like the deal at first blush given EQT’s position as the most fitting buyer (ops next door),” Lambujon wrote.

Then there was Sitio Royalties Corp.’s merger of equals with Brigham Minerals, which provided size and scale that should allow the company to continue to consolidate in the mineral space, according to Piper Jaffray senior research analyst Mark Lear.

“STR [Sitio] continues to aggressively consolidate, announcing four deals since its announced combination with Falcon Minerals in 1Q22, and is expected to remain aggressive given little competition to consolidate what remains a fragmented segment in energy,” Lear wrote in a note.

Finally, there was EIG acquiring a quarter of Repsol Upstream for $4.8 billion, which will help the Spanish oil giant meet its energy transition goals.

“This pioneering agreement allows us to maintain the strategic direction of the upstream unit and, at the same time, to boost the transformation of the company and its multi-energy profile to achieve zero net emissions by 2050,” Repsol CEO Josu Jon Imaz said in the release.

For the week ending Sept. 10, there were 15 deals reported to the CDT Roundup worth $19.4 billion, a far cry above last week’s nine for $2.3 billion, but in sync with the same week last year with 17 deals worth nearly $11 billion.

Not bad for a week shortened by the Labor Day holiday.

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
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

EQT buys assets held by Quantum-backed Tug Hill, XcL Midstream for $5.2B

Deal Description: Pittsburgh-based EQT Corp. announced Sept. 6 the $5.2 billion acquisition of Appalachian upstream and midstream assets held by Tug Hill and XcL Midstream, both backed by Houston’s Quantum Energy Partners. A Texas team from Kirkland & Ellis advised EQT while Vinson & Elkins assisted the Quantum entities. For more on the story, click here.

Brigham Minerals in $4.8B stock merger with Sitio

Deal Description: Sitio Royalties Corp. and Brigham Minerals Inc. announced Sept. 6 that they would combine in an all-stock merger valued at $4.8 billion. Texas lawyers from Vinson & Elkins advised their longtime client Brigham. For additional information on this merger, click here.

EIG acquires quarter of Repsol Upstream for $4.8B

Deal Description: Energy and infrastructure investor EIG announced Sept. 7 that it entered into a definitive agreement with Repsol SA to acquire a 25 percent stake in Repsol Upstream, a newly-formed global exploration and production company made up of Repsol’s entire global upstream oil and gas business. The partnership delivers upfront capital to Repsol to increase its investment in the energy transition. A newly formed unit of EIG, Breakwater Energy, will acquire the stake in Repsol Upstream for $4.8 billion including debt, with Repsol holding the remaining 75 percent, indicating an enterprise value of $19 billion. Repsol Upstream is a gas-weighted global E&P company that will own and operate Repsol’s globally diversified portfolio of upstream assets delivering cash flow around operations around key regional hubs with a focus on the U.S. Repsol Upstream is forecast to produce 590,000 barrels of oil equivalent per day for the second half of 2022 and has proved and probable reserves of 2.3 billion barrels equivalent as at Dec. 31, 2021, about 70 percent of which is gas. Repsol Upstream also holds contingent resources of 3.8 billion barrels equivalent.

Expected closing: In six months

EIG’s Financial Advisors: Goldman Sachs (Skaaren Cosse and Evan Green) and J.P. Morgan

EIG’s Financing Advisors: Goldman Sachs, J.P. Morgan and Lazard

Repsol’s Financial Advisor: PJT Partners

EIG’s Outside Counsel: Latham & Watkins led by London corporate partners Sam Newhouse and Simon Tysoe and London associate George Venables

Goldman’s Outside Counsel: Gibson Dunn was led by partner Hillary Holmes and including partners Selina Sagayam, Hugo Hernández-Mancha and A.J. Frey, of counsel Marie Kwon and associates Malakeh Hijazi and Iris Hill Crabtree.

Texas Capital Bank sheds insurance premium finance unit to Truist for $3.4B

Deal Description: Dallas-based Texas Capital Bancshares Inc. announced Sept. 6 that it agreed to sell BankDirect Capital Finance, its insurance premium finance subsidiary, to AFCO Credit Corp., an indirect wholly-owned unit of Truist Financial Corp., for $3.4 billion in cash. For details about the divestiture, including the in-house lawyer at Texas Capital who handled the deal, click here.

Church & Dwight to acquire Hero Mighty Patch brand for $630M

Deal Description: Church & Dwight Co. Inc. announced Sept. 6 it signed a definitive agreement to acquire the Hero Mighty Patch brand and other acne treatment products for $630 million. The price consists of cash and Church & Dwight restricted stock. Mighty Patch is the number-two brand in the acne category in the U.S. and the number-one patch brand in acne. Hero’s net sales for the trailing 12 months through June 30 approximated $115 million and EBITDA for the same period was $45 million, a 40 percent margin. Church & Dwight expects to expand Mighty Patch’s limited distribution by leveraging its U.S. retailer relationships and international footprint. The acne patch is the fastest growing treatment form in acne and the products are only marketed in the U.S., Church & Dwight said. Mighty Patch adds to Church & Dwight’s hair and skin portfolio, which includes Nair, Batiste, Viviscal, Flawless and Toppik.

Expected Closing: Q4 2022

Hero’s Outside Counsel: Sidley co-led by partners David Grinberg in Century City and Katy Lukaszewski in Houston. Other Texas lawyers on the 33-member deal team included Ashley Moulder, Kevin Hess, Mark Metts and Heather Palmer. 

Tailwater sells NorTex to Williams for $423M

Deal Description: Tailwater Capital announced Sept. 8 that it agreed to sell NorTex Midstream to Williams Field Services Group, a unit of the Williams Cos. Inc., for $423 million. Tailwater acquired NorTex in February 2021, shortly after Winter Storm Uri hit Texas. As one of the only operational natural gas storage facilities supplying the North Texas region during the storm, NorTex delivered more than 5 billion cubic feet of natural gas to its customers and provided enough natural gas to heat and power 380,000 homes, saving customers $800 million or the equivalent of $2,100 per household. The company operates the largest portfolio of non-utility gas storage facilities in North Texas and has expanded its natural gas deliverability capabilities over the last 18 months. Since partnering with Tailwater, NorTex has also improved the reliability of the North Texas power grid by executing agreements to directly connect and supply natural gas to some of the area’s largest power plants. NorTex’s asset base includes 83 miles of natural gas transportation pipelines and the Tolar Hub, the largest natural gas hub in North Texas.

Tailwater/NorTex’s Outside Counsel: Kirkland & Ellis led by Houston corporate partners Kevin Crews and John Furlow and associates Jacqueline Scioli and Hunter Richey; debt finance partner Lucas Spivey and associates Purun Cheong and Chris Gambini; tax partner David Wheat and associate David Gilbert; energy regulatory partners Brooksany Barrowes and Drew Stuyvenberg; technology & IP transactions partner Jeff Norman; employee benefits partner Maureen O’Brien and associate Nathan Linger; labor & employment partner R.D. Kohut and associates Alexander Flynn-Tabloff and Paul Vasiloff; executive compensation partner Stephen Jacobson and associate Katherine Nemeth; environmental transactions partner Jon Kidwell; and antitrust partner Carla Hine.   

Williams’ Outside Counsel: Davis Polk & Wardwell, including Oliver Smith and Shanu Bajaj in New York

Tailwater/NorTex’s Financial Advisor: Wells Fargo Securities (Nick Horodinca in Houston)

Williams’ Financial Advisor: BofA Securities (Michael Cannon in Houston)

Notes: Kirkland’s Crews and Furlow helped Tailwater acquire NorTex in March of last year from Castleton Commodities.

Brigham Minerals buys Midland Basin assets from Avant for $132.5M

Deal Description: Alston & Bird said Sept. 8 it represented Brigham Minerals Inc. on its Aug. 22 agreement to acquire mineral and royalty interests in the Midland Basin from royalty funds managed by Avant Natural Resources and its affiliates for about $132.5 million in cash.

From Alston: Led by Fort Worth counsel Gaye Lentz and including senior associate Danny Reach in Charlotte and associate Maddie Wolf in Dallas

Fulcrum invests $13M in Olio Health

Deal Description: Fulcrum Equity Partners, an Atlanta-based growth equity firm, invests $13 million in Olio Health, a workflow and collaboration platform for the post-acute care and population health industry.

Fulcrum’s Outside Counsel: McGuireWoods led by Dallas partner Jeff Brooker with support by Dallas associates Brian Robertson and Josh Powers

LoudCloud attracts $5M from investors

Deal Description: LoudCrowd Inc., led by co-founder and CEO Gary Garofalo and co-founder Justin Papermaster, has raised a $5 million series A to expand its engineering team and advance its products, according to the Austin Business Journal. The funding was led by Santa Monica, Calif.-based Mucker Capital as well as Austin-based LiveOak Venture Partners and San Antonio-based Active Capital. Mucker Capital partner Omar Hamouii will join LoudCrowd’s board. Started in 2019, the company has a platform that automates relationships between brand ambassadors and advocates. It previously raised a $3.7 million seed round.

LoudCloud’s Outside Counsel: Kastner Gravelle partner Ryan Gravelle

Mucker’s Outside Counsel: Cooley out of San Francisco

DCG acquired Corporate Communications Group

Deal Description: Seattle-based marketing services company DCG ONE announced Sept. 1 that it acquired Corporate Communications Group of Upper Marlboro, Md. Terms weren’t disclosed. The deal increases DCG’s presence in the marketing industry and improves its high-volume direct mail, data and fulfillment capabilities. DCG is backed by Dallas-based private equity firm Clavis Capital. With roots in print production, DCG has expanded in recent years in retail packaging and POS signage, branded merchandise, embedded technology solutions, customer experience, loyalty and acquisition marketing. Its digital and brand agency division has provided its clients with a solution to marketing challenges, from concept to final execution.

DCG’s Outside Counsel: Foley led by partner Chris Converse in Dallas

Notes: Foley’s Converse represented Clavis on its acquisition of DCG in 2020.

Delfin Midstream, Devon Energy enter into LNG export partnership

Deal Description: Delfin Midstream Inc. and Devon Energy Corp. announced Sept. 5 that they have entered into a liquefied natural gas export partnership that includes a long-term liquefaction capacity and a pre-financial investment decision strategic investment by Devon in Delfin. Terms weren’t disclosed. The agreement provides the framework for finalizing a definitive long-term tolling agreement representing 1 million tons per annum of liquefaction capacity in Delfin’s first floating LNG vessel, with the ability to add an additional 1 MTPA in Delfin’s first or a future floating LNG vessel. In addition to providing Devon up to 2 MTPA of total liquefaction capacity on a long-term basis, the deal also provides opportunity for additional equity investments in Delfin by Devon. Following its announcement of a binding agreements with Vitol and Centrica, the deal represents Delfin’s third major agreement in the past two months. Delfin is also in advanced discussions on additional binding agreements. Delfin is set to make a final investment decision on its first floating LNG vessel by year-end.

Delfin’s Outside Counsel: Latham & Watkins including Chris Peponis

Devon’s Outside Legal: Kirkland & Ellis led by corporate partners Kevin Crews and Tony Johnston, project finance partner Kelann Stirling and energy regulatory partner Marcia Hook; with assistance from tax partner David Wheat; environmental partner Jonathan Kidwell; corporate associates Jessica Berkowitz and Tori Newton; energy regulatory associate Cassidy Hall; and environmental associate Courtney Tibbetts.

Notes: Latham’s Peponis represented Vitol on a liquefied natural gas sale and purchase agreement with Delfin.

Tecum announces investment in Keystone Foam

Deal Description: Tecum Capital announced Sept. 7 its investment in Keystone Foam PA, formerly known as Keystone Foam Corp., a fabricator of custom foam products for various end markets. Terms weren’t disclosed. The investment represents Tecum’s seventh platform investment out of its new $305 million fund, Tecum Capital Partners III. Tecum and Valley Ridge Investment Partners led the acquisition of Keystone in partnership with Centerfield Capital Partners and Petra Capital Partners, acquiring a stake in the company to augment the Quinn Family in pursuing strategic growth opportunities. Keystone’s CEO Brian Quinn and COO Gerald “Jeep” Quinn Jr. will continue to run the company, which was founded in 1983 and headquartered in Derry, PA.

Valley Ridge’s Outside Counsel: McGuireWoods led by partners Stu Rasley in Dallas and Tom Zahn in Pittsburgh with support from associates Caroline Kraich in Charlotte, Ben Dauber in Pittsburgh and Erin Zorn in Charlotte

Trivest, LP First Capital form OpenRoad

Deal Description: Miami-based Trivest Partners and Austin-based LP First Capital announced Sept. 6 the formation of OpenRoad, a family of brands within the collision repair industry. Terms weren’t disclosed. The announcement comes in combination with the acquisitions of four collision repair centers including Car Crafters in Albuquerque, NM, Drury and Moss Body Shop in Amarillo, 1st Choice Collision in Houston and Helotes Collision in Helotes, Texas. Combined, OpenRoad now operates 12 collision repair centers located across the Southwest. OpenRoad’s initial investment was Car Crafters, the largest independent collision repair center in New Mexico with five locations. It is led by industry veterans Jim and Sean Guthrie, who will remain with the shop. Since its founding in 1981, Trivest has completed 400 investments totaling $7 billion in value. The firm has roughly $4 billion in assets under management.

OpenRoad/LP First Capital’s Outside Counsel: McGuireWoods led by partners Jeff Brooker in Dallas and Berkeley Horne in Richmond with support by Dallas associate David Krieghbaum

CAPITAL MARKETS/FINANCINGS

PureWest closes a $365M asset-backed securitization

Deal Description: PureWest Energy, the leading natural gas producer in Wyoming, closed Aug. 16 a $365 million asset-backed securitization. The offering was made up of $210 million of 144A Class A1 Notes and $155 million of Class A2 Notes offered and sold as a 4(a)(2) private placement. PureWest is a private energy company focused on developing its long-life gas reserves in Wyoming’s Green River Basin, where the company controls more than 114,000 net acres in and around the Pinedale and Jonah Fields.  

PureWest’s Outside Counsel: Porter Hedges led by Jeremy Mouton and David Mann with support from James Cowen and Nick Moore.

Notes: This is the second upstream energy securitization PureWest has completed in the last year with Porter Hedges as oil and gas counsel. The securitization follows PureWest’s initial $600 million securitization in November 2021, with the assets collateralized representing the company’s retained interest in the same 1,800 wells included in the initial securitized financing.

HighPeak closes $85M private placement

Deal Description: HighPeak Energy Inc. announced Sept. 6 that it closed an $85 million private placement of 3.9 million newly issued shares of the company’s common stock at a price per share of $21.61. The price was determined by the 5-day volume weighted average closing price for the five days immediately prior to Aug. 22. The initial private placement closing occurred on Aug. 22 with multiple subsequent closings through Sept. 2. The company intends to use the proceeds for general corporate purposes. Purchasers, among others, included CEO Jack Hightower (462,749 shares), additional members of the company’s management (220,969 shares) and the John Paul DeJoria Family Trust (2.3 million shares). Hightower said the private placement capital raise improves the company’s balance sheet, lowers leverage and enhances its liquidity.

HighPeak’s Outside Counsel: Vinson & Elkins led by partner Sarah Morgan, senior associate Jackson O’Maley and associate Ximena Kuri with assistance from associates Taylor Kim and Brandon Brunet. Also advising were partner Shane Tucker and associate Maddison Riddick (executive compensation/benefits); and partners John Lynch and Wendy Salinas, senior associate Megan James and associate Jeff Slusher (tax).

OTHER MATTERS

OCI builds $450M hydrogen-based blue ammonia facility in Texas

Deal Description: OCI NV announced Sept. 8 it will start construction of a 1.1 million ton per annum blue ammonia project in Beaumont, Texas, based on KBR technology. The passage of the U.S. Inflation Reduction Act and the enhanced 45Q credits in the act strengthened the attractiveness of the project, OCI said. The U.S. Gulf allows the facility to serve both the U.S. market and export clean ammonia as a hydrogen carrier to deficit markets around the world, such as Europe and Asia, and provides for expected demand from new applications including power and shipping fuels, OCI continued. The blue ammonia will be delivered to customers using zero carbon ammonia-fueled engine ships, leveraging OCI’s global infrastructure, OCI said. Production is targeted for Q1 2025 and capital expenditure is expected to be up to $450 million.

OCI Clean Ammonia’s Outside Counsel: Vinson & Elkins led by partners Andrew Nealon, Alan Alexander and Kaam Sahely and associate Louise Fischel-Bock. Other key team members include senior associate Stephanie Coco, associates Zach Parker and Alistair Wishart and trainee solicitor Alex Lee (energy transactions/projects); partners Natan Levya, Todd Way, Peita Menon and senior associates Curt Wimberly and Paul Harrington (tax); partner Dave Johnson (litigation), and counsel Rajesh Patel (technology transactions/IP).

Claire Poole

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

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