CDT Roundup: 16 Deals, 13 Firms, 228 Lawyers, $6.6B

There is bad news and good news on the deals front.

The bad news first: In the first nine period of this year, worldwide M&A activity on a dollar basis dropped by 27 percent to $2 trillion, the slowest nine-month period for dealmaking since 2013, according to data and analysis firm Refinitv. In terms of number of deals, nearly 41,000 transactions were announced during the same period, a 8 percent decrease compared with the same period, marking a three-year low.

Now for the good news: Conditions seem to be improving. The third quarter on a value basis jumped 16 percent compared with the second quarter of 2023. Still, the performance still registered the slowest third quarter for worldwide deal making since 2012.

M&A activity for U.S. targets plummeted by 23 percent totaling $887 billion in the first nine months, the slowest opening period for U.S. dealmaking in three years. In fact, U.S. dealmaking accounted for an increasing amount of the total: 44 percent of overall worldwide M&A during the period, up from 42 percent a year ago.

Energy and power, technology and healthcare led the way, but the first two were still laggards: Dealmaking in the energy and power sector decreased 21 percent to $292.2 billion, accounting for a 14.5 percent of overall value, and technology M&A accounted for 14.4 percent of overall M&A, down 55 percent compared with a year ago.

However, healthcare deals accounted for 13.4 percent of activity during the first nine months of 2023, a 29 percent increase compared with a year ago. And despite double-digit percentage decline in private equity deals (24 percent), the first nine months of 2023 ranks as the sixth largest opening period for PE-backed M&A since records began in 1980. There’s hope.

Which law firm handled the most U.S. deals? Not surprising, Kirkland & Ellis topped the chart of announced U.S. deals by value, up from sixth in 2022, followed by Davis Polk & Wardwell at second and Sullivan & Cromwell at third, and then by Latham & Watkins and Skadden. As far as completed U.S. deals by value, Latham came in first (up from fourth), followed by Kirkland, Davis Polk, Paul Weiss and Sullivan & Cromwell.

Based on the number of deals, Goodwin Procter ranked tops followed by Cooley, Kirkland, Wilson Sonsini and Latham on announced deals and the same first four firms on closed deals, Holland & Knight taking fifth place (Latham taking sixth).

For the week ending October 7, there were 17 deals valued at $6.6 billion. Last week there were also 17 transactions; but they were valued at $1.9 billion. This time last year we reported 19 deals for $2 billion. The more things change…

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 Count	Amount	Firms	Lawyers	M&A Count	M&A Value $M	CapM Count	CapM Value $M
21-Dec-24	11	$2,798	11	92	8	$2,229	3	$570
14-Dec-24	15	$5,323	12	186	12	$3,812	3	$1,511
07-Dec-24	16	$4,766	10	231	11	$2,321	5	2,445
30-Nov-24	10	$10,291	9	103	4	$8,290	6	$2.001
23-Nov-24	15	$4,553	15	153	11	$3,379	4	$1,174
16-Nov-24	17	$11,488	11	245	13	$10,186	4	$1,303
09-Nov-24	14	$2,110	12	139	12	$1,410	2	$700
02-Nov-24	12	$52,788	11	107	11	$52,738	1	$50
26-Oct-24	8	$3,160	8	65	7	$3,065	1	$75
19-Oct-24	12	$5,304	11	136	11	$4,554	1	$750
12-Oct-24	17	$8,438	12	150	15	$8,116	2	$322
05-Oct-24	22	$23,181	12	189	15	$19,980	7	$3,201
28-Sep-24	11	$2,356	7	144	7	$53	4	$2,303
21-Sep-24	12	$9,568	10	169	5	$4,101	7	$5,467
14-Sep-24	24	$10,988	12	235	16	$7,175	8	$3,813
7-Sep-24	12	$20,420	16	168	11	$20,307	1	$112.9
31-Aug-24	13	$20,631	9	134	12	$14,775	1	$5,856
24-Aug-24	19	$8,452	21	325	16	$7,102	3	$1,350
17-Aug-24	25	$49,196	16	304	11	$39,386	14	$9,810
10-Aug-24	20	$12,264	15	312	16	$9,794	4	$2,470
03-Aug-24	26	$16,498	16	334	18	$8,137	8	$8,361
27-Jul-24	19	$16,442	21	271	15	$13,838	4	$2,604
20-Jul-24	15	$16,016	14	184	10	$14,232	5	$1,784
13-Jul-24	20	$17,220	14	265	18	$7,146	2	$10,074
6-Jul-24	11	$3,941	11	95	8	$2,650	3	$1,291
29-Jun-24	14	$6,296	15	224	8	$6,296	6	$1,927
22-Jun-24	12	$5,679	8	137	5	$210	7	$5,469
15-Jun-24	13	$9,895	16	214	10	$5,280	3	$4,615
8-Jun-24	19	$23,859	13	239	12	$19,436	7	$4,423
1-Jun-24	12	$34,510	11	147	9	$26,110	3	$8,400
25-May-24	13	$9,684	15	171	10	$4,434	3	$5,250
18-May-24	11	$5,490	11	173	8	$3,129	3	$2,361
11-May-24	22	$14,855	14	227	16	$11,105	6	$3,750
4-May-24	13	$3,139	9	87	10	$1,297	3	$1,842
27-Apr-24	10	$6,684	6	28	10	$6,684	0	0
20-Apr-24	19	$15,989	11	147	9	$5,208	10	$10,781
13-Apr-24	13	$8,952	9	76	10	$1,652	3	$7,300
6-Apr-24	22	$22,616	14	222	14	$13,501	8	$13,116
30-Mar-24	12	$9,286	8	136	8	$4,299	4	$4,987
23-Mar-24	18	$5,451	17	266	16	$4,759	2	$692
16-Mar-24	21	$11,437	13	186	14	$9,316	6	$2,070
9-Mar-24	23	$4,695	21	218	19	$2,723	4	$1,972
2-Mar-24	20	$9,108	19	372	14	$4,558	6	$4,550
24-Feb-24	19	$16,382	12	248	15	$9,507	4	$6,875
17-Feb-24	16	$29,932	15	157	12	$29,216	4	$716
10-Feb-24	25	$10,750	17	196	19	$5,372	6	$5,379
3-Feb-24	12	$8,416	18	125	9	$3,416	3	$5,000
27-Jan-24	9	$8,165	9	87	8	$7,815	1	$800
20-Jan-24	14	$4,084	12	109	12	$3,219	2	$865
13-Jan-24	17	$33,588	12	256	12	$26,765	5	$6,823
6-Jan-24	8	$7,915	8	84	6	$7,265	2	$650
30-Dec-23	17	$14,599	12	99	15	$2,714	2	$11,885
23-Dec-23	23	$4,182	13	219	16	$1,813	7	$2,370
16-Dec-23	13	$16,436	13	280	7	$15,150	5	$1,286
9-Dec-23	26	$14,633.90	17	244	16	$8,095	10	$6,538.90
2-Dec-23	13	$6,720	9	57	12	$6,630	1	$90
25-Nov-23	9	$4,835	9	131	6	$1,785	3	$3,050
18-Nov-23	22	$6,568.70	17	184	14	$4,709.20	8	$1,859.50
11-Nov-23	15	$9,825	13	179	12	$6,581	3	$3,244
4-Nov-23	15	$20,582.50	14	193	12	$19,417.50	3	$1,165
28-Oct-23	18	$68,419.10	18	152	15	$66,646	3	$1,773.10
21-Oct-23	16	$6,755.90	16	165	15	$6,755.90	1	$3
14-Oct-23	14	$67,851.20	13	125	9	$61,998.50	5	$5,852.70
7-Oct-23	17	$6,595.50	13	228	16	$5,995.50	1	$600
30-Sep-23	17	$1,896.45	13	189	14	$806.45	3	$1,090
23-Sep-23	23	$6,432.70	17	230	16	$1,402.80	7	$5,029.90
16-Sep-23	25	$23,226.70	23	353	16	$17,239	9	$5,987.70
9-Sep-23	12	$6,369	8	102	7	$4,311	5	$2,058
2-Sep-23	14	$2,522	6	92	13	$1,322	1	$1,200
26-Aug-23	17	$12,160.25	13	202	15	$6,573.25	2	$5,587.00
19-Aug-23	19	$11,505	13	213	15	$11,255	4	$250
12-Aug-23	19	$9,698.80	13	184	7	$3,270	12	$6,428.80
5-Aug-23	13	$5,201	12	118	12	$5,051	1	$150
29-Jul-23	15	$21,031.60	13	196	11	$18,292.00	4	$2,739.60
22-Jul-23	18	$3,992	12	130	13	$2,808	5	$1,184
15-Jul-23	13	$8,254.95	13	81	13	$8,254.95	0	0
8-Jul-23	16	$5,441.45	12	172	11	$2,443	5	$2,998.45
1-Jul-23	16	$6,872	10	105	12	$5,474	4	$1,398
24-Jun-23	13	$10,914	16	201	10	$7,874	3	$3,040
17-Jun-23	17	$5,880.70	15	151	15	$4,705.70	2	$1,175
10-Jun-23	19	$8,516.10	13	111	16	$6,252.40	3	$2,263.70
June 3 2023	12	$6,104.42	12	138	8	$4,256.92	4	$1,847.50
27-May-23	17	$12,200	10	67	11	$6,165	6	$6,035
20-May-23	11	$22,458.10	8	103	4	$19,455	7	$3,003
13-May-23	12	$7,034	10	101	8	$5,460	4	$1,574
6-May-23	20	$3,297.60	18	196	17	$2,985.60	3	$312
29-Apr-23	23	$3,691.20	18	135	17	$1,969.70	6	$1,721.50
22-Apr-23	16	$5,570	14	104	14	$4,750	2	$1,000
15-Apr-23	12	$23,818.10	9	59	10	$21,618.10	2	$2,200
8-Apr-23	16	$7,949	9	173	9	$5,472	7	$3,477
1-Apr-23	21	$18,676.70	12	175	11	$10,926.70	10	$7,750
25-Mar-23	15	$8,779.50	10	141	5	$2,362	10	$6,416.50
18-Mar-23	7	$14,048.80	6	69	5	$13,345	2	$703.80
11-Mar-23	21	$11,576	16	165	16	$8,131	5	$3,445
4-Mar-23	20	$9,668	11	228	16	$8,209	4	$1,459
25-Feb-23	13	$5,335	13	130	12	$4,235	1	$1,200
18-Feb-23	14	$5,743.70	13	158	8	$898.70	6	$4,845
11-Feb-23	16	$12,088	12	137	12	$9,965	4	$2,123
4-Feb-23	17	$8,066	15	140	13	$5,614	4	$2,452
28-Jan-23	7	$2,180	7	75	5	$1,692.75	2	$488
21-Jan-23	17	$5,768	16	174	12	$1,918	5	$3,850
14-Jan-23	11	$2, 800	10	102	8	$421	3	$2,400
7-Jan-23	18	$8,296	11	167	14	$6,461	3	$1,835
31-Dec-22	14	$2,732	11	99	12	$2,092	2	$640
17-Dec	14	$7,919	13	115	12	$7,419	1	$500
10-Dec-22	14	$10,093	12	88	11	$7,093	3	$3,000
3-Dec-22	26	$12,800.90	11	172	20	$4,141	6	$8,659.90
26-Nov-22	8	$2,266.70	8	5	3	$76	5	$2,190.70
19-Nov-22	21	$2,886	15	212	19	$2,550	2	$336
12-Nov-22	13	$15,093.70	9	81	9	$14,200	4	$893.70
5-Nov-22	25	19,337.20	16	509	22	$8,267.20	3	$11,070
29-Oct-22	15	$7,805.30	9	116	14	$7,180.30	1	$625
22-Oct-22	20	$8,193.50	13	253	13	$5,442	7	$2,751.50
15-Oct-22	9	$3,046.10	9	139	7	$2,588.30	2	$457.80
8-Oct-22	19	$2,011.80	12	114	16	$833.80	3	$1,178
1-Oct-22	23	$5,532.90	16	156	18	$4,952.30	5	$580.60
24-Sep-22	18	$5,194	14	216	15	$4,050	3	$1,144
17-Sep-22	21	$8,352.30	12	320	15	$4,759.60	6	$3,592.70
10-Sep-22	15	$19,853.50	10	126	13	$19,403.60	2	$450
3-Sep-22	9	$2,312	9	62	9	$2,312	0	0
27-Aug-22	16	$30,891.70	10	135	15	$30,666.40	1	227.7
20-Aug-22	12	$1,977	8	152	9	925	3	$1,052
13-Aug-22	18	$8,004.70	11	242	11	$2,844.70	7	$5,160
6-Aug-22	24	$7,948.90	12	240	17	$3,577	7	$4,371.90
30-Jul-22	8	$6,941	9	78	7	$6,839	1	$102
23-Jul-22	11	$801	11	92	10	$801	1	0
16-Jul-22	14	$3,650	10	122	14	$3,650	0	0
9-Jul-22	10	$3,557.70	7	68	9	$3,557.70	1	0
2-Jul-22	18	$8,609.40	13	152	15	$2,754.40	3	$5,855
25-Jun-22	15	$6,142	13	146	9	$2,017	6	$4,125
18-Jun-22	17	$11,890.10	14	228	15	$11,410	2	479.7
11-Jun-22	17	$7,600	12	123	10	$2,300	7	$5,300
4-Jun-22	12	$2,937	10	127	9	$692	3	$2,245
28-May-22	9	$3,197.60	11	86	9	$3,197.60	0	0
21-May-22	14	$7,284.50	12	185	11	$6,609	3	$675.50
14-May-22	11	$306.60	9	80	10	$306.60	1	$225
7-May-22	16	$10,451.75	12	108	12	$1,827	4	$8,624.75
30-Apr-22	16	$2,296.50	16	157	12	$895.50	4	$1,401
23-Apr-22	10	$2,241	11	58	8	$1,641	2	$600
16-Apr-22	11	$6,643	7	156	8	$2,359	3	$4,284
9-Apr-22	17	$4,429	14	184	11	$1,690	6	$2,739
2-Apr-22	13	$1,755	8	84	10	$1,145	3	$610
26-Mar-22	11	$3,205	8	65	6	$200	5	$3,005
19-Mar-22	13	$2,239.17	9	106	13	$2,239.17	0	0
12-Mar-22	18	$12,016	11	239	15	$11,965	2	$51.35
5-Mar-22	17	$6,786	13	137	13	$5,161	4	$1,625
26-Feb-22	12	$5,095	8	149	9	$4,437.50	3	$658
19-Feb-22	17	$22,229	17	174	14	$21,354	3	$875
12-Feb-22	12	$2,344.70	10	73	8	$641.70	4	$1,703
5-Feb-22	11	$2,503	8	99	11	$2,503	0	0
29-Jan-22	11	$3,872	12	101	12	$3,872	0	0
22-Jan-22	13	$5,143.50	10	99	12	$4,842.50	1	$301
15-Jan-22	12	$7,605	9	155	9	$6,480	3	$1,025
8-Jan-22	13	$8,256.20	11	102	13	$8,256.20	0	0
1-Jan-22	9	$1,273.80	6	50	9	$1,273.80	0	0
25-Dec-21	21	$4,734.75	11	176	16	$3,410	5	$1,324.75
18-Dec-21	26	$7,325.20	15	193	18	$3,640.20	8	$3,685.20
11-Dec-21	16	$5,017	10	109	13	$1,417	3	$3,600
4-Dec-21	14	$2,310	8	86	8	$2,310	6	$1,882.05
27-Nov-21	9	$3.460.1	10	101	6	$1,758	3	$1,702.60
20-Nov-21	20	$22,792	15	157	12	$18,864.50	8	$3,928
13-Nov-21	21	$26,729	12	178	13	$11,822	8	$14,907
6-Nov-21	12	$8,303	13	157	10	$6,682	3	$1,621
30-Oct-21	21	$10,368	15	218	15	$9,24.4	6	$1,103.00
23-Oct-21	21	$18.783.1	15	222	11	$12,314	10	$6,468.60
16-Oct-21	15	$3,868	11	118	15	$2,293	2	$1,575
9-Oct-21	20	$8,610	16	175	16	$7,795	4	$815
2-Oct-21	14	$6,250	11	137	10	$5,200	4	$1,050
25-Sep-21	11	$11,460	9	93	7	$10,200	4	$1,250
18-Sep-21	11	$16,603	8	99	8	$15,084	3	$1,519
11-Sep-21	17	$10,653	11	103	13	$8,503	4	$2,150
4-Sep-21	13	$7,222	10	89	11	$6,715	2	$507
28-Aug-21	12	$763	9	63	11	$663	1	$100
21-Aug-21	12	$29,659	7	79	11	$29,579	1	$80
14-Aug-21	22	$17,845	11	199	12	$12,805	10	$5,04
7-Aug-21	17	$13,670	12	139	15	$11,766	2	$1,904
31-Jul-21	21	$8,160	11	134	10	$3,574	10	$4,586
July 24,2021	21	$6,367	11	139	15	$3,712	6	$2,655
17-Jul-21	14	$4,009	11	124	12	$2,015	2	$1,994
10-Jul-21	16	$3,997	13	143	11	$1,597	4	$2,4
3-Jul-21	24	$7,492	13	94	16	$3,769	8	$3,722
26-Jun-21	10	$4,995	7	85	8	$3,847	2	$1,148
19-Jun-21	28	$16,830	8	228	9	$1,861	19	$14,968
12-Jun-21	26	$27,238	15	209	19	$25,602	7	$1,636
5-Jun-21	15	$15,539	13	100	13	$14,709	2	$600
29-May-21	35	$20,279	11	145	28	$18,64	7	$1,639
22-May-21	24	$53,208	14	174	17	$51,047	7	$2,161
15-May-21	18	$10,620	13	220	11	$5,870	7	$4,809
8-May-21	17	$10,400	11	156	15	$8,386	2	$2,500
1-May-21	21	$7,200	16	115	12	$3,808	9	$3,392
24-Apr-21	8	$20,200	9	31	8	$20,200	0	0
17-Apr-21	14	$6,270	8	102	11	$40,180	3	$2,260
10-Apr-21	15	$8,940	13	129	14	$7,990	1	$950
3-Apr-21	18	$19,513	10	151	12	$16,923	6	$2,590
27-Mar-21	27	$13,942	15	244	14	$4,300	13	$9,633.50
20-Mar-21	11	$2,046	4	102	3	$270	8	$1,776
13-Mar-21	15	$3,270	9	109	6	$538	9	$2,732
6-Mar-21	24	$13,617	10	196	13	$10,395	11	$3,222
27-Feb-21	19	$8,105	12	139	15	$4,970	4	$3,135
20-Feb-21	9	$8,820	9	153	8	$8,520	1	$300
13-Feb-21	12	$4,852.60	7	81	7	2,766	5	$2,086.60
6-Feb-21	18	$9,752	13	153	14	$5,222	4	$4,530
30-Jan-21	18	$9,449	9	182	15	$8,753.80	3	$695.30
23-Jan-21	14	$8,150	8	118	6	$4,000	8	$4,150
16-Jan-21	17	$6,783	13	138	11	$2,400	6	$4,382.90
9-Jan-21	22	$6,829	14	135	18	$3,139.30	4	$3,690
2-Jan-21	7	$1,466	7	60	7	$1,466	0	0
26-Dec-20	18	$15,900	12	163	16	$5,300	1	$600
19-Dec-20	18	$9,769	14	110	14	$8,426	4	$1,343
12-Dec-20	10	$7,200	9	100	9	$3,325	1	$3,830
5-Dec-20	15	$4,261	9	122	9	$2,780	6	$1,481
28-Nov-20	19	$7,758	10	110	13	$4,003	6	$3,755
14-Nov-20	14	$864.10	14	157	12	$289.10	2	$575
7-Nov-20	13	$6,332	9	129	9	$2,483.50	4	$3,849
31-Oct-20	10	$3,995.80	8	103	6	$3,231.10	4	$754.70
24-Oct-20	6	$18,100	6	58	5	$17,709	1	$350
17-Oct-20	8	$351.90	5	55	8	$351.90	0	0
10-Oct-20	7	$5,229	3	50	4	$735	3	$4,494
3-Oct-20	14	$21,428	9	173	9	$17,535	5	$3,893
26-Sep-20	10	$12,770	8	93	5	$10,300	5	$2,470
19-Sep-20	14	$8,365	9	101	6	$1,020	8	$7,345
12-Sep-20	6	$4,406	8	59	3	$1,270	3	$3,136
5-Sep-20	11	$5,191	8	117	9	$4,061	2	$1,130
29-Aug-20	11	$2,531	9	94	5	$1,130	6	$1,401
22-Aug-20	18	$6,574	12	140	7	$1,930	11	$4,644
15-Aug-20	13	$4,991	10	97	7	$1,216	6	$3,775
8-Aug-20	12	$32,092	11	112	9	$30,457	3	$1,635
1-Aug-20	7	$5,287	8	76	5	$3,687	2	$1,600
25-Jul-20	9	$18,751	6	67	7	$18,403	2	$348
18-Jul-20	6	$1,982.50	5	50	4	$1,407.50	2	$575
11-Jul-20	11	$565.10	12	75	10	$65.10	1	$500
4-Jul-20	10	$8,889	8	98	9	$8,788	1	$100.30
27-Jun-20	8	$6,874	10	50	5	$4,972.50	3	$2,081.50
20-Jun-20	12	$4,444	9	115	7	$2,829	5	$1,615
13-Jun-20	6	$3,582	4	37	2	$350	4	$3,232
6-Jun-20	11	$3,213.70	8	65	7	$470	4	$2,743.70
30-May-20	8	$7,335	7	48	6	$4,639	2	$2,697
23-May-20	4	$432.40	4	34	3	$432.40	1	0
16-May-20	6	$310	6	34	5	$310	1	0
9-May-20	18	$5,630	16	124	14	$3,180	4	$2,450
2-May-20	15	10,400	10	90	8	$1,900	7	$,8,500
25-Apr-20	8	$3,400	9	36	5	$1,000	3	$2,450
18-Apr-20	19	$9,500	14	92	8	$185.70	11	$9,360
11-Apr-20	12	$6,000	9	40	5	$190	7	$5,800
4-Apr-20	14	$8,200	11	68	10	$2,200	4	$6,000
28-Mar-20	16	$6,500	13	96	10	$3,700	6	$2,800
21-Mar-20	11	$11,910	7	33	7	$2,250	4	$9,960
14-Mar-20	7	809.8	6	34	6	684.8	1	125
7-Mar-20	16	$2,500	15	70	13	$669	3	$1,400
29-Feb-20	13	$15,260	13	128	11	$11,760	2	$3,500
22-Feb-20	12	$3,700	10	92	10	$2,560	2	$1,130
15-Feb-20	16	$1,250	10	84	12	$35	4	$1,222
8-Feb-20	18	$6,080	14	123	14	$2,595	4	$3,485
1-Feb-20	21	$20,900	12	101	14	$17,860	7	$3,060
25-Jan-20	13	$7,430	13	62	12	$6,430	1	$1,000
18-Jan-20	23	$9,580	15	120	19	$6,580	4	$3,000
11-Jan-20	21	$14,200	18	199	16	$1,020	5	$13,200
4-Jan-20	22	$6,400	11	119	16	$3,204	6	$3,245
28-Dec-19	22	$7,150	19	175	18	$6,800	4	$327.40
14-Dec-19	24	$36,300	23	167	19	$9,500	5	$26,800
7-Dec-19	11	$10,400	11	55	7	$1,082	4	$9,370
November 30. 2019	14	$2,450	12	126	12	$1,760	2	$692.50
23-Nov-19	16	$1,995	10	41	11	$615	5	$1,380
16-Nov-19	15	$3,820	13	135	11	$2,500	4	$1,271
9-Nov-19	25	$12,900	17	182	23	$12,200	2	$575
2-Nov-19	10	$2,470	12	61	9	2,450	3	$22
26-Oct-19	12	$5,560	14	70	11	$3,860	1	$1,700
19-Oct-19	8	$6,600	8	138	8	$6,600	0	0
12-Oct-19	19	$4,300	14	55	16	$3,800	3	$500
5-Oct-19	18	$14,500	19	166	15	$11,100	3	$3,400
28-Sep-19	19	$8,100	18	132	18	$7,560	1	$550
21-Sep-19	14	$6,300	16	66	11	$2,160	3	$4,170
14-Sep-19	15	$23,800	12	56	11	$21,250	4	$2,570
7-Sep-19	17	$3,500	15	98	14	$1,900	3	$1,600
31-Aug-19	5	$8,700	6	50	5	$8,700	0	0
24-Aug-19	16	$10,000	14	82	15	$4,250	1	$5,750
16-Aug-19	10	$1,680	5	52	7	$650	3	$950
9-Aug-19	17	$17,700	15	68	14	$3,900	3	$13,800
2-Aug-19	13	$5,760	12	108	13	$5,760	NA	NA
27-Jul-19	11	$7,300	13	76	8	$6,570	3	$730
20-Jul-19	13	$11,800	13	125	11	$5,300	2	$6,500
13-Jul-19	10	$775	7	46	8	$542.50	2	$233
6-Jul-19	7	$2,500	9	85	7	$2,500	0	0
29-Jun-19	23	$8,290	15	154	17	$2,300	6	$5,970
22-Jun-19	17	$10,700	10	139	14	$7,700	3	$3,000
15-Jun-19	11	$13,500	14	160	11	$13,500	NA	NA
8-Jun-19	13	$2,870	17	55	11	$1,570	2	$1,300
1-Jun-19	10	$4,460	11	60	8	$4,140	2	$315
25-May-19	17	$4,360	14	79	14	$3,700	3	$612
18-May-19	22	$9,000	17	150	16	$3,400	6	$5,600
11-May-19	18	$19,800	17	177	15	$18,300	3	$1,500
4-May-19	10	$7,075	6	32	8	$6,900	2	$175
27-Apr-19	15	$3,200	14	117	14	$3,160	1	$40
20-Apr-19	13	$13,500	10	90	9	$12,200	4	$1,300
13-Apr-19	16	$38,900	14	91	14	$37,800	2	$1,100
6-Apr-19	12	$6,870	11	94	10	$6,730	2	$50
30-Mar-19	15	$6,470	12	84	10	$7,91.5	5	$5,677
23-Mar-19	18	$6,450	14	91	14	$5,042	4	$1,408
16-Mar-19	14	$10,180	12	115	11	$8,800	3	$1,300
9-Mar-19	9	$1,800	6	49	8	$1,300	1	$500
2-Mar-19	20	$3,033	16	107	14	$1,817	6	$1,262
23-Feb-19	12	$2,040	8	69	9	$614.60	3	$1,430
16-Feb-19	16	$9,970	18	77	16	$9,970	0	0
9-Feb-19	14	$6,400	10	110	14	$6,400	0	0
2-Feb-19	18	$6,740	15	99	16	$5,720	2	$950
26-Jan-19	13	$2,770	11	67	11	$918.95	2	$1,850
19-Jan-19	15	$3,819	16	76	12	$2,594	3	$1,225
12-Jan-19	18	$7,283	14	92	15	$1,683	3	$5,600
5-Jan-19	10	$529	12	50	10	$529	0	0
22-Dec-18	17	$2,570	13	87	14	$941	3	$1,629
15-Dec-18	10	$2,860	8	26	8	$264	2	$2,600
8-Dec-18	15	$1,819	16	65	12	$552	3	$1,267
1-Dec-18	12	$7,500	10	90	9	$1,200	3	$6,200
28-Nov-18	15	$4,500	11	107	14	$4,000	1	$500
19-Nov-18	18	$6,137	13	98	13	$2,142	5	$3,995
14-Nov-18	18	$9,200	13	152	15	$8,500	3	$694
6-Nov-18	16	$17,300	16	183	14	$16,361	2	$950
29-Oct-18	14	$14,400	18	127	17	$13,800	1	$600
24-Oct-18	13	$6,140	13	126	11	$5,122	2	$1,018
17-Oct-18	18	$18,390	15	125	14	$12,292	4	$6,098
10-Oct-18	29	$3,149	18	104	20	$1,647	9	$819
2-Oct-18	18	$9,300	11	67	14	$7,300	4	$2,000
25-Sep-18	13	$7,000	11	75	10	$6,000	3	$995
18-Sep-18	9	$3,570	7	44	9	$3,570	0	0
11-Sep-18	13	$5,900	10	132	13	$5,900	0	0
7-Sep-18	14	$5,000	15	86	11	$4,000	3	$1,000
29-Aug-18	15	$20,700	14	79	13	$4,700	2	$16,000
20-Aug-18	10	$12,400	11	53	8	$11,380	3	$1,057
14-Aug-18	12	$19,900	12	132	9	$18,889	3	$1,011
7-Aug-18	16	$68,600	11	106	13	$67,259	3	$1,340
31-Jul-18	15	$15,100	15	95	11	$13,060	4	$2,060
23-Jul-18	13	$2,130	15	60	10	$1,804	3	$1,100
17-Jul-18	14	$5,370	17	98	9	$4,310	5	$1,100
9-Jul-18	16	$11,200	15	74	10	$11,080	6	$862
3-Jul-18	13	$7,000	7	81	12	$6,330	1	$750
25-Jun-18	15	$8,800	13	97	9	$4,970	6	$3,930
18-Jun-18	13	$14,200	14	80	7	$221	6	$14,290
11-Jun-18	12	$6,300	8	96	8	$5,910	4	$803
6-Jun-18	13	$14,500	10	88	8	$14,154	5	$579
31-May-18	11	$4,890	10	63	8	$3,240	3	$1,790
22-May-18	15	$20,400	11	63	9	$19,808	6	$885
15-May-18	15	$4,700	15	106	10	$3,900	5	$643
9-May-18	11	$1,400	13	88	9	$1,300	2	$560
1-May-18	8	$14,250	7	88	7	$13,400	1	$450
24-Apr-18	12	$5,300	6	61	11	$4,470	1	$800
17-Apr-18	9	$1,800	10	44	7	$2,330	2	$1,434
11-Apr-18	11	$2,500	8	32	6	$1,690	5	$809
3-Apr-18	15	$13,400	11	121	9	$12,020	6	$1,090
28-Mar-18	10	$4,000	10	92	7	$3,870	3	$215
19-Mar-18	17	$5,800	13	51	10	$590	7	$5,165
12-Mar-18	15	$3,130	11	43	11	$2,360	4	$788
6-Mar-18	19	$5,400	13	116	10	$1,530	9	$4,860
27-Feb-18	20	$6,600	13	69	14	$5,530	6	$1,030
19-Feb-18	15	$5,500	14	111	10	$3,990	6	$1,980
12-Feb-18	23	$10,900	17	157	12	$7,110	11	$3,840
5-Feb-18	16	$8,600	13	100	7	$1,330	9	$7,800
30-Jan-18	11	$12,600	11	68	5	$7,300	6	$4,982
24-Jan-18	19	$9,400	15	129	5	$2,010	14	$7,337
18-Jan-18	10	$6,280	8	49	2	$2,100	8	$4,188
9-Jan-18	12	$16,500	12	92	9	$15,890	3	$475
3-Jan-18	10	$2,500	9	47	8	$2,350	2	$150
27-Dec-17	15	$9,000	15	113	9	$7,568	6	$1,784
18-Dec-17	15	$13,800	16	164	9	$13,010	7	$1,118
11-Dec-17	14	$9,700	10	126	12	$2,940	4	$8,500
4-Dec-17	6	$1,800	6	31	5	$1,510	1	$300
28-Nov-17	7	$3,850	8	76	4	$3,260	3	$285
16-Nov-17	10	$2,700	10	48	6	$1,840	4	$856
8-Nov-17	15	$2,380	17	91	10	$1,860	5	$516
1-Nov-17	12	$4,700	17	94	9	$3,400	4	$1,300
23-Oct-17	15	$10,500	10	67	10	$9,780	4	$1,530
18-Oct-17	6	$2,000		37	3	$225	3	$1,820
10-Oct-17	12	$6,570		100	9	$3,880	3	$3,360
2-Oct-17	8	$3,100	11	19	3	$1,630	5	$1,750
25-Sep-17	8	$4,880	8	79	5	$2,660	5	$2,070
18-Sep-17	9	$4,770			3	$300	6	$4,470
12-Sep-17	11	$4,430			8	$2,030	3	$2,400
1-Sep-17	4	$1,310			3	$317	1	$1,000
23-Aug-17	11	$13,640	9		8	$11,840	3	$1,800

M&A/FUNDINGS

Civitas picks up $2.1B in Permian assets from Vitol’s Vencer Energy

Deal Description: Denver-based Civitas Resources said Oct. 4 that it was acquiring $2.15 billion in Midland Basin producing assets from Vencer Energy, a subsidiary of Vitol. Civitas said by increasing its presence in the Permian, the company aims to balance its portfolio of production properties with those it holds in the Denver-Julesburg basin. Kirkland & Ellis advised Civitas and Latham & Watkins assisted Vencer. Click here to read the full story.

Metropolis Technologies purchases SP Plus for $1.5B

Deal Description: Metropolis Technologies Inc. announced Oct. 5 it agreed to acquire publicly traded SP Plus Corp., a Chicago-based company that manages parking spaces, for $1.5 billion in enterprise value. Skadden, Arps, Slate, Meagher & Flom is advising the target and Sidley Austin is counseling Metropolis investor Eldridge. For more on this deal, tap here.

AEA Investors SBF V closes above target at $1.3B

Deal Description: AEA Investors, an investment manager specializing in middle market private equity, growth capital and debt investments, announced Oct. 5 it closed AEA Investors SBF V with more than $1.3 billion in equity commitments, exceeding the $1 billion target. AEA SBF V represents an increase of more than 50 percent of third-party capital from AEA Investors SBF IV, which closed in 2019. The fund received support from new and existing investors, including unnamed public and private pension plans, asset managers, financial institutions, insurance companies, fund-of-funds, endowments and foundations, family offices and high net worth individuals. The general partner committed around $175 million in capital alongside the limited partners. The fund invests in lower middle market companies, primarily in the U.S., within the industrial, consumer and services sectors, making control equity investments ranging from $50 million to $100 million in firms with enterprise values of less than $500 million. AEA SBF V has completed three investments: Chemtron RiverBend, Crane Engineering and Singer Industrial. AEA Investors was founded in 1968 by the Rockefeller, Mellon and Harriman family interests and S.G. Warburg & Co. as a private vehicle for a group of industrial family offices. 

AEA’s Fund Counsel: Kirkland & Ellis led by investment funds partners Matt Nadworny, Kevin Wessel, Samara Sanderson and Chris Kallos and associate Alexander Lazar; and tax partners Don Rocap, Miles Johnson and Steve Cantor. 

Rithm Capital buys Specialized Loan Servicing for $720M

Deal Description: Publicly traded Rithm Capital Corp., a New York-based asset manager focused on the real estate and financial services industries, announced Oct. 2 it agreed with Computershare Ltd. to buy Computershare Mortgage Services Inc. and certain affiliated companies, including Specialized Loan Servicing, for $720 million. The deal includes about $136 billion in unpaid principal balance of mortgage servicing rights (MSR), in which $85 billion is third-party servicing, along with SLS’s origination services business. Following the close of the transaction, SLS’s portfolio and operations will be transitioned to and managed by Rithm portfolio company Newrez. Rithm plans to pay for the purchase through a mix of existing cash and available liquidity on the balance sheet as well as additional MSR financing.

Expected Close: H1 2024 once it clears regulators

Rithm’s Outside Counsel: Sidley Austin and Alston & Bird.

From Sidley: Bill D. Howell, Courtney Gilberg, Courtney Luster, Mark D. Werner and Micaela Hannah;

Alston & Bird: Nanci Weissgold and Anoush Garakani on regulatory matters

Computershare’s Outside Counsel: Skadden, Arps, Slate, Meagher & Flom including Peter Serating, Blair Thetford and Sam Cammer

Mach Industries raises $79M

Deal Description: Mach Industries, an Austin-based defense tech startup, raised $79 million in Series A funding led by Bedrock Capital at a $335 million post-money valuation, according to TechCrunch Oct. 4. Mach confirmed it, saying the other investors included DCVC and Marque. Mach is developing hydrogen-powered platforms and munitions for the military, including unmanned aerial vehicles and hydrogen generation systems.

Second Nature Brands acquires Sahale Snacks for $34M

Deal Description: Michigan-based Second Nature Brands, which calls itself a U.S.-based creator of premium, nutritional and better-for-you snacks and treats, announced Sept. 27it agreed to acquire Sahale Snacks from the J.M. Smucker Co. for $34 million. With net sales of more than $48 million, Sahale is a manufacturer and marketer of premium, branded nut and fruit snack mixes sold across the U.S. and internationally under the Sahale Snacks brand. The transaction will include all trademarks as well as the Sahale Snacks leased manufacturing facility in Seattle. About 100 employees will transition to Second Nature Brands on completion of the deal. Second Nature Brands owns the brands Kar’s Nuts, Second Nature Snacks, Sanders and Brownie Brittle, which it bought in December 2022.

Expected Closing: Q3 of Smucker’s current fiscal year, which ends April 30, 2024

Second Nature Brands’ Outside Counsel: Willkie Farr & Gallagher led by partners Ryan Giggs in Houston, David Arnold and Andrew Gray in London and Neil Townsend in New York and including associates Ryan McNamara and Rachel Hudson in Houston

Nauticus Robotics buys 3D at Depth for $34M

Deal Description: Nauticus Robotics Inc., a Houston developer of autonomous vehicles and robots for data collection and intervention services for offshore industries, announced Oct. 3 it agreed to acquire 3D at Depth Inc., a provider of commercial subsea laser “Light Detection and Range” inspection and data services, for around $34 million in stock. 3D security holders will receive 9.9326 shares of Nauticus common stock for each share of 3D common stock equivalent they own. Nauticus will also assume $4.1 million in debt. Nauticus said the acquisition enhances its underwater maritime capabilities, including integrated sensor solutions and data collection and analysis. It also expands its market reach and increases the value and utilization of Nauticus’ fleet assets.

Expected Closing: Q4 2023

Nauticus’ Financial Advisor: Mast Capital Advisors

Nauticus’ Outside Counsel: Winston & Strawn with a team led by Houston partner Mike Blankenship and including partners Ed Denny, Dean Hinderliter, Jennifer Stadler and Becky Troutman, of counsel David Odrich nd associates Jonathan Bodle, Cassandra Izaguirre, Mohima Khanom, Christine Ko, Robbie Oakes, Christine Olivo, Louis Savage, Franklin Shen, Eric Shinabarger, Ben Smolij and Chelsea Thompson

3D’s Financial Advisor: Sparkstone Capital Advisors

3D’s Outside Counsel: BoyarMiller (Taylor Gaver and Gary Miller) and Hutchinson Black and Cook (Justin Konrad)

Amperon attracts $20M in Series B round

Deal Description: Amperon, a Houston-based grid forecasting startup, raised $20 million in Series B funding, according to Axios Pro on Oct. 3. Energize Capital led and was joined by D.E. Shaw, Veriten, Ørsted, and insider HSBC Asset Management. Last year Amperon raised a $7 million in a Series A round led by led by HSBC Asset Management and including Riverstone Holdings, Muus Asset Management, Climate Capital and Kiran Bhatraju, CEO of Arcadia., bringing the total raised at that time to $10 million.

Humata raises $3.5M in seed funding

Deal Description: Humata AI, an Austin-based platform for simplifying research publications, raised $3.5 million in seed funding from Google’s Gradient Ventures, ARK Invest and M13, as per TechCrunch on Oct. 2. Humata, which claims to now have thousands of customers on its paid plan, aims to put the capital it has raised so far ($3.58 million including the pre-seed round) toward enhancing its AI capabilities, improving the user experience and expanding its market reach.

Revio brings in $2.5M from BankTech, EJF

Deal Description: Revio, an Austin-based developer of software for community banks, announced Oct. 3 it raised $2.5 million in Series A funding led by BankTech Ventures and EJF Ventures. The financing will help the company accelerate the adoption of its growth-focused, customer-insights platform. Revio said it enables community and regional financial institutions to identify actionable opportunities to expand relationships and increase customer retention, lifetime value and profitability. BankTech identifies and invests in bank technology companies while EJF is a global alternative asset management firm headquartered outside of Washington, D.C., and managed $6.6 billion as of June 30.

Ontario Teachers’ sells stake in SeaCube Container to Kuwait’s Wren House

Deal Description: Ontario Teachers’ Pension Plan Board announced Oct. 4 that Wren House Infrastructure Management Ltd. agreed to purchase an equity stake in SeaCube Container Leasing Ltd. Neither the size of the interest nor the price was disclosed, but in a separate press release, the Kuwait Investment Authority, owner of the Wren House, said the stake was 50 percent. Bloomberg reported Sept. 26 that the price under consideration was as much as $1 billion, including debt, for a 49 percent stake. Ontario Teachers’ took the company private in 2013 for $1.8 billion. Under the terms of the deal, Ontario Teachers’ and Wren House will operate under a co-control structure of the container leasing company. SeaCube is one of the largest operating lessors of intermodal containers in the world. Ontario Teachers’ had net assets of $249.8 billion as of June 30.

Wren House’s Financial Advisors: J.P. Morgan Securities and TD Securities

Wren House’s Outside Counsel: Latham & Watkins led by partners Justin Stolte and Edmond Parhami with associates Michael Spirtos, Monika Kluziak, Melanie von Staa Toledo and Jordan Armstrong. Advice was also provided on finance matters by partner Warren Lilien and counsel Jonathan Shih, with associate Alex Korogiannakis; on tax matters by partner Katharine Moir, with associate Jacob Meninga; on employee benefits & compensation matters by partner Larry Seymour, with associate Joseph Benedetto; on labor matters by partner Nineveh Alkhas, with associate Jocelyn Wexler; on environmental matters by partner James Barrett, with associate Brittany Curcuru; on intellectual property matters partner Steven Betensky, with associate Alan Kim; on data privacy matters partner Robert Blamires, with associate Kathryn Parsons-Reponte; on antitrust matters by partner Jason Cruise and counsels Peter Todaro and Philipp Studt, with associates Sean Mulloy and Romain Perrois; on sanctions matters by partner Les Carnegie and counsel Ruchi Gill, with associate Elliot Hecht; on anti-corruption matters by partner Nathan Seltzer, with associate Lauren McGuire; and on government contracts matters by partners Kyle Jefcoat and Dean Baxtresser, with associate Walter Perry; and Sidley Austin including Cliff Vrielink, Christopher Barbuto, Angela Fontana, Sean Damm and Samantha Seley

Ontario Teachers’ Financial Advisor: RBC Capital Markets

Ontario Teachers’ Outside Counsel: Sullivan & Cromwell, Conyers Dill & Pearman Ltd. and Linklaters

SK buys Milestone Environmental from Amberjack

Deal Description: SK Capital Partners announced Oct. 4 that it completed the acquisition of Milestone Environmental Services, a Houston-based environmental services and carbon management company, from Amberjack Capital Partners. Terms weren’t disclosed. SK Capital took a controlling stake in Milestone in partnership with president and CEO Gabriel Rio, who will continue to serve in that role and retain significant ownership in the company. Rio founded Milestone in 2014 and the company has become the largest independent provider of waste management services and an emerging leader in permanent carbon sequestration services to the U.S. energy and industrial sectors, SK said. SK is a New York-based private investment firm focused on the specialty materials, ingredients and life sciences sectors with $7.9 billion in assets under management.

SK’s Outside Counsel: Latham & Watkins with a corporate deal team led out of Washington, D.C., by partner Nick Luongo and counsel Elizabeth More with associates Cierra Warren, Taylor Allison, and Marifiel Gonzalez. Advice was also provided on tax matters by Washington, D.C., partner Andrea Ramezan-Jackson with associate Robert Christoffel; on finance matters by Washington, D.C., partners Jeff Chenard and Katie Putnam with associates Ashley Rose, Elizabeth Bell and Daniel Ovadia; on employee benefits matters by Washington, D.C., partner Matthew Conway and counsel Laura Szarmach with associate Victoria Wolfe; on environmental matters by Washington, D.C., partner James Barrett, Orange County partner Nikki Buffa, San Diego partner Jennifer Roy with associates Jacqueline Zhang and Nolan Fargo; on data and technology transactions matters by Washington, D.C., partner Morgan Brubaker with associates Lyle Stewart, Ryan Clore and Sanjana Parikh; on anti-bribery and anti-corruption matters by Washington, D.C., partner Erin Brown Jones; on real estate matters by New York partner Dara Denberg with associate Lauren Mastronardi; on antitrust matters by Bay Area partner Josh Holian and Washington, D.C., counsel Peter Todaro; and on insurance matters by Los Angeles partner Drew Levin with associate Hannah Cary.

SK’s Financial Advisor: Houlihan Lokey

Debt Financing Provider: Cerberus Business Finance

Milestone’s Outside Counsel: White & Case led by M&A partner Steve Tredennick in Houston with M&A associates Alex Lippert, Anil Tanyildiz and Yasin Khan, all of Houston. The team also included tax partner Chad McCormick and associate Neil Clausen (Houston) and antitrust partner Rebecca Farrington and associate Gabriela Baca (Washington, D.C.).

Milestone’s Financial Advisor: Goldman Sachs & Co.

Sumitomo Forestry America buys JPI’s operating platform

Deal Description: JPI, developer of Class A multifamily communities, and Sumitomo Forestry America Inc., a housing and wood products subsidiary of Sumitomo Forestry Co. Ltd., announced Oct. 2 the signing of a definitive agreement for the acquisition of JPI’s operating platform by Sumitomo Forestry. Terms weren’t disclosed. Minority interests will be acquired by JPI CEO Payton Mayes and CFO Mollie Fadule. JPI will maintain management over all assets currently under construction until their completion and realization. JPI will keep its name and maintain headquarters in Irving, Texas, supplemented by offices in San Diego and Irvine, Calif., and will operate autonomously within the Sumitomo Forestry conglomerate. JPI started construction of 5,051 homes in 2022, becoming the eighth largest multifamily developer. Since 2003, Sumitomo Forestry has largely focused on the single-family home business in the U.S. and in recent years have been expanding their commercial real estate development business, starting with the acquisition of Crescent Communities in 2018.

Expected Closing: Q4 2023

JPI’s Financial Advisor: Jones Lang LaSalle Securities 

JPI’s Outside Counsel: Norton Rose Fulbright led by partners Brett Todd and Craig Oliver and associate Munis Safajou with Michael Flamenbaum and Bill Bowers advising on tax

Mayes and Fadule’s Outside Counsel: Perkins Coie 

Sumitomo’s Financial Advisors: Falls River Group and Zelman Partners

Sumitomo’s Outside Counsel: Vinson & Elkins with a team led by partner Chris Rowley and senior associate Alexander Baker, with assistance from associates Luke Strieber, Leah Powers and Bennett Robinson. Other key team members included partner Chris Dawe and associates Chase Cero and Jalee Blackwell (finance); partners Brian Russell and David Peck and associate Steve Campbell (tax); partner Courtney Hammond, senior associate Callie Poorman and associate Matthew Fosheim (real estate); partner Sarah Mitchell, senior associate Alexander Baker and associate Leah Powers (insurance); partner Sean Becker, counsel Phileda Tennant and associate Andrew Cox (employment/labor); partner Shane Tucker, senior associate Brian DeShannon and associate Matt Green (executive compensation/benefits); partner Matt Dobbins and associate Ryan Vanderlip (environmental); partner Rajesh Patel and associate Alexa Chally (technology transactions/IP); partner Matt Stammel and associate Paul Hill (litigation); partner Rick Sofield, counsels Elizabeth McIntyre and Brian Howard and associate Pete Thomas (government contracts/exports); and partner Hill Wellford, senior associate Ryan Will and associate Alex Rant (antitrust).

Thompson Street’s PestCo buys Live Oak and PestBan+

Deal Description: PestCo, a St. Louis-based portfolio company of Thompson Street Capital Partners, announced Oct. 6 it acquired Texas-based pest control companies Live Oak in San Antonio and PestBan+ in Dallas. Terms were not disclosed. Live Oak is a provider of residential and commercial pest control services while PestBan+ offers commercial pest control services with a focus on multi-family communities. These are the 12th and 13th investments for PestCo, a company formed to consolidate the highly fragmented pest control industry. Thompson Street has acquired more than 200 companies in the healthcare and life science services, software and technology services and business services and engineered products sectors and managed over $4.5 billion since being founded in 2000.

Unity acquires Poolie

Deal Description: Unity Partners announced Oct. 4 it acquired a majority stake in Poolie, an Austin-based pool services business. Terms weren’t disclosed. CEO Leslie Elliott formed Poolie in 2021, and since then, the business has expanded to provide pool cleaning, repair and renovation services to more than 1,200 customers in the Austin area. Unity said the addressable market for pool services in the U.S. is estimated at $9 billion, with Texas accounting for $1 billion and growing at a 3 to 4 percent compound annual growth rate. This marks the second platform investment made by Unity Partners this year after tax, accounting and advisory services firm NDH, which was completed in May.

CAPITAL MARKETS/FINANCINGS

Sitio Royalties prices upsized $600M senior notes offering

Deal Description: Denver-based Sitio Royalties Corp. announced Sept. 26 the pricing of $600 million in senior unsecured notes by its units, Sitio Royalties Operating Partnership and Sitio Finance Corp. The size was increased from $500 million. The notes will accrue interest at a rate of 7.875 percent per year and will mature on Nov. 1, 2028. The offering was expected to close on Oct. 3. The issuers intend to use the net proceeds to fund the redemption of all of the outstanding of the partnership’s senior unsecured notes due 2026, which was anticipated to occur concurrently with or shortly following the consummation of the offering, and repay a portion of the outstanding borrowings under the partnership’s revolver.

Sitio’s Outside Counsel: Vinson & Elkins with a team led by partners Scott Rubinsky, David Stone and Doug McWilliams and senior associate Alex Lewis with assistance from associates Nate Richards, Travis Ewing and Lauren Perillo. Other key team members included partner Wendy Salinas and associate Jeff Slusher (tax); partner Dario Mendoza and senior associate Brian DeShannon (executive compensation/benefits); and partner James Longhofer (finance).