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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: 17 Deals, 10 Firms, 67 Lawyers, $12.2B

May 30, 2023 Claire Poole

In the CDT Roundup last week, we made passing reference to KKR and Blackstone and the fact that Vinson & Elkins and Kirkland & Ellis seem to be battling it out to win these top PE firms’ business.

As has been pointed out to us, there’s another warrior in the fight: Simpson Thacher & Bartlett.

Over the last 18 months, the firm’s Houston lawyers have worked on seven KKR and Blackstone deals, including KKR’s recent agreement in March to acquire a non-controlling interest in Sempra’s Port Arthur LNG facility (led by partners Breen Haire and Shamus Crosby). Expected cost: $13 billion. A SEC filing reveals that KKR would fund its equity share of pre-closing development costs in excess of $439 million. 

Haire and Crosby also represented KKR and Boasso Global Inc. this past February on their agreement to merge Boasso with Q Super Holdings Inc. – more commonly known as Quala – for undisclosed terms. The deal would create one of the top infrastructure services solution providers for the liquid bulk logistics industry. 

As far as Blackstone, only one Texas lawyer at Simpson – Houston compensation/benefits counsel Kristy Fields – worked on its acquisition last year of American Campus Communities in an all-cash transaction valued at around $12.8 billion, including debt. 

Any other contenders? Let us hear from you.

The week ending May 27 recorded 17 deals valued at a total of $12.2 billion. There were 11 M&A transactions for $6.2 billion and six capital markets deals valued at $6 billion. Last week there were 11 deals valued at $22.5 billion — thanks to a single deal valued at more than $19 billion.

And as a reminder that it can always be worse: this same week last year there were only nine deals reported for a total $3.2 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
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

RenaissanceRe acquires Validus from AIG for $2.985B

Deal Description: RenaissanceRe Holdings Ltd. announced May 22 it has agreed to buy Validus Reinsurance from American International Group Inc. The deal includes Validus’ consolidated subsidiaries, AlphaCat Managers Ltd. and its managed funds and all renewal rights to the Assumed Reinsurance Treaty Unit of Talbot. AIG has committed to deliver at closing $2.1 billion in unlevered shareholder’s equity to RenaissanceRe with any excess to be retained by AIG. RenaissanceRe will pay around $2.985 billion, including $2.735 billion of cash and $250 million of RenaissanceRe common shares. The cash is expected to be funded through RenaissanceRe available funds and proceeds from the issuance of common equity and debt. The shares will be valued at the lower of the public offer price for an expected underwritten public offering by RenaissanceRe or the closing price on May 22. AIG will keep 95 percent of the development on net reserves at closing. After closing, AIG expects to make substantial investments in RenaissanceRe’s Capital Partners business.

Expected Closing: Q4 2023 if it clears regulators

RenaissanceRe’s Outside Counsel: Sidley Austin with a team that included, from Texas, Dallas partners Aaron Rigby, Banks Bruce and William Howell, senior managing associate Nick DeAngelis, managing associate Robert C. Uhl, partner Banks Bruce, counsel Sean Damm and associates Carson Calloway and Kendra Smith

RenaissanceRe’s Financial Advisor: Morgan Stanley

Stratasys combines with Desktop Metal in $1.8B All-Stock Transaction

Deal Description: Stratasys Ltd. and Desktop Metal Inc. announced May 25 that they have agreed to combine in an all-stock transaction valued at around $1.8 billion, creating a top 3D printer company. Desktop Metal stockholders will receive 0.123 ordinary Stratasys shares for each share of Desktop Metal Class A common stock. That represents a value of about $1.88 per share of Desktop Metal Class A common stock based on the closing price of a Stratasys ordinary share of $15.26 on May 23. Existing Stratasys shareholders will own roughly 59 percent of the combined company and legacy Desktop Metal stockholders will hold around 41 percent. Stratasys CEO Yoav Zeif will lead the combined company as CEO with Ric Fulop, Desktop Metal’s co-founder, chairman and CEO, as board chairman. Upon completion, the combined company’s board will be made up of 11 members, five of whom will be selected by Stratasys and five of whom will be selected by Desktop Metal plus Zeif as CEO. Stratasys chairman Dov Ofer will serve as lead independent director of the combined company. The companies said the transaction unites the polymer strengths of Stratasys with the complementary industrial mass production leadership of Desktop Metal’s brands, creating a company that is expected to be well-positioned to serve the evolving needs of customers in manufacturing. Stratasys and Desktop Metal are expected to generate $1.1 billion in 2025 revenue with upside potential in a total addressable market of more than $100 billion by 2032. Massachusetts-based Desktop Metal went public in 2020 in a deal with with Trine Acquisition Co., a SPAC sponsored by HSP Investment Partners, and Kleiner Perkins, NEA and Alphabet Inc. are among its largest shareholders, according to Bloomberg.

Expected Closing: Q4 2023 if it’s cleared by both sets of stockholders and regulators

Desktop Metal’s Financial Advisor: Stifel

Desktop Metal’s Outside Counsel: Latham & Watkins and Shibolet & Co. From LW: The team was led by Houston partner Ryan Maierson and Boston partner Daniel Hoffman with associates Bryan Ryan, Monika Kluziak, Haley Sandoval, Catherine Sims and Tasbiha Batool, all of Houston.

Stratasys’ Financial Advisor: J.P. Morgan Securities

Stratasys’ Outside Counsel: Meitar Law Offices and Wachtell, Lipton, Rosen & Katz

Chord Energy buys Williston Basin assets from Exxon’s XTO for $375M

Deal Description: Houston-based Chord Energy Corp. announced May 22 that a wholly owned subsidiary agreed to acquire assets in the Williston Basin from XTO Energy Inc., a unit of Exxon Mobil Corp., for $375 million in cash. Chord expects to fund the transaction with cash on hand, which came in at $592 million as of March 31. Chord is the result of the merger between Whiting Petroleum Corp. and Oasis Petroleum Inc. last year, with Kirkland & Ellis advising Whiting and Vinson & Elkins assisting Oasis.

Expected Closing: End of June 2023

Chord’s In-House Counsel: Andrea Hoskins is associate general counsel in Denver

Pearl Energy closes third fund with $705M In commitments

Deal Description: Dallas-based Pearl Energy Investments announced May 15 the final closing of its third fund, Pearl Energy Investments III, and affiliated funds with total commitments of around $705 million, which represents the largest investment vehicle in Pearl’s history. Founded in 2015, Pearl manages about $1.9 billion of cumulative capital commitments across a series of funds and is a provider of equity capital and sponsorship to the North American energy industry. Pearl typically targets equity investments of $25 million to $150 million and has led investments requiring in excess of $400 million.

Pearl’s Outside Counsel: Kirkland & Ellis led by investment funds partner Susan Eisenberg and including tax partner Steve Butler

CenterPoint sells Energy Systems Group to Oaktree for $157M

Deal Description: Akin said May 25 it advised CenterPoint Energy Inc. on its agreement to sell Energy Systems Group to ESG Holdings Group, an affiliate of Oaktree Capital Management, for $157 million. The wholly-owned CenterPoint subsidiary specializes in providing energy efficiency and sustainable energy solutions.

From Akin: The team was led by corporate partner Rob Shearer and counsel Mary Lovely and included, from Texas, corporate associates Courtney Beloin, Grace Seidl and Mary Day Royston, tax partner Julia Pashin and counsel Aaron Vera and real estate senior counsel Richard Frank

SK Group invests $50M in Newfoundland hydrogen project

Deal Description: Shearman & Sterling said May 22 it represented Korea-based SK Group, one of the world’s largest sustainable infrastructure companies, on an investment agreement with World Energy GH2 in the investment and construction of a green hydrogen project located in Newfoundland, Canada, named Project Nujio’qonik. The investment was made public on May 17. SK ecoplant will initially invest $50 million in the $4.2 billion project based on acquiring a 20 percent stake in the first phase. This investment marks SK ecoplant’s first investment in a wind-to-green hydrogen project globally.

From Shearman: The team was led by partners Mona Dajani in New York and Jorge Medina in Menlo Park but included associates Andrew Heather and Humzah Yazdani in Houston

Wireless Telecom Group sells out to Maury Microwave for $45.4M

Deal Description: Wireless Telecom Group Inc., a test and measurement solutions provider, announced May 25 that it entered into a definitive merger agreement to be acquired by Maury Microwave Inc. in an all-cash transaction. Under the terms of the deal, which was unanimously approved by the board of directors of each company, Maury will acquire all the outstanding shares of Wireless Telecom for an estimated total cash consideration of $2.13 per share, or about $45.4 million based on 21.32 million shares outstanding. The consideration per share represents a 34 percent premium over the company’s closing share price on May 24 and a 50 percent premium since the date of the announcement of the strategic alternatives process in July 2022.

Expected Closing: Q3 2023

Wireless’ Financial Advisor: CDX Advisors

CDX Advisors’ Outside Counsel: Baker Botts including corporate partner Lee Charles in New York and special counsel Lakshmi Ramanathan in Houston

Wireless’ Outside Counsel: Bryan Cave Leighton Paisner

Maury Microwave’s Outside Counsel: Morgan, Lewis & Bockius including partner Mark Opitz and associate Greer Longer in Pittsburgh

Equilibrium, Ridgemont-backed Hatch Renewables ink partnership

Deal Description: Equilibrium Energy and Ridgemont Equity Partners-backed Hatch Renewables announced May 23 a partnership to manage utility-scale battery storage by pursuing tolling agreements with developers that have operating assets or projects with near-term commercial operation dates. Terms of the partnership weren’t disclosed. Equilibrium and Hatch have been working over the past year to formalize the partnership and screen an initial set of tolling opportunities in ERCOT. Equilibrium was formed by CEO Ryan Hanley and a team with experience in commercial structuring, power systems engineering, machine learning and AI, risk management and software engineering. Hatch was formed in 2022 by CEO James Murchison and a group that understands ERCOT grid operations and with backgrounds in managing risk, optimizing power assets and structuring investments to maximize financial returns. Ridgemont focuses on equity investments up to $500 million.

Hatch’s Outside Counsel: Kirkland & Ellis led by corporate partners John Kaercher and Chris Heasley and associate Evan Chavez. The team also included, from Texas, energy regulatory associate Cassidy Hall; tax partner Mark Dundon; and debt finance partner Lucas Spivey and associate Brittany Taylor.

Episode Six snares $48M financing led by Avenir

Deal Description: Episode Six, an Austin provider of enterprise-grade payment processing and digital ledger infrastructure, announced May 23 a $48 million Series C financing led by Avenir, a growth stage investment firm focused on tech companies. The round also included participation by existing investor Anthos Capital, a consumer and technology investment firm. E6 said the investment will be used to expand its go-to-market efforts, build on its global market leadership and scale its business as it continues to drive modernization journeys for banks and companies that operate within the payments space. Already used by the top 50 global banks, E6’s platform, Tritium, allows businesses to deliver payments solutions with the flexibility to adapt in real time. E6 operates across 38 countries with an expanding team in the U.S., U.K., Japan, Singapore, Hong Kong and Australia.

Episode Six’s In-House Counsel: General Counsel Laura Adams in Dallas

Episode Six’s Outside Counsel: DLA Piper’s Jeff Baglio, managing partner in the San Diego office

Investors’ Outside Counsel: Gunderson (David Gammell in Boston)

Intelligent Medical Objects acquires Melax Tech

Deal Description: Intelligent Medical Objects, a Chicago-based provider of clinical terminology management and data quality solutions for healthcare, announced May 22 that it acquired Melax Technologies Inc. of Houston. Terms weren’t disclosed. Melax Tech empowers the healthcare and life sciences industries through artificial intelligence and natural language processing technologies to extract information from biomedical textual data to solve real-world problems. IMO said the Melax Tech acquisition will enhance its portfolio of healthcare data solutions and enable it to expand its offerings to various segments in the healthcare market to tackle diverse problems, such as improving clinical and administrative workflows, clinical research and patient outcomes.

Setpoint buys Resolute Diligence Solutions

Deal Description: Austin-based Setpoint said May 22 it bought Resolute Diligence Solutions, which provides asset-level reviews for real estate loans. Terms weren’t disclosed. Founded in 2021, Setpoint, a fintech and proptech startup which raised a $43 million Series A round in December, has a capital and technology platform helps real estate, auto, consumer and other asset-backed borrowers to offer credit options to consumers. Setpoint said the acquisition of Park City-based Resolute strengthens Setpoint’s technology platform for asset-backed lending.

CAPITAL MARKETS/FINANCINGS

Simpson Thacher represents underwriters in $2.5B Charles Schwab debt offering

Deal Description: Simpson Thacher said May 25 it represented the underwriters, led by BofA Securities, Inc., Citigroup Global Markets Inc., Credit Suisse Securities, Goldman Sachs & Co., J.P. Morgan Securities and Wells Fargo Securities, on the public offering by Charles Schwab Corp. of $2.5 billion in fixed-to-floating rate senior notes. The notes consist of $1.2 billion in 5.643 percent notes due 2029 and $1.3 billion in 5.853 percent notes due 2034. The offering closed on May 19. Charles Schwab, which its headquarters from San Francisco to Westlake, Texas, in 2019, is a savings and loan holding company and engages in wealth management, securities brokerage, banking, asset management, custody and financial advisory services.

From Simpson: The team was led by partner Roxane Reardon in New York and didn’t have any Texas lawyers.

Texas Instruments completes $1.6B notes offering

Deal Description: Simpson Thacher said May 25 it represented the underwriters, led by J.P. Morgan, on the recent public offering by Dallas-based Texas Instruments In. of $1.6 billion in investment grade notes. They consisted of $200 million in additional 4.6 percent senior notes due 2028, $200 million in 4.9 percent senior notes due 2033 and $1.2 billion in 5.05 percent senior notes due 2063. The additional 4.6 percent senior notes constituted a reopening of the $500 million of notes initially issued on Nov. 18, 2022, increasing the amount of the series to $700 million. The additional 4.9 percent senior notes constituted a reopening of the $750 million of notes initially issued on March 14, 2023, increasing the amount of the series to $950 million. The company intends to use the net proceeds from the sale of the notes for general corporate purposes. TI designs and makes semiconductors for sale to electronics designers and manufacturers all over the world.

From Simpson: The team was led by Joseph Kaufman in New York and didn’t have any Texas lawyers.

Noble completes $1.15B debt refinancing

Deal Description: Simpson Thacher & Bartlett said May 25 it advised the initial purchasers, led by J.P. Morgan Securities, on the offering by Noble Finance II, a wholly owned unit of Noble Corp. plc, of $600 million of 8 percent in senior notes due 2030. The firm also represented JPMorgan Chase Bank as arranger and administrative agent in connection with the amendment and restatement of Noble’s existing senior secured revolving credit facility, which provides for commitments of $550 million. Noble used a portion of the net proceeds of the offering to redeem all of the outstanding 11 percent, 13 percent and 15 percent senior secured PIK toggle notes due 2028 issued by Noble Finance Co., a wholly owned unit of Noble, and to repay the outstanding borrowings under the $350 million term loan facility of Noble and certain subsidiaries. Noble is an offshore drilling contractor for the oil and gas industry.

From Simpson: The team was led in part by partner Brian Rosenzweig in Houston and included associates Richie Ragusa, Maggie Selbe, Ryan Poché and Caroline Toohey, also of Houston.

HAK advises underwriters on $450M AEP Texas offering

Deal Description: Hunton Andrews Kurth said May 24 it advised the underwriters in connection with an SEC-registered offering by AEP Texas Inc. of $450 million in 5.4 percent senior notes, Series M, due 2033. The underwriters included Mizuho Securities USA Inc., Banc of America Securities, J.P. Morgan Securities Inc. and Scotia Capital. AEP Texas is a subsidiary of American Electric Power Company Inc. and part of AEP’s transmission and distribution utilities segment. AEP Texas transmits and distributes electric power to more than 1 million retail customers through retail electric providers in west, central and southern Texas.

From HAK: The team was led by Steven C. Friend in New York but included Robert McNamara in Houston and William Freeman in Dallas on tax.

AEP Texas‘ Outside Counsel: Simpson Thacher & Bartlett

HAK counsel National Rural Utilities Cooperative on $300M notes offering

Deal Description: Hunton Andrews Kurth said May 25 it advised the underwriters on an SEC-registered offering by National Rural Utilities Cooperative Finance Corp. of $300 million in 7.125 percent fixed-to-fixed reset rate subordinated notes due 2053. The underwriters included Truist Securities Inc., RBC Capital Markets, Mizuho Securities USA Inc. and J.P. Morgan Securities Inc. CFC is a member-owned cooperative association whose purpose is to provide members with financing to supplement the loan programs of the Rural Utilities Service of the U.S. Department of Agriculture. CFC extends loans to its rural electric members for construction, acquisitions, system and facility repairs and maintenance, enhancements and operations. CFC also provides its members with letters of credit and guarantees of debt obligations. As a Section 501(c)(4) tax-exempt, member-owned cooperative, CFC cannot issue equity securities and funds its activities primarily through public and private issuances of debt securities, member investments and retained equity.

From HAK: The team was led by Michael F. Fitzpatrick, Adam R. O’Brian and Patrick C. Jamieson in New York but included Robert McNamara in Houston and William Freeman in Dallas on tax.

CFC’s Outside Counsel: Hogan Lovells

Greenbacker leads $35M Peak Power financing

Deal Description: Locke Lord said May 22 it represented Greenbacker Capital Management in leading a $35 million financing of Peak Power, a Canadian cleantech company that provides energy optimization software and services for commercial real estate and industrial customers and energy storage project developers. Prior investors providing additional investment include Osmington Inc., BDC Capital, Export Development Capital, Hatch, Sensata Technologies and the Atmospheric Fund. The financing will accelerate Peak Power’s expansion of its energy storage platform, which includes optimization software and turnkey project development solutions across New York, Massachusetts, Virginia and California. Peak Power said the investment tax credit as part of the Inflation Reduction Act is driving adoption of battery energy storage in the U.S. and reduces the cost of installing, owning and operating their systems, making them more attractive for investment.

From LL: The team led by Mike Malfettone in New York and Mike Serra in Providence with additional assistance provided by Jeffrey Escobar (New York), Buddy Sanders (Houston), Scott Wofsy (Stamford), Lori Basilico, Gene McDermott and Adam Millard (all of Providence), Jaremi Chilton (San Francisco) and Michael Bennett (Chicago).

Peak Power’s Financial Advisor: Alexa Capital

Claire Poole

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

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