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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

CDT Roundup: 16 Deals, 12 Firms, 108 Lawyers, $10.5B

May 10, 2022 Claire Poole

Despite favorable production economics, mergers and acquisitions in the global oil and gas industry witnessed a 41 percent decline in terms of value in the first quarter over the previous quarter to $59 billion, according to analytics company GlobalData.

The value also dropped by 26 percent from the first quarter of last year, which logged in at $80 billion, the data firm found. That compares with a high of $149 billion in the first quarter of 2018 and a low of $41 billion in the same period in 2020 over a four-year stretch.

The count of billion-dollar-plus deals globally dropped to 11, compared with 26 such deals in the previous quarter.

GlobalData notes that the decline was observed across most regions except China in the Asia-Pacific region, where the deal value in the first quarter more than doubled compared with the fourth quarter. However, China witnessed a fall in the volume of oil and gas deals over the period.

The upstream sector accounted for around $21 billion worth of M&A transactions in the first quarter while the midstream sector recorded more than 120 deals worth around $14 billion. Meanwhile, the downstream sector saw a rise in deal value of 6 percent compared with the previous quarter.

Ravindra Puranik, an oil and gas analyst at GlobalData, said that the “shale theme” saw a significant number of deals being undertaken in the quarter following a steady rise in oil prices.

The most notable among them was the $6 billion merger of Oasis Petroleum and Whiting Petroleum (Vinson & Elkins advised Oasis while Kirkland & Ellis assisted Whiting, all with Texas lawyers). Chesapeake Energy also consolidated its position in the Marcellus shale through the acquisition of two companies — Chief E&D and Tug Hill — for $2.6 billion (Gibson Dunn counseled Chief, Akin Gump advised Tug Hill and Shearman & Sterling assisted Chesapeake, again with Texas attorneys).

In the midstream and downstream sectors, several companies strengthened their positions in emerging markets through M&A. The report highlighted Fluxys’ and EIG’s joint majority acquisition of GNL Quintero, the operator of Chile’s largest re-gasification terminal (Texas attorneys from White & Case advised EIG) and the MOL Group acquiring 417 petrol stations from PKN Orlen, becoming the third largest player in the Polish fuel retailing market with 2,390 stations.

Puranik says some emerging countries are characterized by rapidly growing national economies that make attractive targets for market expansion. He notes Chinese oil giant CNOOC acquiring a 5 percent stake in the Buzios oilfield from Petrobras for $2.1 billion to benefit from the potential of the pre-salt Santos Basin.

Going forward might look bleak. For instance, Diamondback Energy CEO Travis Stice recently said that large scale M&A for his company is off the table at the moment, underscoring the industry’s newly found trait of capital discipline.

“This is a seller’s market and we won’t underwrite M&A at today’s oil prices, like we won’t underwrite purchasing stock at today’s prices,” he said. “Let me reiterate, large scale M&A is off the table.”

For the week ending May 7, there were 16 transactions reported with an aggregate value of $10.5 billion. The M&A deal count included 12 transactions worth $1.8 billion, while on the capital markets side there were four deals worth a reported $8.6 billion. The four capital markets deals, while heavy on value, included a revolving credit facility, a notes exchange, a tender offer and a secondary offering.

The week prior included 16 deals worth $2.3 billion while a year ago at this time, there were 17 deals worth $10.4 billion, about on par with last week’s performance.

Weekly Corporate Deal Tracker Roundup Stats

A compilation of weekly stats from The Lawbook's CDT Weekly Roundup
(Deal Values in Millions)

Week EndingDeal CountAmountFirmsLawyersM&A CountM&A Value $MCapM CountCapM Value $M
May 14, 202211$306.698010$306.61$225
May 7, 202216$10,451.751210812$1,8274$8,624.75
April 30, 202216$2,296.51615712$895.54$1,401
April 23, 202210$2,24111588$16412$600
April 16, 202211$6,64371568$2,3593$4,284
April 9, 202217$4,4291418411$1,6906$2,739
April 2, 202213$1,75588410$1,1453$610
March 26, 202211$3,2058656$2005$3,005
March 19, 202213$2,239.17910613$2,239.1700
March 12, 202218$12,0161123915$11,9652$51.35
March 5, 202217$6,7861313713$5,1614$1,625
February 26, 202212$5,09581499$4,437.53$658
February 19, 202217$22,2291717414$21,3543$875
February 12, 202212$2,344.710738$641.74$1,703
February 5, 202211$2,50389911$2,50300
January 29, 202211$3,8721210112$3,87200
January 22, 202213$5,143.5109912$4,842.51$301
January 15, 202212$7,60591559$6,4803$1,025
January 8, 202213$8,256.21110213$8,256.200
January 1, 20229$1,273.86509$1,273.800
December 25, 202121$4,734.751117616$3,4105$1,324.75
December 18, 202126$7,325.21519318$3,640.28$3,685.2
December 11, 202116$5,0171010913$1,4173$3,600
December 4, 202114$2,3108868$2,3106$1,882.05
November 27, 20219$3.460.1101016$1,7583$1,702.6
November 20, 202120$22,7921515712$18,864.58$3,928
November 13, 202121$26,7291217813$11,8228$14,907
November 6, 202112$8,3031315710$6,6823$1,621
October 30, 202121$10,3681521815$9,24.46$1,103.
October 23, 202121$18.783.11522211$12,31410$6,468.6
October 16, 202115$3,8681111815$2,2932$1,575
October 9, 202120$8,6101617516$7,7954$815
October 2, 202114$6,2501113710$5,2004$1,050
September 25, 202111$11,4609937$10,2004$1,250
September 18, 202111$16,6038998$15,0843$1,519
September 11, 202117$10,6531110313$8,5034$2,150
September 4, 202113$7,222108911$6,7152$507
August 28, 202112$76396311$6631$100
August 21, 202112$29,65977911$29,5791$80
August 14, 202122$17,8451119912$12,80510$5,04
August 7, 202117$13,6701213915$11,7662$1,904
July 31, 202121$8,1601113410$3,57410$4,586
July 24,202121$6,3671113915$3,7126$2,655
July 17, 202114$4,0091112412$2,0152$1,994
July 10, 202116$3,9971314311$1,5974$2,4
July 3, 202124$7,492139416$3,7698$3,722
June 26, 202110$4,9957858$3,8472$1,148
June 19, 202128$16,83082289$1,86119$14,968
June 12, 202126$27,2381520919$25,6027$1,636
June 5, 202115$15,5391310013$14,7092$600
May 29, 202135$20,2791114528$18,647$1,639
May 22, 202124$53,2081417417$51,0477$2,161
May 15, 202118$10,6201322011$5,8707$4,809
May 8, 202117$10,4001115615$8,3862$2,500
May 1, 202121$7,2001611512$3,8089$3,392
April 24, 20218$20,2009318$20,20000
April 17, 202114$6,270810211$4,01803$2,260
April 10, 202115$8,9401312914$7,9901$950
April 3, 202118$19,5131015112$16,9236$2,590
March 27, 202127$13,9421524414$4,30013$9,633.5
March 20, 202111$2,04641023$2708$1,776
March 13, 202115$3,27091096$5389$2,732
March 6, 202124$13,6171019613$10,39511$3,222
February 27, 202119$8,1051213915$4,9704$3,135
February 20, 20219$8,82091538$8,5201$300
February 13, 202112$4,852.678172,7665$2,086.6
February 6, 202118$9,7521315314$5,2224$4,530
January 30, 202118$9,449918215$8753.83$695.3
January 23, 202114$8,15081186$4,0008$4,150
January 16, 202117$6,7831313811$2,4006$4,382.9
January 9, 202122$6,8291413518$3,139.34$3,690
January 2, 20217$1,4667607$1,46600
December 26, 202018$15,9001216316$5,3001$600
December 19, 202018$9,7691411014$8,4264$1,343
December 12, 202010$7,20091009$3,3251$3,830
December 5, 202015$4,26191229$2,7806$1,481
November 28, 202019$7,7581011013$4,0036$3,755
November 14, 202014$864.11415712$289.12$575
November 7, 202013$6,33291299$2,483.54$3,849
October 31, 202010$3,995.881036$3,231.14$754.7
October 24, 20206$18,1006585$17,7091$350
October 17, 20208$351.95558$351.900
October 10, 20207$5,2293504$7353$4,494
October 3, 202014$21,42891739$17,5355$3,893
September 26, 202010$12,7708935$10,3005$2,470
September 19, 202014$8,36591016$1,0208$7,345
September 12, 20206$4,4068593$1,2703$3,136
September 5, 202011$5,19181179$4,0612$1,130
August 29, 202011$2,5319945$1,1306$1,401
August 22, 202018$6,574121407$1,93011$4,644
August 15, 202013$4,99110977$1,2166$3,775
August 8, 202012$32,092111129$30,4573$1,635
August 1, 20207$5,2878765$3,6872$1,600
July 25, 20209$18,7516677$18,4032$348
July 18, 20206$1,982.55504$1,407.52$575
July 11, 202011$565.1127510$65.11$500
July 4, 202010$8,8898989$8,7881$100.3
June 27, 20208$6,87410505$4,972.53$2,081.5
June 20, 202012$4,44491157$2,8295$1,615
June 13, 20206$3,5824372$3504$3,232
June 6, 202011$3,213.78657$4704$2,743.7
May 30, 20208$7,3357486$4,6392$2,697
May 23, 20204$432.44343$432.410
May 16, 20206$3106345$31010
May 9, 202018$5,6301612414$3,1804$2,450
May 2, 20201510,40010908$1,9007$,8,500
April 25, 20208$3,4009365$1,0003$2,450
April 18, 202019$9,50014928$185.711$9,360
April 11, 202012$6,0009405$1907$5,800
April 4, 202014$8,200116810$2,2004$6,000
March 28, 202016$6,500139610$3,7006$2,800
March 21, 202011$11,9107337$2,2504$9,960
March 14, 20207809.86346684.81125
March 7, 202016$2,500157013$6693$1,400
February 29, 202013$15,2601312811$11,7602$3,500
February 22, 202012$3,700109210$2,5602$1,130
February 15, 202016$1,250108412$354$1,222
February 8, 202018$6,0801412314$2,5954$3,485
February 1, 202021$20,9001210114$17,8607$3,060
January 25, 202013$7,430136212$6,4301$1,000
January 18, 202023$9,5801512019$6,5804$3,000
January 11, 202021$14,2001819916$1,0205$13,200
January 4, 202022$6,4001111916$3,2046$3,245
December 28, 201922$7,1501917518$6,8004$327.4
December 14, 201924$36,3002316719$9,5005$26,800
December 7, 201911$10,40011557$1,0824$9,370
November 30. 201914$2,4501212612$1,7602$692.5
November 23, 201916$1,995104111$6155$1,380
November 16, 201915$3,8201313511$2,5004$1,271
November 9, 201925$12,9001718223$12,2002$575
November 2, 201910$2,470126192,4503$22
October 26, 201912$5,560147011$3,8601$1,700
October 19, 20198$6,60081388$6,60000
October 12, 201919$4,300145516$3,8003$500
October 5, 201918$14,5001916615$11,1003$3,400
September 28, 201919$8,1001813218$7,5601$550
September 21, 201914$6,300166611$2,1603$4,170
September 14, 201915$23,800125611$21,2504$2,570
September 7, 201917$3,500159814$1,9003$1,600
August 31, 20195$8,7006505$8,70000
August 24, 201916$10,000148215$4,2501$5,750
August 16, 201910$1,6805527$6503$950
August 9, 201917$17,700156814$3,9003$13,800
August 2, 201913$5,7601210813$5,760NANA
July 27, 201911$7,30013768$6,5703$730
July 20, 201913$11,8001312511$5,3002$6,500
July 13, 201910$7757468$542.52$233
July 6, 20197$2,5009857$2,50000
June 29, 201923$8,2901515417$2,3006$5,970
June 22, 201917$10,7001013914$7,7003$3,000
June 15, 201911$13,5001416011$13,500NANA
June 8, 201913$2,870175511$1,5702$1,300
June 1, 201910$4,46011608$4,1402$315
May 25, 201917$4,360147914$3,7003$612
May 18, 201922$9,0001715016$3,4006$5,600
May 11, 201918$19,8001717715$18,3003$1,500
May 4, 201910$7,0756328$6,9002$175
April 27, 201915$3,2001411714$3,1601$40
April 20, 201913$13,50010909$12,2004$1,300
April 13, 201916$38,900149114$37,8002$1,100
April 6, 201912$6,870119410$6,7302$50
March 30, 201915$6,470128410$7,91.55$5,677
March 23, 201918$6,450149114$5,0424$1,408
March 16, 201914$10,1801211511$8,8003$1,300
March 9, 20199$1,8006498$1,3001$500
March 2, 201920$3,0331610714$1,8176$1,262
February 23, 201912$2,0408699$614.63$1,430
February 16, 201916$9,970187716$9,97000
February 9, 201914$6,4001011014$6,40000
February 2, 201918$6,740159916$5,7202$950
January 26, 201913$2,770116711$918.952$1,850
January 19, 201915$3,819167612$2,5943$1,225
January 12, 201918$7,283149215$1,6833$5,600
January 5, 201910$529125010$52900
December 22, 201817$2,570138714$9413$1,629
December 15, 201810$2,8608268$2642$2,600
December 8, 201815$1,819166512$5523$1,267
December 1, 201812$7,50010909$1,2003$6,200
November 28, 201815$4,5001110714$4,0001$500
November 19, 201818$6,137139813$2,1425$3,995
November 14, 201818$9,2001315215$8,5003$694
November 6, 201816$17,3001618314$16,3612$950
October 29, 201814$14,4001812717$13,8001$600
October 24, 201813$6,1401312611$5,1222$1,018
October 17, 201818$18,3901512514$12,2924$6,098
October 10, 201829$3,1491810420$1,6479$819
October 2, 201818$9,300116714$7,3004$2,000
September 25, 201813$7,000117510$6,0003$995
September 18, 20189$3,5707449$3,57000
September 11, 201813$5,9001013213$5,90000
September 7, 201814$5,000158611$4,0003$1,000
August 29, 201815$20,700147913$4,7002$16,000
August 20, 201810$12,40011538$11,3803$1,057
August 14, 201812$19,900121329$18,8893$1,011
August 7, 201816$68,6001110613$67,2593$1,340
July 31, 201815$15,100159511$13,0604$2,060
July 23, 201813$2,130156010$1,8043$1,100
July 17, 201814$5,37017989$4,3105$1,100
July 9, 201816$11,200157410$11,0806$862
July 3, 201813$7,00078112$6,3301$750
June 25, 201815$8,80013979$4,9706$3,930
June 18, 201813$14,20014807$2216$14,290
June 11, 201812$6,3008968$5,9104$803
June 6, 201813$14,50010888$14,1545$579
May 31, 201811$4,89010638$3,2403$1,790
May 22, 201815$20,40011639$19,8086$885
May 15, 201815$4,7001510610$3,9005$643
May 9, 201811$1,40013889$1,3002$560
May 1, 20188$14,2507887$13,4001$450
April 24, 201812$5,30066111$4,4701$800
April 17, 20189$1,80010447$2,3302$1,434
April 11, 201811$2,5008326$1,6905$809
April 3, 201815$13,400111219$12,0206$1,090
March 28, 201810$4,00010927$3,8703$215
March 19, 201817$5,800135110$5907$5,165
March 12, 201815$3,130114311$2,3604$788
March 6, 201819$5,4001311610$1,5309$4,860
February 27, 201820$6,600136914$5,5306$1,030
February 19, 201815$5,5001411110$3,9906$1,980
February 12, 201823$10,9001715712$7,11011$3,840
February 5, 201816$8,600131007$1,3309$7,800
January 30, 201811$12,60011685$7,3006$4,982
January 24, 201819$9,400151295$2,01014$7,337
January 18, 201810$6,2808492$2,1008$4,188
January 9, 201812$16,50012929$15,8903$475
January 3, 201810$2,5009478$2,3502$150
December 27, 201715$9,000151139$7,5686$1,784
December 18, 201715$13,800161649$13,0107$1,118
December 11, 201714$9,7001012612$2,9404$8,500
December 4, 20176$1,8006315$1,5101$300
November 28, 20177$3,8508764$3,2603$285
November 16, 201710$2,70010486$1,8404$856
November 8, 201715$2,380179110$1,8605$516
November 1, 201712$4,70017949$3,4004$1,300
October 23, 201715$10,500106710$9,7804$1,530
October 18, 20176$2,000373$2253$1,820
October 10, 201712$6,5701009$3,8803$3,360
October 2, 20178$3,10011193$1,6305$1,750
September 25, 20178$4,8808795$2,6605$2,070
September 18, 20179$4,7703$3006$4,470
September 12, 201711$4,4308$2,0303$2,400
September 1, 20174$1,3103$3171$1,000
August 23, 201711$13,64098$11,8403$1,800

M&A/FUNDINGS

Archaea inks $1.1B JV with Republic Services 

Deal Description: Archaea Energy Inc., a renewable natural gas producer in the U.S., said May 5 it inked a joint venture agreement with Republic Services Inc. to develop 39 landfill gas-to-RNG projects across the country. Archaea will contribute $800 million and Republic $300 million over five years, or $1.1 billion. The partnership, the country’s largest RNG portfolio build-out to date, will convert landfill gas into pipeline-quality RNG that can be used for a variety of applications to displace gas from fossil fuels. The initiative is expected to generate substantial progress toward Republic’s long-term sustainability goal to beneficially reuse 50 percent more biogas by 2030.

Archaea’s Outside Counsel: Vinson & Elkins led by Houston partners Matt Falcone and Alan Alexander with assistance from senior associates Caroline Kuehn and Stephanie Coco and associates John Larbalestier, Vestita Kuntz, Ryan Bullard and Hunter Albritton. Advising on tax matters were partner Lina Dimachkieh, counsel Allyson Seger and associate Tyler Underwood.

Republic’s Financial Advisor: Moelis & Co.

Republic’s Outside Counsel: Davis Polk & Wardwell and Katz Barron

Notes: V&E also recently advised Archaea in an agreement to acquire NextGen Power Holdings.

Riverstone takes part in Group14 Technologies’ $400M raise

Deal Description: Riverstone Holdings invested in Group14 Technologies’ $400 million Series C funding round led by Porsche with participation from OMERS Capital Markets, Decarbonization Partners, Vsquared Ventures, Moore Strategic Ventures and other large institutional investors, according to an announcement May 4. Group14 plans to break ground on its second commercial-scale Battery Active Materials factory in the U.S. to stay ahead of demand from markets reliant on high-performing batteries.

Placement Agents: Citi and Nomura Greentech

Riverstone’s Outside Counsel: Vinson & Elkins led by Dan Komarek and Michael Gibson with assistance from Jimmy Chalk and Katherine Coric

National Fuel sells Seneca’s California oil/gas assets to Sentinel Peak for at least $280M

Deal Description: National Fuel Gas Co. said May 5 it agreed to sell Seneca Resources Co.’s California oil and gas assets to Quantum Energy Partners-backed Sentinel Peak Resources for between $280 million and $310 million, depending on oil prices. The consideration consists of $280 million in cash at closing plus up to three annual contingent payments between 2023 and 2025 that can total $30 million. The value of the contingent payments is $1 million for each dollar that Brent crude oil prices average over $95 per barrel in each respective calendar year with a maximum of $10 million in any given year.

Expected Closing: June 30

National Fuel’s Financial Advisor: Lazard Capital

National Fuel’s Outside Counsel: Kirkland & Ellis led by corporate partners David Castro Jr. and Chad Smith and associates Will Eiland and Jonathan Strom; environmental transactions partner Jon Kidwell and of counsel Jennifer Cornejo; and tax partner David Wheat and associate David Gilbert. 

Sentinel Peak’s Outside Counsel: Vinson & Elkins led by John B. Connally

QuotaPath raises $41M in funding led by Tribe Capital

Deal Description: QuotaPath announced April 26 it raised $41 million in series B funding led by Tribe Capital. The round also also participation from existing investors Insight Partners, ATX Venture Partners, Stage 2 Capital and Integr8d Capital. The funding comes nine months after a $21.3 million Series A round. Since then, it doubled its team and its tripled its sales. The company is AJ Bruno’s second startup, after selling Austin-based TrendKite to Cision in 2019 for $225 million (DLA Piper in Austin advised Trendkite). QuotaPath aims to simplify the way companies pay their salespeople. The platform went live with its paid launch in June 2020.

QuotaPath’s Outside Counsel: Kastner Gravelle in Austin including Ryan Gravelle, Rob Montgomery, Clara Chalk and Hunter Hampton on the corporate side and Shereen Rabie on IP/licensing

Tribe’s Outside Counsel: Gunderson out of San Francisco

Ecliptic leads $6M series seed financing of Lazarus 3D

Deal Description: Ecliptic Capital led the $6 million series seed financing of Lazarus 3D, a developer of a medical technology that designs prototypes of soft models similar to human tissue, Lazarus 3D said April 14. The company focuses on creating 3D models of human organs that enable doctors to effectively rehearse operations and improve surgeries and medicine.

Ecliptic’s Outside Counsel: Gunderson led by partner Wes Watts and including Ben Cukerbaum and Alex Devine in Austin

EGroup acquires Enabling

Deal Description: EGroup Holding Co., an affiliate of Evolute Capital, announced April 29 that it acquired Florida-based Enabling Technologies Corp for an undisclosed sum. The acquisition will expand eGroup’s reach nationally in the U.S. and expand its Microsoft 365, Azure, security and compliance and business application cloud services.

Evolute’s Outside Counsel: Shearman & Sterling led by Alain Dermarkar and including Kyle Park, Domenic Frappolli and Emily Kelly

Senior Debt Provider: Woodforest National Bank

TotalEnergies to buy Core Solar

Deal Description: Paris-based TotalEnergies announced April 27 it acquired Core Solar in Austin. Terms were not disclosed. Core’s portfolio includes more than four gigawatts of utility-scale solar and energy storage projects at various stages of development across several U.S. states and power markets. The acquisition further expands TotalEnergies’ presence in the U.S. renewables market, where it now has a portfolio of more than 10 gigawatts of gross capacity of renewables projects in operation, under construction and in development.

TotalEnergies‘ Outside Counsel: White & Case led by partners Christopher Richardson and Morgan Hollins in Houston and Nandan Nelivigi in New York. The team also included partners Victoria Rosamond (New York), Serena Rwejuna (Washington, D.C.), Taylor Pullins and Chad McCormick (both in Houston); counsel Michael Rodgers and associates Shelby Morgan and Princess Rogers (all in Houston); Jia Ying (New York); and Tyrone Crawford and Jackie Ostrogorsky (both in Washington, D.C.), with additional associate and specialist support.

Sprint Waste Services sold to GFL Environmental

Deal Description: Hunton Andrews Kurth said May 2 it advised the owners of Sprint Waste Services in its sale to GFL Environmental Inc., a publicly traded, diversified environmental services company. Terms were not disclosed. The sale also included certain related entities, real property and assets. The transaction closed on May 2. Headquartered in Houston, Sprint Waste is a family-owned and operated, full-service provider of waste collection, storage, removal, hauling and recycling and landfill services to industrial and large commercial businesses across Houston and the Gulf Coast.

Hunton Andrews Kurth team: Led by corporate partner Phil Haines, including assistance from corporate partner Jordan Hirsch and associates Mike Hoffman, Erin Jennings, Casey Shaw, Alexa Williams, Logan Chisholm and Sami Kahn. The group also included real estate partner Chanse McLeod and associate Chris Richardson; tax partner Robert McNamara and associate Tim Strother; benefits partner Tony Eppert; labor and employment partner Scott Nelson and associates Marshall Horton and Crawford LeBouef; and environmental partner Lisa Shelton. 

HackerOne acquires PullRequest

Deal Description: HackerOne said April 28 it acquired PullRequest, which helps software developers by providing an external code review team to fix bugs and identify security vulnerabilities before production. Terms weren’t disclosed. The five-year-old startup came out of the Y Combinator accelerator program raising almost $13 million in 2017. The last round was in 2018 for $8 million.

PullQuest’s Outside Counsel: Morrison Foerster led by partner Murray Indick (San Francisco) and associate Anthony Krueger (Austin) 

TAKKION buys Harvest Energy Services

Deal Description: Apollo Global Management-backed Takkion TP&L Holdings of Dallas announced May 3 that it bought Broomfield, Colorado-based Harvest Energy Services, an independent services provider of operations and maintenance solutions to the renewable energy industry. Terms weren’t disclosed. Harvest is Takkion’s third significant acquisition in less than 18 months and expands its scale and capabilities in the wind services market.

Takkion’s Outside Counsel: Vinson & Elkins led by Danielle Patterson, Yong Eoh and Dan Komarek with assistance from Katherine Coric and Sebastian Devora. Other key team members included Tzvi Werzberger, Carter Olson, Cole Renicker, Sean Becker and Peter Goetschel.

Harvest’s Outside Counsel: Kirkland & Ellis

Latticework-backed Xpress Wellness adds on Integrity Urgent Care

Deal Description: Xpress Wellness Urgent Care, an Oklahoma-based company that provides treatment of non-life-threatening illnesses and injuries and a portfolio company of Latticework Capital Management, said April 28 it completed an add-on acquisition of Integrity Urgent Care, an owner and operator of urgent care clinics in Texas.

Xpress’ Outside Counsel: McGuireWoods led by Dallas partner Kash Sethi with support from associates Kelly Wray and Allison Rosenzweig

Advent acquires a stake in Bain-backed Imperial Dade

Deal Description: Advent International announced May 2 it signed a definitive agreement to acquire a significant stake in Imperial Dade, a distributor in North America of foodservice packaging and janitorial supplies, from Bain Capital Private Equity. Terms were not disclosed. Bain, which first invested in Imperial Dade in 2019, and Advent will have joint board governance. Imperial Dade will continue under the leadership of Robert and Jason Tillis, chairman and CEO, who remain significant investors in the business alongside the current management team.

Advent’s Outside Counsel: Weil led out of Boston but including banking associate Angel Torres in Dallas

CAPITAL MARKETS/FINANCINGS

Halliburton lines up $3.5B revolver

Deal Description: On April 27 Halliburton Co. entered into a five-year revolving credit agreement with a group of lenders and Citibank that provides for $3.5 billion. The revolver has the option to increase the aggregate revolving commitments to $4 billion. The agreement replaces the existing $3.5 billion five year revolving credit agreement entered into in 2019 and can be used for general working capital purposes.

Halliburton’s Outside Counsel: Baker Botts including, from finance, Shad Sumrow (partner, Dallas), Josh Espinosa (senior associate, Dallas) and Spencer Crawford (associate, Dallas); Dallas corporate partner David Emmons; on tax Joshua Mandell (partner, Dallas) and Peter Farrell (special counsel; Washington, D.C.); and on international trade Paul Luther (partner; Washington, D.C.)

Phillips 66 announce exchange offers for $3.5B in notes

Deal Description: Phillips 66 announced May 4 the expiration and results of its previously announced offers to exchange seven series of notes issued by Phillips 66 Partners for notes to be issued by Phillips 66 Co., a subsidiary of Phillips 66, and the related consent solicitations to proposed amendments. The notes amounted to $3.5 billion. The swap had the same interest rates and maturities in light of the recent acquisition of Phillips 66 Partners by Phillips 66. 

Exchange Agent: D.F. King & Co. Inc.

Phillips 66’s Outside Counsel: Bracewell led by partner Will Anderson in Houston and assisted by senior counsel Ian Brown in Dallas and associates Shannon Baldwin in Houston and Brandon Bucio in Dallas

HF Sinclair, HollyFrontier announce exchange offers for $1.4B in notes

Deal Description: HF Sinclair Corp. and HollyFrontier Corp. announced April 25 the expiration and results of its previously announced offers to exchange all HollyFrontier’s outstanding notes issued for new HF Sinclair notes and cash. The notes amounted to $1.4 billion. For each $1,000 of HollyFrontier notes tendered before the expiration date, holders were eligible to receive $1,000 of the new notes plus $1 in cash. The transactions settled on April 27. 

Exchange Agent: D.F. King & Co. Inc.

HF Sinclair‘s Outside Counsel: Vinson & Elkins led by partners Katherine Frank and David Stone and senior associate Amy Deroo with assistance from associates Grace-Ann Duquette, Mary Busse, Madison Bertrand and Leah Powers. Also advising were partners Jim Meyer and Wendy Salinas and associate Jeff Slusher (tax); and partner Bailey Pham and associates Jake Torres and Will Biesel (finance).

Liberty Energy closes underwritten secondary by Schlumberger

Deal Description: Liberty Energy Inc., formerly known as Liberty Oilfield Services Inc., announced April 29 the pricing of the previously announced underwritten public secondary offering of 14.5 million shares of Class A common stock by Schlumberger Technology Corp. for $224.75 million The underwriters intend to offer the shares from time to time for sale in one or more transactions on the New York Stock Exchange, in the over-the-counter market, through negotiated transactions or otherwise at market prices prevailing at the time of sale, at prices related to prevailing market prices or at negotiated prices. The offering was expected to close on May 3. Liberty will not sell any shares in the offering and will not receive any proceeds.

Bookrunning Managers: BofA Securities and J.P. Morgan

Underwriters‘ Outside Counsel: Baker Botts including corporate partners Joshua Davidson and Eileen Boyce and associates Marshall Heins II and Michael Mazidi in Houston

Claire Poole

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

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