In case you’ve been living under a rock, initial public offerings are hot, hot, hot, especially by venture capital-backed firms.
The first two months of the second quarter have seen venture capital-backed companies rake in about $12.72 billion over 21 offerings, pushing the total so far this year to well over what’s been generated in 10 of the past 11 years, according to a report by PitchBook. The outlier year was 2012, when Facebook raised $16 billion at a $104 billion valuation, the firm said.
That’s not all. With big names like Peleton, Postmates and WeWork thought to be considering going public over the next few months, those companies could help push this year’s $16 billion total over 2012’s $21.2 billion annual record for funds raised from initial public offerings, according to PitchBook.
“Based on the data so far, 2019 looks like it’s well on track to take the crown as the year of the IPO,” the firm said.
However, the number of private equity-backed exits through IPOs has been sparce, with only one issue in the first quarter – a historic low – and four in the second, according to PitchBook.
The largest was healthcare service provider Avantor Performance, which raised $4.37 billion in its IPO, followed by Refinitiv spinoff Tradeweb, which raised around $1.1 billion through its issue.
Which begs the question: With private equity firms continuing to raise bigger and bigger funds, are they bringing in equally large returns? According to a Wall Street Journal report last week, they often don’t, with megafunds of $10 billion or more having performed roughly in line with the S&P 500.
And yet salaries for PE executives are getting bigger, according to Institutional Investor citing a survey from J. Thelander Consulting and PitchBook.
Based on responses from 166 firms, the average base salary for private equity execs with the title of director or principal was $194,166 last year while total compensation was $275,985, according to the two firms. Bonuses in 2018 shot up to an average of $120,563, II reported.
Weekly Corporate Deal Tracker Roundup Stats
A compilation of weekly stats from The Lawbook's CDT Weekly Roundup
(Deal Values in Millions)
(Deal Values in Millions)
| Deal Count | Amount | Firms | Lawyers | M&A Count | M&A Value $M | CapM Count | ||
|---|---|---|---|---|---|---|---|---|
| 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 |
In Texas, deal activity continued to be strong. There were 17 transactions valued at almost $11.7 billion last week, versus 11 deals worth $13.5 billion the previous week and 13 deals worth $14.2 billion at the same time last year.
Ten firms and 139 Texas lawyers were involved in the activity, which involved 14 M&A/private equity/venture capital deals valued at $7.7 billion and three capital markets/financing transactions worth $3 billion.
M&A/PRIVATE EQUITY/VENTURE CAPITAL
HuntonAK aids Hospitality on $2.4B acquisition from Spirit MTA
Hunton Andrews Kurth said last week it advised Hospitality Properties Trust on its purchase of properties from Dallas-based Spirit MTA REIT for $2.4 billion in cash.
The deal team was led out of New York but included Dallas partner Howard Schreiber; Houston associates Madison Amons, Jason Antrican, Andrew Blasio, Anna Booth, Jared Grodin, Chase Hudson, Alex Miron, Rachel Morico and Christopher Richardson; Dallas associates Jimmy Bui, Shannon Esperti, Carolyn Ruiz and Kevin Wakefield; and Dallas senior attorney Scott Magdziak.
Fried, Frank, Harris, Shriver & Jacobson counseled Spirit MTA, which used Barclays as its financial advisor. Jay Young is executive VP and general counsel of affiliate Spirit Realty Capital Inc., which also sold properties to Hospitality as part of the deal.
The parties signed the transaction June 2. It involves owned properties held in Spirit MTA’s Master Trust 2014 and three assets owned by Spirit Realty Capital, including include the fee simple interests in three travel centers that previously had been subject to mortgage loans held by the trust.
The transaction has to clear Spirit MTA’s stockholders and is expected to close in the later part or end of the third quarter. It doesn’t require a vote by Hospitality shareholders.
Hospitality plans to finance the transaction through a new fully committed $2 billion term loan facility, availability on its existing revolver, asset sales and possibly issuing unsecured notes.
Spirit MTA chairman and Spirit Realty Capital CEO Jackson Hsieh said the sale represents the most critical step in the full wind-down of Spirit MTA and that it will continue to partner with its board to liquidate the few remaining assets and seek maximum recovery on its Shopko B-1 term loan.
Spirit MTA plans to use the $2.4 billion to redeem all of the outstanding notes collateralized by the assets of the trust, whose balance was about $1.93 billion as of March 31. It expects to end up with $450 million in net proceeds, which it will return to shareholders.
Bracewell advises Prosperity on $2.1B LegacyTexas purchase
As The Texas Lawbook previously reported, Bracewell advised Houston-based Prosperity Bancshares Inc., the parent of Prosperity Bank, on its $2.1 billion acquisition of Dallas’ LegacyTexas Financial Group and LegacyTexas Bank, continuing the consolidation of the Texas banking industry.
The Bracewell team was led by partners Will Anderson and Jason Jean in Houston.
Others working on the deal were partners Joshua T. McNulty, Rebecca L. Baker, Scott C. Sanders, Michele J. Alexander, Aaron P. Roffwarg, Timothy A. Wilkins and Bryan S. Dumesnil. They were supported by associates Benjamin J. Martin, Daniel W. Areshenko, Shannon Baldwin and Ryan Davis.
Prosperity’s in-house counsel included senior executive VP and general counsel Charlotte Rasche, senior VP and associate general counsel Annette Tripp and senior VP and legal counsel Jessica Lee Freedson, all of whom are former Bracewell lawyers.
Shapiro Bieging Barber Otteson represented LegacyTexas with the lead attorneys based out of its Denver office, including Christian Otteson, another Bracewell alum.
Stifel unit Keefe, Bruyette & Woods provided a fairness opinion to Prosperity’s board while J.P. Morgan Securities provided financial advice to LegacyTexas.
LegacyTexas stockholders will receive 0.5280 shares of Prosperity common stock and $6.28 in cash for each of their shares, or $41.78 per share, a 9.3% premium over where the stock was trading on Friday.
The merger has to clear the stockholders of both companies and regulators but is expected to close in the fourth quarter.
Kirkland, STB, Baker Botts, V&E advise on $1.8B Keane-C&J merger
As The Lawbook also reported, two national law firms with offices in Houston played primary advisory roles on the latest big deal in the oil patch, the Keane Group’s $1.8 billion merger with C&J Energy.
The transaction creates the third largest U.S. pressure pumper after Halliburton and Schlumberger in a highly fragmented industry.
Kirkland & Ellis counseled C&J with a team led by transactional partners Adam Larson, Doug Bacon, Kim Hicks and Alex Rose.
The four attorneys had assistance from transactional associates Erik Shoemaker, Taylor Anthony, Chad Barton, Colin Mize, Logan Weissler, Adam Wojcik and Cameron McCollum; capital markets partner Matthew Pacey and associates Sara-Ashley Moreno, Caleb Loweryand Andrew Allen; and tax partner Mark Dundon and associates William Dong and Melanie Rosin.
Others on the team were debt finance partners William Bos and Kimberly Perdue and associates Lech Wilkiewicz, Shan Khan and Marco Chan; and environmental transactions partner Paul Tanaka and associates James Dolphin and Lindsay Dofelmier. Lawyers from the firm’s New York, Washington, D.C., and Chicago offices helped out.
Keane used Schulte Roth & Zabel as its legal advisor but Simpson Thacher & Bartlett advised the special committee of Keane’s board, including partners Christopher May and Breen Haire and associate Ana Sanchez in Houston.
Keane’s general counsel is Kevin McDonald, who has been in the post since 2016 (and was a finalist for small legal department GC of the Year in the 2019 ACC Houston Corporate Counsel Awards). C&J’s general counsel is Danielle Hunter, who also took the role in 2016.
It’s not clear who will be general counsel of the combination and the deal’s spokeswoman, Sharon Stern of Joele Frank, wouldn’t comment. McDonald told The Lawbook it will be determined later.
Financial advisors included Citi for Keane, Lazard for Keane’s special committee and Morgan Stanley and J.P. Morgan for C&J.
Baker Botts said it counseled Lazard on the deal, including partner Joshua Davidson and associate Jennifer Gasser. Vinson & Elkins partner Jeff Floyd and senior associate Benji Barron represented Morgan Stanley.
C&J stockholders will receive 1.6149 shares of Keane common stock for each share they own in a tax-free transaction. The agreement allows C&J to pay its shareholders a cash dividend of $1 per share before closing.
The combination will be 50/50 owned by Keane and C&J shareholders. Its $1.8 billion in enterprise value includes $255 million in debt.
Analysts at Tudor, Pickering, Holt said the deal didn’t involve a hefty premium but is expected to generate $100 million in synergies.
The parties expect to close the deal in the fourth quarter if it clears both sets of shareholders and regulators. Keane Investor Holdings, which includes an affiliate of Cerberus Capital Management, the Keane family and Keane management, owns 49% of Keane’s shares and has agreed to vote in favor of the deal.
Sidley aids New Residential on expected $1B purchase of Ditech assets
Sidley Austin announced last week that it represented Fortress Investment-backed New Residential Investment Corp. on the execution of a stalking-horse purchase agreement for the assets of bankrupt Ditech Holding Corp.’s Ditech Financial.
New Residential said the final purchase price – which is expected to be around $1 billion – will be determined at the closing of the transaction based on the tangible book value of the related assets. The company expects to finance the deal with existing financing facilities and cash on hand.
Dallas M&A partners Bill Howell and Aaron Rigby co-led the deal team, which included tax counsel Tara M. Lancaster, restructuring counsel Charles M. Persons and M&A associate Jack Zeringue, all of Dallas.
Moelis & Co. was New Residential’s financial advisor.
The agreement, announced June 18, includes Ditech Financial’s forward Fannie Mae, Ginnie Mae and non-agency mortgage servicing rights with an unpaid principal balance of $63 billion as of March 31; the servicer advance receivables relating to the rights; and other net assets core to the forward origination and servicing businesses.
New Residential also agreed to assume certain Ditech office spaces and plans to make employment offers to some Ditech employees. The agreement doesn’t include the purchase of any of the stock or assets related to Ditech Financial’s reverse mortgage business.
New Residential CEO Michael Nierenberg said in a statement that the assets, operations and employees from Ditech will be complementary to the company’s portfolio and business and beneficial to its shareholders and its long-term strategy and furthers its position as an industry leading originator and servicer.
Ditech CEO Thomas Marano said the stalking horse agreement represents a positive step forward in the company’s court-supervised process.
The transaction is expected to close in the second half if it clears the U.S. Bankruptcy Court for the Southern District of New York, regulators and third party consents.
If Ditech accepts a higher or better offer from a competing bidder at the auction, Ditech may be required to reimburse New Residential for expenses up to $6 million and pay it a termination fee of up to $30 million.
Latham advises Arch Coal on $820M JV with Peabody
Latham & Watkins said June 19 it advised Arch Coal Inc. on its $820 million joint venture with Peabody Energy Corp. to combine their Powder River Basin and Colorado assets, a move that is raising regulatory concerns.
New York/Houston partner Charles Carpenter led the Latham team, which included Houston associates Greg Sorensen and Adam Midkiff. Houston associate Jim Cole also counseled on tax matters.
Baker Botts also is counseling Arch on antitrust matters with attorneys in Washington, D.C. They include partner Steve Weissman, who advised Arch on its acquisition of Triton Coal Co. in 2004 when he was at Howrey, which came after a federal court in Washington D.C. denied an effort by the Federal Trade Commission to enjoin the transaction.
Cravath, Swaine & Moore and non-Texas lawyers from Akin Gump Strauss Hauer & Feld are counseling Peabody.
Credit Suisse and Lazard are Peabody’s financial advisors. Goldman Sachs & Co. is advising Arch.
The companies said they expect the venture will strengthen the competitiveness of coal against natural gas and renewables while creating value for customers and shareholders.
The joint venture will combine two productive and adjacent U.S. coal mines – Arch’s Black Thunder Mine and Peabody’s North Antelope Rochelle Mine – into a single, lower-cost complex, the companies said.
The deal’s synergies, including mine planning, fleet deployment and procurement and warehousing, are expected to amount to $820 million, or $120 million per year over the first 10 years.
Arch will own 33.5% of the venture and Peabody will hold 66.5%. The assets shipped 206 million tons of coal last year, had proven and probable reserves of 3.4 million tons as of Dec. 31 and employ 3,300 people.
Latham aids Barra on $376M sale of Brazilian oil interest to Equinor
Latham & Watkins said June 19 it advised Rio de Janeiro-based Barra Energia on the closed sale of its 10% interest in Block BM-S-8 in Brazil’s Santos Basin to Norway’s Equinor for $376 million.
Houston partners Stephen Szalkowski and Robin Fredrickson led the matter with associate Greg Sorensen. Equinor handled the deal in-house.
Equinor originally announced the transaction in July of last year, saying it would enable the company and its partners to fully align interests across the two licenses for the Carcará area. It also said it planned to sell down 3.5% of its stake to ExxonMobil and 3% to Galp to fully align interests across BM-S-8 and Carcará North.
Equinor has said that Carcará contains around 2 billion recoverable barrels of oil equivalent. It operates both blocks and plans to develop the field and deliver first oil between 2023 and 2024.
Latham, Kirkland work on DCR’s $165M Permian JV
Latham & Watkins said June 21 it advised Ares Management-backed Development Capital Resources, or DCR, on a joint venture with an unnamed private operator in the Permian Basin.
The Houston-based team led by partner Stephen Szalkowski with associates Corey Allen and Sam Bentley. Partner Tim Fenn and associate Jim Cole weighed in on tax matters.
Kirkland said June 24 it advised the private operator with partner David Castro leading the deal team.
The DCR-managed entity will invest up to $165 million in the venture and participate as a working interest owner in the drilling and completion of identified drilling locations in the Wolfcamp formation. It’s already begun a drilling program, which is expected to continue through 2020.
Led by Ronnie Scott and Matt Loreman, DCR was formed in early 2017 to provide capital to the North American exploration and production industry.
The company has been involved in four transactions with Ares amounting to $1.3 billion to acquire and fund participating interests in projects in Texas, Oklahoma and California.
Gary Levin led the deal from publicly traded Ares, which had around $137 billion in assets under management as of March 31.
V&E advises MoneyGram on Ripple’s $30M investment
Vinson & Elkins said June 17 that it advised Dallas-based MoneyGram International Inc. on its strategic agreement with blockchain payment provider Ripple.
As part of the agreement, Ripple is buying shares and warrants in Moneygram for $4.10 per share, or $30 million.
Partners Alan Bogdanow, Chris Rowley and counsel Wes Watts led the deal team with assistance from senior associate Doug Smith and associates Alex Robertson, Alex Turner and Breanna Kelly.
Also advising were partner Chris Dewar (finance), senior associate Sean Hill (IP) and partner Jim Meyer (tax).
MoneyGram’s general counsel is F. Aaron Henry, who has been at the company for eight years after previously working in the legal department at Western Union for six years.
The deal includes warrants for up to $20 million in newly issued stock at the same $4.10 per share price, a big premium over MoneyGram’s market price. That would give Ripple an 8% to 10% stake in MoneyGram, according to press reports.
Through this partnership, which will have an initial term of two years, Ripple will become MoneyGram’s key partner for cross-border settlement using digital assets.
MoneyGram’s biggest investor is Thomas E. Lee Partners, which invested in the company in 2008.
MoneyGram and Ant Financial Services Group – which is owned by Chinese billionaire Jack Ma and other Alibaba executives – agreed to terminate their proposed $1.2 billion merger last year after failing to get approval from the Committee on Foreign Investment in the United States, known as CFIUS.
MoneyGram chairman and CEO Alex Holmes said in a statement that the Ripple partnership will allow the company to further enhance its operations and streamline its global liquidity management.
MoneyGram currently relies on traditional foreign exchange markets to meet its settlement obligations, which require advance purchases of most currencies. The partnership will allow it to settle key currencies and match the timing of funding with its settlement requirements, reducing operating costs, working capital needs and improving earnings and free cash flow.
Ripple CEO Brad Garlinghouse called the deal a “huge milestone” in helping to transform cross-border payments. “MoneyGram is one of the largest money transfer companies in the world and the partnership will continue to further the reach of Ripple’s network,” he said.
MoneyGram added that it’s continuing to make progress toward closing the refinancing of its existing first lien term and revolving facilities and expects to announce the closing of that transaction this week.
HuntonAK advises Veritext on purchase of Orange Legal, BlueLedge
Hunton Andrews Kurth said it represented Veritext on its purchase of assets from Orange Legal and BlueLedge. Terms were confidential.
Dallas partner Lindsay Ferguson led the deal team, which included partner Jeff Blair, associate Leslie DeGonia, partner Alan Marcuis and associate Patrick Quine, all of Dallas.
Sirote & Permutt in Alabama counseled the sellers.
Orange Legal provides court reporting services while BlueLedge offers online digital court reporting and transcription training programs as well as continuing education courses.
Thoma Bravo-backed Quorum Software acquires Archeio
Thoma Bravo-backed Quorum Software said last week it acquired Archeio Technologies, a Dallas provider of oil and gas document classification and smart search technology. Terms weren’t disclosed.
Bell Nunnally partners Ray Balestri and Andrew Dowdy and associates Murphy Sayre and associate Peter Kosydar in Dallas counseled Archeio. Kirkland assisted Quorum with attorneys in Chicago.
Quorum said the acquisition expands and strengthens its software and services with a cloud-based document management tool built to make oil and gas operations more secure, agile and compliant.
“This is a natural fit into our portfolio and gives us a variety of opportunities to expand how we help our customers,” Quorum CEO Gene Austin said in a statement.
Founded in 2014, Archeio helps oil and gas operators streamline transactions and back-office business processes.
CEO Rex Womble said the industry is challenged to manage a complex system that generates a lot of data, much of which is unclassified and often not digitized. He said the combination with Quorum will help the industry progress in modernizing the back-office and build out solutions that speed acquisition and divestiture processes and simplify relationships with external partners.
Quorum claims to be the preferred software provider to 75% of the largest oil and gas producers in the U.S. and its technology powers 80,000 miles of pipeline and accounts for 80% of all natural gas processed in the U.S.
Sidley advises OMERS on National Veterinary sale to JAB
Sidley Austin said last week it represented OMERS Private Equity on its sale of National Veterinary Associates, or NVA, to JAB Investors for an undisclosed sum.
The team included partner S. Scott Parel, associates Jocelyne Kelly and Julie Westbrook and tax counsel Tara Lancaster, all of Dallas.
Jefferies was NVA’s financial advisor while William Blair & Co. assisted the selling shareholders.
Arex Management also backs NVA. OMERS is a minority investor.
The parties claim the 22-year-old NVA is one of the largest veterinary and pet care services organizations in the world. It offers services in 670 companion animal veterinary hospitals and 70 pet resorts across 43 U.S. states as well as in Canada, Australia and New Zealand.
Its senior management team, including CEO Greg Hartmann, will keep a significant minority ownership and continue to lead the business.
Bennett Rosenthal led the investment from Ares while David Bell did so from JAB, which has investments in Keurig Dr Pepper, Jacobs Douwe Egberts, Panera Bread, Pret A Manger, Peet’s Coffee & Tea, Einstein Noah Restaurant Group, Krispy Kreme Doughnuts, Coty and Bally.
Kirkland, V&E counsel on Gastar-Chisholm combo
Kirkland & Ellis said it advised Ares Management-backed Gastar Exploration of Houston on its definitive agreement to merge with Apollo Global Management-backed Chisholm Oil and Gas of Dallas for undisclosed terms, creating a top exploration and production company in Oklahoma’s Stack region.
Transactional partners Rhett Van Syoc, Anthony Speier, Kyle Watson and Chris Heasley led the deal team, which included associates Brice Lipman, Lindsey Jaquillard, Hannah Marshall, Claire Rokita, Tyler Dunphy and Trevor Crowley.
Others on the deal were debt finance partner Lucas Spivey and associates Jordan Roberts and Laura Bielinski; and tax partner Mark Dundon and associates William Dong and Radina Angelova.
V&E counseled Chisholm, including partner John Grand and senior associate Abby Branigan in Dallas.
Other Texas lawyers on the deal were tax partner David Peck and associate Miron Klimkowski; Houston labor and employment partner Sean Becker; Houston executive compensation and benefits partner Stephen Jacobson; and Dallas commercial and business litigation partner Matt Stammel.
Paul, Weiss, Rifkind, Wharton & Garrison also counseled Chisholm, which used Citigroup as its financial advisor.
Evercore and Tudor Pickering Holt & Co. provided financial advisory services to Gastar.
The combined company, which will operate under the Chisholm name, will have production of 20,000 barrels of oil equivalent per day and 165,000 net acres, primarily in Kingfisher County, Oklahoma. Chisholm is running three rigs and has a dedicated frac crew.
The buyer believes that the Gastar assets will be synergistic to its upstream operations as well as to Chisholm’s ownership stake in Great Salt Plains Midstream Holdings and its salt water disposal unit Cottonmouth SWD.
The transaction is expected to close in the third quarter.
Apollo backed Chisholm in 2017 along with management.
Gastar emerged from bankruptcy in January $300 million in debt lighter with Ares as its principal owner. Kirkland M&A partner Doug Bacon worked on the restructuring.
V&E aids Caelus on sale of Nuna discover to ConocoPhillips
Vinson & Elkins said it represented Caelus Natural Resources Alaska on its entry into an agreement to sell 100% of the Nuna oil and gas discovery to ConocoPhillips Alaska, a unit of ConocoPhillips. Terms weren’t disclosed.
The V&E team was led by partner Danielle Patterson in Houston and associate Danny Nappier in Dallas, with assistance from associate Ted Belden, partner David Peck, associate Brian Russell and counsel Sarah Mitchell.
A ConocoPhillips spokeswoman said the Houston-based company used in-house counsel in Alaska. Its general counsel is Kelly Rose, who joined the company last year from Baker Botts.
The Nuna prospect, which is located east of the Colville River and five miles southwest of the Oooguruk Field, was announced as a discovery in 2012. The purchase includes 11 tracts covering 21,000 acres. ConocoPhillips plans to appraise Nuna with a goal toward making a final investment decision later.
“This transaction represents an attractive addition to our expanding North Slope position and will allow ConocoPhillips to cost effectively develop Nuna utilizing Kuparuk River Unit infrastructure,” ConocoPhillips Alaska president Joe Marushack said in a statement.
Main Street Capital picks up Transtech Radiator
The GulfStar Group said June 17 that it advised Industrial Opportunity Partners-backed Transtech Radiator Products Inc. on its sale to Main Street Capital. Terms weren’t disclosed.
GulfStar didn’t respond to requests for the outside legal advisors on the sale, but Jason B. Beauvais is senior VP, general counsel, chief compliance officer and secretary of Main Street Capital.
Before joining the private equity firm in 2008, Beauvais was an attorney at Occidental Petroleum Corp. and practiced corporate and securities law at Baker Botts.
GulfStar said the transaction closed May 31.
Trantech designs, makes and supplies radiators and other cooling systems for transformers used in the generation, transmission and distribution of electric power. It’s led by Greg Horton.
Bryan Frederickson led the GulfStar team alongside senior VP Ben Stanton, associate Tyler Tribble and analyst Maclean Martin.
Chris Willis led the deal from Evanston, Illinois-based Industrial Opportunity Partners, which has attracted $910 million in committed capital since inception. It focuses on businesses with sales between $30 million and $400 million.
Main Street’s lower middle market companies generally have annual revenues between $10 million and $150 million.
CAPITAL MARKETS/FINANCINGS
HuntonAK advises underwriters on Eversource’s $1.28B shelf offering
Hunton Andrews Kurth said last week it advised the underwriters on Eversource Energy’s $1.28 billion shelf offering earlier in the month.
The team was mostly in New York but included Houston tax partner Robert McNamara.
The underwriters included Wells Fargo Securities, Barclays Capital, Goldman Sachs and Citigroup Global Markets.
Ropes & Gray counseled the company.
HuntonAK aids Duke on $1.2B debt offering
Hunton Andrews Kurth also said last week it advised Duke Energy Corp. on its debt offering of senior notes worth $1.2 billion.
Houston tax partner Robert McNamara worked on that deal as well.
Sidley Austin counseled the underwriters, which included PNC Capital Markets, Mizuho Securities USA Inc., MUFG Securities Americas Inc., Scotia Capital (USA) Inc. and TD Securities (USA).
Q2 raises $527M on stock market
Austin bank and credit union app developer Q2 Holdings Inc. recently raised more than $527 million through a secondary stock offering and debt offering, according to filings with the U.S. Securities and Exchange Commission.
DLA Piper in Austin represented Q2, although individual attorneys couldn’t be ascertained by press time. Barry Benton is Q2’s senior VP and general counsel and a former partner at Glast Phillips & Murray. Scott Kerr is Q2’s VP and deputy general counsel and a former DLA Piper associate.
The transactions, which closed June 10, involved 3 million shares at $69.50 per share and $316.25 million in convertible senior notes.
The underwriters included Morgan Stanley, J.P. Morgan Securities and Stifel Nicolaus Corp. with BMO Capital Markets joining in for the notes offering.
The company plans to use the proceeds for working capital, capital expenditures, potential acquisitions and strategic transactions.
According to the Austin Business Journal, Q2 was among the city’s best performing stocks last year with its shares advancing 34%.
The company expects to generate $305 million to $309 million in sales this year, versus $241.1 million last year. It employed 1,190 at the end of last year and plans to hire hundreds more this year in Austin as well as in Nebraska, England, India and Australia.
Sidley advises AB Private Credit on $320M Nine Point loan
Sidley Austin said it represented AB Private Credit Investors as administrative agent and lead arranger on a new term loan facility for Chambers Energy-backed Nine Point Energy amounting to $320 million.
Partner Herschel T. Hamner led the deal team, which included associates Quan Lu, Sabra Thomas and Eric Backman.
Nine Point used Skadden, Arps, Slate, Meagher & Flom attorneys in California and Credit Suisse Securities (USA) as its placement agent.
Denver-based Nine Point said the purpose of the facility is to fund the continued growth of its Williston Basin development program.
Nine Point, which is headed by CEO and president Dominic Spencer, produces around 15,000 barrels of oil equivalent per day across 53,000 net acres, primarily in McKenzie and Williams Counties.
Brent Humphries and Patrick Gimlett led the deal from Austin-based AB Private Credit, the middle market direct lending platform of AllianceBernstein. It managed around $8.4 billion in investable capital as of March 31.
UPDATE/OTHER
Coats Rose said its affordable housing and community development attorneys represented the Housing Authority of the City of Texarkana, or HATT, as partnership and bond counsel on the closing of a transaction that the firm claims is the largest of its kind in the region.
When completed, the deal will include the redevelopment of five properties on eight sites totaling 294 total units, which were converted from public housing to project-based Section 8 under HUD’s Rental Assistance Demonstration Program, or RAD.
The firm said the transaction will complete HATT’s conversion of its entire public housing portfolio to RAD.
The project was closed as one 4% tax credit/bond transaction with $18 million in bonds and more than $10 million in tax credit equity. The total development cost was about $35 million.
The Coats Rose team included Mattye Gouldsby Jones, Barry J. Palmer, S. Shannon Davis Hunter and Paige Mebane on the partnership and RAD side and Bill Walter and Ron Bell as bond counsel. Palmer is head of the Coats Rose Affordable Housing and Community Development practice group.
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Anadarko announced June 18 that it made a final investment decision to go forward on its Mozambique liquefied natural gas project, which will provide a new source of LNG to world markets.
King & Spalding said it’s been working with the company on the project since inception in 2011, including negotiating with governmental entities and advising and negotiating on the onshore and offshore construction contracts and long term LNG sales and purchase agreements.
Houston team members included Vera De Brito de Gyarfas, Scott Greer, Rob Garner, Monica Hwang, Kaleb Walker, Nicholas Nahum, Matt Petrosino and Silvia Martin. Lawyers from the firm’s Singapore, Atlanta and Dubai offices also pitched in.
Sidley Austin said it represented Anadarko on the structuring and negotiation of the shared infrastructure arrangements between Block 1 and Block 4 in Mozambique and various other matters leading up to the final investment decision. That team was led by partner Dave Asmus and included partner Brian Bradshaw and associate Danielle Mirabal in Houston and a partner in its Sydney office.
Anadarko chairman and CEO Al Walker said in a statement that the project has come “a long way” from the company’s first discovery to the construction of the initial two-train development. It represents Mozambique’s first onshore LNG development project.
The companies working on the project include TechnipFMC, Oceaneering International Inc., Advanced Technology Valve, Cameron Italy, VanOord, McDermott, Chiyoda and Saipem.
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Jones Day said it advised Mill Creek Residential on two deals in April.
Partner Susan Cox in Dallas counseled the company on its sale of the 324-apartment Modera Hudson Riverfront complex in Yonkers, New York, to JRK Property Holdings. She also assisted it on its acquisition of Alister Parx, a 443-apartment community 20 miles north of Seattle’s Central Business District in Everett, Washington. Terms weren’t disclosed on either transaction.
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The San Antonio Business Journal is reporting that Andeavor Logistics unitholder Max Pyziur is suing to stop the entity’s sale to Marathon Petroleum Corp. unit MPLX, saying the companies were withholding vital information that Andeavor Logistics investors need to make an informed decision.
Pyziur claims it isn’t clear whether the unit-for-unit offer, which was announced last month, is fair for Andeavor Logistics investors.
“Indeed, at the time of the merger agreement, the merger consideration represented $36.53 in value,” which is $10 less per unit than Wall Street analysts’ consensus price target of $46, according to the lawsuit.
Sidley Austin’s Houston office counseled Andeavor Logistics’ conflicts committee, including lead partners David Buck and George Vlahakos. Jones Day partner Jeff Schlegel in Houston was one of the two leads advising Findlay, Ohio-based Marathon Petroleum.
Vinson & Elkins was Marathon Petroleum’s tax counsel, including partners Ryan Carney and Gary Huffman with assistance from senior associate Mary Alexander and associate Neil Clausen.
Latham & Watkins represented the conflicts committee of MPLX’s board with a Houston-based team led by partners Bill Finnegan and Thomas Brandt with associates Daniel Harrist and Lexi Udeh.
Financial advisors were Barclays for Marathon Petroleum, Jefferies for MPLX’s conflicts committee and Goldman Sachs for Andeavor Logistics’ conflicts committee.
As The Lawbook previously reported, Andeavor Logistics public unitholders are getting a premium of 7.3% while Marathon Petroleum unitholders are getting a 2.4% discount, which results in a blended exchange ratio that’s a 1% premium to the market. Raymond James analysts called the initial merger math “attractive.”
Pyziur said investors should be able to see the full financial analysis performed by Goldman Sachs so they understand how the decision on the trade was made and whether they are getting a fair value, including the entities’ unlevered free cash flows and financial projections for the combined entity.
“Unlike poker where a player must conceal his unexposed cards, the object of a registration statement is to put all one’s cards on the table face up,” the lawsuit said. “In this case, only some of the cards were exposed — the others were concealed.”
Pyziur is asking that the judge stop the merger and require that Andeavor Logistics’ board turn over the allegedly omitted financial information.
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Rumor mill: Reuters reported June 20 that Chevron Phillips Chemical has offered to buy Canadian plastics maker Nova Chemicals for $15 billion, which includes debt, citing sources. Nova’s owner, Abu Dhabi sovereign wealth fund Mubadala Investment Co., has been exploring a sale of the company since the beginning of the year, the sources said. The parties didn’t respond for comment.
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Finally, Texas venture firms continue to raise money for new investments. Austin-based Elsewhere Partners – formed by former Austin Ventures executives Chris Pacitti and John Thornton – raised $70 million for its debut fund and attracted commitments from 65 investors, according to a SEC filing on June 4. Pacitti didn’t respond to repeated requests for the firm’s outside counsel.
And last week, Houston-based Mercury Fund revealed in a filing that it had raised more than $82 million out of its $125 million goal for its fourth fund, which, if successful, would be its largest to date. Its last fund closed at $105 million in 2014. The new fund has attracted commitments from 85 investors, according to the filing. Blair Garrou, who leads Mercury, also didn’t respond to a request for outside legal counsel.