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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, 11 Firms, 113 Lawyers, $3.3B

January 4, 2023 Claire Poole & Allen Pusey

Dealmakers ended 2022 on a high note, but not a particularly busy one. With 16 deals valued at $3.3 billion, that pretty much characterized the year at the Roundup: no real fireworks, just a lot of steady work.

But our job is to keep track of your work; and we do that, as the chart we publish each week (below) can attest. You report the deals, we gather some more and we write and report them. We also do the math.

So, with 2022 behind us, let’s look at the year in numbers for the Corporate Deal Tracker Roundup. Remember: These are just the deals we’ve summarized in this column each week. They don’t include the full list of deals reported to the Deal Tracker database.

In all, we reported on 778 deals over the year with a reported value of more than $357.5 billion in 2022. That’s an average of slightly less than 15 deals worth a reported $6.9 billion each week.

It was a nice year, but not even close to the 903 deals valued at $474.9 billion for 2021, a record-smashing year.

In M&A the drop was nearly non-existent, at least in deal count: There were 627 M&A deals in 2022 compared with 629 M&A transactions in 2021. Deal value is another matter. M&A transactions had reported values of $265 billion in 2022, down from the $472.5 billion in 2021, a whopping 44 percent drop.

In capital markets, the drops were even more distinct, falling from 275 transactions worth $150.5 billion in 2021 to 148 worth $95.3 billion in 2022. Those are drops of 42 percent in deal count and a 37 percent decline in value year-over-year.

There were highlights, however. Here are a few for 2022:

  • Highest deal count (26) for the week ending Dec. 3.
  • Highest deal value ($31 billion) for the week ending Aug. 27.
  • Highest number of lawyers named (509) for the week ending Nov. 5.
  • Highest number of unique firms named (16) for the week ending Nov. 5.
  • Lowest deal count (8) for the weeks ending July 30 and Nov. 26.
  • Lowest deal value ($306 million) for the week ending May 14.

So, how did we do these last two weeks?

As noted, there were 16 deals worth $3.3 billion for the two weeks ending Dec. 31. In our last report, there were 14 deals worth $7.9 billion. And this time last year there were 21 deals valued at $4.7 billion.

All told, it’s been a good year. And our wish for you is that 2023 is a great one.

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

Seadrill acquires Aquadrill for $958M

Deal Description: In an all-stock transaction valued at $958 million, London-based offshore drillers Seadrill announced Dec. 22 the acquisition of Aquadrill. Upon completion of their merger, expected in the first quarter of 2023, Seadrill stockholders will own 62 percent and Aquadrill shareholders will hold 38 percent of the combined companies. The combined company will own 12 floaters, three harsh environment rigs, four benign jack-ups and three tender-assisted rigs, with expectations of at least $70 million in run rate synergies with cash flows that will justify a stronger credit and liquidity profile. Seadrill is currently traded on the NYSE and is on the main list of the Oslo Stock Exchange.

Financial Advisor to Seadrill: Citi

Financial Advisor to Aquadrill: Intrepid Partners

Intrepid Outside Counsel: Hillary Holmes of Gibson Dunn & Crutcher advised Intrepid along with associate Ashley Whittington from Houston.

Outside Counsel to Seadrill: Advokatfirmaet Thommessen and Baker Botts. The Baker Botts team was led by partners David Emmons in Dallas and Clint Rancher in Houston and associate Josh Gonzales in Houston with Houston corporate associates Marshall Heins, Michael Donnellan and Daniel Jung. Also from Texas were tax partner Derek Green and Katie McEvilly in Houston. They were assisted by lawyers from New York, Brussels and Washington, D.C.

Outside Counsel to Aquadrill: Advokatfirmaet Schjødt and Akin Gump Strauss Hauer & Feld led by corporate partners David Elder, Patrick Hurley and David Sweeney of Akin Gump and Gregory L. Phillips of Phillips Kaiser as part of a team that included corporate counsel Leana Garipova and associates Michael Daus, Marissa Etter and Madeline Sullivan; tax partners Alison Chen and Olivier de Moor, counsel Mohammed Natha and associates Brendan Chisholm and Aaron Vera; employee benefits partner Rolf Zaiss; antitrust partner Haidee Schwartz and Craig Kaiser, Carol Dubose, Susan Garcia and Ashlee Boswell from Phillips Kaiser.

ProFrac buys three more companies in two deals for $615M

Deal Description: ProFrac Holding Corp., which last month acquired special sands producer Monarch Silica, announced Dec. 27 that it is acquiring in two separate deals three more companies: REV Energy Holdings and Performance Holdings I and Performance Holdings II.

The REV Deal: REV Energy Holdings, a provider of pressure pumps and services based in Denver. ProFrac, based in Willow Park, Texas, said the $140 million acquisition price includes $70 million in ProFrac Class B common shares, $39 million in seller-provided financing with the rest paid out from cash on hand and the assumption of $5.5 million in REV debt. The terms also includes up to $20 million in potential earn-out payments if REV achieve EBITDA of $90 million in 2023. REV operates as REV Energy Services primarily in the Rockies and Eagle Ford. The deal is expected to close at the end of January.

ProFrac Outside Counsel on REV: Brown Rudnick as legal counsel. Lowenstein Sandler as merger clearance counsel.

REV Outside Counsel: Sparkman + Foote

ProFrac Financial Advisor on Performance: Piper Sandler

Performance Holdings I and II Deal: The acquisition of Performance Holdings I and II is an all-cash transaction with a price tag of $475 million. Performance is the largest in-basin proppant producer in the Haynesville. Like the Monarch Silica acquisition, the on-boarding of Performance proppants extends ProFrac’s strategic commitment to a vertical integration of its own supply chain for hydraulic fracturing.

Financial Advisor to Performance: Stephens 

Financial Advisor to ProFrac on Performance: Piper Sandler

ProFrac Outside Legal Counsel on Performance: Lowenstein Sandler and Winston & Strawn. The Winston team was led by Dallas partner David Lange with Chicago partners Steve Flores and Alessandra Swanson and Becky Troutman, a partner in San Francisco. Also Houston partner Doug Yeager, Dallas associates Ben Chrisman, William Fox, James Kemp, Danielle Marr and practice attorney Matt Lammers, as well as Chicago associates Marcus Garcia, Christian Gray, and Sam Falcon Trimbach and associate Christine Ko in Los Angeles.

Performance’s Outside Counsel: Brownstein Hyatt Farber Schreck

400 Capital closes third private credit fund with $580M of committed capital

Deal Description: Akin Gump represented 400 Capital Management in the formation and fundraising of its third credit fund, Asset Based Term Fund III (ABTF III). The fund, launched in July 2021, drew $580 million of committed capital from institutional investors. ABTF III invests in illiquid credit opportunities across public and private credit markets in the U.S. and Europe, primarily in the residential real estate, commercial real estate, consumer finance and specialty finance markets. The strategy aims to take advantage of the market dislocation in structured products that has produced significant liquidity premiums across a wide variety of asset classes, U.S. and European bank and GSE risk transfer solutions, specialty finance opportunities where regulated institutions don’t participate and European bank deleveraging. The close of ABTF III follows the firm’s launch of Asset Based Term Fund II (ABTF II) in 2019, which closed with $430 million in 2020. 400 Capital Management is an alternative credit asset manager specializing in structured credit with over $5.7 billion of capital under management.

From Akin: The team was led by tax partner Joshua Williams and investment management partner James Deeken and included counsels Ryan Dahan and Graham McCall and associates Chris Smith and Abby Segodnia.

Sparks Energy agrees to $354.5M merger with 10X Capital Venture Acquisition III 

Deal Description: Sparks Energy Inc., a provider of power infrastructure restoration and services to utilities across the U.S., and 10X Capital Venture Acquisition Corp. III, a special purpose acquisition company, announced Dec. 21 that they into a merger agreement for a combination that would result in the combined entity being a publicly listed holding company with Sparks as its wholly-owned subsidiary. Following the close of the transaction, the resulting holding company expects to be listed on NYSE under the ticker “SPKS.” The transaction includes $304.5 million held in trust by 10X III from its IPO closed in January 2022 and a $50 million equity financing facility. Enterprise value of the combined company is expected to be about $475 million, including $50 million seller earnout. Sparks is headquartered in Danville, Alabama.

Expected Closing: 2023

10X III Board’s Financial Advisor: Roth Capital Partners

10X III’s Outside Counsel: Latham & Watkins led by London partner David Stewart and Houston partner Ryan Maierson and Houston associate Om Pandya with associates Paul Robe, Jason Hyatt, Sydney Verner, Kathleen McCullough, Zainab Hashmi, Corynn Wilson and Natasha Kalaouze.

Sparks’ Outside Counsel: Nelson Mullins Riley & Scarborough

CPP Investments plows $200M in Redaptive

Deal Description: Canada Pension Plan Investment Board announced Dec. 19 that it invested about $200 million in Redaptive, an energy-as-a-service provider. Redaptive funds and installs energy-saving and energy-generating equipment to help organizations reduce energy waste, save money, lower their carbon emissions and meet their sustainability goals. Certain existing investors, including Linse Capital and CBRE, will also be participating in the investment. Redaptive is expecting to announce a second close in early 2023. Redaptive experienced growth since its formation, including expected bookings of over 100 percent year-over-year in 2022. According to recent research, the energy-as-a-service market in North America is forecasted to grow at a 30 percent compound annual growth rate between 2022 and 2030, from $4.8 billion to $38.5 billion. CPP Investments’ sustainable energies group is active across the global energy system with net assets totaling C$30 billion as of Sept. 30, including investments in renewables, utilities, and power generation.

CPP Investments’ Outside Counsel: Kirkland & Ellis led by corporate partners Kevin Crews and Allan Kirk and associates Brittany Scheier and Aburiyeba Ibiye Amaso; tax partner David Wheat; executive compensation partner David Branham; energy regulatory partner Brooksany Barrowes and associate Lilla Grisham; and ESG & Impact partner Abbey Raish and associate Maddy Foote.

Alimentation Couche-Tard acquires True Blue Car Wash

Deal Description: Alimentation Couche-Tard Inc. announced Dec. 22 that it agreed to acquire all of the membership interests of True Blue Car Wash. Terms weren’t disclosed. True Blue operates express tunnel car wash sites under the Clean Freak brand in the southwest as well as the Rainstorm brand in the Midwest. Founded in 2016, True Blue has 65 car washes in Arizona, Texas, Illinois and Indiana with a pipeline of future sites planned and under development. With 170,000 fast-pass subscription members representing more than half of total revenue, True Blue is positioned to continue to expand in a highly fragmented industry, with more than 60 percent comprised of stand-alone operators owning one to two locations. True Blue has washed 10 million cars over the last year. Couche-Tard believes these sites are also a natural extension of its car wash network of 2,500 locations. With 85 percent of True Blue’s sites within three miles of a Circle K location, the transaction provides a geographic overlap to support traffic-driving offers between True Blue and Circle K. The transaction will be financed using the buyer’s available cash and/or existing credit facilities. Upon closing, True Blue’s management, office and operations teams are expected to join Couche-Tard and CEO Stuart Crum will lead its operations.

Expected Closing: First half of 2023 if it clears regulators

True Blue Car Wash’s Outside Counsel: Vinson & Elkins led by partner Peter Marshall and counsel Abby Branigan with assistance from associates Ted Belden and Judy Park. Also advising were partner David Peck, senior associate Lauren Meyers and associate Tyler Underwood, senior associate Ken Adler, partner Mike Bielby, senior associate Chase Cero and associate Lily Marrs, partner Sean Becker and associate Andrew Cox, partner Shane Tucker, partner Matt Dobbins and associate Hannah Flesch, partner Hill Wellford and senior associate Ryan Will and partner Sarah Mitchell and associate Alex Turner.

Shell subsidiary to acquire Capstreet-backed Allied Reliability

Deal Description: Shell USA announced Dec. 22 that its subsidiary Pennzoil-Quaker State agreed to acquire all of TFH Reliability Group, the parent company of B2B products and consultancy services provider Allied Reliability. Terms were undisclosed. Allied Reliability was a portfolio company of Capstreet, the Houston-headquartered PE firm. Allied will operate as an independent subsidiary of Shell as part of its lubricants marketing business. The companies manufacture and blend such products as Pennzoil, Quaker State and JiffyLube, commanding 24 percent of the U.S. market for passenger car motor oils.

Closing Date: The deal was structured to sign and close on Dec. 22.

Outside Counsel for Capstreet/Allied Reliability: Willkie Farr & Gallagher advised led by partners Rosalind Fahey Kruse in New York and Ryan Giggs in Houston.

Harvest Midstream acquiring Belle Chasse Terminal from Philips 66

Deal Description: Houston-based Harvest Midstream announced Dec. 21 its acquisition from Phillips 66 of the Belle Chasse Terminal, formerly known as the Alliance Refinery in Plaquemines, Louisiana. Terms were undisclosed. The 32,000-acre site had been transitioning into a crude oil terminal with a one million storage capacity and two crude oil loading docks.

Outside Counsel for Harvest Midstream: Kirkland & Ellis advised Harvest Midstream led by partners Chad Smith, Will Eiland and Jhett Nelson and along with associate Nick McTyre; tax partners David Wheat and Joe Tobias; and environmental transactions partner Jon Kidwell.

Interlock Equity invests in Investor Group Services

Deal Description: Interlock Equity, a Los Angeles private equity firm, and Investor Group Services, a Boston-based consulting firm serving the private equity industry, announced Dec. 13 an investment that will accelerate IGS’s expansion of their consulting team, service offerings and geographic presence. Terms weren’t disclosed. IGS’s founders and leadership retained significant ownership as part of the transaction and will continue to lead the business. For 20-plus years, IGS has provided private equity sponsors, corporate development groups and management teams with market intelligence, commercial due diligence and strategic advisory services. Founded in 1998, IGS has expanded to 80 consultants and research professionals that serve 400 private equity sponsors and their portfolio companies.

Interlock’s Outside Counsel: McGuireWoods led by Texas-based counsel Ryan Mitchell and partner Jon Finger and including associates Brian Robertson, Gerard Faulkner and Ryan Sanders 

Fi-Foil acquires Kennedy Insulation Group

Deal Description: Fi-Foil Co., a portfolio company of Validor Capital and a manufacturer of reflective insulation and radiant barriers, announced Nov. 16 it acquired Kennedy Insulation Group, expanding its reflective insulation product line. Kennedy Insulation, based in Missouri, was established in 2008 by Rick and Chris Kennedy. The company’s VerSola brand is a multi-layer reflective bubble insulation product. Kennedy makes and distributes throughout the southwestern and southeastern U.S. VerSola is especially noted for its use and performance in metal and post frame building applications. The transaction closed on Oct. 28 and terms were not disclosed.

Fi-Foil’s Outside Counsel: McGuireWoods led by Richmond-based partner Berkeley Horne with support from Texas-based associates David Krieghbaum and Anne Lindsley

Alliance Technical buys GBMc

Deal Description: Alliance Technical Group, backed by investment funds managed by Morgan Stanley Capital Partners, announced Dec. 6 it completed its latest acquisition with the purchase of GBMc & Associates. Terms weren’t disclosed. This merger expands Alliance’s consulting capabilities and national resources. Founded in 1996, GBMc is a multimedia environmental consulting firm in Bryant, Arkansas, using regulatory, scientific and engineering expertise to provide environmental compliance and regulatory support for industrial and municipal customers, including Fortune 500 companies nationwide.

Alliance’s Financial Advisor: Environmental Financial Consulting Group

Alliance’s Outside Counsel: McGuireWoods led by Texas-based partner Stuart Rasley with assistance from associate Allison Rosenzweig

Prins USA acquired by Green V

Deal Description: Hunton Andrews Kurth announced last week that it had advised Prins USA on its Dec. 9 acquisition by Green V, a Netherlands-based greenhouse technologies provider. Prins USA, located in Stevensville, VA, provides and maintains key greenhouse technologies like climate control and botanical lighting for use in indoor farming. The deal, whose terms were confidential, was the second this year for Green V, which views the acquisition as part of its efforts to expand its market on a global scale. Green V will operate Prins USA as a separate subsidiary. “Around the world, we aim to be the local point of reference for realizing large-scale and innovative greenhouse building projects and helping our customers with in-depth knowledge of local market conditions,” said Jan Derck van Karnebeek, CEO of Green V.

Outside Counsel for Prins USA: The Hunton team was led from Richmond by Kevin Georgerian with substantial contributions from Hunton’s Texas lawyers, including partners Scott Austin, Ashley Drummond and Alexander McGeoch as well as associate Caitlin Scipioni, all of Dallas; partner Erin Fonte in Austin, and associate Jordan Latham in Houston.

Bush Brothers buys Westbrae Natural Foods from Hain Celestial Group

Deal Description: Hain Celestial Group said Dec. 15 that it completed the sale of its Westbrae Natural brand to Bush Brothers & Co., the Knoxville-headquartered producer and distributor of Bush-branded canned beans. Details of the transaction were not disclosed. Hain had owned the Westbrae brand of food products for 25 years, but decided to sell to focus on expanding its other brands. Last year Hain sold the Dream and WestSoy brands to SunOpta Inc. for $33 million.

Hain Celestial Outside Counsel: Richmond partner Steven Haas of Hunton Andrews & Kurth advised along with partner Will Freeman of Dallas.

CAPITAL MARKETS/FINANCINGS

SPAC AlphaVest Acquisition prices $60M IPO

Deal Description: Winston & Strawn is representing AlphaVest Acquisition Corp, a blank check company, in its initial public offering of 6 million units at $10 per unit. The units, whose pricing was announced Dec. 19, will be listed on the Nasdaq Stock Market and trade under the ticker symbol “ATMV.” Each unit consists of one ordinary share and one right entitling the holder to receive one-tenth of one ordinary share upon consummation of an initial business combination. The company granted the underwriters a 45-day option to purchase up to an additional 900,000 units at the IPO price to cover over-allotments, if any. The offering was expected to close on Dec. 22. While AlphaVest won’t be limited to a particular industry or geographic region in its identification and acquisition of a target company, the company said it intends to focus its search on businesses throughout Asia.

Bookrunning Managers: EarlyBirdCapital Inc. and Revere Securities

From Winston: The team was led by Houston partner Mike Blankenship and includes, from Texas, partner Dean Hinderliter in Dallas, associates Robbie Oakes, Luisa Patoni and Alexandra Santana in Houston, associate Emily Semon in Dallas and associate Ben Smolji in Houston

TPC exits bankruptcy with placement of $580M senior secured notes

Deal Description: Houston-based TPC Group cleared its exit from Chapter 11 bankruptcy with the announcement Dec. 16 the approval of an ABL facility and the placement of $580 million in 13 percent senior secured notes due 2027. The net proceeds of the DIP-to-exit financing were used to repay and cancel all of TPC’s existing indebtedness and the remainder for general corporate purposes. TPC is a producer of value-added products derived from petrochemical raw materials such as C4 hydrocarbons and provider of critical infrastructure and logistics services along the Gulf Coast. TPC sells its products into a range of performance, specialty and intermediate markets, including synthetic rubber, fuels, lubricant additives, plastics and surfactants.

Outside Counsel for TPC Group: Simpson Thacher & Bartlett advised TPC with a team led from New York by David Azarkh. The team included Sean Dougherty, Dov Gottlieb, Jonathan Schwartz and Alexander Suh (capital markets); Dan Kay, Leah Nudelman, Jackie Song and Joel Kushner (credit); Jonathan Cantor and Andrew Mandelbaum (tax); Courtney Welshimer (IP); Dennis Loiacono and Tim Gallagher (real estate); and Jon Pall (collateral)

Note: Simpson Thacher has represented TPC since its leveraged buyout by affiliates of First Reserve and SK Capital in 2012.

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