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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, 13 Firms, 228 Lawyers, $6.6B

October 10, 2023 Claire Poole

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 CountAmountFirmsLawyersM&A CountM&A Value $MCapM Count
CapM Value $M
31-May-202519$23,3811116612$18,6657$4,717
24-May-202515$24,0331112113$23,6242$409
17-May-202516$21,7601214511$18,6155$3,145
10-May-202524$33,1751620619$30,7655$2,410
03-May-202511$4,249139011$2,226.52$2,022.5
26-Apr-202512$8,78791689$6,0113$2,776
19-Apr-202511$8,09771389$7,9852$112
12-Apr-202513$2,392815210$2,0653$327
05-Apr-202519$27,7621518816$25,4733$2,289
29-Mar-202521$8,1881025816$4,1255$4,064
22-Mar-202519$6,4851423115$4,1284$2,857
15-Mar-202513$13,7371315110$9,9324$3,805
8-Mar-20257$2,2345665$2242$2,100
1-Mar-202511$3,05087510$2,5501$500
24-Feb-2512$16,39771496$6,6356$9,862
17-Feb-2517$12,1361313410$9,4112$2,725
10-Feb-2514$7,15491799$4,9505$2,204
3-Feb-2516 $10,068720011$7,5535$2,515
25-Jan-2514$10,261101259$2,2075$8,054
18-Jan-2519$7,3821531612$2,3007$5,082
11-Jan-2521$33,5601618716$32,5215$1,039
4-Jan-259$6,8279809$6,82700
21-Dec-2411$2,79811928$2,2293$570
14-Dec-2415$5,3231218612$3,8123$1,511
07-Dec-2416$4,7661023111$2,32152,445
30-Nov-2410$10,29191034$8,2906$2.001
23-Nov-2415$4,5531515311$3,3794$1,174
16-Nov-2417$11,4881124513$10,1864$1,303
09-Nov-2414$2,1101213912$1,4102$700
02-Nov-2412 $52,788 1110711$52,7381$50
26-Oct-248$3,1608657$3,0651$75
19-Oct-2412$5,3041113611$4,5541$750
12-Oct-2417$8,4381215015$8,1162$322
05-Oct-2422$23,1811218915$19,9807$3,201
28-Sep-2411$2,35671447$534$2,303
21-Sep-2412$9,568101695$4,1017$5,467
14-Sep-2424$10,9881223516$7,1758$3,813
7-Sep-2412$20,4201616811$20,3071$112.9
31-Aug-2413$20,631913412$14,7751$5,856
24-Aug-2419$8,4522132516$7,1023$1,350
17-Aug-2425$49,1961630411$39,38614$9,810
10-Aug-2420$12,2641531216$9,7944$2,470
03-Aug-2426$16,4981633418$8,1378$8,361
27-Jul-2419$16,4422127115$13,8384$2,604
20-Jul-2415$16,0161418410$14,2325$1,784
13-Jul-2420$17,220 1426518$7,146 2$10,074
6-Jul-2411$3,941 11958$2,650 3$1,291
29-Jun-2414$6,296 152248$6,296 6$1,927
22-Jun-2412$5,679 81375$210 7$5,469
15-Jun-2413$9,895 1621410$5,280 3$4,615
8-Jun-2419$23,859 1323912$19,436 7$4,423
1-Jun-2412$34,510 111479$26,110 3$8,400
25-May-2413$9,684 1517110$4,434 3$5,250
18-May-2411$5,490 111738$3,129 3$2,361
11-May-2422$14,855 1422716$11,105 6$3,750
4-May-2413$3,139 98710$1,297 3$1,842
27-Apr-2410$6,684 62810$6,684 00
20-Apr-2419$15,989 111479$5,208 10$10,781
13-Apr-2413$8,952 97610$1,652 3$7,300
6-Apr-2423$26,616 1422214$13,501 8$13,116
30-Mar-2412$9,286 81368$4,299 4$4,987
23-Mar-2418$5,451 1726616$4,759 2$692
16-Mar-2421$11,437 1318614$9,316 6$2,070
9-Mar-2423$4,695 2121819$2,723 4$1,972
2-Mar-2420$9,108 1937214$4,558 6$4,550
24-Feb-2419$16,382 1224815$9,507 4$6,875
17-Feb-2416$29,932 1515712$29,216 4$716
10-Feb-2425$10,750 1719619$5,372 6$5,379
3-Feb-2412$8,416 181259$3,416 3$5,000
27-Jan-249$8,165 9878$7,815 1$800
20-Jan-2414$4,084 1210912$3,219 2$865
13-Jan-2417$33,588 1225612$26,765 5$6,823
6-Jan-248$7,915 8846$7,265 2$650
30-Dec-2317$14,599 129915$2,714 2$11,885
23-Dec-2323$4,182 1321916$1,813 7$2,370
16-Dec-2313$16,436 132807$15,150 5$1,286
9-Dec-2326$14,633.90 1724416$8,095 10$6,538.90
2-Dec-2313$6,720 95712$6,630 1$90
25-Nov-239$4,835 91316$1,785 3$3,050
18-Nov-2322$6,568.70 1718414$4,709.20 8$1,859.50
11-Nov-2315$9,825 1317912$6,581 3$3,244
4-Nov-2315$20,582.50 1419312$19,417.50 3$1,165
28-Oct-2318$68,419.10 1815215$66,646 3$1,773.10
21-Oct-2316$6,755.90 1616515$6,755.90 1$3
14-Oct-2314$67,851.20 131259$61,998.50 5$5,852.70
7-Oct-2317$6,595.50 1322816$5,995.50 1$600
30-Sep-2317$1,896.45 1318914$806.45 3$1,090
23-Sep-2323$6,432.70 1723016$1,402.80 7$5,029.90
16-Sep-2325$23,226.70 2335316$17,239 9$5,987.70
9-Sep-2312$6,369 81027$4,311 5$2,058
2-Sep-2314$2,522 69213$1,322 1$1,200
26-Aug-2317$12,160.25 1320215$6,573.25 2$5,587.00
19-Aug-2319$11,505 1321315$11,255 4$250
12-Aug-2319$9,698.80 131847$3,270 12$6,428.80
5-Aug-2313$5,201 1211812$5,051 1$150
29-Jul-2315$21,031.60 1319611$18,292.00 4$2,739.60
22-Jul-2318$3,992 1213013$2,808 5$1,184
15-Jul-2313$8,254.95 138113$8,254.95 00
8-Jul-2316$5,441.45 1217211$2,443 5$2,998.45
1-Jul-2316$6,872 1010512$5,474 4$1,398
24-Jun-2313$10,914 1620110$7,874 3$3,040
17-Jun-2317$5,880.70 1515115$4,705.70 2$1,175
10-Jun-2319$8,516.10 1311116$6,252.40 3$2,263.70
June 3 202312$6,104.42 121388$4,256.92 4$1,847.50
27-May-2317$12,200 106711$6,165 6$6,035
20-May-2311$22,458.10 81034$19,455 7$3,003
13-May-2312$7,034 101018$5,460 4$1,574
6-May-2320$3,297.60 1819617$2,985.60 3$312
29-Apr-2323$3,691.20 1813517$1,969.70 6$1,721.50
22-Apr-2316$5,570 1410414$4,750 2$1,000
15-Apr-2312$23,818.10 95910$21,618.10 2$2,200
8-Apr-2316$7,949 91739$5,472 7$3,477
1-Apr-2321$18,676.70 1217511$10,926.70 10$7,750
25-Mar-2315$8,779.50 101415$2,362 10$6,416.50
18-Mar-237$14,048.80 6695$13,345 2$703.80
11-Mar-2321$11,576 1616516$8,131 5$3,445
4-Mar-2320$9,668 1122816$8,209 4$1,459
25-Feb-2313$5,335 1313012$4,235 1$1,200
18-Feb-2314$5,743.70 131588$898.70 6$4,845
11-Feb-2316$12,088 1213712$9,965 4$2,123
4-Feb-2317$8,066 1514013$5,614 4$2,452
28-Jan-237$2,180 7755$1,692.75 2$488
21-Jan-2317$5,768 1617412$1,918 5$3,850
14-Jan-2311$2, 800101028$421 3$2,400
7-Jan-2318$8,296 1116714$6,461 3$1,835
31-Dec-2214$2,732 119912$2,092 2$640
17-Dec14$7,919 1311512$7,419 1$500
10-Dec-2214$10,093 128811$7,093 3$3,000
3-Dec-2226$12,800.90 1117220$4,141 6$8,659.90
26-Nov-228$2,266.70 853$76 5$2,190.70
19-Nov-2221$2,886 1521219$2,550 2$336
12-Nov-2213$15,093.70 9819$14,200 4$893.70
5-Nov-222519,337.201650922$8,267.20 3$11,070
29-Oct-2215$7,805.30 911614$7,180.30 1$625
22-Oct-2220$8,193.50 1325313$5,442 7$2,751.50
15-Oct-229$3,046.10 91397$2,588.30 2$457.80
8-Oct-2219$2,011.80 1211416$833.80 3$1,178
1-Oct-2223$5,532.90 1615618$4,952.30 5$580.60
24-Sep-2218$5,194 1421615$4,050 3$1,144
17-Sep-2221$8,352.30 1232015$4,759.60 6$3,592.70
10-Sep-2215$19,853.50 1012613$19,403.60 2$450
3-Sep-229$2,312 9629$2,312 00
27-Aug-2216$30,891.70 1013515$30,666.40 1227.7
20-Aug-2212$1,977 815299253$1,052
13-Aug-2218$8,004.70 1124211$2,844.70 7$5,160
6-Aug-2224$7,948.90 1224017$3,577 7$4,371.90
30-Jul-228$6,941 9787$6,839 1$102
23-Jul-2211$801 119210$801 10
16-Jul-2214$3,650 1012214$3,650 00
9-Jul-2210$3,557.70 7689$3,557.70 10
2-Jul-2218$8,609.40 1315215$2,754.40 3$5,855
25-Jun-2215$6,142 131469$2,017 6$4,125
18-Jun-2217$11,890.10 1422815$11,410 2479.7
11-Jun-2217$7,600 1212310$2,300 7$5,300
4-Jun-2212$2,937 101279$692 3$2,245
28-May-229$3,197.60 11869$3,197.60 00
21-May-2214$7,284.50 1218511$6,609 3$675.50
14-May-2211$306.60 98010$306.60 1$225
7-May-2216$10,451.75 1210812$1,827 4$8,624.75
30-Apr-2216$2,296.50 1615712$895.50 4$1,401
23-Apr-2210$2,241 11588$1,641 2$600
16-Apr-2211$6,643 71568$2,359 3$4,284
9-Apr-2217$4,429 1418411$1,690 6$2,739
2-Apr-2213$1,755 88410$1,145 3$610
26-Mar-2211$3,205 8656$200 5$3,005
19-Mar-2213$2,239.17 910613$2,239.17 00
12-Mar-2218$12,016 1123915$11,965 2$51.35
5-Mar-2217$6,786 1313713$5,161 4$1,625
26-Feb-2212$5,095 81499$4,437.50 3$658
19-Feb-2217$22,229 1717414$21,354 3$875
12-Feb-2212$2,344.70 10738$641.70 4$1,703
5-Feb-2211$2,503 89911$2,503 00
29-Jan-2211$3,872 1210112$3,872 00
22-Jan-2213$5,143.50 109912$4,842.50 1$301
15-Jan-2212$7,605 91559$6,480 3$1,025
8-Jan-2213$8,256.20 1110213$8,256.20 00
1-Jan-229$1,273.80 6509$1,273.80 00
25-Dec-2121$4,734.75 1117616$3,410 5$1,324.75
18-Dec-2126$7,325.20 1519318$3,640.20 8$3,685.20
11-Dec-2116$5,017 1010913$1,417 3$3,600
4-Dec-2114$2,310 8868$2,310 6$1,882.05
27-Nov-219$3.460.1101016$1,758 3$1,702.60
20-Nov-2120$22,792 1515712$18,864.50 8$3,928
13-Nov-2121$26,729 1217813$11,822 8$14,907
6-Nov-2112$8,303 1315710$6,682 3$1,621
30-Oct-2121$10,368 1521815$9,24.46$1,103.00
23-Oct-2121$18.783.11522211$12,314 10$6,468.60
16-Oct-2115$3,868 1111815$2,293 2$1,575
9-Oct-2120$8,610 1617516$7,795 4$815
2-Oct-2114$6,250 1113710$5,200 4$1,050
25-Sep-2111$11,460 9937$10,200 4$1,250
18-Sep-2111$16,603 8998$15,084 3$1,519
11-Sep-2117$10,653 1110313$8,503 4$2,150
4-Sep-2113$7,222 108911$6,715 2$507
28-Aug-2112$763 96311$663 1$100
21-Aug-2112$29,659 77911$29,579 1$80
14-Aug-2122$17,845 1119912$12,805 10$5,04
7-Aug-2117$13,670 1213915$11,766 2$1,904
31-Jul-2121$8,160 1113410$3,574 10$4,586
July 24,202121$6,367 1113915$3,712 6$2,655
17-Jul-2114$4,009 1112412$2,015 2$1,994
10-Jul-2116$3,997 1314311$1,597 4$2,4
3-Jul-2124$7,492 139416$3,769 8$3,722
26-Jun-2110$4,995 7858$3,847 2$1,148
19-Jun-2128$16,830 82289$1,861 19$14,968
12-Jun-2126$27,238 1520919$25,602 7$1,636
5-Jun-2115$15,539 1310013$14,709 2$600
29-May-2135$20,279 1114528$18,647$1,639
22-May-2124$53,208 1417417$51,047 7$2,161
15-May-2118$10,620 1322011$5,870 7$4,809
8-May-2117$10,400 1115615$8,386 2$2,500
1-May-2121$7,200 1611512$3,808 9$3,392
24-Apr-218$20,200 9318$20,200 00
17-Apr-2114$6,270 810211$40,180 3$2,260
10-Apr-2115$8,940 1312914$7,990 1$950
3-Apr-2118$19,513 1015112$16,923 6$2,590
27-Mar-2127$13,942 1524414$4,300 13$9,633.50
20-Mar-2111$2,046 41023$270 8$1,776
13-Mar-2115$3,270 91096$538 9$2,732
6-Mar-2124$13,617 1019613$10,395 11$3,222
27-Feb-2119$8,105 1213915$4,970 4$3,135
20-Feb-219$8,820 91538$8,520 1$300
13-Feb-2112$4,852.60 78172,7665$2,086.60
6-Feb-2118$9,752 1315314$5,222 4$4,530
30-Jan-2118$9,449 918215$8,753.80 3$695.30
23-Jan-2114$8,150 81186$4,000 8$4,150
16-Jan-2117$6,783 1313811$2,400 6$4,382.90
9-Jan-2122$6,829 1413518$3,139.30 4$3,690
2-Jan-217$1,466 7607$1,466 00
26-Dec-2018$15,900 1216316$5,300 1$600
19-Dec-2018$9,769 1411014$8,426 4$1,343
12-Dec-2010$7,200 91009$3,325 1$3,830
5-Dec-2015$4,261 91229$2,780 6$1,481
28-Nov-2019$7,758 1011013$4,003 6$3,755
14-Nov-2014$864.10 1415712$289.10 2$575
7-Nov-2013$6,332 91299$2,483.50 4$3,849
31-Oct-2010$3,995.80 81036$3,231.10 4$754.70
24-Oct-206$18,100 6585$17,709 1$350
17-Oct-208$351.90 5558$351.90 00
10-Oct-207$5,229 3504$735 3$4,494
3-Oct-2014$21,428 91739$17,535 5$3,893
26-Sep-2010$12,770 8935$10,300 5$2,470
19-Sep-2014$8,365 91016$1,020 8$7,345
12-Sep-206$4,406 8593$1,270 3$3,136
5-Sep-2011$5,191 81179$4,061 2$1,130
29-Aug-2011$2,531 9945$1,130 6$1,401
22-Aug-2018$6,574 121407$1,930 11$4,644
15-Aug-2013$4,991 10977$1,216 6$3,775
8-Aug-2012$32,092 111129$30,457 3$1,635
1-Aug-207$5,287 8765$3,687 2$1,600
25-Jul-209$18,751 6677$18,403 2$348
18-Jul-206$1,982.50 5504$1,407.50 2$575
11-Jul-2011$565.10 127510$65.10 1$500
4-Jul-2010$8,889 8989$8,788 1$100.30
27-Jun-208$6,874 10505$4,972.50 3$2,081.50
20-Jun-2012$4,444 91157$2,829 5$1,615
13-Jun-206$3,582 4372$350 4$3,232
6-Jun-2011$3,213.70 8657$470 4$2,743.70
30-May-208$7,335 7486$4,639 2$2,697
23-May-204$432.40 4343$432.40 10
16-May-206$310 6345$310 10
9-May-2018$5,630 1612414$3,180 4$2,450
2-May-201510,40010908$1,900 7$,8,500
25-Apr-208$3,400 9365$1,000 3$2,450
18-Apr-2019$9,500 14928$185.70 11$9,360
11-Apr-2012$6,000 9405$190 7$5,800
4-Apr-2014$8,200 116810$2,200 4$6,000
28-Mar-2016$6,500 139610$3,700 6$2,800
21-Mar-2011$11,910 7337$2,250 4$9,960
14-Mar-207809.86346684.81125
7-Mar-2016$2,500 157013$669 3$1,400
29-Feb-2013$15,260 1312811$11,760 2$3,500
22-Feb-2012$3,700 109210$2,560 2$1,130
15-Feb-2016$1,250 108412$35 4$1,222
8-Feb-2018$6,080 1412314$2,595 4$3,485
1-Feb-2021$20,900 1210114$17,860 7$3,060
25-Jan-2013$7,430 136212$6,430 1$1,000
18-Jan-2023$9,580 1512019$6,580 4$3,000
11-Jan-2021$14,200 1819916$1,020 5$13,200
4-Jan-2022$6,400 1111916$3,204 6$3,245
28-Dec-1922$7,150 1917518$6,800 4$327.40
14-Dec-1924$36,300 2316719$9,500 5$26,800
7-Dec-1911$10,400 11557$1,082 4$9,370
November 30. 201914$2,450 1212612$1,760 2$692.50
23-Nov-1916$1,995 104111$615 5$1,380
16-Nov-1915$3,820 1313511$2,500 4$1,271
9-Nov-1925$12,900 1718223$12,200 2$575
2-Nov-1910$2,470 126192,4503$22
26-Oct-1912$5,560 147011$3,860 1$1,700
19-Oct-198$6,600 81388$6,600 00
12-Oct-1919$4,300 145516$3,800 3$500
5-Oct-1918$14,500 1916615$11,100 3$3,400
28-Sep-1919$8,100 1813218$7,560 1$550
21-Sep-1914$6,300 166611$2,160 3$4,170
14-Sep-1915$23,800 125611$21,250 4$2,570
7-Sep-1917$3,500 159814$1,900 3$1,600
31-Aug-195$8,700 6505$8,700 00
24-Aug-1916$10,000 148215$4,250 1$5,750
16-Aug-1910$1,680 5527$650 3$950
9-Aug-1917$17,700 156814$3,900 3$13,800
2-Aug-1913$5,760 1210813$5,760 NANA
27-Jul-1911$7,300 13768$6,570 3$730
20-Jul-1913$11,800 1312511$5,300 2$6,500
13-Jul-1910$775 7468$542.50 2$233
6-Jul-197$2,500 9857$2,500 00
29-Jun-1923$8,290 1515417$2,300 6$5,970
22-Jun-1917$10,700 1013914$7,700 3$3,000
15-Jun-1911$13,500 1416011$13,500 NANA
8-Jun-1913$2,870 175511$1,570 2$1,300
1-Jun-1910$4,460 11608$4,140 2$315
25-May-1917$4,360 147914$3,700 3$612
18-May-1922$9,000 1715016$3,400 6$5,600
11-May-1918$19,800 1717715$18,300 3$1,500
4-May-1910$7,075 6328$6,900 2$175
27-Apr-1915$3,200 1411714$3,160 1$40
20-Apr-1913$13,500 10909$12,200 4$1,300
13-Apr-1916$38,900 149114$37,800 2$1,100
6-Apr-1912$6,870 119410$6,730 2$50
30-Mar-1915$6,470 128410$7,91.55$5,677
23-Mar-1918$6,450 149114$5,042 4$1,408
16-Mar-1914$10,180 1211511$8,800 3$1,300
9-Mar-199$1,800 6498$1,300 1$500
2-Mar-1920$3,033 1610714$1,817 6$1,262
23-Feb-1912$2,040 8699$614.60 3$1,430
16-Feb-1916$9,970 187716$9,970 00
9-Feb-1914$6,400 1011014$6,400 00
2-Feb-1918$6,740 159916$5,720 2$950
26-Jan-1913$2,770 116711$918.95 2$1,850
19-Jan-1915$3,819 167612$2,594 3$1,225
12-Jan-1918$7,283 149215$1,683 3$5,600
5-Jan-1910$529 125010$529 00
22-Dec-1817$2,570 138714$941 3$1,629
15-Dec-1810$2,860 8268$264 2$2,600
8-Dec-1815$1,819 166512$552 3$1,267
1-Dec-1812$7,500 10909$1,200 3$6,200
28-Nov-1815$4,500 1110714$4,000 1$500
19-Nov-1818$6,137 139813$2,142 5$3,995
14-Nov-1818$9,200 1315215$8,500 3$694
6-Nov-1816$17,300 1618314$16,361 2$950
29-Oct-1814$14,400 1812717$13,800 1$600
24-Oct-1813$6,140 1312611$5,122 2$1,018
17-Oct-1818$18,390 1512514$12,292 4$6,098
10-Oct-1829$3,149 1810420$1,647 9$819
2-Oct-1818$9,300 116714$7,300 4$2,000
25-Sep-1813$7,000 117510$6,000 3$995
18-Sep-189$3,570 7449$3,570 00
11-Sep-1813$5,900 1013213$5,900 00
7-Sep-1814$5,000 158611$4,000 3$1,000
29-Aug-1815$20,700 147913$4,700 2$16,000
20-Aug-1810$12,400 11538$11,380 3$1,057
14-Aug-1812$19,900 121329$18,889 3$1,011
7-Aug-1816$68,600 1110613$67,259 3$1,340
31-Jul-1815$15,100 159511$13,060 4$2,060
23-Jul-1813$2,130 156010$1,804 3$1,100
17-Jul-1814$5,370 17989$4,310 5$1,100
9-Jul-1816$11,200 157410$11,080 6$862
3-Jul-1813$7,000 78112$6,330 1$750
25-Jun-1815$8,800 13979$4,970 6$3,930
18-Jun-1813$14,200 14807$221 6$14,290
11-Jun-1812$6,300 8968$5,910 4$803
6-Jun-1813$14,500 10888$14,154 5$579
31-May-1811$4,890 10638$3,240 3$1,790
22-May-1815$20,400 11639$19,808 6$885
15-May-1815$4,700 1510610$3,900 5$643
9-May-1811$1,400 13889$1,300 2$560
1-May-188$14,250 7887$13,400 1$450
24-Apr-1812$5,300 66111$4,470 1$800
17-Apr-189$1,800 10447$2,330 2$1,434
11-Apr-1811$2,500 8326$1,690 5$809
3-Apr-1815$13,400 111219$12,020 6$1,090
28-Mar-1810$4,000 10927$3,870 3$215
19-Mar-1817$5,800 135110$590 7$5,165
12-Mar-1815$3,130 114311$2,360 4$788
6-Mar-1819$5,400 1311610$1,530 9$4,860
27-Feb-1820$6,600 136914$5,530 6$1,030
19-Feb-1815$5,500 1411110$3,990 6$1,980
12-Feb-1823$10,900 1715712$7,110 11$3,840
5-Feb-1816$8,600 131007$1,330 9$7,800
30-Jan-1811$12,600 11685$7,300 6$4,982
24-Jan-1819$9,400 151295$2,010 14$7,337
18-Jan-1810$6,280 8492$2,100 8$4,188
9-Jan-1812$16,500 12929$15,890 3$475
3-Jan-1810$2,500 9478$2,350 2$150
27-Dec-1715$9,000 151139$7,568 6$1,784
18-Dec-1715$13,800 161649$13,010 7$1,118
11-Dec-1714$9,700 1012612$2,940 4$8,500
4-Dec-176$1,800 6315$1,510 1$300
28-Nov-177$3,850 8764$3,260 3$285
16-Nov-1710$2,700 10486$1,840 4$856
8-Nov-1715$2,380 179110$1,860 5$516
1-Nov-1712$4,700 17949$3,400 4$1,300
23-Oct-1715$10,500 106710$9,780 4$1,530
18-Oct-176$2,000 373$225 3$1,820
10-Oct-1712$6,570 1009$3,880 3$3,360
2-Oct-178$3,100 11193$1,630 5$1,750
25-Sep-178$4,880 8795$2,660 5$2,070
18-Sep-179$4,770 3$300 6$4,470
12-Sep-1711$4,430 8$2,030 3$2,400
1-Sep-174$1,310 3$317 1$1,000
23-Aug-1711$13,640 98$11,840 3$1,800

M&A/FUNDINGS

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).

Claire Poole

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

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