CDT Roundup: 17 Deals, 12 Firms, 256 Lawyers, $33.6B

At the CDT Roundup we like numbers; especially big numbers. Look at the headline above: numbers.

We especially like big numbers. If it has the word “billion” behind it; we take notice. Just last week we referred to 2023 in Texas as “The Year of the Billion-Dollar M&A Deal.”

Over the year, dealmakers reported that their deal pipelines remained steady but timetables were sometimes stretched: by fears of inflation, wobbly commodity prices and hard-earned buyer caution.

With 130 M&A deals ringing up at $1 billion or more, the moniker seemed to suit. In 2022, for instance, there were 75. That’s a 73 percent increase in seven-figure transactions in a single year, a sharp increase by any standard. Moreover, it was nearly 20 percent higher than 2021, the record bounce-back year from pandemic paralysis, which saw what seemed at the time an astonishing 110 deals of $1 billion or more.

Q4 2023 even included a string of five Texas-related megadeals ($10 billion or more) and two valued at more than $50 billion (ExxonMobil/Pioneer Natural Resources and Chevron/Hess), adding punctuation to the record-breaking run.

To refresh your memory, here’s what the last five years have looked like. Note: A “Texas-related” M&A transaction is a deal involving Texas-headquartered parties or Texas-based lawyers.

But numbers aren’t always what they seem. And while inflation — or even fear of inflation — can create uncertainty on both sides of a deal, it can also affect the price of a deal. Ask anyone who’s purchased a carton of eggs in the last two years.

Which leads us to this question: Is the astonishing rise in billion-dollar deals a product of inflation? Or is something else going on?

We decided to reexamine our own data on billion-dollar deals to see how many deals over the past five years would have broken the seven-figure threshold when adjusted for inflation.

We kept the math simple. Adjusting for inflation (as calculated by the U.S. Bureau of Labor Statistics), a deal worth $838 million in 2019 would be worth $1 billion in 2023. A deal worth $847 million in 2020 would have been worth $1 billion in 2023. And so on. By returning to our Corporate Deal Tracker data, we’ve readjusted the billion-dollar deal counts for each year. Here’s what that looks like:

Even adjusted for inflation, 2023 still had more billion-dollar deals than any of the past five years. In 2021, that record year, there were 110 deals valued at $1 billion or more. Adjusted for inflation, that rose to 122, still lower than the 128 $1B+ deals recorded in 2023.

So, what does that mean? On the surface, it means that big deals are, in fact, a thing. In coming weeks we’ll have more on where those large-scale deals are coming from and what they mean in such critical sectors like oil & gas, technology and infrastructure. We’ll also report some surprising trends at the lower end of the scale.

But for those who like big numbers, there was much to like about 2023.

Same goes for the early returns of 2024. The week ending Jan. 13 saw 17 deals reported for an aggregate $33.6 billion. That includes four M&A deals valued at $950 million or more. Compare that to last week’s eight deals for $7.9 billion and 11 deals for $2.8 billion this time last year.

Weekly Corporate Deal Tracker Roundup Stats

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

Week Ending	Deal Count	Amount	Firms	Lawyers	M&A Count	M&A Value $M	CapM Count	CapM Value $M
24-May-2025	15	$24,033	11	121	13	$23,624	2	$409
17-May-2025	16	$21,760	12	145	11	$18,615	5	$3,145
10-May-2025	24	$33,175	16	206	19	$30,765	5	$2,410
03-May-2025	11	$4,249	13	90	11	$2,226.5	2	$2,022.5
26-Apr-2025	12	$8,787	9	168	9	$6,011	3	$2,776
19-Apr-2025	11	$8,097	7	138	9	$7,985	2	$112
12-Apr-2025	13	$2,392	8	152	10	$2,065	3	$327
05-Apr-2025	19	$27,762	15	188	16	$25,473	3	$2,289
29-Mar-2025	21	$8,188	10	258	16	$4,125	5	$4,064
22-Mar-2025	19	$6,485	14	231	15	$4,128	4	$2,857
15-Mar-2025	13	$13,737	13	151	10	$9,932	4	$3,805
8-Mar-2025	7	$2,234	5	66	5	$224	2	$2,100
1-Mar-2025	11	$3,050	8	75	10	$2,550	1	$500
24-Feb-25	12	$16,397	7	149	6	$6,635	6	$9,862
17-Feb-25	17	$12,136	13	134	10	$9,411	2	$2,725
10-Feb-25	14	$7,154	9	179	9	$4,950	5	$2,204
3-Feb-25	16	$10,068	7	200	11	$7,553	5	$2,515
25-Jan-25	14	$10,261	10	125	9	$2,207	5	$8,054
18-Jan-25	19	$7,382	15	316	12	$2,300	7	$5,082
11-Jan-25	21	$33,560	16	187	16	$32,521	5	$1,039
4-Jan-25	9	$6,827	9	80	9	$6,827	0	0
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	23	$26,616	14	222	14	$13,501	8	$13,116
30-Mar-24	12	$9,286	8	136	8	$4,299	4	$4,987
23-Mar-24	18	$5,451	17	266	16	$4,759	2	$692
16-Mar-24	21	$11,437	13	186	14	$9,316	6	$2,070
9-Mar-24	23	$4,695	21	218	19	$2,723	4	$1,972
2-Mar-24	20	$9,108	19	372	14	$4,558	6	$4,550
24-Feb-24	19	$16,382	12	248	15	$9,507	4	$6,875
17-Feb-24	16	$29,932	15	157	12	$29,216	4	$716
10-Feb-24	25	$10,750	17	196	19	$5,372	6	$5,379
3-Feb-24	12	$8,416	18	125	9	$3,416	3	$5,000
27-Jan-24	9	$8,165	9	87	8	$7,815	1	$800
20-Jan-24	14	$4,084	12	109	12	$3,219	2	$865
13-Jan-24	17	$33,588	12	256	12	$26,765	5	$6,823
6-Jan-24	8	$7,915	8	84	6	$7,265	2	$650
30-Dec-23	17	$14,599	12	99	15	$2,714	2	$11,885
23-Dec-23	23	$4,182	13	219	16	$1,813	7	$2,370
16-Dec-23	13	$16,436	13	280	7	$15,150	5	$1,286
9-Dec-23	26	$14,633.90	17	244	16	$8,095	10	$6,538.90
2-Dec-23	13	$6,720	9	57	12	$6,630	1	$90
25-Nov-23	9	$4,835	9	131	6	$1,785	3	$3,050
18-Nov-23	22	$6,568.70	17	184	14	$4,709.20	8	$1,859.50
11-Nov-23	15	$9,825	13	179	12	$6,581	3	$3,244
4-Nov-23	15	$20,582.50	14	193	12	$19,417.50	3	$1,165
28-Oct-23	18	$68,419.10	18	152	15	$66,646	3	$1,773.10
21-Oct-23	16	$6,755.90	16	165	15	$6,755.90	1	$3
14-Oct-23	14	$67,851.20	13	125	9	$61,998.50	5	$5,852.70
7-Oct-23	17	$6,595.50	13	228	16	$5,995.50	1	$600
30-Sep-23	17	$1,896.45	13	189	14	$806.45	3	$1,090
23-Sep-23	23	$6,432.70	17	230	16	$1,402.80	7	$5,029.90
16-Sep-23	25	$23,226.70	23	353	16	$17,239	9	$5,987.70
9-Sep-23	12	$6,369	8	102	7	$4,311	5	$2,058
2-Sep-23	14	$2,522	6	92	13	$1,322	1	$1,200
26-Aug-23	17	$12,160.25	13	202	15	$6,573.25	2	$5,587.00
19-Aug-23	19	$11,505	13	213	15	$11,255	4	$250
12-Aug-23	19	$9,698.80	13	184	7	$3,270	12	$6,428.80
5-Aug-23	13	$5,201	12	118	12	$5,051	1	$150
29-Jul-23	15	$21,031.60	13	196	11	$18,292.00	4	$2,739.60
22-Jul-23	18	$3,992	12	130	13	$2,808	5	$1,184
15-Jul-23	13	$8,254.95	13	81	13	$8,254.95	0	0
8-Jul-23	16	$5,441.45	12	172	11	$2,443	5	$2,998.45
1-Jul-23	16	$6,872	10	105	12	$5,474	4	$1,398
24-Jun-23	13	$10,914	16	201	10	$7,874	3	$3,040
17-Jun-23	17	$5,880.70	15	151	15	$4,705.70	2	$1,175
10-Jun-23	19	$8,516.10	13	111	16	$6,252.40	3	$2,263.70
June 3 2023	12	$6,104.42	12	138	8	$4,256.92	4	$1,847.50
27-May-23	17	$12,200	10	67	11	$6,165	6	$6,035
20-May-23	11	$22,458.10	8	103	4	$19,455	7	$3,003
13-May-23	12	$7,034	10	101	8	$5,460	4	$1,574
6-May-23	20	$3,297.60	18	196	17	$2,985.60	3	$312
29-Apr-23	23	$3,691.20	18	135	17	$1,969.70	6	$1,721.50
22-Apr-23	16	$5,570	14	104	14	$4,750	2	$1,000
15-Apr-23	12	$23,818.10	9	59	10	$21,618.10	2	$2,200
8-Apr-23	16	$7,949	9	173	9	$5,472	7	$3,477
1-Apr-23	21	$18,676.70	12	175	11	$10,926.70	10	$7,750
25-Mar-23	15	$8,779.50	10	141	5	$2,362	10	$6,416.50
18-Mar-23	7	$14,048.80	6	69	5	$13,345	2	$703.80
11-Mar-23	21	$11,576	16	165	16	$8,131	5	$3,445
4-Mar-23	20	$9,668	11	228	16	$8,209	4	$1,459
25-Feb-23	13	$5,335	13	130	12	$4,235	1	$1,200
18-Feb-23	14	$5,743.70	13	158	8	$898.70	6	$4,845
11-Feb-23	16	$12,088	12	137	12	$9,965	4	$2,123
4-Feb-23	17	$8,066	15	140	13	$5,614	4	$2,452
28-Jan-23	7	$2,180	7	75	5	$1,692.75	2	$488
21-Jan-23	17	$5,768	16	174	12	$1,918	5	$3,850
14-Jan-23	11	$2, 800	10	102	8	$421	3	$2,400
7-Jan-23	18	$8,296	11	167	14	$6,461	3	$1,835
31-Dec-22	14	$2,732	11	99	12	$2,092	2	$640
17-Dec	14	$7,919	13	115	12	$7,419	1	$500
10-Dec-22	14	$10,093	12	88	11	$7,093	3	$3,000
3-Dec-22	26	$12,800.90	11	172	20	$4,141	6	$8,659.90
26-Nov-22	8	$2,266.70	8	5	3	$76	5	$2,190.70
19-Nov-22	21	$2,886	15	212	19	$2,550	2	$336
12-Nov-22	13	$15,093.70	9	81	9	$14,200	4	$893.70
5-Nov-22	25	19,337.20	16	509	22	$8,267.20	3	$11,070
29-Oct-22	15	$7,805.30	9	116	14	$7,180.30	1	$625
22-Oct-22	20	$8,193.50	13	253	13	$5,442	7	$2,751.50
15-Oct-22	9	$3,046.10	9	139	7	$2,588.30	2	$457.80
8-Oct-22	19	$2,011.80	12	114	16	$833.80	3	$1,178
1-Oct-22	23	$5,532.90	16	156	18	$4,952.30	5	$580.60
24-Sep-22	18	$5,194	14	216	15	$4,050	3	$1,144
17-Sep-22	21	$8,352.30	12	320	15	$4,759.60	6	$3,592.70
10-Sep-22	15	$19,853.50	10	126	13	$19,403.60	2	$450
3-Sep-22	9	$2,312	9	62	9	$2,312	0	0
27-Aug-22	16	$30,891.70	10	135	15	$30,666.40	1	227.7
20-Aug-22	12	$1,977	8	152	9	925	3	$1,052
13-Aug-22	18	$8,004.70	11	242	11	$2,844.70	7	$5,160
6-Aug-22	24	$7,948.90	12	240	17	$3,577	7	$4,371.90
30-Jul-22	8	$6,941	9	78	7	$6,839	1	$102
23-Jul-22	11	$801	11	92	10	$801	1	0
16-Jul-22	14	$3,650	10	122	14	$3,650	0	0
9-Jul-22	10	$3,557.70	7	68	9	$3,557.70	1	0
2-Jul-22	18	$8,609.40	13	152	15	$2,754.40	3	$5,855
25-Jun-22	15	$6,142	13	146	9	$2,017	6	$4,125
18-Jun-22	17	$11,890.10	14	228	15	$11,410	2	479.7
11-Jun-22	17	$7,600	12	123	10	$2,300	7	$5,300
4-Jun-22	12	$2,937	10	127	9	$692	3	$2,245
28-May-22	9	$3,197.60	11	86	9	$3,197.60	0	0
21-May-22	14	$7,284.50	12	185	11	$6,609	3	$675.50
14-May-22	11	$306.60	9	80	10	$306.60	1	$225
7-May-22	16	$10,451.75	12	108	12	$1,827	4	$8,624.75
30-Apr-22	16	$2,296.50	16	157	12	$895.50	4	$1,401
23-Apr-22	10	$2,241	11	58	8	$1,641	2	$600
16-Apr-22	11	$6,643	7	156	8	$2,359	3	$4,284
9-Apr-22	17	$4,429	14	184	11	$1,690	6	$2,739
2-Apr-22	13	$1,755	8	84	10	$1,145	3	$610
26-Mar-22	11	$3,205	8	65	6	$200	5	$3,005
19-Mar-22	13	$2,239.17	9	106	13	$2,239.17	0	0
12-Mar-22	18	$12,016	11	239	15	$11,965	2	$51.35
5-Mar-22	17	$6,786	13	137	13	$5,161	4	$1,625
26-Feb-22	12	$5,095	8	149	9	$4,437.50	3	$658
19-Feb-22	17	$22,229	17	174	14	$21,354	3	$875
12-Feb-22	12	$2,344.70	10	73	8	$641.70	4	$1,703
5-Feb-22	11	$2,503	8	99	11	$2,503	0	0
29-Jan-22	11	$3,872	12	101	12	$3,872	0	0
22-Jan-22	13	$5,143.50	10	99	12	$4,842.50	1	$301
15-Jan-22	12	$7,605	9	155	9	$6,480	3	$1,025
8-Jan-22	13	$8,256.20	11	102	13	$8,256.20	0	0
1-Jan-22	9	$1,273.80	6	50	9	$1,273.80	0	0
25-Dec-21	21	$4,734.75	11	176	16	$3,410	5	$1,324.75
18-Dec-21	26	$7,325.20	15	193	18	$3,640.20	8	$3,685.20
11-Dec-21	16	$5,017	10	109	13	$1,417	3	$3,600
4-Dec-21	14	$2,310	8	86	8	$2,310	6	$1,882.05
27-Nov-21	9	$3.460.1	10	101	6	$1,758	3	$1,702.60
20-Nov-21	20	$22,792	15	157	12	$18,864.50	8	$3,928
13-Nov-21	21	$26,729	12	178	13	$11,822	8	$14,907
6-Nov-21	12	$8,303	13	157	10	$6,682	3	$1,621
30-Oct-21	21	$10,368	15	218	15	$9,24.4	6	$1,103.00
23-Oct-21	21	$18.783.1	15	222	11	$12,314	10	$6,468.60
16-Oct-21	15	$3,868	11	118	15	$2,293	2	$1,575
9-Oct-21	20	$8,610	16	175	16	$7,795	4	$815
2-Oct-21	14	$6,250	11	137	10	$5,200	4	$1,050
25-Sep-21	11	$11,460	9	93	7	$10,200	4	$1,250
18-Sep-21	11	$16,603	8	99	8	$15,084	3	$1,519
11-Sep-21	17	$10,653	11	103	13	$8,503	4	$2,150
4-Sep-21	13	$7,222	10	89	11	$6,715	2	$507
28-Aug-21	12	$763	9	63	11	$663	1	$100
21-Aug-21	12	$29,659	7	79	11	$29,579	1	$80
14-Aug-21	22	$17,845	11	199	12	$12,805	10	$5,04
7-Aug-21	17	$13,670	12	139	15	$11,766	2	$1,904
31-Jul-21	21	$8,160	11	134	10	$3,574	10	$4,586
July 24,2021	21	$6,367	11	139	15	$3,712	6	$2,655
17-Jul-21	14	$4,009	11	124	12	$2,015	2	$1,994
10-Jul-21	16	$3,997	13	143	11	$1,597	4	$2,4
3-Jul-21	24	$7,492	13	94	16	$3,769	8	$3,722
26-Jun-21	10	$4,995	7	85	8	$3,847	2	$1,148
19-Jun-21	28	$16,830	8	228	9	$1,861	19	$14,968
12-Jun-21	26	$27,238	15	209	19	$25,602	7	$1,636
5-Jun-21	15	$15,539	13	100	13	$14,709	2	$600
29-May-21	35	$20,279	11	145	28	$18,64	7	$1,639
22-May-21	24	$53,208	14	174	17	$51,047	7	$2,161
15-May-21	18	$10,620	13	220	11	$5,870	7	$4,809
8-May-21	17	$10,400	11	156	15	$8,386	2	$2,500
1-May-21	21	$7,200	16	115	12	$3,808	9	$3,392
24-Apr-21	8	$20,200	9	31	8	$20,200	0	0
17-Apr-21	14	$6,270	8	102	11	$40,180	3	$2,260
10-Apr-21	15	$8,940	13	129	14	$7,990	1	$950
3-Apr-21	18	$19,513	10	151	12	$16,923	6	$2,590
27-Mar-21	27	$13,942	15	244	14	$4,300	13	$9,633.50
20-Mar-21	11	$2,046	4	102	3	$270	8	$1,776
13-Mar-21	15	$3,270	9	109	6	$538	9	$2,732
6-Mar-21	24	$13,617	10	196	13	$10,395	11	$3,222
27-Feb-21	19	$8,105	12	139	15	$4,970	4	$3,135
20-Feb-21	9	$8,820	9	153	8	$8,520	1	$300
13-Feb-21	12	$4,852.60	7	81	7	2,766	5	$2,086.60
6-Feb-21	18	$9,752	13	153	14	$5,222	4	$4,530
30-Jan-21	18	$9,449	9	182	15	$8,753.80	3	$695.30
23-Jan-21	14	$8,150	8	118	6	$4,000	8	$4,150
16-Jan-21	17	$6,783	13	138	11	$2,400	6	$4,382.90
9-Jan-21	22	$6,829	14	135	18	$3,139.30	4	$3,690
2-Jan-21	7	$1,466	7	60	7	$1,466	0	0
26-Dec-20	18	$15,900	12	163	16	$5,300	1	$600
19-Dec-20	18	$9,769	14	110	14	$8,426	4	$1,343
12-Dec-20	10	$7,200	9	100	9	$3,325	1	$3,830
5-Dec-20	15	$4,261	9	122	9	$2,780	6	$1,481
28-Nov-20	19	$7,758	10	110	13	$4,003	6	$3,755
14-Nov-20	14	$864.10	14	157	12	$289.10	2	$575
7-Nov-20	13	$6,332	9	129	9	$2,483.50	4	$3,849
31-Oct-20	10	$3,995.80	8	103	6	$3,231.10	4	$754.70
24-Oct-20	6	$18,100	6	58	5	$17,709	1	$350
17-Oct-20	8	$351.90	5	55	8	$351.90	0	0
10-Oct-20	7	$5,229	3	50	4	$735	3	$4,494
3-Oct-20	14	$21,428	9	173	9	$17,535	5	$3,893
26-Sep-20	10	$12,770	8	93	5	$10,300	5	$2,470
19-Sep-20	14	$8,365	9	101	6	$1,020	8	$7,345
12-Sep-20	6	$4,406	8	59	3	$1,270	3	$3,136
5-Sep-20	11	$5,191	8	117	9	$4,061	2	$1,130
29-Aug-20	11	$2,531	9	94	5	$1,130	6	$1,401
22-Aug-20	18	$6,574	12	140	7	$1,930	11	$4,644
15-Aug-20	13	$4,991	10	97	7	$1,216	6	$3,775
8-Aug-20	12	$32,092	11	112	9	$30,457	3	$1,635
1-Aug-20	7	$5,287	8	76	5	$3,687	2	$1,600
25-Jul-20	9	$18,751	6	67	7	$18,403	2	$348
18-Jul-20	6	$1,982.50	5	50	4	$1,407.50	2	$575
11-Jul-20	11	$565.10	12	75	10	$65.10	1	$500
4-Jul-20	10	$8,889	8	98	9	$8,788	1	$100.30
27-Jun-20	8	$6,874	10	50	5	$4,972.50	3	$2,081.50
20-Jun-20	12	$4,444	9	115	7	$2,829	5	$1,615
13-Jun-20	6	$3,582	4	37	2	$350	4	$3,232
6-Jun-20	11	$3,213.70	8	65	7	$470	4	$2,743.70
30-May-20	8	$7,335	7	48	6	$4,639	2	$2,697
23-May-20	4	$432.40	4	34	3	$432.40	1	0
16-May-20	6	$310	6	34	5	$310	1	0
9-May-20	18	$5,630	16	124	14	$3,180	4	$2,450
2-May-20	15	10,400	10	90	8	$1,900	7	$,8,500
25-Apr-20	8	$3,400	9	36	5	$1,000	3	$2,450
18-Apr-20	19	$9,500	14	92	8	$185.70	11	$9,360
11-Apr-20	12	$6,000	9	40	5	$190	7	$5,800
4-Apr-20	14	$8,200	11	68	10	$2,200	4	$6,000
28-Mar-20	16	$6,500	13	96	10	$3,700	6	$2,800
21-Mar-20	11	$11,910	7	33	7	$2,250	4	$9,960
14-Mar-20	7	809.8	6	34	6	684.8	1	125
7-Mar-20	16	$2,500	15	70	13	$669	3	$1,400
29-Feb-20	13	$15,260	13	128	11	$11,760	2	$3,500
22-Feb-20	12	$3,700	10	92	10	$2,560	2	$1,130
15-Feb-20	16	$1,250	10	84	12	$35	4	$1,222
8-Feb-20	18	$6,080	14	123	14	$2,595	4	$3,485
1-Feb-20	21	$20,900	12	101	14	$17,860	7	$3,060
25-Jan-20	13	$7,430	13	62	12	$6,430	1	$1,000
18-Jan-20	23	$9,580	15	120	19	$6,580	4	$3,000
11-Jan-20	21	$14,200	18	199	16	$1,020	5	$13,200
4-Jan-20	22	$6,400	11	119	16	$3,204	6	$3,245
28-Dec-19	22	$7,150	19	175	18	$6,800	4	$327.40
14-Dec-19	24	$36,300	23	167	19	$9,500	5	$26,800
7-Dec-19	11	$10,400	11	55	7	$1,082	4	$9,370
November 30. 2019	14	$2,450	12	126	12	$1,760	2	$692.50
23-Nov-19	16	$1,995	10	41	11	$615	5	$1,380
16-Nov-19	15	$3,820	13	135	11	$2,500	4	$1,271
9-Nov-19	25	$12,900	17	182	23	$12,200	2	$575
2-Nov-19	10	$2,470	12	61	9	2,450	3	$22
26-Oct-19	12	$5,560	14	70	11	$3,860	1	$1,700
19-Oct-19	8	$6,600	8	138	8	$6,600	0	0
12-Oct-19	19	$4,300	14	55	16	$3,800	3	$500
5-Oct-19	18	$14,500	19	166	15	$11,100	3	$3,400
28-Sep-19	19	$8,100	18	132	18	$7,560	1	$550
21-Sep-19	14	$6,300	16	66	11	$2,160	3	$4,170
14-Sep-19	15	$23,800	12	56	11	$21,250	4	$2,570
7-Sep-19	17	$3,500	15	98	14	$1,900	3	$1,600
31-Aug-19	5	$8,700	6	50	5	$8,700	0	0
24-Aug-19	16	$10,000	14	82	15	$4,250	1	$5,750
16-Aug-19	10	$1,680	5	52	7	$650	3	$950
9-Aug-19	17	$17,700	15	68	14	$3,900	3	$13,800
2-Aug-19	13	$5,760	12	108	13	$5,760	NA	NA
27-Jul-19	11	$7,300	13	76	8	$6,570	3	$730
20-Jul-19	13	$11,800	13	125	11	$5,300	2	$6,500
13-Jul-19	10	$775	7	46	8	$542.50	2	$233
6-Jul-19	7	$2,500	9	85	7	$2,500	0	0
29-Jun-19	23	$8,290	15	154	17	$2,300	6	$5,970
22-Jun-19	17	$10,700	10	139	14	$7,700	3	$3,000
15-Jun-19	11	$13,500	14	160	11	$13,500	NA	NA
8-Jun-19	13	$2,870	17	55	11	$1,570	2	$1,300
1-Jun-19	10	$4,460	11	60	8	$4,140	2	$315
25-May-19	17	$4,360	14	79	14	$3,700	3	$612
18-May-19	22	$9,000	17	150	16	$3,400	6	$5,600
11-May-19	18	$19,800	17	177	15	$18,300	3	$1,500
4-May-19	10	$7,075	6	32	8	$6,900	2	$175
27-Apr-19	15	$3,200	14	117	14	$3,160	1	$40
20-Apr-19	13	$13,500	10	90	9	$12,200	4	$1,300
13-Apr-19	16	$38,900	14	91	14	$37,800	2	$1,100
6-Apr-19	12	$6,870	11	94	10	$6,730	2	$50
30-Mar-19	15	$6,470	12	84	10	$7,91.5	5	$5,677
23-Mar-19	18	$6,450	14	91	14	$5,042	4	$1,408
16-Mar-19	14	$10,180	12	115	11	$8,800	3	$1,300
9-Mar-19	9	$1,800	6	49	8	$1,300	1	$500
2-Mar-19	20	$3,033	16	107	14	$1,817	6	$1,262
23-Feb-19	12	$2,040	8	69	9	$614.60	3	$1,430
16-Feb-19	16	$9,970	18	77	16	$9,970	0	0
9-Feb-19	14	$6,400	10	110	14	$6,400	0	0
2-Feb-19	18	$6,740	15	99	16	$5,720	2	$950
26-Jan-19	13	$2,770	11	67	11	$918.95	2	$1,850
19-Jan-19	15	$3,819	16	76	12	$2,594	3	$1,225
12-Jan-19	18	$7,283	14	92	15	$1,683	3	$5,600
5-Jan-19	10	$529	12	50	10	$529	0	0
22-Dec-18	17	$2,570	13	87	14	$941	3	$1,629
15-Dec-18	10	$2,860	8	26	8	$264	2	$2,600
8-Dec-18	15	$1,819	16	65	12	$552	3	$1,267
1-Dec-18	12	$7,500	10	90	9	$1,200	3	$6,200
28-Nov-18	15	$4,500	11	107	14	$4,000	1	$500
19-Nov-18	18	$6,137	13	98	13	$2,142	5	$3,995
14-Nov-18	18	$9,200	13	152	15	$8,500	3	$694
6-Nov-18	16	$17,300	16	183	14	$16,361	2	$950
29-Oct-18	14	$14,400	18	127	17	$13,800	1	$600
24-Oct-18	13	$6,140	13	126	11	$5,122	2	$1,018
17-Oct-18	18	$18,390	15	125	14	$12,292	4	$6,098
10-Oct-18	29	$3,149	18	104	20	$1,647	9	$819
2-Oct-18	18	$9,300	11	67	14	$7,300	4	$2,000
25-Sep-18	13	$7,000	11	75	10	$6,000	3	$995
18-Sep-18	9	$3,570	7	44	9	$3,570	0	0
11-Sep-18	13	$5,900	10	132	13	$5,900	0	0
7-Sep-18	14	$5,000	15	86	11	$4,000	3	$1,000
29-Aug-18	15	$20,700	14	79	13	$4,700	2	$16,000
20-Aug-18	10	$12,400	11	53	8	$11,380	3	$1,057
14-Aug-18	12	$19,900	12	132	9	$18,889	3	$1,011
7-Aug-18	16	$68,600	11	106	13	$67,259	3	$1,340
31-Jul-18	15	$15,100	15	95	11	$13,060	4	$2,060
23-Jul-18	13	$2,130	15	60	10	$1,804	3	$1,100
17-Jul-18	14	$5,370	17	98	9	$4,310	5	$1,100
9-Jul-18	16	$11,200	15	74	10	$11,080	6	$862
3-Jul-18	13	$7,000	7	81	12	$6,330	1	$750
25-Jun-18	15	$8,800	13	97	9	$4,970	6	$3,930
18-Jun-18	13	$14,200	14	80	7	$221	6	$14,290
11-Jun-18	12	$6,300	8	96	8	$5,910	4	$803
6-Jun-18	13	$14,500	10	88	8	$14,154	5	$579
31-May-18	11	$4,890	10	63	8	$3,240	3	$1,790
22-May-18	15	$20,400	11	63	9	$19,808	6	$885
15-May-18	15	$4,700	15	106	10	$3,900	5	$643
9-May-18	11	$1,400	13	88	9	$1,300	2	$560
1-May-18	8	$14,250	7	88	7	$13,400	1	$450
24-Apr-18	12	$5,300	6	61	11	$4,470	1	$800
17-Apr-18	9	$1,800	10	44	7	$2,330	2	$1,434
11-Apr-18	11	$2,500	8	32	6	$1,690	5	$809
3-Apr-18	15	$13,400	11	121	9	$12,020	6	$1,090
28-Mar-18	10	$4,000	10	92	7	$3,870	3	$215
19-Mar-18	17	$5,800	13	51	10	$590	7	$5,165
12-Mar-18	15	$3,130	11	43	11	$2,360	4	$788
6-Mar-18	19	$5,400	13	116	10	$1,530	9	$4,860
27-Feb-18	20	$6,600	13	69	14	$5,530	6	$1,030
19-Feb-18	15	$5,500	14	111	10	$3,990	6	$1,980
12-Feb-18	23	$10,900	17	157	12	$7,110	11	$3,840
5-Feb-18	16	$8,600	13	100	7	$1,330	9	$7,800
30-Jan-18	11	$12,600	11	68	5	$7,300	6	$4,982
24-Jan-18	19	$9,400	15	129	5	$2,010	14	$7,337
18-Jan-18	10	$6,280	8	49	2	$2,100	8	$4,188
9-Jan-18	12	$16,500	12	92	9	$15,890	3	$475
3-Jan-18	10	$2,500	9	47	8	$2,350	2	$150
27-Dec-17	15	$9,000	15	113	9	$7,568	6	$1,784
18-Dec-17	15	$13,800	16	164	9	$13,010	7	$1,118
11-Dec-17	14	$9,700	10	126	12	$2,940	4	$8,500
4-Dec-17	6	$1,800	6	31	5	$1,510	1	$300
28-Nov-17	7	$3,850	8	76	4	$3,260	3	$285
16-Nov-17	10	$2,700	10	48	6	$1,840	4	$856
8-Nov-17	15	$2,380	17	91	10	$1,860	5	$516
1-Nov-17	12	$4,700	17	94	9	$3,400	4	$1,300
23-Oct-17	15	$10,500	10	67	10	$9,780	4	$1,530
18-Oct-17	6	$2,000		37	3	$225	3	$1,820
10-Oct-17	12	$6,570		100	9	$3,880	3	$3,360
2-Oct-17	8	$3,100	11	19	3	$1,630	5	$1,750
25-Sep-17	8	$4,880	8	79	5	$2,660	5	$2,070
18-Sep-17	9	$4,770			3	$300	6	$4,470
12-Sep-17	11	$4,430			8	$2,030	3	$2,400
1-Sep-17	4	$1,310			3	$317	1	$1,000
23-Aug-17	11	$13,640	9		8	$11,840	3	$1,800

M&A/FUNDING

BlackRock Acquires GIP in $12B Merger Agreement

In a union of investment giants, BlackRock Inc. — the sometimes controversial investment behemoth — announced Jan. 12 it is acquiring Global Infrastructure Partners for $3 billion in cash and approximately 12 million shares of BlackRock. The result will be a stand-alone infrastructure business valued at $150 billion led by GIP’s Bayo Ogunlesi and the current GIP management team. It would also become, by some estimates, the largest infrastructure investor in the world. Outside legal counsel included Skadden, Arps, Slate, Meagher & Flom and Fried, Frank, Harris, Shriver & Jacobson for BlackRock. Kirkland & Ellis and Debevoise & Plimpton acted as legal counsel to GIP. For more details see The Lawbook’s daily coverage here.

Chesapeake and Southwestern to Merge in $7.4B Deal

In a move that continues the consolidation of upstream energy resources, Chesapeake Energy and Southwestern Energy announced Thursday that they have agreed to a $7.4 billion all-stock merger. The combined company, as yet unnamed, would have an enterprise value of $24 billion and would be headquartered in Oklahoma City. It would also be the largest natural gas producer in the U.S., poised to feed the emerging LNG plants and terminals along the Texas-Louisiana Gulf Coast. Chesapeake’s legal advisors were Latham & Watkins and Wachtell, Lipton, Rosen & Katz. Kirkland & Ellis advised Southwestern. For more details on the transaction view our prior coverage here.

DigitalBridge Plans $6.4B Investment in Vantage Data Centers

Deal Description: Vantage Data Centers, a major provider of scalable data centers across the planet, announced Jan. 9 a major equity investment by global investment managers DigitalBridge and Silver Lake.  The deal follows the recently announced €1.5 billion ($1.65 billion) investment by AustralianSuper. Vantage owns or controls 25 data sites in North America and EMEA. DigitalBridge acquired Vantage in 2017 and plans to take advantage of the escalation of digital capacity required by cloud storage and AI.

Outside Legal Counsel/DigitalBridge: Simpson Thacher advised DigitalBridge includes partners Gabriel Silva in New York and Shamus Crosby in Houston, along with Mark Kunzman, Gabriela Astolphi, Jonathan Schwartz, Lawrence Page and E.R. Rolwes (M&A); David Rubinsky and Megan Arrowsmith (Executive Compensation and Employee Benefits); Andrew Purcell, Brian Mendick and Emma Wang (Tax); and Steven DeLott (Insurance).

7-Eleven Acquires 204 Stores from Sunoco for $950M

Deal Description: Irving-based convenience store chain 7-Eleven Inc. has agreed to purchase 204 stores from Sunoco LP that include the Stripes and Laredo Taco Company brands. With locations in New Mexico, Oklahoma and West Texas, the 204 stores join 7-Eleven’s more than 13,000-store portfolio. The purchase is one of the latest expansions for the retailer, which bought Ohio-based Speedway, the third largest convenience chain at the time, in early 2021 for $21 billion. Akin and Vinson & Elkins advised the parties. For more see The Lawbook’s daily coverage here.

Landsea Homes to Acquire Antares Homes for $232.2M

Deal Description: Landsea Homes, a publicly traded homebuilder based in Dallas, announced Jan. 9 that it is acquiring Texas homebuilder Antares Homes. The deal is priced at $232.2 million, which includes Landsea’s assumption of $47.2 million in Antares debt. Landsea said it will pay for the acquisition, expected to close in February, with a combination of cash and borrowing through its existing revolving credit facility. Landsea entered the Texas market in 2021 and earlier this year moved its headquarters to Dallas from Newport Beach, California. Landsea CEO says the firm has been eyeing acquisitions in the rapidly growing Texas market, and that Antares is building homes in 19 different communities across the Dallas-Fort Worth metro area.

Financial Advisors/Landsea: Vetra Advisors

Note: Kelly Rentzel, a veteran M&A attorney and former general counsel for Texas Capital Bank, is GC for Landsea.

Praxis, Tenacia Sign $15M Biopharmaceutical Development Agreement

Deal Description: International biopharmaceuticals firms, Praxis Precision Medicines and Tenacia Biotechnology, announced Jan. 5 a collaborative agreement for the development and commercialization of ulixacaltamide for the treatment of tremors associated with neuronal excitation-inhibition imbalance. To do so, Boston-based Praxis and Tenacia, a Bain Capital portfolio company headquartered in Shanghai, have structured an exclusive licensing agreement that includes a $5 million cash payment to Praxis and a $10 million purchase of Praxis stock. The deal also includes milestone payments of up to $264 million.

Outside Legal Counsel/Praxis: Sidley Austin advised Praxis with a team led from Baltimore by partners Asher Rubin and Adrian Tibbitts, along with managing associate Collin Marshall and senior managing associate in Dallas, managing associate BinQuan Zhuang in Palo Alto and emerging companies partner Frank Rahmani in Palo Alto.

Outside Legal Counsel/Tenacia: Ropes & Gray

3E to Acquire ChemChain

Deal Description: Compliance solutions provider 3E announced Jan. 11 that it is acquiring ChemChain, a Luxembourg-based firm with a portfolio of tech-driven products that track and secure supply chain operations. Terms were undisclosed. 3E is based in Carlsbad, California.

Outside Legal Counsel/3E: Shearman & Sterling advised 3E led by Dallas partner Alain Dermarkar with Dallas associates Brody Hinds and Tim Doyle.

Note: The acquisition is the fourth since New Mountain Capital acquired 3E in January 2022 from Verisk.

Pacolet Milliken Agrees to Acquire Biomass Generation Facility

Deal Description: Family-owned investment company Pacolet Milliken announced Jan. 8 that it has agreed to acquire a 55 MW biomass-powered plant in Barnesville, Georgia, known as Piedmont Green Power. The plant is currently owned by Atlantic Power & Utilities. Terms were undisclosed. Pacolet Milliken is headquartered in Greenville, South Carolina.

Piedmont utilizes 600,000 tons of wood waste each year as a source of renewable power and sells renewable energy credits on the open market. Piedmont achieved commercial operations in 2013 and sells power to Georgia Power under a long-term power purchase agreement.

Debt Management/Pacolet Milliken: Genesis Capital helped arrange debt financing provided by Manulife.

Outside Counsel/Pacolet Milliken: The Vinson & Elkins corporate team was led by partner Doug Bland and associate Ryan Logan, with assistance from associates Zach Parker and Pete Berquist, and the finance team was led by partners Eamon Nolan and Lauren Davies, with assistance from associates Helena Zhang and Dan Lee. Other key team members include partners Jason McIntosh and Wendy Salinas and associate Paige Rapp (tax); partner Courtney Hammond, senior associate Mark Kramer and paralegals Ashley Curatolo and Sydney Finelli (real estate); partner Sarah Mitchell and senior associate Alexander Baker (insurance); partner John Decker and senior associate Andrew DeVore (energy regulatory); partner Matt Dobbins and associates Kelly Rondinelli and Tom Aird (environmental); partner Sean Becker and associates Peter Goetschel and Ashley Plunk (employment); partner Dario Mendoza, counsels Missy Spohn and Heather Reynolds Johnson, senior associate Nicole Waterstradt and associate Cassie Zarate (executive compensation/benefits); partners Dave Oelman and Nettie Downs and associate Carli Gish (corporate); counsel Noelle Alix (finance); partner Rick Sofield and associate Connor Wilson (FCC); partner Darren Tucker (antitrust); and counsels Brian Howard and Elizabeth Krabill McIntyre (sanctions).

Energy Capital Partners Acquires Triple Oak Power from EnCap

Deal Description: New Jersey-headquartered Energy Capital Partners said Jan. 9 that it has agreed to acquire renewable energy provider Triple Oak Power from Texas-based EnCap Investments and its co-investors, Yorktown Partners and Mercuria Energy. Portland-based Triple Oak manages a pipeline of more than 8 gigawatts of utility scale wind projects across the central and western states. Yorktown Partners is based in New York; Mercuria is headquartered in Geneva, Switzerland. Terms of the deal were undisclosed.

Financial Advisor/EnCap and Triple Oak: Marathon Capital

Legal Advisors/EnCap and Triple Oak: Sidley Austin led by energy partners Robert Stephens in Houston and Christopher Hutchison in Washington, D.C. The team also included senior managing associate Jeff Kinney and associate John Zappia, both in Houston.

Legal Advisors/Energy Capital: Latham & Watkins

Comply365 and Vistair Agree to Merger

Deal Description: Comply365, a provider of digital content solutions for aviation and rail regulatory and safety requirements, announced Jan. 8, that it is merging with Vistair Limited, a UK-based provider of data services for complex flight operations and defense-related compliance regimes. The combination will create a global provider of compliance technology to aviation, defense and rail operations represented by over 120 customers located in over thirty countries on six continents. Terms of the transaction were not announced, but Vistair CEO Rob Morgan will preside over the integration of the two businesses and Insight Partners will join Liberty Hall Capital Partners as co-equal investors. Liberty Hall is the current controlling stockholder of Comply365.

Financial Advisors:  Lincoln International advised Comply365. Lincoln International and Harris Williams advised Insight Partners and Liberty Hall.

Outside Legal Counsel/Insight Partners: Willkie Farr & Gallagher with a team led by Morgan Elwyn and Ziyad Aziz in New York, Philip Coletto in London and Ryan Giggs in Houston

Outside Legal Counsel/Liberty Hall: Gibson, Dunn & Crutcher

Ridgewood Infrastructure to Acquire Waste Resources Management

Deal Description: Ridgewood Infrastructure announced Jan. 8 that it is acquiring Houston’s Waste Resources Management, a provider of industrial wastewater collection and disposal services. Terms of the deal were not undisclosed. Based in New York, Ridgewood is an investor specializing in water, energy transition, transportation and other industrial infrastructure projects and services.

Financial Advisor: Houlihan Lokey

Outside Legal Counsel: Kirkland & Ellis advised Ridgewood with a team led from Houston by Bill Benitez and Robert Goodin, along with asociates Gabrielle Sumich and Brennon Nelson. Also involved were debt finance partners Lucas Spivey and Osaro Aifuwa along with associate Brittany Taylor. Partner Mark Dundon and associate Griffin Peeples advised on tax issues.

Stephens Group to Sell Summit Industrial Construction

Deal Description: The Stephens Group announced Jan. 2 the sale one of its portfolio companies, Houston-based Summit Industrial Construction to publicly traded Comfort Systems, another Houston-headquartered company. Terms of the deal were not announced. Summit is a specialty mechanical contractor that designs and constructs modular systems for advanced technology, power and industrial sectors, and is involved in several chip fabrication projects.

Based in Little Rock, the Stephens Group is backed by the Witt Stephens Jr. and Elizabeth Campbell families. Comfort, a provider of mechanical, electrical and plumbing systems, owns more than 45 operating companies in 170 locations across the U.S.

Outside Counsel: Jones Day advised the Stephens Group with a team led from Atlanta that includes partners Bryan Davis and Patrick Baldwin.

CAPITAL MARKETS/DEBT

Energy Transfer Offers $3.8B in Notes

Deal Description: Dallas-based Energy Transfer announced Jan. 11 the pricing of three notes offerings. The company plans to use proceeds from the offerings to refinance existing debt. The three offerings include a $1.25 billion series of 5.550 percent senior notes due 2034 at 99.660 percent of principal; $1.75 billion of 5.950 percent senior notes due 2054 at 99.523 percent of principal, and $800 million of 8.00 percent of fixed-to-fixed reset rate subordinated notes due 2054 at 100 percent of face value.

Financial Advisors: Citigroup Global Markets, Credit Agricole Securities, Deutsche Bank Securities, PNC Capital Markets and RBC Capital Markets are acting as joint book-running managers for the senior notes offering and the junior subordinated notes offering.

Legal Advisors/Energy Transfer: Latham & Watkins with a corporate deal team led by Austin partner Samuel Rettew and Houston partner Kevin Richardson, with associates Lucas Balchun, Michael Pascual, Janhavi Das, and Kevin Donovan. Advice was also provided on tax matters by Houston partners Tim Fenn and Bryant Lee, with associate Dylan White; and on environmental matters by Los Angeles/Houston partner Joshua Marnitz, with associate Jacqueline Zhang.

Entrprise Products Partners in $2B in Senior Notes Offerings

Deal Description: Houston-based midstream services provider Enterprise Products Partners announced Jan. 2 the pricing of two notes offerings totaling $2 billion. The says it expects to use the proceeds in the repayment of prior notes offerings and the outstanding balance that remains on their commercial paper program. The first offering (“Senior Notes HHH”) due Jan. 11, 2027, will be issued at 99.897 percent of principal with a fixed-rate coupon of 4.60 percent. The second offering, (“Senior Notes III”) will be issued at 99.705 percent of principal with a fixed rate coupon of 4.85 percent.

Book Running Managers: MUFG Securities, Citigroup Global Markets, Credit Agricole Securities, PNC Capital Markets and TD Securities

Outside Legal Counsel/Underwriters: Vinson & Elkins advised Enterprise with a team led from Houston by partners Doug McWilliams and David Stone and counsel Brett Peace, with assistance from senior associate Markeya Brown and associates Connor Rabalais and Waleed Vohra. Other key team members included partner Matt Dobbins and associate Ryan Vanderlip (environmental); partners Wendy Salinas and Ryan Carney and associate Steve Campbell (tax); and senior associate Andrew DeVore and associate Jake Silver (energy regulation).

CenterPoint Energy Opens $500M ATM Program

Deal Description: On Jan. 10 CenterPoint Energy announced the establishment of an at-the-market program to sell its common shares at some point in the future. The Houston-based company intends to use the proceeds for general corporate purposes. CenterPoint owns and operates electric transmission, distribution and generation facilities and natural gas distribution facilities.

Outside Counsel/Managers Forward Purchasers: Hunton Andrews Kurth advised with a team led from New York by Peter K. O’Brien, Brendan P. Harney, Reuben H. Pearlman and Jingyi “Alice” Yao. Joseph B. Buonanno provided advice on the forward component. Robert McNamara, William Freeman and Caitlin Scipioni provided tax advice.

Outside Counsel/CenterPoint: Baker Botts with a team led by Houston partners Tim Taylor and Clint Rancher, along with Houston associates Rob Cowan and Sarah Dyer. New York partner Jonathan Goldstein provided finance advice with tax advice from partner Mike Bresson and senior associate Jared Meier, both in Houston.

Mid-America Apartment Communities Offers $350M in Notes

Deal Description: Mid-America Apartment Communities announced Jan. 4 that its operating partnership, Mid-America Apartments priced a $350,000,000 offering of MAALP’s 5.000 percent senior unsecured notes due March 15, 2034. The notes were priced at 99.019 percent of the principal amount. MAALP intends to use net proceeds from the offering to repay outstanding borrowings.

Deal Managers: Wells Fargo Securities, LLC, J.P. Morgan Securities LLC, Mizuho Securities USA LLC, Truist Securities, Inc. and U.S. Bancorp Investments, Inc. were the joint book-running managers for the offering.

Outside Legal Advisors/MAALP: Bass, Berry & Sims

Outside Legal Advisors/Underwriters: Sidley Austin with a team led by New York capital markets partner Samir Gandhi. Also advising were New York partner Nicholas R. Brown, senior managing associate Tanner L. Groce in Houston, senior managing associate Christian D. Barraza in Miami and New York associate Henry R. Ludwig.

NETSTREIT Corp. Announces Upsized $173M Offering

Deal Description: NETSTREIT Corp., announced Jan. 12 the pricing of its public offering of 9.6 million shares of its common stock at a public offering price of $18.00 per share in connection with the forward sale agreements described below. NETSREIT is a Dallas-headquartered real estate investment trust that specializes in commercial assets leased to  single occupant tenants like Dollar General, CVS, 7-Eleven, Walmart, Kroger, Dick’s Sporting Goods and Winn Dixie.

Forward Purchasers/Managers: Wells Fargo Securities and BofA Securities are acting as book-running managers. Jefferies, Truist Securities, Capital One Securities, Scotiabank, Regions Securities LLC, TD Securities, Mizuho, Stifel and Citigroup are acting as joint book-running managers for the offering. Baird, BTIG, Raymond James, Wolfe Capital Markets and Advisory, Ramirez & Co., Inc., Roberts & Ryan and Comerica Securities are acting as co-managers for the offering.

Outside Legal Counsel/Underwriters: Vinson & Elkins with a team led by partners Daniel LeBey and Chris Green and counsel Caroline Bailey, with assistance from associates Selena Govan, Bekah Briggs and Glen Taylor. Other key team members include partners Paige Anderson and Chris Mangin and associate Tyler Underwood (tax).

OTHER MATTERS

In the continuing global up-ramp of LNG capacity Ksi Lisims LNG LP,  a co-development of three entities — the Nisga’a Nation, Rockies LNG LP and Western LNG — announced a 20-year LNG sale and purchase agreement with Shell Eastern Trading. The SPA secures 2 million tonnes of LNG per year from the Ksi Lisims project on a free-on-board basis. The net-zero LNG production project, located on Pearse Island in British Columbia, expected to be in operation by 2030, will produce 12 million tonnes per year from two floating storage facilities. Baker Botts said they were involved in the drafting and negotiation of the SPA with a team led from Houston by partner David Jetter with London partner Rob Butler, Houston associate Arsalan Eftekhar and Houston tax partner Jon Lobb.

Simpson Thacher announced that it advised DigitalBridge on the formation, Dec. 30, of Articul8, an independent company offering secure generative artificial intelligence software platform. The platform delivers AI capabilities that keep customer data, training and inference within the enterprise security perimeter. The platform also provides customers the choice of cloud, on-prem or hybrid deployment. The Simpson Thacher team included several of the same lawyers involved in DigitalBridge’s planned $6.4 billion investment in Vantage Data Centers (described above), including partners Gabriel Silva and Shamus Crosby (Houston) (M&A); Partner Parker Kelsey and Associates Nick Brown, Tarek Hussamy and Sung Won Choi (Funds); Partner Lori Lesser and Associate Sarika Pandrangi (Palo Alto) (IP); and Partner Andrew Purcell and Associate Brian Mendick (Tax). All attorneys are based in New York unless otherwise stated.