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The Texas Lawbook

Free Speech, Due Process and Trial by Jury

  • Appellate
  • Bankruptcy
  • Commercial Litigation
  • Corp. Deal Tracker/M&A
  • GCs/Corp. Legal Depts.
  • Firm Management
  • White-Collar/Regulatory
  • Pro Bono/Public Service/D&I

CDT Roundup: 17 Deals, 12 Firms, 99 Lawyers, $14.6B

January 2, 2024 Claire Poole

TPH&Co., the energy business of investment banking boutique Perella Weinberg, has been around the block a few times (it was founded in 2004). So we were interested by a recent email with its industry views for 2023. And, in typical investment banker fashion, the firm is gung-ho.

“As we reflect on 2023, it is increasingly clear the energy industry is more important and dynamic than ever,” it said.

It’s not without reason. TPH notes that the broader markets managed to digest a range of impacts, from economic direction to geopolitical tensions to artificial intelligence implications. Still, global energy demand managed to eke out a nearly 1 percent increase in 2023 across oil, natural gas and renewable sources.

As for key themes, TPH observed that upstream M&A volumes in North America increased in 2023 exceeding $200 billion of activity, assisted by lower volatility in oil forward curve prices and the desire for additional inventory, which was partially offset by a decrease in natural gas M&A as softening near-term prices muted activity. 

It worked on some big deals in the upstream, including advising CrownRock on its $12 billion sale to Occidental and Ovintiv on its $4.3 billion purchase of northern Midland Basin properties from three entities owned by EnCap Investments as well as divesting its Bakken properties to an EnCap entity for $825 million.

The energy specialist also noted a continued infrastructure buildout as natural gas production topped 105 billion cubic feet per day in 2023, driving the additional need for pipelines to deliver the product to end markets. (TPH advised I-Squared on its controlling interest acquisition of Whistler Pipeline and Oneok on its $18.8 billion acquisition of Magellan Midstream).  

The commitment to a lower carbon world also increased, TPH said, noting ExxonMobil’s $5 billion purchase of Denbury, which has the largest owned and operated CO2 pipeline network in the U.S., resulting in the potential to capture over 100 million metric tons of emissions per year (TPH advised Denbury). “We understand that this transaction represented the largest global energy transition M&A deal in history (excluding renewables),” it said.

TPH also noticed the industry’s focus on electrification and grid resiliency (it advised distributed power solutions company Mesa Solutions on its new partnership with Arroyo Investors); the rise in energy services and equipment consolidation and bolt-ons (TPH assisted Patterson-UTI Co. on its purchase of Blackstone-backed Ulterra for $800 million); and increased activity in Canada and cross-border collaboration (i.e., the SCF Partners-backed Variperm sale to Forum Energy Technologies $200 million).

Who said the oil and gas business is dead? It just pivoted, as all cyclical sectors do. It might well pivot again.

The final week of 2023, ending December 30, saw a relative flurry of 17 deals valued at a total of $14.6 billion. The value side was dominated by an $11 billion financing as 15 M&A transactions weighed in at $2.7 billion. That compares to 23 deals for $4.2 billion last week, and 14 for $2.7 billion last year.

But we keep the table below for a reason, so since we’re reflecting on 2023, let’s also note that the Corporate Deal Tracker Roundup this past year summarized 836 transactions valued at a total of $600.3 billion, including the names of 8,023 lawyers.

Last year we wrote up 762 transactions valued at $357.6 billion, naming 7,335 lawyers. For those who care about such things, that’s 9.7 percent more deals valued at 67.8 percent more than last year while naming 688 more lawyers.

Our work is based on yours, and we can’t do that if you don’t submit your deals through CDTRoundup@texaslawbook.net.

So, keep doing it.

And thanks for a great year at the Roundup.

Weekly Corporate Deal Tracker Roundup Stats

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

Week Ending
Deal CountAmountFirmsLawyersM&A CountM&A Value $MCapM Count
CapM Value $M
14-Jun-20259$4788133603$478
07-Jun-202516$26,2101119611$24,7445$1,466
31-May-202519$23,3811116612$18,6657$4,717
24-May-202515$24,0331112113$23,6242$409
17-May-202516$21,7601214511$18,6155$3,145
10-May-202524$33,1751620619$30,7655$2,410
03-May-202511$4,249139011$2,226.52$2,022.5
26-Apr-202512$8,78791689$6,0113$2,776
19-Apr-202511$8,09771389$7,9852$112
12-Apr-202513$2,392815210$2,0653$327
05-Apr-202519$27,7621518816$25,4733$2,289
29-Mar-202521$8,1881025816$4,1255$4,064
22-Mar-202519$6,4851423115$4,1284$2,857
15-Mar-202513$13,7371315110$9,9324$3,805
8-Mar-20257$2,2345665$2242$2,100
1-Mar-202511$3,05087510$2,5501$500
24-Feb-2512$16,39771496$6,6356$9,862
17-Feb-2517$12,1361313410$9,4112$2,725
10-Feb-2514$7,15491799$4,9505$2,204
3-Feb-2516 $10,068720011$7,5535$2,515
25-Jan-2514$10,261101259$2,2075$8,054
18-Jan-2519$7,3821531612$2,3007$5,082
11-Jan-2521$33,5601618716$32,5215$1,039
4-Jan-259$6,8279809$6,82700
21-Dec-2411$2,79811928$2,2293$570
14-Dec-2415$5,3231218612$3,8123$1,511
07-Dec-2416$4,7661023111$2,32152,445
30-Nov-2410$10,29191034$8,2906$2.001
23-Nov-2415$4,5531515311$3,3794$1,174
16-Nov-2417$11,4881124513$10,1864$1,303
09-Nov-2414$2,1101213912$1,4102$700
02-Nov-2412 $52,788 1110711$52,7381$50
26-Oct-248$3,1608657$3,0651$75
19-Oct-2412$5,3041113611$4,5541$750
12-Oct-2417$8,4381215015$8,1162$322
05-Oct-2422$23,1811218915$19,9807$3,201
28-Sep-2411$2,35671447$534$2,303
21-Sep-2412$9,568101695$4,1017$5,467
14-Sep-2424$10,9881223516$7,1758$3,813
7-Sep-2412$20,4201616811$20,3071$112.9
31-Aug-2413$20,631913412$14,7751$5,856
24-Aug-2419$8,4522132516$7,1023$1,350
17-Aug-2425$49,1961630411$39,38614$9,810
10-Aug-2420$12,2641531216$9,7944$2,470
03-Aug-2426$16,4981633418$8,1378$8,361
27-Jul-2419$16,4422127115$13,8384$2,604
20-Jul-2415$16,0161418410$14,2325$1,784
13-Jul-2420$17,220 1426518$7,146 2$10,074
6-Jul-2411$3,941 11958$2,650 3$1,291
29-Jun-2414$6,296 152248$6,296 6$1,927
22-Jun-2412$5,679 81375$210 7$5,469
15-Jun-2413$9,895 1621410$5,280 3$4,615
8-Jun-2419$23,859 1323912$19,436 7$4,423
1-Jun-2412$34,510 111479$26,110 3$8,400
25-May-2413$9,684 1517110$4,434 3$5,250
18-May-2411$5,490 111738$3,129 3$2,361
11-May-2422$14,855 1422716$11,105 6$3,750
4-May-2413$3,139 98710$1,297 3$1,842
27-Apr-2410$6,684 62810$6,684 00
20-Apr-2419$15,989 111479$5,208 10$10,781
13-Apr-2413$8,952 97610$1,652 3$7,300
6-Apr-2423$26,616 1422214$13,501 8$13,116
30-Mar-2412$9,286 81368$4,299 4$4,987
23-Mar-2418$5,451 1726616$4,759 2$692
16-Mar-2421$11,437 1318614$9,316 6$2,070
9-Mar-2423$4,695 2121819$2,723 4$1,972
2-Mar-2420$9,108 1937214$4,558 6$4,550
24-Feb-2419$16,382 1224815$9,507 4$6,875
17-Feb-2416$29,932 1515712$29,216 4$716
10-Feb-2425$10,750 1719619$5,372 6$5,379
3-Feb-2412$8,416 181259$3,416 3$5,000
27-Jan-249$8,165 9878$7,815 1$800
20-Jan-2414$4,084 1210912$3,219 2$865
13-Jan-2417$33,588 1225612$26,765 5$6,823
6-Jan-248$7,915 8846$7,265 2$650
30-Dec-2317$14,599 129915$2,714 2$11,885
23-Dec-2323$4,182 1321916$1,813 7$2,370
16-Dec-2313$16,436 132807$15,150 5$1,286
9-Dec-2326$14,633.90 1724416$8,095 10$6,538.90
2-Dec-2313$6,720 95712$6,630 1$90
25-Nov-239$4,835 91316$1,785 3$3,050
18-Nov-2322$6,568.70 1718414$4,709.20 8$1,859.50
11-Nov-2315$9,825 1317912$6,581 3$3,244
4-Nov-2315$20,582.50 1419312$19,417.50 3$1,165
28-Oct-2318$68,419.10 1815215$66,646 3$1,773.10
21-Oct-2316$6,755.90 1616515$6,755.90 1$3
14-Oct-2314$67,851.20 131259$61,998.50 5$5,852.70
7-Oct-2317$6,595.50 1322816$5,995.50 1$600
30-Sep-2317$1,896.45 1318914$806.45 3$1,090
23-Sep-2323$6,432.70 1723016$1,402.80 7$5,029.90
16-Sep-2325$23,226.70 2335316$17,239 9$5,987.70
9-Sep-2312$6,369 81027$4,311 5$2,058
2-Sep-2314$2,522 69213$1,322 1$1,200
26-Aug-2317$12,160.25 1320215$6,573.25 2$5,587.00
19-Aug-2319$11,505 1321315$11,255 4$250
12-Aug-2319$9,698.80 131847$3,270 12$6,428.80
5-Aug-2313$5,201 1211812$5,051 1$150
29-Jul-2315$21,031.60 1319611$18,292.00 4$2,739.60
22-Jul-2318$3,992 1213013$2,808 5$1,184
15-Jul-2313$8,254.95 138113$8,254.95 00
8-Jul-2316$5,441.45 1217211$2,443 5$2,998.45
1-Jul-2316$6,872 1010512$5,474 4$1,398
24-Jun-2313$10,914 1620110$7,874 3$3,040
17-Jun-2317$5,880.70 1515115$4,705.70 2$1,175
10-Jun-2319$8,516.10 1311116$6,252.40 3$2,263.70
June 3 202312$6,104.42 121388$4,256.92 4$1,847.50
27-May-2317$12,200 106711$6,165 6$6,035
20-May-2311$22,458.10 81034$19,455 7$3,003
13-May-2312$7,034 101018$5,460 4$1,574
6-May-2320$3,297.60 1819617$2,985.60 3$312
29-Apr-2323$3,691.20 1813517$1,969.70 6$1,721.50
22-Apr-2316$5,570 1410414$4,750 2$1,000
15-Apr-2312$23,818.10 95910$21,618.10 2$2,200
8-Apr-2316$7,949 91739$5,472 7$3,477
1-Apr-2321$18,676.70 1217511$10,926.70 10$7,750
25-Mar-2315$8,779.50 101415$2,362 10$6,416.50
18-Mar-237$14,048.80 6695$13,345 2$703.80
11-Mar-2321$11,576 1616516$8,131 5$3,445
4-Mar-2320$9,668 1122816$8,209 4$1,459
25-Feb-2313$5,335 1313012$4,235 1$1,200
18-Feb-2314$5,743.70 131588$898.70 6$4,845
11-Feb-2316$12,088 1213712$9,965 4$2,123
4-Feb-2317$8,066 1514013$5,614 4$2,452
28-Jan-237$2,180 7755$1,692.75 2$488
21-Jan-2317$5,768 1617412$1,918 5$3,850
14-Jan-2311$2, 800101028$421 3$2,400
7-Jan-2318$8,296 1116714$6,461 3$1,835
31-Dec-2214$2,732 119912$2,092 2$640
17-Dec14$7,919 1311512$7,419 1$500
10-Dec-2214$10,093 128811$7,093 3$3,000
3-Dec-2226$12,800.90 1117220$4,141 6$8,659.90
26-Nov-228$2,266.70 853$76 5$2,190.70
19-Nov-2221$2,886 1521219$2,550 2$336
12-Nov-2213$15,093.70 9819$14,200 4$893.70
5-Nov-222519,337.201650922$8,267.20 3$11,070
29-Oct-2215$7,805.30 911614$7,180.30 1$625
22-Oct-2220$8,193.50 1325313$5,442 7$2,751.50
15-Oct-229$3,046.10 91397$2,588.30 2$457.80
8-Oct-2219$2,011.80 1211416$833.80 3$1,178
1-Oct-2223$5,532.90 1615618$4,952.30 5$580.60
24-Sep-2218$5,194 1421615$4,050 3$1,144
17-Sep-2221$8,352.30 1232015$4,759.60 6$3,592.70
10-Sep-2215$19,853.50 1012613$19,403.60 2$450
3-Sep-229$2,312 9629$2,312 00
27-Aug-2216$30,891.70 1013515$30,666.40 1227.7
20-Aug-2212$1,977 815299253$1,052
13-Aug-2218$8,004.70 1124211$2,844.70 7$5,160
6-Aug-2224$7,948.90 1224017$3,577 7$4,371.90
30-Jul-228$6,941 9787$6,839 1$102
23-Jul-2211$801 119210$801 10
16-Jul-2214$3,650 1012214$3,650 00
9-Jul-2210$3,557.70 7689$3,557.70 10
2-Jul-2218$8,609.40 1315215$2,754.40 3$5,855
25-Jun-2215$6,142 131469$2,017 6$4,125
18-Jun-2217$11,890.10 1422815$11,410 2479.7
11-Jun-2217$7,600 1212310$2,300 7$5,300
4-Jun-2212$2,937 101279$692 3$2,245
28-May-229$3,197.60 11869$3,197.60 00
21-May-2214$7,284.50 1218511$6,609 3$675.50
14-May-2211$306.60 98010$306.60 1$225
7-May-2216$10,451.75 1210812$1,827 4$8,624.75
30-Apr-2216$2,296.50 1615712$895.50 4$1,401
23-Apr-2210$2,241 11588$1,641 2$600
16-Apr-2211$6,643 71568$2,359 3$4,284
9-Apr-2217$4,429 1418411$1,690 6$2,739
2-Apr-2213$1,755 88410$1,145 3$610
26-Mar-2211$3,205 8656$200 5$3,005
19-Mar-2213$2,239.17 910613$2,239.17 00
12-Mar-2218$12,016 1123915$11,965 2$51.35
5-Mar-2217$6,786 1313713$5,161 4$1,625
26-Feb-2212$5,095 81499$4,437.50 3$658
19-Feb-2217$22,229 1717414$21,354 3$875
12-Feb-2212$2,344.70 10738$641.70 4$1,703
5-Feb-2211$2,503 89911$2,503 00
29-Jan-2211$3,872 1210112$3,872 00
22-Jan-2213$5,143.50 109912$4,842.50 1$301
15-Jan-2212$7,605 91559$6,480 3$1,025
8-Jan-2213$8,256.20 1110213$8,256.20 00
1-Jan-229$1,273.80 6509$1,273.80 00
25-Dec-2121$4,734.75 1117616$3,410 5$1,324.75
18-Dec-2126$7,325.20 1519318$3,640.20 8$3,685.20
11-Dec-2116$5,017 1010913$1,417 3$3,600
4-Dec-2114$2,310 8868$2,310 6$1,882.05
27-Nov-219$3.460.1101016$1,758 3$1,702.60
20-Nov-2120$22,792 1515712$18,864.50 8$3,928
13-Nov-2121$26,729 1217813$11,822 8$14,907
6-Nov-2112$8,303 1315710$6,682 3$1,621
30-Oct-2121$10,368 1521815$9,24.46$1,103.00
23-Oct-2121$18.783.11522211$12,314 10$6,468.60
16-Oct-2115$3,868 1111815$2,293 2$1,575
9-Oct-2120$8,610 1617516$7,795 4$815
2-Oct-2114$6,250 1113710$5,200 4$1,050
25-Sep-2111$11,460 9937$10,200 4$1,250
18-Sep-2111$16,603 8998$15,084 3$1,519
11-Sep-2117$10,653 1110313$8,503 4$2,150
4-Sep-2113$7,222 108911$6,715 2$507
28-Aug-2112$763 96311$663 1$100
21-Aug-2112$29,659 77911$29,579 1$80
14-Aug-2122$17,845 1119912$12,805 10$5,04
7-Aug-2117$13,670 1213915$11,766 2$1,904
31-Jul-2121$8,160 1113410$3,574 10$4,586
July 24,202121$6,367 1113915$3,712 6$2,655
17-Jul-2114$4,009 1112412$2,015 2$1,994
10-Jul-2116$3,997 1314311$1,597 4$2,4
3-Jul-2124$7,492 139416$3,769 8$3,722
26-Jun-2110$4,995 7858$3,847 2$1,148
19-Jun-2128$16,830 82289$1,861 19$14,968
12-Jun-2126$27,238 1520919$25,602 7$1,636
5-Jun-2115$15,539 1310013$14,709 2$600
29-May-2135$20,279 1114528$18,647$1,639
22-May-2124$53,208 1417417$51,047 7$2,161
15-May-2118$10,620 1322011$5,870 7$4,809
8-May-2117$10,400 1115615$8,386 2$2,500
1-May-2121$7,200 1611512$3,808 9$3,392
24-Apr-218$20,200 9318$20,200 00
17-Apr-2114$6,270 810211$40,180 3$2,260
10-Apr-2115$8,940 1312914$7,990 1$950
3-Apr-2118$19,513 1015112$16,923 6$2,590
27-Mar-2127$13,942 1524414$4,300 13$9,633.50
20-Mar-2111$2,046 41023$270 8$1,776
13-Mar-2115$3,270 91096$538 9$2,732
6-Mar-2124$13,617 1019613$10,395 11$3,222
27-Feb-2119$8,105 1213915$4,970 4$3,135
20-Feb-219$8,820 91538$8,520 1$300
13-Feb-2112$4,852.60 78172,7665$2,086.60
6-Feb-2118$9,752 1315314$5,222 4$4,530
30-Jan-2118$9,449 918215$8,753.80 3$695.30
23-Jan-2114$8,150 81186$4,000 8$4,150
16-Jan-2117$6,783 1313811$2,400 6$4,382.90
9-Jan-2122$6,829 1413518$3,139.30 4$3,690
2-Jan-217$1,466 7607$1,466 00
26-Dec-2018$15,900 1216316$5,300 1$600
19-Dec-2018$9,769 1411014$8,426 4$1,343
12-Dec-2010$7,200 91009$3,325 1$3,830
5-Dec-2015$4,261 91229$2,780 6$1,481
28-Nov-2019$7,758 1011013$4,003 6$3,755
14-Nov-2014$864.10 1415712$289.10 2$575
7-Nov-2013$6,332 91299$2,483.50 4$3,849
31-Oct-2010$3,995.80 81036$3,231.10 4$754.70
24-Oct-206$18,100 6585$17,709 1$350
17-Oct-208$351.90 5558$351.90 00
10-Oct-207$5,229 3504$735 3$4,494
3-Oct-2014$21,428 91739$17,535 5$3,893
26-Sep-2010$12,770 8935$10,300 5$2,470
19-Sep-2014$8,365 91016$1,020 8$7,345
12-Sep-206$4,406 8593$1,270 3$3,136
5-Sep-2011$5,191 81179$4,061 2$1,130
29-Aug-2011$2,531 9945$1,130 6$1,401
22-Aug-2018$6,574 121407$1,930 11$4,644
15-Aug-2013$4,991 10977$1,216 6$3,775
8-Aug-2012$32,092 111129$30,457 3$1,635
1-Aug-207$5,287 8765$3,687 2$1,600
25-Jul-209$18,751 6677$18,403 2$348
18-Jul-206$1,982.50 5504$1,407.50 2$575
11-Jul-2011$565.10 127510$65.10 1$500
4-Jul-2010$8,889 8989$8,788 1$100.30
27-Jun-208$6,874 10505$4,972.50 3$2,081.50
20-Jun-2012$4,444 91157$2,829 5$1,615
13-Jun-206$3,582 4372$350 4$3,232
6-Jun-2011$3,213.70 8657$470 4$2,743.70
30-May-208$7,335 7486$4,639 2$2,697
23-May-204$432.40 4343$432.40 10
16-May-206$310 6345$310 10
9-May-2018$5,630 1612414$3,180 4$2,450
2-May-201510,40010908$1,900 7$,8,500
25-Apr-208$3,400 9365$1,000 3$2,450
18-Apr-2019$9,500 14928$185.70 11$9,360
11-Apr-2012$6,000 9405$190 7$5,800
4-Apr-2014$8,200 116810$2,200 4$6,000
28-Mar-2016$6,500 139610$3,700 6$2,800
21-Mar-2011$11,910 7337$2,250 4$9,960
14-Mar-207809.86346684.81125
7-Mar-2016$2,500 157013$669 3$1,400
29-Feb-2013$15,260 1312811$11,760 2$3,500
22-Feb-2012$3,700 109210$2,560 2$1,130
15-Feb-2016$1,250 108412$35 4$1,222
8-Feb-2018$6,080 1412314$2,595 4$3,485
1-Feb-2021$20,900 1210114$17,860 7$3,060
25-Jan-2013$7,430 136212$6,430 1$1,000
18-Jan-2023$9,580 1512019$6,580 4$3,000
11-Jan-2021$14,200 1819916$1,020 5$13,200
4-Jan-2022$6,400 1111916$3,204 6$3,245
28-Dec-1922$7,150 1917518$6,800 4$327.40
14-Dec-1924$36,300 2316719$9,500 5$26,800
7-Dec-1911$10,400 11557$1,082 4$9,370
November 30. 201914$2,450 1212612$1,760 2$692.50
23-Nov-1916$1,995 104111$615 5$1,380
16-Nov-1915$3,820 1313511$2,500 4$1,271
9-Nov-1925$12,900 1718223$12,200 2$575
2-Nov-1910$2,470 126192,4503$22
26-Oct-1912$5,560 147011$3,860 1$1,700
19-Oct-198$6,600 81388$6,600 00
12-Oct-1919$4,300 145516$3,800 3$500
5-Oct-1918$14,500 1916615$11,100 3$3,400
28-Sep-1919$8,100 1813218$7,560 1$550
21-Sep-1914$6,300 166611$2,160 3$4,170
14-Sep-1915$23,800 125611$21,250 4$2,570
7-Sep-1917$3,500 159814$1,900 3$1,600
31-Aug-195$8,700 6505$8,700 00
24-Aug-1916$10,000 148215$4,250 1$5,750
16-Aug-1910$1,680 5527$650 3$950
9-Aug-1917$17,700 156814$3,900 3$13,800
2-Aug-1913$5,760 1210813$5,760 NANA
27-Jul-1911$7,300 13768$6,570 3$730
20-Jul-1913$11,800 1312511$5,300 2$6,500
13-Jul-1910$775 7468$542.50 2$233
6-Jul-197$2,500 9857$2,500 00
29-Jun-1923$8,290 1515417$2,300 6$5,970
22-Jun-1917$10,700 1013914$7,700 3$3,000
15-Jun-1911$13,500 1416011$13,500 NANA
8-Jun-1913$2,870 175511$1,570 2$1,300
1-Jun-1910$4,460 11608$4,140 2$315
25-May-1917$4,360 147914$3,700 3$612
18-May-1922$9,000 1715016$3,400 6$5,600
11-May-1918$19,800 1717715$18,300 3$1,500
4-May-1910$7,075 6328$6,900 2$175
27-Apr-1915$3,200 1411714$3,160 1$40
20-Apr-1913$13,500 10909$12,200 4$1,300
13-Apr-1916$38,900 149114$37,800 2$1,100
6-Apr-1912$6,870 119410$6,730 2$50
30-Mar-1915$6,470 128410$7,91.55$5,677
23-Mar-1918$6,450 149114$5,042 4$1,408
16-Mar-1914$10,180 1211511$8,800 3$1,300
9-Mar-199$1,800 6498$1,300 1$500
2-Mar-1920$3,033 1610714$1,817 6$1,262
23-Feb-1912$2,040 8699$614.60 3$1,430
16-Feb-1916$9,970 187716$9,970 00
9-Feb-1914$6,400 1011014$6,400 00
2-Feb-1918$6,740 159916$5,720 2$950
26-Jan-1913$2,770 116711$918.95 2$1,850
19-Jan-1915$3,819 167612$2,594 3$1,225
12-Jan-1918$7,283 149215$1,683 3$5,600
5-Jan-1910$529 125010$529 00
22-Dec-1817$2,570 138714$941 3$1,629
15-Dec-1810$2,860 8268$264 2$2,600
8-Dec-1815$1,819 166512$552 3$1,267
1-Dec-1812$7,500 10909$1,200 3$6,200
28-Nov-1815$4,500 1110714$4,000 1$500
19-Nov-1818$6,137 139813$2,142 5$3,995
14-Nov-1818$9,200 1315215$8,500 3$694
6-Nov-1816$17,300 1618314$16,361 2$950
29-Oct-1814$14,400 1812717$13,800 1$600
24-Oct-1813$6,140 1312611$5,122 2$1,018
17-Oct-1818$18,390 1512514$12,292 4$6,098
10-Oct-1829$3,149 1810420$1,647 9$819
2-Oct-1818$9,300 116714$7,300 4$2,000
25-Sep-1813$7,000 117510$6,000 3$995
18-Sep-189$3,570 7449$3,570 00
11-Sep-1813$5,900 1013213$5,900 00
7-Sep-1814$5,000 158611$4,000 3$1,000
29-Aug-1815$20,700 147913$4,700 2$16,000
20-Aug-1810$12,400 11538$11,380 3$1,057
14-Aug-1812$19,900 121329$18,889 3$1,011
7-Aug-1816$68,600 1110613$67,259 3$1,340
31-Jul-1815$15,100 159511$13,060 4$2,060
23-Jul-1813$2,130 156010$1,804 3$1,100
17-Jul-1814$5,370 17989$4,310 5$1,100
9-Jul-1816$11,200 157410$11,080 6$862
3-Jul-1813$7,000 78112$6,330 1$750
25-Jun-1815$8,800 13979$4,970 6$3,930
18-Jun-1813$14,200 14807$221 6$14,290
11-Jun-1812$6,300 8968$5,910 4$803
6-Jun-1813$14,500 10888$14,154 5$579
31-May-1811$4,890 10638$3,240 3$1,790
22-May-1815$20,400 11639$19,808 6$885
15-May-1815$4,700 1510610$3,900 5$643
9-May-1811$1,400 13889$1,300 2$560
1-May-188$14,250 7887$13,400 1$450
24-Apr-1812$5,300 66111$4,470 1$800
17-Apr-189$1,800 10447$2,330 2$1,434
11-Apr-1811$2,500 8326$1,690 5$809
3-Apr-1815$13,400 111219$12,020 6$1,090
28-Mar-1810$4,000 10927$3,870 3$215
19-Mar-1817$5,800 135110$590 7$5,165
12-Mar-1815$3,130 114311$2,360 4$788
6-Mar-1819$5,400 1311610$1,530 9$4,860
27-Feb-1820$6,600 136914$5,530 6$1,030
19-Feb-1815$5,500 1411110$3,990 6$1,980
12-Feb-1823$10,900 1715712$7,110 11$3,840
5-Feb-1816$8,600 131007$1,330 9$7,800
30-Jan-1811$12,600 11685$7,300 6$4,982
24-Jan-1819$9,400 151295$2,010 14$7,337
18-Jan-1810$6,280 8492$2,100 8$4,188
9-Jan-1812$16,500 12929$15,890 3$475
3-Jan-1810$2,500 9478$2,350 2$150
27-Dec-1715$9,000 151139$7,568 6$1,784
18-Dec-1715$13,800 161649$13,010 7$1,118
11-Dec-1714$9,700 1012612$2,940 4$8,500
4-Dec-176$1,800 6315$1,510 1$300
28-Nov-177$3,850 8764$3,260 3$285
16-Nov-1710$2,700 10486$1,840 4$856
8-Nov-1715$2,380 179110$1,860 5$516
1-Nov-1712$4,700 17949$3,400 4$1,300
23-Oct-1715$10,500 106710$9,780 4$1,530
18-Oct-176$2,000 373$225 3$1,820
10-Oct-1712$6,570 1009$3,880 3$3,360
2-Oct-178$3,100 11193$1,630 5$1,750
25-Sep-178$4,880 8795$2,660 5$2,070
18-Sep-179$4,770 3$300 6$4,470
12-Sep-1711$4,430 8$2,030 3$2,400
1-Sep-174$1,310 3$317 1$1,000
23-Aug-1711$13,640 98$11,840 3$1,800

M&A/FUNDINGS

Kirkland advises Daseke on $1.1B acquisition by TFI International

Deal Description: Kirkland & Ellis said Dec. 22 it is advising publicly traded North American transportation solutions specialist Daseke Inc. on its acquisition by transportation and logistics company TFI International Inc., also publicly traded, on a transaction that values Daseke at $1.1 billion. The acquisition was announced on Dec. 22. Daseke common stockholders will receive $8.30 per share in cash, representing a premium of 69 percent to the last reported sale price on Dec. 21 and a premium of 82 percent to the volume-weighted average price of the common stock for the 30 trading days ending on Dec. 21.

Expected Closing: Q2 2024 if the deal clears Daseke common stockholders and regulators

From Kirkland: The team is being led by corporate partner Jennifer Gasser and associate Brittany Scheier with assistance from corporate partners David Feirstein and Douglas Bacon, capital markets partner Lanchi Huynh and executive compensation partner Stephen Jacobson.

Daseke’s Financial Advisor: J.P. Morgan Securities

R1 buys Acclara for $675M in cash, warrants

Deal Description: R1 RCM Inc., a publicly traded provider of technology-driven solutions that transform the patient experience and financial performance of healthcare providers, announced Dec. 6 that it entered into a definitive agreement to acquire Houston-based Acclara, a technology-driven revenue cycle management company, from Providence, one of the largest health systems in the U.S. The consideration is $675 million in cash and warrants to purchase 12.2 million shares of R1 stock. R1 RCM has been selected by Providence as its long-term revenue cycle management partner. The partnership lays the foundation for R1 to continue to automate revenue management and extend its scale and diversification to build long-term value for providers, patients and shareholders. Providence serves the western U.S. with 51 hospitals, 1,000 physician clinics, senior services, supportive housing and other health and educational services. The system and its partners employ 120,000 caregivers serving communities across seven states, including Alaska, California, Montana, New Mexico, Oregon, Texas and Washington.

R1’s Financial Advisors: Centerview Partners and J.P. Morgan

R1’s Outside Counsel: Perkins Coie (led by an M&A team that included partner Nick Ferrer), Kirkland & Ellis and Baker Donelson

Providence’s Financial Advisor: BDT & MSD Partners

Providence’s Outside Counsel: McDermott Will & Emery (with a team led by Jim Owens and Kyle Weber in Los Angeles) and ArentFox Schiff (led by Steve Isaacs in Chicago)

Alternus completes combination with SPAC Clean Earth

Deal Description: Irish clean energy independent power producer Alternus Energy Group Plc announced Dec. 22 it completed its previously announced business combination with Bee Cave, Texas-based Clean Earth Acquisitions Corp., a special purpose acquisition company. Clean Earth shareholders approved the merger in a special meeting Dec. 4. The combination is valued at around $575 million. The newly combined company will operate under the name Alternus Clean Energy Inc. Under the terms of the amended agreement, AEG owns 80 percent of the company with the remaining shares owned by Clean Earth sponsors and public shareholders. The company has acquired a majority of AEG’s assets while AEG will continue to exist as a separate legal entity and will continue to trade on the Euronext Growth stock market in Oslo under the ticker ALT. The assets acquired consist of 168 megawatts in operation, 98 megawatts under construction, 300 megawatts in various stages of development and an acquisition pipeline of 1 gigwatt. Alternus Clean Energy’s common stock was expected to begin trading on the NASDAQ Stock Market on or about Dec. 26 under the ticker symbol ALCE.

Clean Earth’s Financial Advisor: Jones Group Ventures

Clean Earth’s Outside Counsel: Winston & Strawn and Proskauer Rose. From Winston: The team was led by Houston partner Mike Blankenship and included partner Dean Hinderliter and associates Allan Jeanjaquet, Hannah Miller, Robbie Oakes and Ben Smolij.

AEG’s Outside Counsel: Sichenzia Ross Ference Carmel

Samyang buys Verdant for $250M

Deal Description: Korea’s Samyang Holdings announced Dec. 18 that it acquired the management rights of the Houston chemical manufacturer Verdant Specialty Solutions from private equity firm OpenGate Capital for $250 million. The move is in line with Samyang’s push to strengthen its specialty business interests and accelerate its global operations as the group aims to achieve an annual revenue of $4.6 billion by 2025. Headquartered in Texas, Verdant supplies of amphoteric surfactants for personal care products and non-ionic surfactants for industrial applications. Its annual revenue reaches around $210 million. With a client base of 1,000 customers worldwide, including Unilever and L’Oréal along with industrial chemical manufacturers, Verdant has 300 employees and production bases in the U.S., U.K. and Germany. Samyang Holdings is the holding company of Samyang Group, which operates chemical, food, biopharmaceutical, and packaging businesses. It entered the personal care specialty business by acquiring the Korean listed company KCI in 2017. Samyang has $5 billion in assets.

Samyang’s Outside Counsel: Greenberg Traurig including Jang Hyuk Yeo, Mi Young (Audrey) Lee, Thomas Woolsey, Travis Alley and Byoungjoo Lee

Blaize to go public through $71M combo with SPAC BurTech

Deal Description: Blaize Inc., a provider of AI-enabled edge computing solutions, announced that it entered into a definitive agreement to combine with BurTech Acquisition Corp., a publicly traded special purpose acquisition company. Upon closing of the proposed transaction, Blaize will become a publicly traded company and is expected to be listed on Nasdaq under a new ticker symbol. The proposed transaction values Blaize at a pro forma enterprise value of $894 million. Blaize is a provider of full-stack artificial intelligence solutions for automotive and edge computing in growing markets. Blaize has previously raised $224 million from strategic investors that include DENSO, Mercedes Benz, Magna and Samsung, financial investors such as Franklin Templeton, GGV and Bess Ventures, and operators such as Dado Banatao, Jürgen Hambrecht, Roland Berger and Kurt Lauk. The deal is expected to deliver minimum proceeds of $71 million before payment of expenses, including $46 million in cash from BurTech’s trust account and a $25 million committed investment from BurTech afiliate Burkhan Capital in Blaize convertible notes and warrants. The company has a customer pipeline across multiple industries, underwritten by several joint development agreements, including a long-term joint development agreement with an unnamed automotive Tier-1 supplier and a multi-phase master services agreement with an unnamed German automotive original equipment manufacturer to deliver AI acceleration.

Expected Closing: Q2 2024 if it clears BurTech’s and Blaize’s stockholders and regulators

Blaize’s Financial Advisor/Lead Capital Markets Advisor/Private Placement Agent: Cohen & Co. Capital Markets

Blaize’s Outside Counsel: Latham & Watkins with a corporate deal team led by Houston partners Ryan Lynch and Ryan Maierson and Bay Area partner Brian Patterson with associates Bryan Ryan, Ziyad Barghouthy, Haley Sandoval, Kevin Donovan and Alexandra Cumberland. Advice was also provided on emerging companies matters by associates Omar Ammash, Erica Kucharski and Kojo Hayward; on tax matters by Houston partner Jared Grimley with associate Ronald Moore; on benefits matters by Bay Area partner Julie Crisp, with associates Morgan Wesner and Megan Ampe; on finance matters by Houston partner Matt Jones with associate Chris Wood; on environmental matters by Los Angeles/Houston partner Josh Marnitz with associate Jim Lambert; on intellectual property and data privacy matters by Bay Area partner Michelle Gross with associates Andrew Abokhair, Kiara Vaughn and Lyle Stewart; on anticorruption matters by Washington, D.C./New York partner Nicholas McQuaid with associate Ryan Malo; on CFIUS matters by Washington, D.C., partner James Barker; on sanctions matters by Washington, D.C., counsel Catherine Hein with associate Julie Shin; and on antitrust matters by Washington, D.C., partner Jason Cruise and Washington, D.C. counsel Peter Todaro.

BurTech’s Outside Counsel: Norton Rose Fulbright USP

Blaize’s Financial Advisor/Lead Capital Markets Advisor/Private Placement Agent: Cohen & Co. Capital Markets

Halcyon attracts $40M

Deal Description: Halcyon, an Austin-based anti-ransomware startup, announced Dec. 19 that it raised $40 million in Series B funding led by Bain Capital Ventures (BCV). The company will use the money to expand its engineering, research and development and sales functions. BCV partner and former Symantec CEO Enrique Salem will join the board and partner Jeff Williams will join Halcyon as chief revenue officer. Halcyon has raised $90 million in 2023, including a round of $50 million in April. Founded in 2020, Halcyon offers multilayered prevention and endpoint resilience with automated encryption key material capture and autonomous decryption capabilities.

Digital Wildcatters raises $2.5M

Deal Description: Digital Wildcatters, a community platform for the next generation of energy professionals, announced Dec. 11 that it closed its seed plus funding round, raising $2.5 million. The milestone underscores the company’s commitment to transforming the energy industry through innovative technology and community engagement. The round was led by industry veteran Chuck Yates and witnessed participation from Diamondback Energy and ProFrac, along with other angel investors rooted in the energy sector. The funding follows a previously successful $2 million seed round raised from angel investors in 2021. Digital Wildcatters will channel these funds into further developing and commercializing Collide, its professional networking app which provides a professional network for energy professionals to share information and build connections, for companies to discover talent and an AI-driven content search engine that provides streamlined access to industry information.

Yates’ Outside Counsel: Kastner Gravelle including Evan Kastner and Hunter Hampton

DW’s Outside Counsel: Polsinelli including Daniel DeConinck and Blair Wigney

Trive forms new industrial distribution platform, buys six firms

Deal Description: Trive Capital, a Dallas-based private equity firm, announced Dec. 20 the formation of Venturi Supply, an independent value-added distributor of pipe, valves, fittings, engineered products and industrial supplies. The company is the result of the acquisitions of six PVF distribution businesses: BPS Supply Group, Producers Supply Co., Tri Star Industrial, Ameripipe Supply, Industrial & Construction Enterprises and Albuquerque Pipe & Pump Supply. Terms weren’t disclosed. Venturi also offers services and solutions, including valve actuation, custom fabrication, pipe coating and inspection, vendor managed inventory and warehouse management. The company serves a range of end markets and applications, including energy, infrastructure, food and beverage processing, construction, building mechanical, fire protection systems and industrial manufacturing. Venturi is headquartered in Phoenix and has 42 facilities in the U.S.

Trive Capital’s/Venturi Supply’s Outside Counsel: King & Spalding including Justin King, Will Jordan and David Wellen

USD Partners sells West Colton Terminal

Deal Description: A wholly-owned subsidiary of USD Partners announced Dec. 20 that it completed the sale of the West Colton rail terminal to a private unnamed buyer for all cash consideration. Terms weren’t disclosed. The partnership used the net proceeds to repay borrowings outstanding under its revolving credit agreement and to pay transaction expenses. The transaction satisfied the credit agreement’s requirements. As of Dec. 22, the partnership had about $181 million of borrowings outstanding under its credit agreement.

USD’s Outside Counsel: Gibson, Dunn & Crutcher including partners Tull Florey and Hillary Holmes, of counsel Adam Whitehouse and associate Adri Langemeier

RMA buys Rone Engineering

Deal Description: RMA Companies announced Dec. 14 the acquisition of Rone Engineering, a geotechnical engineering, materials testing and environmental services firm in Dallas. Terms weren’t disclosed. RMA is based in Rancho Cucamonga, Calif., and a portfolio company of OceanSound Partners. RMA has completed 11 acquisitions with firms throughout the U.S. as it builds a national platform for geotechnical engineering, environmental consulting, construction materials testing, inspection and certification services to support the development of critical infrastructure. Founded in 1972, Rone is led by Richard Leigh and provides technical and practical solutions for public and private clients with a focus on transportation, public buildings, industrial, commercial and residential projects. It has offices and state-of-the-art laboratories across four locations in Texas (Dallas, Fort Worth, Austin and Houston) and a location in Kansas City. Rone will act as RMA’s primary presence in the south-central region with Leigh serving as Texas divisional president.

Rone’s Financial Advisor: Citizens M&A Advisory

Rone’s Outside Counsel: Lawson & Weitzen led by Peter Grupp

RMA’s Outside Counsel: Womble Bond Dickinson led by Sarah Wilk

Kudu makes minority investment in Sage

Deal Description: Sage Advisory Services Ltd., an investment manager with $23 billion in client assets under management and advisement, and Kudu Investment Management, a provider of permanent capital solutions to independent asset and wealth managers, announced Dec. 13 that Kudu made a minority investment in Sage. Financial terms were not disclosed.

Based in Austin, Sage manages fixed income and global asset allocation strategies, structuring portfolios to meet the needs of institutional and individual investor clients. Founded in 1996 by Robert G. Smith III, president and co-CIO, and partners, Sage was an early proponent of liability-driven investing and in 1998 became one of the first institutional investment firms to actively employ exchange-traded funds within its strategies.

Sage continues to be led by Smith, Thomas Urano, Robert Williams, Michael Walton and Robert Moser and has 56 employees and remains majority-owned and operated by employees. In the last five years, Sage’s client assets have risen 50 percent with new and existing clients adding more than $4.5 billion in assets in 2023. Smith said Sage is exploring natural extensions of its competencies within fixed income and is working to help clients solve what he calls “the retirement income riddle” with decumulation strategies, where you liquidate assets to pay for your retirement. Since it was founded in 2015, New York-based Kudu has invested in 26 asset and wealth managers located in the U.S., Canada, U.K., continental Europe and Australia. Kudu-affiliated asset and wealth managers collectively invest $115 billion on behalf of individual and institutional investors worldwide in traditional and alternative strategies and market segments. Kudu’s capital partners are White Mountains Insurance Group, Ltd., Massachusetts Mutual Life Insurance Company and Martello Re.

Sage’s Outside Counsel: Dwyer Murphy Calvert with a team led by Mary-Wommack Tatum that included Kelly Dwyer, Abigail Finch, Eric O’Neill and Ryan Ellis

Sage’s Financial Advisor: PL Advisors

Kudu’s Outside Counsel: Seward & Kissel led by Danielle Lemberg and Meir Grossman in New York

Incline–backed Aldinger buys Instrument Technologies

Deal Description: Generational Equity, a M&A advisor for privately held businesses, announced Dec. 13 the sale of its client Instrument Technologies Inc. to Dallas-based Aldinger Co., a portfolio company of Incline Equity Partners. Terms weren’t disclosed. The transaction closed Nov. 30. Instrument Tech is a provider of instrument calibration services with four mobile labs in the Seattle area and a primary lab in Boise, Idaho. The company serves customers in agriculture, air separation, analytical, aviation, biotech/pharma, dairy/food, data center, electronics, manufacturing, irrigation, nuclear, petro-chemical, power generation manufacturing, water/wastewater and others. Aldinger is a provider of calibration and repair services for test and measurement equipment with 50 years of experience. Incline Is a private equity firm investing across the middle market in distribution, business services and manufacturing companies. It generally seeks growing companies with enterprise values of $25 million to $750 million.

From Generational: Stephen Crisham, Bo Zhao and James Carr

Tygon Peak invests in two primary care businesses in Dallas

Deal Description: Tygon Peak Capital, a New York-based private equity firm that invests in the North American lower middle market, announced Dec. 5 it created a new healthcare platform through its investment in two primary care businesses, Doctors of Internal Medicine and Internal Medicine Associates of Plano, both in the Dallas metropolitan area. Tygon Peak led the investment in partnership with Greyrock Capital Group and management. Sunflower Bank provided senior debt financing for the transactions, the terms of which were not disclosed. DIM, founded in 1999 by Dr. Ladan Bakhtari, has three locations, in West Plano, McKinney, and East Plano / Richardson, with a staff of 60 people. IMAP, founded in 2007 by Dr. Arash Tirandaz, operates offices in Plano and Frisco with a staff of 50. DIM and IMAP will  serve as the foundation for Tygon Peak’s internal medicine platform, which will cater to working professionals and the Medicare population. The platform will provide primary care, geriatrics, endocrinology, radiology and cardiology testing, allergy, chronic care management, lab testing and cosmetic services. Bakhtari and Tirandaz will continue as the platform’s co-CEOs.

Tygon Peak’s Outside Counsel: McGuireWoods including partner Ben Hantz in Pittsburgh

Tygon Peak’s Accounting/Tax Advisor: CohnReznick

Olympus involved in pair of M&A deals

Deal Description: Kirkland & Ellis said Dec. 22 it recently advised Stamford, Conn-based private equity firm Olympus on a pair of M&A deals. Terms weren’t disclosed. The transactions include the sale of testing, inspection and certification provider AmSpec to TPG Rise Climate and the purchase of a pies platform from Wonder Brands Holdings Inc. and FGF Brands (USA) Inc. by Olympus portfolio company Rise Baking Co. Olympus is focused on providing equity capital for middle market management buyouts and for companies needing capital for expansion. Olympus manages funds in excess of $8.5 billion mainly on behalf of corporate pension funds, endowment funds and state-sponsored retirement programs. 

On AmSpec: The team was led by corporate partners James Faley and Taylor Melching in Chicago but included executive compensation partner Katherine Nemeth in Houston, environmental transactions partner Jon Kidwell and associates Courtney Tibbetts and Max Anderson in Dallas and real estate associate Maxwell Baird in Dallas

On Rise Baking: The group was led by corporate partners Matt Goulding in the Bay Area and Cameron Leishman in Salt Lake City with support from technology & IP transactions associates Derek Ventling and Camilo Mesa and environmental transactions partner Jim Dolphin in Houston

CAPITAL MARKETS/FINANCINGS

Pattern Energy closes $11B financing of clean energy infrastructure project

Deal Description: Pattern Energy Group, a San Francisco-based provider of renewable energy and transmission infrastructure, announced Dec. 27 it has closed an $11 billion non-recourse financing and begun full construction of SunZia Transmission and SunZia Wind, which together it claims is the largest clean energy infrastructure project in U.S. history. SunZia Transmission is a 550-mile, high-voltage direct current (HVDC) transmission line between central New Mexico and south-central Arizona with the capacity to transport 3,000 megawatts of clean electricity across Western states. It will deliver clean power generated by Pattern’s 3,515 megawatt SunZia Wind facility, the largest wind project in the Western Hemisphere, which is being constructed in Torrance, Lincoln and San Miguel Counties in New Mexico. The financing includes a construction loan and letter of credit facility, two separate term facilities, an operating phase letter of credit facility, a tax equity term loan facility and a holding company loan facility. The engineering, procurement and construction (EPC) contractor of the transmission line is Quanta Infrastructure Services Group and the HVDC supplier is Hitachi Energy. The EPC contractor for the wind project is Blattner Energy, a Quanta affiliated company, and the wind turbines are being supplied by GE Vernova and Vestas.

Banks on $8.8B Construction/Term Facilities: BNP Paribas, Crédit Agricole, CoBank; Desjardins Group, Export Development Canada, ING Capital, Intesa Sanpaolo, KFW IPEX-Bank, MUFG Bank Ltd., National Bank of Canada, Natixis, Societe Generale, Sumitomo Mitsui Banking Corp. and Wells Fargo Securities; and Banco Bilbao Vizcaya Argentaria, Bank of Nova Scotia and Sumitomo Mitsui Trust Bank Ltd. Deutsche Bank Trust and Agency Services is collateral and deposit agent.

Banks on $2.25B Tax Equity Term Loan Facility: Banco Santander and Santander Bank as coordinating lead arrangers; Bank of America, GE Vernova’s Financial Services business, Natixis and Royal Bank of Canada as lead arrangers; SBNA as administrative agent.

Entities on Holding Company Loan Facility: Nomura Securities International Inc. and CPPIB Credit Investments III Inc., a unit of Canada Pension Plan Investment Board

Borrower’s Outside Counsel: Skadden, Arps, Slate, Meagher & Flom including energy and infrastructure projects partners Aryan Moniri and Paul Kraske (Washington, D.C.), counsels Leah Chacón (Washington, D.C.), J. Alexander Cooke (Washington, D.C.), Sarah Kalin (New York) and Joshua Nickerson (Washington, D.C.) and associates Brian Bak (Washington, D.C.), John Endresen (Washington, D.C.), Philip Killeen (Washington, D.C.), Jason Lese (New York), Brice Ngameni (Toronto) and Yvette Sokei (Houston); and tax partner Sean Shimamoto (Palo Alto) and counsel Su Da (Palo Alto).

Lenders Counsel to Senior Facilities/Holding Company Facility: Norton Rose Fulbright

Counsel to Tax Equity Term Loan Lenders: Milbank

Local Counsel for Borrower: Holland & Hart

Local Counsel for Lenders: Rodey, Dickason, Sloan, Akin, & Robb

ProFrac completes refinancing of senior secured term loan

Deal Description: Gibson, Dunn & Crutcher said Dec. 18 it is advising ProFrac Holding Corp. on the refinancing of its senior secured term loan. ProFrac announced that on Dec. 27 it completed the refinancing with two new financings totaling $885 million, which will both mature in 2029. The transactions include a $365 million Alpine Term Loan and $520 million in Services Senior Secured Notes. The proceeds were used to pay off ProFrac’s existing senior secured term loan, first financial term loan and REV seller note as well as for certain fees and expenses. ProFrac said the transaction provides it with a more stable financial platform, a strengthened balance sheet, a bifurcated capital structure and ample liquidity from which it will continue executing various growth-related and value realization opportunities.

From Gibson: The corporate team is led by partners Cynthia Mabry and Hillary Holmes and includes partners Chad Nichols and Doug Rayburn and of counsel Yair Galil

ProFrac’s Co-Counsel: Brown Rudnick

ProFrac’s Financial Advisor: Piper Sandler & Co.

Claire Poole

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

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