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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, 12 Firms, 137 Lawyers, $12.1B

February 14, 2023 Claire Poole

The U.S. markets went wild for the initial public offering of Freemont, Calif., solar-seeking software maker Nextracker, which upsized both the offering size (by more than 14%) and the per-share price (from the $20 to $23 range to $24).

The issue began trading Feb. 9, shooting up 26% and signifying the year’s biggest IPO to date. Nextracker will bring in $638 million, $738 million including the over-allotment option.

Indeed, there’s some hope for IPO’s, which logged the worst year last year in a decade, according to a report by Fidelity Investments. There were just 71 IPOs closed last year for a paltry $7.7 billion in proceeds.

The reasons are many. For one thing, the stock market fell by 20 percent, according to the report. Second, tech stocks, which typically account for a big chunk of IPOs, were among the worst-performing sectors in 2022. And finally, and perhaps most importantly, rapidly rising interest rates had substantially raised the cost of borrowing that helps finance deals.

“Add in competition for investment capital from existing SPACs, many of which sprung up during the blockbuster 2021, and you had an environment that made for an extraordinarily difficult year for IPOs,” Fidelity said.

As the IPO market attempts to rebound, there are some factors that may point to a better year for IPOs in 2023, the report said. First off, markets have had a positive start and IPO performance has broadly improved: The Renaissance Capital IPO ETF has surged 25 percent year-to-date. Also, many economists expect the Fed to slow the pace of rate hikes. 

Some well-known companies could go public this year, including several that postponed last year, according to Fidelity. Among them: fintech firm Stripe, grocery delivery service Instacart, enterprise software company Databricks, message board operator Reddit, video game developer Epic Games, short-form video platform TikTok and Vietnamese automaker VinFast.

Among the companies that have filed for U.S. IPOs this year: Austin-based oilfield services firm Atlas Energy Solutions Inc., advised by Vinson & Elkins, and Washington, D.C.-based restaurant chain Cava Group, which bought Plano-based Zoe’s Kitchen in 2018 for $300 million, taking it private.

So far this year, there have been some IPOs in the Lone Star State: TXO Energy Partners raised an initial $88 million in its issue, the first IPO of a master limited partnership taxed as a partnership since 2017. (Texas lawyers from Latham & Watkins represented TXO and Baker Botts counseled the underwriters).

SPAC AlphaTime Acquisition also priced its $60 million IPO, with Texas lawyers from Winston & Strawn advising the issuer. Sign of the times.

For the week ending Feb. 11, there were 16 deals reported at a total value of $12.1 billion. That compares quite favorably to the prior week: 17 deals for $8.1 billion; and even more favorably with the same week last year: 12 deals for $2.3 billion.

Weekly Corporate Deal Tracker Roundup Stats

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

Week Ending
Deal CountAmountFirmsLawyersM&A CountM&A Value $MCapM Count
CapM Value $M
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

CVS Health acquires Oak Street Health for $9.47B

Deal Description: CVS Health announced Feb. 8 it will acquire Chicago-based Oak Street Health in an all-cash transaction at $39 per share, representing an enterprise value of about $10.6 billion. The equity value of the deal is around $9.47 billion. Newlight Partners and General Atlantic and members of the Oak Street’s board, which owns around 45 percent of the common stock, agreed to vote their shares in favor of the transaction. Oak Street is a multi-payor, value-based primary care company helping older adults stay healthy and live lives more fully. Half of its patients have a housing, food or isolation risk factor. Oak Street employs 600 primary care providers and has 169 medical centers across 21 states. Its technology solution, Canopy, is used when determining the type and level of care for each patient. Oak Street CEO Mike Pykosz will continue to lead the company, which will become part of CVS’s recently formed health care delivery organization. By 2026, Oak Street will have 300 centers with the potential to contribute $7 million each representing $2 billion of its EBITDA. CVS projects $500 million in synergy potential over time, enhancing its long-term adjusted operating income growth.

Expected Closing: 2023

CVS’ Financial Advisors: Credit Suisse Securities and Lazard

CVS’ Outside Counsel: Shearman & Sterling led by partners Dan Litowitz and Derrick Lott in New York but including litigation partner K. Mallory Brennan in Houston and New York and litigation associate Cole Pritchett in Austin and M&A associate Kyle Park in Dallas; Dechert and McDermott Will & Emery also provided legal advice

Oak Street Health’s Financial Advisor: Centerview Partners

Oak Street Health’s Outside Counsel: Kirkland & Ellis led by partners David Klein, Daniel Wolf and Josh Ayal in New York but including executive compensation partners Stephen Jacobson and Stephanie Jeane in Houston and associate Karsten Busby in Dallas

Flowserve buys Velan for $245 million

Deal Description: Flowserve Corp., a provider of flow control products and services for infrastructure markets, announced Feb. 10 it agreed to buy Velan Inc. in an all-cash transaction valued at $245 million (C$329 million), including all of the issued and outstanding Velan equity for $209 million (C$281 million) and the assumption of $36.3 million (C$48.9 million) in debt as of Nov. 30. Flowserve will also assume Velan’s $31.4 million of cash and cash equivalents as of Nov. 30. Founded in Montreal in 1950, Velan makes industrial valves with a presence in the nuclear, cryogenic and defense markets. Velan is a family-controlled business, with 1,650 employees and manufacturing facilities in nine countries. Through its fiscal third quarter ended Nov. 30, Velan reported trailing 12-month revenues of $380 million with reported EBITDA of $21 million. Upon deal completion, Velan will become part of Flowserve’s flow control division segment. The additional scale, footprint consolidation and procurement opportunities are expected to result in synergies and increase Flowserve’s aftermarket potential based on the installed base of Velan products and the network of Flowserve’s Quick Response Centers. Flowserve expects to realize $20 million (C$26 million) of run-rate cost synergies within two years after close. Including synergies, the economics imply an EBITDA multiple of less than 7x.

Expected Closing: By the end of Q2 2023 if it clears Velan shareholders and regulators

Flowserve’s Financial Advisor: Citi

Flowserve’s Outside Counsel: Baker McKenzie led by corporate partners John Quattrocchi in Dallas and Nancy Hamzo and David Palumbo in Toronto, along with Jonathan Farrokhnia, Sarah Rosales and Roger Bivans. Arvind Miriyala advised on antitrust issues, Lane Morgan on tax and Heiko Burow on IP concerns.

Velan’s Financial Advisor: BMO Capital Markets

Velan’s Outside Counsel: Davies Ward Phillips & Vineberg

Special Committee’s Outside Counsel: Norton Rose Fulbright Canada

Velan Holding’s Outside Counsel: McCarthy Tetrault

Fairness Opinion to Special Committee/Board: Richter

RealWear combines with SPAC Cascadia

Deal Description: RealWear Inc., an industrial wearable technology solution provider, and Cascadia Acquisition Corp., a special purpose acquisition company, announced Feb. 6 they agreed to combine, which would make RealWear a publicly traded company. The merged entity will be named RealWear and is expected to trade on the Nasdaq. The transaction needs the approval of the shareholders of RealWear and CCAI. A sufficient number of RealWear shareholders have already agreed to the buyout. The combined company is expected to have a post-transaction enterprise value of $375.5 million. CCAI has $150 million of cash in trust and up to $35 million of additional financing is planned. The net proceeds will be used to support RealWear’s strategic growth and corporate initiatives, including hiring more employees for product development and cloud engineering, expanding contract manufacturing capabilities, accelerating sales channel penetration and pursuing additional industry verticals. RealWear’s assisted reality tools enable frontline professionals to view, communicate and share documents, diagrams, photos and video while keeping their hands and field-of-view free for the work. RealWear devices are designed to withstand and perform in the harsh, often challenging environments.

Expected Closing: H2 2023

CCAI’s Financial Advisor: Cascadia Capital

CCAI’s Outside Counsel: Perkins Coie

RealWear’s Outside Counsel: Latham & Watkins led by Houston partners Nick Dhesi and Ryan Maierson with Houston associates Bryan Ryan, Ziyad Barghouthy, Haley Sandoval and Rebekah Bingham. Other Texas members on the team included, on tax matters, Houston partners Bryant Lee and Jim Cole with Houston associate Michael Rowe, and on environmental matters by Houston associate Joseph Kmetz.

Atmosphere raises $65M led by Sageview, Valor, S3

Deal Description: Austin-based Atmosphere, which streams TV entertainment for businesses, announced Feb. 7 a new $65 million Series D funding round led by Sageview Capital, Valor Equity Partners and S3 Ventures. The round follows an $80 million Series C financing led by Sageview completed in December 2021. Atmosphere’s announcement comes as the company has doubled its customers in 2022. Its free ad-supported streaming TV platform provides short-form, audio-optional programming to 60 million viewers per month across 50,000 restaurants, bars, gyms, doctor offices and other establishments worldwide, including Burger King, Texas Roadhouse, Meineke and Snap Fitness.

Atmosphere’s Outside Counsel: Latham & Watkins led by Austin partner Scott Craig with associates Chen Zhang and Cecilia Turchetti

Notes: Craig also advised Atmosphere when it attracted the financing from Sageview.

Hawthorne’s HWN Energy closing two acquisitions

Deal Description: Carnelian Energy Capital Management-backed Hawthorne Energy, through its Canadian subsidiary HWN Energy Ltd., announced Feb. 6 the closing of two large complementary asset acquisitions in Central and Northern Alberta. Terms and sellers weren’t disclosed. HWN said it will now have a substantial, low decline production base of 15,000 barrels of oil equivalent per day with significant reserve value and cash flow generation capacity. The company’s land base includes 667,000 largely held-by-production net acres with an inventory of light oil drilling opportunities in the Dunvegan, Cardium and other Cretaceous zones of interest. Both acquisitions include infrastructure in place to accommodate future development.

HWN’s Credit Partners/Financial Advisors: ATB Capital Markets, CIBC Capital Markets and BMO Capital Markets

HWN’s Outside Counsel: Gibson, Dunn & Crutcher led by partner Michael Piazza and including of counsel Adam Whitehouse and associates Graham Valenta, Samantha Astrich and Hayden Theis and partner Shalla Prichard and associate Phil Chang on financing; Lawson Lundell also provided advice

Notes: While at Willkie, Piazza advised John Oberg and Marc Shatzer when they formed Hawthorne and the company attracted an undisclosed amount of funding from Carnelian in 2020.

Yokogawa Electric acquires Fluence Analytics

Deal Description: Locke Lord said Feb. 6 the firm advised Yokogawa Electric Corp. on its acquisition of Fluence Analytics, a U.S.-based startup that provides real-time analytics solutions to polymer and biopharmaceutical companies worldwide. Terms weren’t disclosed. Fluence Analytics will integrate its operations with Yokogawa’s business and further enhance its technological capabilities. 

From Locke Lord: The team was led by Jennie Simmons and Kevin Peter, both of Houston, and included Matt McKenna, Ashley Lopez, Ed Razim, Emily Howard, Buddy Sanders, Laura L. Ferguson, Nick Dickerson, Case Towslee, Kathleen Laird and Brendan O’Leary (all of Houston) and Ziwen Zhu (Atlanta).

Merchants Metals buys C&D Scrap

Deal Description: Chamberlain Hrdlicka said Feb. 7 a Houston-based team represented Merchants Metals Recycling II CD on its acquisition of C&D Scrap Metal Recyclers Co. Inc. Terms weren’t disclosed. Merchants is an owner-operator of industrial facilities in the Gulf Coast region, including investments in metal recycling facilities, vehicle storage facilities and collision centers. C&D Scrap Metal has been a recycler in the Houston area for more than 40 years.

From Chamberlain Hrdlicka: The team was led by Habeeb “Hobbs” Gnaim, Houston shareholder and practice chair of the tax planning and business transactions group, with assistance from Michael Overstreet (tax planning/business transactions), Umair Karowadia (tax planning/business transactions), Matthew Stirneman (banking/finance), Jack Najarian (real estate) and Aly Dossa (intellectual property)

C&D’s Outside Counsel: BoyarMiller with shareholder John Ransom, senior associate Travis L. Johnson and associate Adebola Akisanya 

RBC acquires OJO Canada

Deal Description: Royal Bank of Canada announced Feb. 7 that it acquired OJO Canada, the Canadian operations of U.S.-based real estate technology company OJO Holdings Corp. OJO Canada helps consumers through the home buying journey by providing a search experience, on demand access to industry experts and the support of financial resources. OJO Canada aims to make the home ownership process more accessible to more Canadians. RBC said the Canadian housing market continues to be impacted by rising interest rates and evolving economic conditions that are creating new opportunities and challenges for Canadian home buyers.

OJO’s Outside Counsel: Vinson & Elkins led by partner Wes Jones and senior associate Austin White with assistance from associate Christina Wu. Also advising were partners David Peck and Natan Leyva and counsel Peter Rogers (tax); partner Michael Kurzer and associate Alexa Chally (technology transactions); partner Becky Baker (employment/labor); and partner Shane Tucker (executive compensation/benefits).

Boasso, Quala merge

Deal Description: Boasso Global Inc. and Q Super Holdings Inc., known as Quala, announced Feb. 9 they agreed to merge their complementary businesses to create one of the top infrastructure services solution providers for the liquid bulk logistics industry. Terms weren’t disclosed. The transaction is supported by a new investment from Boasso’s majority shareholder, KKR, through its KKR Global Infrastructure Investors IV fund. Under the terms, KKR will inject further growth capital into Boasso to facilitate the merger with Quala via a purchase of shares from Advent International and invest in the strategic combination of the two businesses. Quala is one of the North American leaders in liquid bulk container cleaning and maintenance services, including tank trailers, ISO, or International Organization of Standardization, tank containers, railcars and intermediate bulk containers. Boasso provide infrastructure services for the ISO tank container industry in North America and Europe.

Expected Closing: H1 2023

Boasso/KKR’s Outside Counsel: Simpson Thacher & Bartlett including, from Houston, M&A partners Shamus Crosby and Breen Haire and associates Ana Sanchez, Eduard Popov, Andrew Kingsbury, Carla Luna and Carl Stenberg

Boasso/KKR’s Financial Advisor: Citi

Quala/Advent’s Outside Counsel: Weil Gotshal & Manges including partner Ramona Nee and counsel Michael Messina in Boston

Quala/Advent’s Financial Advisors: Credit Suisse and Bank of America

Trillium Flow Technologies buys Coulter Valve Service

Deal Description: First Reserve-backed Trillium Flow Technologies announced Feb. 8 the acquisition of Coulter Valve Service, a valve field services provider. Terms weren’t disclosed. CVS specializes in on-site nuclear and commercial maintenance, repair and modifications for main steam isolation, feedwater check and free flow reverse check valves for major utilities across the U.S. Trillium said the acquisition strengthens its aftermarket business in North America and expands its global nuclear and commercial service capabilities. Founded in 1998 by Felix Coulter, CVS has been a partner of Trillium for many years.

Trillium’s In-House Counsel: General Counsel Mehgan Wichuk and assistant general counsel Anna Boureiko in Houston

Trillium’s Outside Counsel: Morgan Lewis including partner Sameer Mohan and associate Tara McElhiney in Houston

Notes: Mohan also assisted Trillium with its acquisition of Termoneccanica Pompe last year.

Weaver buys CFAI

Deal Description: Weaver, a Texas-based national accounting and advisory firm, announced Feb. 1 it acquired Columbia Financial Advisors Inc. for undisclosed terms. The transaction expands Weaver’s presence along the West Coast and continues the emergence of its valuation services unit as a national practice. CFAI’s Arlene Ashcraft and Donny Springer join the firm as partners in the unit. CFAI’s founders and former owners, Kathryn Aschwald, Mary McCarter and Donna Walker, will remain involved as advisors and mentors and directly on select engagements. Founded in 1992 in Portland, Ore., CFAI is a nationally recognized business valuation firm with a focus on employee stock ownership plan-owned companies. The firm has decades of experience with ESOP formation and exit transactions and annual valuation updates. Working with closely held companies, large privately held businesses, publicly traded companies and high-net-worth individuals, CFAI also provides trust and estate, transactional and valuation-related dispute support.

Weaver’s In-House Counsel: Frank McElroy, general counsel and chief risk officer

  

CAPITAL MARKETS/FINANCINGS

Waste Management prices $1.25B senior notes offering

Deal Description: Waste Management Inc. announced Feb. 8 the pricing of its public offering of $1.25 billion of notes. They include $750 million in 4.625 percent senior notes due 2030 and $500 million in 4.625 percent senior notes due 2033. The company plans to use the net proceeds to repay borrowings under its commercial paper program used for working capital, which is supported by its $3.5 billion revolver; to repay $500 million of its outstanding 2.40 percent senior notes when they mature in May 2023; and for general corporate purposes. The senior notes offering was expected to close on Feb. 15.

Waste Management’s Outside Counsel: Baker Botts including, from Texas, corporate partner Clint Rancher, special counsel Lakshmi Ramanathan and associates Parker Hinman and Talha Chaudhry; finance partner Clint Culpepper; environmental special counsel Aileen Hooks and associate Katie Windle, labor and employment partner Jennifer Trulock; employee benefits senior associate Gabriela Alvarez; and tax partner Jon Lobb and associate Phillip Clifton

Underwriters’ Outside Counsel: Gibson, Dunn & Crutcher led by partner Hillary Holmes and including associates Malakeh Hijazi, William Bald and Abby Joens-Witherow

GardaWorld completes $400M offering of senior secured notes

Deal Description: Simpson Thacher & Bartlett said Feb. 6 the firm represented Garda World Security Corp. in an offering of $400 million in 7.75 percent senior secured notes due 2028. The offering closed Jan. 30. GardaWorld plans to use the net proceeds to repay outstanding amounts on its senior secured revolving credit facility; for general corporate purposes, which may include acquisitions; and to pay related fees and expenses in connection with the offering. GardaWorld provides security services, integrated risk management and cash solutions, employing 132,000 professionals.

From Simpson Thacher: Ken Wallach, Brian Rosenzweig, Evan Zuckerman, Alexander Suh and Braxton Pitts (capital markets); Adam Shapiro and Leah Nudelman (credit); Jonathan Pall (collateral); Sophie Staples, Jonathan Cantor and Scott Grundei (tax); Jeannine McSweeney and Jeanne Annarumma (executive compensation/employee benefits); Courtney Welshimer and Melanie Jolson (intellectual property); and Michael Isby (environmental).

Nine Energy Service raises $300M in unit offering

Deal Description: Simpson Thacher & Bartlett said Feb. 6 it advised the underwriters, led by J.P. Morgan Securities, on the offering by Nine Energy Service Inc. of 300,000 units, or $300 million, with each unit consisting of $1,000 in Nine’s 13 percent senior secured notes due 2028 and five shares of Nine’s common stock. The firm also represented JPMorgan Chase Bank as arranger and administrative agent in connection with the amendment and extension of Nine’s existing asset-based revolving credit facility. The offering closed Jan. 30. Nine used the net proceeds, together with borrowings under its ABL and cash on hand, to redeem all of its outstanding 8.75 percent senior notes due 2023 and pay fees and expenses associated with the refinancing transactions. Nine is an oilfield services company that offers completion solutions in North America and abroad. It is based in Houston with operating facilities in the Permian, Eagle Ford, Scoop/Stack, Niobrara, Barnett, Bakken, Marcellus, Utica and Canada.

From Simpson Thacher: David Azarkh, Brian Rosenzweig, Richie Ragusa, Braxton Pitts and Alexandra Speiss (capital markets); Brandan Still, Erland Modesto and Brandon Barton (banking and credit); Jon Pall (UCC); Jon Cantor and Ruoxi Zhang (tax); Courtney Welshimer, Bobbie Burrows and Mark Natividad (intellectual property); Alan Fenyes (ECEB); Jennie Getsin (Blue Sky); and Tim Mulvihill (environmental).

Cactus pulls in $172.5M in stock offering to fund FlexSteel purchase

Deal Description: Simpson Thacher & Bartlett said Feb. 6 that it represented the underwriters, led by J.P. Morgan Securities, in an offering by Cactus Inc. of around $172.5 million of common stock. The shares are listed on the New York Stock Exchange. Cactus intends to use the net proceeds to finance a portion of its previously announced acquisition of FlexSteel Technologies Holdings Inc. Cactus designs, manufactures, sells and rents wellhead and pressure control equipment, principally for onshore unconventional oil and gas wells. The equipment is used during the drilling, completion and production phases. It also provides field services for its products and rental items to assist with the installation, maintenance and handling of the wellhead and pressure control equipment. Cactus operates service centers throughout the U.S. and Australia while also providing equipment and services in select international markets. FlexSteel designs, manufactures, sells and installs highly engineered spoolable pipe technologies, mainly for onshore oil and gas wells during the well production phases.

From Simpson Thacher: Brian Rosenzweig, Dave Azarkh, Maggie Selbe and Enzo Salamone (capital markets); Michael Mann (tax); Mike Isby (environmental); Ryan Stott (ECEB); Claire Cahoon (regulatory); and Bobbie Burrows and Sarika Pandrangi (IP)

Claire Poole

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

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