As Texans are all too aware, power is in short supply – again.
Last Thursday, the state called for its citizenry to cut its electricity usage between 3 p.m. and 10 p.m. by turning up their thermostats, refraining from using large appliances and turning off pool pumps. It repeated the request over the weekend.
Lack of breezes might have been the culprit this time, with forecasts calling for relatively low wind power generation before and after sundown, according to ERCOT. Texas has more wind capacity than any other state and the power source often is credited for getting through the brutally hot summer months, along with recently completed solar farms.
So it doesn’t surprise us that deals for utility-scale power storage are all the rage. EnCap has been particularly active. It invested in battery storage company Jupiter Power, which developed a large portfolio of assets in Texas, and last year sold it to BlackRock for undisclosed terms. And now comes news last week that EnCap sold another storage company Broad Reach Power to Engie for well over $1 billion (see below).
Lots of Texas lawyers have taken part. Simpson Thacher & Bartlett partner Chris May in Houston advised BlackRock on its purchase of Jupiter (White & Case’s Michael Shenberg was the lead counsel for EnCap in New York). In-state attorneys from Kirkland & Ellis, White & Case and Baker Botts worked on the Broad Reach deal, with Mayer Brown advising Engie from New York.
There’s a lot more development going on. This past May, Miami-based Spearmint Energy announced that it acquired a 900 megawatt portfolio of battery energy storage assets, known as Nomadic, from an unnamed developer and operator of clean energy projects that the buyer said was among the largest in the U.S.
The move followed Spearmint’s acquisition of Revolution, a 150 megawatt battery energy storage project in West Texas, from a unit of Con Edison (a Houston team from Paul Hastings led by Luis Gomar advised Spearmint). Revolution was expected to begin operation in mid-2023 and in July confirmed the start of the commissioning process. It can’t come soon enough.
The ending Aug. 26 produced another active seven days for Texas lawyers with 17 deals valued at nearly $12.2 billion. That includes 15 M&A and funding transactions worth $6.6 billion and only two capital markets transactions valued at $5.6 billion. This compares to last week’s 19 deals for $11.5 billion and a 16-deal, $31 billion week this time last year. Let it be noted that $30 billion of the $31 billion last year was a single transaction: an extraordinary $30 billion commitment to a complex joint venture between Brookfield and Intel to create new computer chip production facilities in Arizona.
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 | ||
---|---|---|---|---|---|---|---|---|
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 |
M&A/FUNDINGS
Blackstone Tactical Opportunities Fund IV raises record $5.2B
Deal Description: Blackstone announced Aug. 21 that it closed the Blackstone Tactical Opportunities Fund IV, raising a record $5.2 billion of capital commitments. Including other single-investor vehicles pursuing the same strategy, the combined platform is expected to have nearly $10 billion of new capital, higher than the BTO III platform and the largest-ever vintage of its kind. Blackstone launched its Tac Opps platform, a strategy the firm claims it pioneered, in 2012 to invest across the landscape of private investment opportunities outside of traditional private equity and private credit. The fund has $34 billion of assets under management and represents the largest opportunistic investment platform in the world. BTO IV has made several investments, including CoreWeave, a provider of cloud infrastructure using AI, and New Tradition, an out-of-home media business that operates advertising assets nationwide such as One Times Square in New York City and The Reef in Los Angeles.
Blackstone’s Outside Counsel: Simpson Thacher with a team that included private funds partners Michael Wolitzer and Peter Gilman in New York, Linda Tieh in Houston and Matthew Leighton in New York as well as associates Jeannette Figg, Javier Rivera-Alvarado, Kara Krakower, Manas Kumar, Gilbert Cheng, Siwei Yang, Analilia Gomez, Samuel Boissard, Avalee Hagerty, Enzo Salamone, Lena Dennington, Emily Friedman, Christopher Haughey, Sophie Sujin Kim and John Charles. Partners Jonathan Goldstein and Jodi Schneider and associates Adam Hersch, Tova Pfeffer and Mohanad Salaimi assisted on tax; partner Jennifer Levitt and associates Thomas Howland, Jackson Sullivan and Eszter Boldis on credit; and senior counsel Jeanne Annarumma on ERISA.
Permian Resources buys Earthstone for $4.5B
Deal Description: Permian Resources Corp. announced Aug. 21 that it plans to acquire The Woodlands-based Earthstone Energy Inc. in an all-stock transaction valued at about $4.5 billion, including net debt. The companies said the combination would create a $14 billion independent exploration and production company with operations in Texas’ and New Mexico’s Delaware Basin. Each share of Earthstone common stock will be exchanged at a fixed ratio of 1.446 shares of Permian Resources common stock. The purchase implies $18.64 per share, which represents an 8 percent premium based on a 20-day volume weighted average share prices and a 15 percent premium compared with Earthstone’s recent closing price. Kirkland & Ellis counseled Permian Resources while Vinson & Elkins advised Earthstone. For more on the deal, click here.
Engie buys Broad Reach Power from Apollo, EnCap for $1.6B
Deal Description: Engie announced Aug. 24 it agreed to buy Houston-based power storage company Broad Reach Power from Apollo Global Management and EnCap. The French utility didn’t disclose terms but said it will take a $1.6 billion hit to net debt from the deal, according to Bloomberg. EnCap said in a separate release that the deal values the company at more than $1 billion. EnCap managing partner Shawn Cumberland told the Houston Chronicle that the transaction includes the assumption of $435 million in debt. The deal involves 350 megawatts of operating assets, 880 megawatts under construction with commissioning expected before the end of 2024, 1.7 gigawatts of advanced stage projects and a pipeline of early stage projects. The projects are in Texas, California and the central U.S. The acquisition will support Engie’s goal of having 10 gigawatts of battery capacity globally by 2030. Engie already had 5 gigawatts of U.S. renewable assets in operation at the end of 2022 as well as battery storage and its energy management platform. The transaction doesn’t include Broad Reach’s portfolio of 1.8 gigawatts of solar and wind power projects or its 4 gigawatt-hour of battery storage in the Mountain West region of the U.S., according to EnCap. EnCap is in discussions for those assets as well, Cumberland told the Chron. Broad Reach was founded in 2019 with backing from EnCap. Apollo acquired a 50 percent interest in the company and joined the board in December 2021.
Expected Closing: Q4 2023 if it clears regulators
Apollo’s Outside Counsel: Kirkland & Ellis led by corporate partners Adam Larson and Cyril Jones and associate Fern Langa and tax partner Mark Dundon
EnCap’s Outside Counsel: White & Case led by Houston-based partners Mingda Zhao and Emery Choi and including New York co-leads Michael Shenberg and Ipek Candan Snyder. The team in Houston also included partners Fern Han and Taylor Pullins and associates Kabir Phaguda, Luis Leos, Helen Xiang, Leslie Lin and Amrita Mohan.
Broad Reach Management’s Outside Counsel: Baker Botts including corporate partners Clay Brett and Travis Wofford and associates Catherine Ellis, Chelsea Johnson and Sarah Dyer; also, on advisory, Danny David; on labor and employment Jennifer Trulock and Jason Loden; on tax Steve Marcus; and on global projects Elaine Walsh
Engie’s Outside Counsel: Mayer Brown led by Elena Rubinov and Eric Pogue in New York
Axiom Space secures $350M from Aljazira Capital, Boryung
Deal Description: Axiom Space announced Aug. 21 that it secured $350 million in its Series-C round of growth funding, lifting the funds raised to over $505 million from investors and achieving more than $2.2 billion in customer contracts. Aljazira Capital and Boryung Co. Ltd. anchored the round, paired with support from backers that include venture capital funds and strategic brand partners. The funding positioned Axiom Space as second to SpaceX for the most amount of money raised by a private space company in 2023 based on available PitchBook data. Aljazira, one of the major financial powerhouses in Saudi Arabia, has invested in startup companies across various sectors. Boryung is a healthcare investment company and multi-round lead investor in Axiom. Founded in 2016 by Michael Suffredini and Kam Ghaffarian, the company won NASA’s port award as the only space company with attaching its first commercial space station module to the International Space Station and securing a long-term NASA contract worth $1.26 billion to provide Exploration Extravehicular Activity Services spacesuits for the Moon and LEO. Guaranteed payments from the orders total about $370 million. Axiom Station’s first module is under construction and is scheduled to launch to the ISS by 2026.
Note: Axiom’s outside counsel was not disclosed, but Cooley Los Angeles partner Steven Dunst advised Axiom on its $130 million Series B financing led by C5 Capital.
SpyCloud raises $110M round led by Riverwood Capital
Deal Description: SpyCloud, an Austin provider of analytics to automate the protection of digital identities, announced Aug. 23 it closed a $110 million growth round commitment of primary and secondary capital led by Riverwood Capital, an investor in technology companies. Silverton Partners, a long-time SpyCloud investor, was an additional participant in the funding round. More than 500 organizations across every industry – including half of the Fortune 10 – use SpyCloud to thwart cybercrimes, including ransomware, account takeover, session hijacking and online fraud. SpyCloud’s platform identifies and remediates stolen employee and consumer session cookies, credentials and emerging forms of authentication data being used by criminals to target enterprises, their customers and their supply chains. SpyCloud plans to use the funding for expansion. After a $30 million Series C funding round in 2020, SpyCloud tripled its revenue.
SpyCloud’s In-house Counsel: Lisa Salinas Schneider, VP of legal & compliance
SpyCloud’s Outside Counsel: Kastner Gravelle in Austin (Evan Kastner) and Pillsbury Winthrop Shaw Pittman (Brian Finch in Washington, D.C.)
Sapphire Technologies raises $10M
Deal Description: Sapphire Technologies, a Cerritos, Calif., developer and manufacturer of energy recovery systems for hydrogen and natural gas applications, announced Aug. 16 it closed its $10 million Series B funding round. The investment, led by Energy Capital Ventures and joined by Marathon Petroleum, Chevron Technology Ventures, Equinor Ventures and Cooper and Co., will bolster resources and expertise to support Sapphire’s mission to reduce global carbon emissions.
Sapphire’s Outside Counsel: Porter Hedges led by Joe Morrel and Megan Luh with support from Brian Rose and Nico Kroeker
Notes: Porter Hedges represented Sapphire in its Series A funding round in October 2021 led by Morrel.
Goose, Artemis invests $3.25M in P6 Technologies
Deal Description: Artemis Energy Partners announced Aug. 16 a minority seed round investment in Austin-based P6 Technologies with Artemis CEO and Goose Capital investor Bobby Tudor joining P6’s board. Goose was the lead investor of the $3.25 million round. Paal Kibsgaard, former chairman and CEO of Schlumberger and managing partner at Veritec Ventures, another P6 investor, also joined P6’s board. Tupper Lake Partners was another participant in the round. P6 is a provider of product life cycle assessment software that supports businesses in achieving their sustainability goals. The P6 SAAS solution measures carbon intensity and GHG emissions for products in the energy sector, transportation fuel and petrochemical industries. Tudor, onetime investment banker at Goldman Sachs and founder of TPH, said P6 is going to make a step-change improvement to how product-level carbon intensity and GHG emissions are tracked. P6 plans to use the investment to accelerate the development and go-to-market of its life cycle assessment enterprise software platform. Artemis is an energy transition investment and advisory platform formed by Tudor in 2022 to invest across the energy industry.
Goose/Artemis/Veritec’s Outside Counsel: Hunton Andrews Kurth led by partner Jeff Dodd and counsel Lee Davis
P6’s Outside Counsel: Kirkland & Ellis partner Brittany Sakowitz
Apollo picks up CATEC
Deal Description: Apollo announced Aug. 22 that Apollo-managed funds acquired a majority interest in Composite Advanced Technologies Inc., a provider of compressed natural gas, renewable natural gas and hydrogen transportation and storage solutions in the U.S. Terms weren’t disclosed. CATEC’s products and services help customers transition away from carbon-intensive fossil fuels toward cleaner alternatives. Founded in 2014 and based in Houston, CATEC makes large format Type IV cylinders that facilitate the use of natural gas and hydrogen across industries when mounted on mobile trailers or used in stationary applications. Last year, Apollo launched its sustainable investing platform, which aims to deploy $50 billion in clean energy and climate capital by 2027 and $100 billion by 2030. Over the last five years, Apollo has invested more than $23 billion into energy transition and sustainability-related investments.
CATEC’s Financial Advisor: TerraNova Capital
CATEC’s Outside Counsel: Baker Botts led by corporate partner Clint Rancher assisted by Josh Gonzales, Michael Mazidi and Chandler Block, tax partner Steve Marcus and employee benefits partner Jason Loden
Apollo’s Outside Counsel: Vinson & Elkins led by partners Dan Komarek and Abby Branigan with assistance from Alexander Baker, Tara Tegeleci and Omri Ambalo. Other key team members included Jason McIntosh and Sean Becker.
Storable buys CallPotential
Deal Description: Storable, an Austin provider of technology solutions for the self-storage industry, announced Aug. 16 its agreement to acquire CallPotential, a provider of tenant engagement and performance management solutions for self-storage operators. Terms weren’t disclosed on the deal, which was finalized on Aug. 4. The acquisition further strengthens Storable’s commitment to delivering solutions that empower self-storage operators to streamline their operations and enhance the tenant experience. The integration will enable self-storage operators access to a unified platform seamlessly integrating operational, marketing and tenant management functions.
Storable’s Outside Counsel: Porter Hedges led by Adam Nalley and Allison Pearce, with assistance from Tripp Hise, Geoff Schultz, Kelly Ferrell, Beverly Young and Derek Forinash
CallPotential’s Outside Counsel: Croke Fairchild Duarte & Beres with a deal team that included Patrick Croke, Jason Arnold, Phillip Acevedo, Lin Ye, Cameron Robinson, Andrew Szymulanski, Tracey Wolfe, Maggie McTigue and Cecilia Hanlin
Hypergiant partners with Trive Capital
Deal Description: Trive Capital, a Dallas-based private equity firm, announced Aug. 22 the acquisition of artificial intelligence defense platform and solutions company Hypergiant Industries to complement its portfolio company, Forward Slope. Terms were not disclosed. Mike Betzer, the CEO of Hypergiant, will continue leading the company into its next phase of accelerated growth. Hypergiant has won innovation awards for its AI-enabled defense solutions and is now focused on scaling its joint all-domain spatial intelligence and actionable CommandCenter software package. The company’s customers include the U.S. Air Force, U.S. Space Force, the Department of Homeland Security, National Aeronautics and Space Administration, the U.S. Army, the National Reconnaissance Office, Boeing and Booz Allen Hamilton. Hypergiant was founded in 2018 by Ben Lamm, now CEO of Colossal Biosciences, with a goal to bring an AI-enabled approach to a visual multimodal to help organizations across space, defense and critical infrastructure. Hypergiant has more than 150 employees and contractors. Its investors include Align Capital along with GPG, Perot Jain, Beringer Capital and Capital Factory.
Hypergiant’s Outside Counsel: Egan Nelson partner Jason Howard
Trive’s Outside Counsel: Haynes Boone partner Brandon McCoy
SmartBear acquires Stoplight
Deal Description: SmartBear, a Somerville, Mass.-based provider of software development and visibility tools, announced Aug. 22 it entered into a definitive agreement to acquire Stoplight, an Austin application programming interface (API) company. Terms weren’t disclosed. SmartBear claims the combination would create the most comprehensive API development platform in the industry, providing enhanced visibility, automation and productivity for development teams looking to modernize API practices. SmartBear’s open source communities, including Swagger, SoapUI and Pact, are joined with Stoplight’s Prism, Spectral and Elements global communities for a collaborative network of operating systems developers totaling in the tens of millions. According to a report by MarketsandMarkets, the API management market is expected to expand from $4.5 billion in 2022 to $13.7 billion by 2027 at a compound annual growth rate of 25.1 percent. SmartBear is used by more than 16 million developers, testers and software engineers at 32,000-plus organizations such as Adobe, JetBlue, FedEx and Microsoft.
Morgan Stanley Infrastructure Partners, Crowley create JV
Deal Description: Morgan Stanley Investment Management, through Morgan Stanley Infrastructure Partners, and U.S. maritime, energy and logistics solutions provider Crowley announced Aug. 24 the creation of a new joint venture to advance offshore wind energy solutions for the U.S. Financial terms weren’t disclosed. The JV will combine Crowley’s maritime and logistics capabilities through the newly created Crowley Wind Services Holdings and the financial strength of MSIP, which will will hold a majority stake while Crowley will operate the business. The partnership will focus on repurposing and operating existing U.S. port facilities and leasing them under long-term contracts to offshore wind developers. MSIP managing director Daniel Sailors said that the U.S. offshore wind industry is in its early stages with ambitious goals to develop 30 gigawatts of capacity from offshore wind by 2030 and eventually to 110 gigawatts by 2050 and that port infrastructure is essential to the build-out and long-term maintenance of such projects. Crowley plans to begin construction this fall on the Salem Wind Services Terminal, is pursuing the development of a U.S. West Coast terminal in Eureka, Calif., in a public-private partnership and has a right-of-first refusal agreement to lease and potentially develop a wind services terminal at Port Fourchon, Louisiana. Founded in 2006, MSIP has $16 billion in assets under management and has 35 investments across transport, digital infrastructure, energy transition and utilities.
MSIP’s Financial Advisor: Crédit Agricole Corporate and Investment Bank
MSIP’s Outside Counsel: Kirkland & Ellis with a team led by corporate partners Kevin Crews and Tony Johnston with support from associates Jessica Berkowitz, Garrett Engel, Rizwan Popatia and Curtis French. The group included tax partners David Wheat, Mike Masri, Sophia Han and Ryan Phelps; real asset partner Pat Corrigan and associate Jonathan Strom; real estate partner Josh Faulkner and associate TJ Kuban; energy regulatory partner Marcia Hook and associate Duncan Grimm; executive compensation partners Stephen Jacobson and Stephanie Jeane and associate Mei Wang; employee benefits partner Alex Mihalas and associate Iris Grossman; labor and employment partner Christie Alcala; environmental transactions partner Jon Kidwell and associate Courtney Tibbetts; and technology and intellectual property transactions partner Shellie Freedman and associate Cordelia Mikita.
Crowley’s Financial Advisor: DNB Markets
Crowley’s Outside Counsel: Vinson & Elkins with a corporate team led by partners Matt Falcone and John Michael and senior associate Jordan Fossee with assistance from associates Carli Gish and Melissa Sanchez. Also advising were partner Todd Way and associate Adam Bateman (tax); counsel Rajesh Patel and associate Warner Scott, with assistance from Alexa Chally (technology transactions/IP); partner Matt Dobbins and associate Kelly Rondinelli (environmental); senior associate Tyler Hokanson (real estate); counsel Elizabeth McIntyre (litigation); and partner Nettie Downs (corporate).
Telyon snares investment from Greenbacker
Deal Description: Telyon, a Connecticut renewable energy development firm, announced Aug. 22 that sold a significant minority stake to a New York City-based private equity fund affiliated with Greenbacker Capital Management. Terms weren’t disclosed. Telyon, which was launched in early 2020 by renewable energy industry executives, specializes in the origination, financing, construction and operations and maintenance of onsite solar, community solar, battery storage and electric vehicle charging infrastructure projects across the U.S. With activity across 21 states and a focus on Fortune 500 companies and MUSH market offtakers (buildings owned by municipal and state governments, universities, schools and hospitals), the company has more than 400 megawatts of near-term development opportunities and 1.2 gigawatts of pipeline.
Telyon’s Financial Advisor: Canadian Imperial Bank of Commerce
Telyon’s Outside Counsel: Hogan Lovells including partner Niki Roberts in Houston
Greenbacker’s Outside Counsel: Locke Lord led by Mike Malfettone in New York and Mike Serra in Providence assisted by Buddy Sanders and Jeffrey Wallace in Houston, William Foley in New York and Heather Stone and Gene Schlack in Boston
Eva-Last acquires Fortress Deck Products
Deal Description: International composite building materials manufacturer Eva-Last announced Aug. 22 its acquisition of Fortress Deck Products for undisclosed terms. The deal marks the official opening of Eva-Last Americas in Plano, Texas. Under CEO and co-founder Marc Minne, Eva-Last wants to expand its market share with its advanced composite building materials, including decking, cladding, fencing, screening and fasteners. The acquisition, which benefits from seven years of effort by Fortress, expands the Eva-Last brand’s international footprint and provides direct access to the world’s largest composite decking market, the U.S., estimated at almost $7.5 billion, according to Allied Market Research. The global advanced building materials market – construction components that are more sustainable compared with conventional building materials – was valued at $56.7 billion in 2022 and is projected to top $111.7 billion by 2031 at an estimated 6.8 percent cumulative annual growth rate.
Eva-Last’s Outside Counsel: A Locke Lord team led by Henry Benton and Marc Lipscomb in Dallas with assistance by Elizabeth Mack, Mark Backofen, Jack Dougherty and Floy Gaidarski in Dallas, Buddy Sanders in Houston and Gene Schlack in Boston
WellSky buys Experience Care
Deal Description: WellSky, a health and community care technology company, announced Aug. 23 that it acquired Experience Care, an Austin technology company offering software solutions for post-acute and long-term care providers. Terms weren’t disclosed. With the addition, WellSky said it expands its commitment and investment in the long-term care market. Experience Care owns electronic health record platform NetSolutions serving 150 long-term care clients with 850 facilities. The combination of the two firms will enable more providers to increase operational efficiencies, improve financial performance and turn data into meaningful information that advances resident care, WellSky said.
Experience Care’s Financial Advisor: Healthcare Growth Partners
WellSky’s Outside Counsel: Barack Ferrazzano Kirschbaum & Nagelberg including Alexander Lourie, Jeremy Heckman and Jim Montelongo in Chicago
Experience Care’s Outside Counsel: Nixon Peabody led by Adam Gwaltney in Providence/Boston and Jacalyn Smith in Chicago
CAPITAL MARKETS/FINANCINGS
Oneok issues $5.25B in notes
Deal Description: Oneok Inc. announced Aug. 10 that it priced an offering to sell $5.25 billion worth of senior notes. They consisted of $750 million of three-year senior notes at a coupon of 5.55 percent, $750 million of five-year senior notes at 5.65 percent, $500 million of seven-year senior notes at 5.800 percent, $1.50 billion of 10-year senior notes at 6.05 percent and $1.75 billion of 30-year senior notes at of 6.625 percent. The net proceeds, after deducting underwriting discounts, commissions and offering expenses, are expected to be about $5.2 billion. Oneok intends to use the proceeds to fund the cash consideration for the merger with Magellan Midstream Partners and other merger-related costs. Oneok expected the notes offering to close by Aug. 24.
Lead Book-Running Managers: Goldman Sachs & Co., Barclays Capital Inc., BofA Securities Inc., Citigroup Global Markets Inc. and J.P. Morgan Securities
Oneok’s Outside Counsel: Kirkland & Ellis with a team led by capital markets partners Julian Seiguer, Anne Peetz and Bryan Flannery and associates Michael Wright, Brooke Curry and Savannah Soto. They had assistance from tax partners David Wheat and Bill Dong and associate David Gilbert, debt finance partner Rachael Lichman and associates Purun Cheong, Brittany Taylor and Annie Crea and corporate partners Sean Wheeler, Debbie Yee and Camille Walker.
Promerica Financial launches tender offer, senior notes offerings for $337M
Deal Description: Hunton Andrews Kurth said Aug. 16 it advised Promerica Financial Corp. in the $225 million sale of its 10.750 percent senior secured notes due 2028 and the $112 million tender offer to purchase for cash any and all of the outstanding 9.7 percent senior notes due 2024. Promerica is a Panamanian bank holding company that owns majority interests in commercial banks in nine different countries in Central America, the Caribbean and South America. The company has assets of more than $20 billion and 15,000 employees.
From HAK: Fernando C. Alonso in Miami, Jim Davidson in Houston, Gabriel Lopez in Miami, Erin Jennings in Houston and Jessica Rivero in Miami