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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, 14 Firms, 79 Lawyers, $4.3B

May 28, 2019 Claire Poole

As many in the oil and gas industry know, private equity firm exits have been hard to pull off.

With the sector generally out of favor with investors, initial public offerings now are few and far between, and divestitures to “strategics” – what investment bankers call publicly traded corporations – are rare.

As a result, some private equity firms are having to push out their investments’ exits past the usual three to five year mark – or, in the case of Energy & Minerals Group, are looking to move several of their large investments into new vehicles to buy a little more time until conditions improve.

There are a few ways private equity firms are finding to exit, according to Tim Perry, a Credit Suisse investment banker who spoke on a panel at Mergermarket’s energy forum in Houston last week.

The most common one is for the firms to take some stock, rather than straight cash, when they sell their portfolio companies with the hope of earning a better return in the future when the time is right.

Private equity firms also are selling part or all of their portfolio companies to other private equity firms – there’s a keen interest in infrastructure and royalty assets these days – or doling out free cash flow to the investors via distributions. Perry mentioned one private equity firm that was distributing 90% of its original investment to shareholders (he didn’t name the firm).

“Exits have become more complicated,” he said. “There are more models to look at.”

There are some bright spots on the horizon. Some of the generalist investors who left the sector are working to get back in given low valuations for properties and companies (more than half of publicly traded oil and gas companies are trading at 60% below net asset value, Perry said). 

IPO’s also are beginning to pop up again, from Brigham Minerals this past month to Rattler Midstream this past week, leading the latter to become the biggest energy initial public offering this year (see item below).

What could bring back the traditional private equity firm exit – either as an IPO or sale to a strategic? Perry said the return of an undersupplied oil and gas market, which would boost commodity prices, or, at the very least, “sustainable oil prices.”

Back in the Lone Star State, deals involving Texas lawyers slipped a bit this past week leading up to the Memorial Day holiday. There were 17 transactions amounting to $4.36 billion, versus 21 deals worth $9 billion the previous week and 15 valued at $20.4 billion in the same week last year. 

The week saw 14 M&A/private equity/venture capital deals valued at $3.7 billion and three capital markets transactions valued at $612 million. Seventy-nine lawyers at 14 different firms were involved in the action.

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
05-Jul-20259$15,7788914$7,2805$8,498
28-Jun-202513$7,77781387$2,0316$5,746
21-Jun-202516$5,9841011311$3,0875$2,897
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

Gibson Dunn & Crutcher partner Hillary Holmes won the overachiever award for the second straight week with her work on three capital markets transactions, including another one for Waste Management and others for Gran Tierra Energy and U.S. Well Services.

M&A/PRIVATE EQUITY/VENTURE CAPITAL

Baker Botts advises Nascar on $2B International Speedway purchase

As The Texas Lawbook reported last week, NASCAR Holdings won over International Speedway Corp.’s public shareholders with a 7% sweetened purchase offer of $45 per share, or $2 billion – and Texas-based law firm Baker Botts helped it across the finish line.

If the deal goes through, which is expected this year if it clears the target’s stockholders, it will bring both companies under the ownership of the billionaire France family, which last year was thought to be considering selling all of part of NASCAR. 

The Baker Botts team was led by Jonathan Gordonout of New York but included several attorneys from across Texas, including corporate partner Grant Everett in Dallas, senior associate John Kaercher in Austin and associate Grace Matthews, also of Austin.

Houston associate Chad Davis advised on finance matters, Houston partner Rob Fowler and associate Gaby Alvarez assisted on employee benefits, Austin partner Aileen Hooks aided on environmental issues and Dallas partner Jeremy Gott and special counsel Patrick Matthewsworked on real estate.

Baker Botts picked up NASCAR work after its 2001 merger with Miller, Cassidy, Larroca and Lewin, whose partner John Cassidy had been NASCAR’s regular outside counsel.

Other legal advisors on the deal included Wachtell, Lipton, Rosen & Katz for the special committee of International Speedway’s board, which negotiated the transaction, and Saul Ewing Arnstein & Lehr for International Speedway. 

Dean Bradley Osborne Partners was the committee’s financial advisor while Goldman Sachs was NASCAR’s financial advisor. BDT & Co. was financial advisor to the France family, which owns NASCAR and a big chunk of International Speedway’s shares.

Merck preempts Peloton’s IPO with $1.05B purchase

Peloton Therapeutics, a Dallas developer of drugs focused on kidney cancer, announced May 21 that it had agreed to be acquired by Merck, thus preempting its planned initial public offering. 

The purchase price includes $1.05 billion upfront in cash and $1.15 billion based on the achievement of regulatory and sales milestones.

The company had attracted $270 million in funding from the Column Group, which owned a pre-IPO stake of 19.6%, Remeditex Ventures (14.7%), Topspin Partners (11.3%), RA Capital (7.5%), UC Regents (6.9%) and Nextech Invest (5.8%). It reportedly had a post-money valuation of around $711 million.

Peloton had set terms of its 9.4 million share IPO at $15 to $17 per share, which would have raised around $742 million if it priced in the middle. The issue was expected to launch toward the latter part of last week.

As The Lawbook previously reported, the offering’s lead underwriter J.P. Morgan was being advised by Cooley lawyers in New York and the company was being counseled by Wilson Sonsini Goodrich & Rosati out of Palo Alto. John R. Moore is general counsel of Peloton, which he joined in November of last year.

Covington & Burling represented Merck on the Peloton buyout with Credit Suisse as its financial advisor. Wilson Sonsini represented Peloton and Centerview Partners was its financial advisor.

The deal follows other pharmaceutical companies boosting their future product pipelines through acquisitions, including Bristol-Myers Squibb buying Celgene in January for $74 billion, the largest pharmaceutical deal ever, and Eli Lilly picking up Loxo Oncology, also in January, for $8 billion.

Peloton is a clinical-stage biopharmaceutical company focused on the development of novel small molecule therapeutic candidates targeting cancer and other non-oncology diseases. It has yet to post any sales.

The company’s lead candidate is PT2977, a novel oral HIF-2α inhibitor in late stage development for renal cell carcinoma.

“This acquisition exemplifies Merck’s strategy to pursue novel therapeutic candidates based on exceptionally promising and innovative research,” Merck Research Laboratories president Roger M. Perlmutter said in a statement. “We look forward to advancing this late-stage asset as part of our broad oncology R&D program.”

Peloton CEO John A. Josey said in a statement that Merck is recognized as a leader in cancer research and shares Peloton’s commitment to accelerate the development of candidates targeting HIF-2α to help patients with advanced cancers and other diseases.

The deal has to clear Hart-Scott-Rodino but the parties expect to close it in the third quarter.

Baker Botts advises Naphtha Israel on $330M Isramco deal

Baker Botts said May 21 it advised Naphtha Israel Petroleum Corp. on its acquisition of Isramco Inc. for $121.40 per share in cash, or $330 million.

The team included corporate partner A.J. Ericksen and associates Stephen Noh, Ieuan List and Parker Hinman, all of Houston.

Texas specialists included tax partner Ron Scharnberg, environmental partner Scott Janoe and associate Harrison Reback; employee benefits partner Mark Bodron and associate Marian Fielding; and oil and gas partner Craig Vogelsang. All are in Houston except for Fielding, who is in Dallas.

Norton Rose Fulbright counseled Isramco’s special committee, including senior associate Trevor Pinkerton and associate Rishika Sengupta, both in Houston. Duff & Phelps was the committee’s financial advisor.

Isramco shareholders have to approve the deal. Israeli businessman Haim Tsuff, who through various entities controls Naphtha, beneficially owns about 73% of Isramco’s outstanding stock.

The $121.40 per share price offer represents a 10% premium over Naphtha’s original bid and a 4.4% premium over the 30 trading-day average price of the company’s stock as of May 17.

Isramco is an oil and gas company with offshore operations in Israel and onshore operations in the U.S. It also owns a well service company, a production services company and a transportation unit. It’s expected to remain headquartered in Houston.

Naphtha is an Israeli public company involved in oil and gas exploration, development and production in Israel and the U.S. as well as commercial real estate and hotel management in Israel and in Europe.

Haynes and Boone aids Stream on $300M retail energy unit sale to NRG

NRG Energy agreed to buy the retail energy business of Dallas-based Stream Energy for $300 million.

In an interview with The Texas Lawbook, Stream chief legal officer Daniel Terrell said he quarterbacked the sale, tapping Haynes and Boone partners Bill Kleinman and Ryan Cox and associate Brandon McCoy in Dallas to do the heavy lifting on the purchase and sale agreement. 

“The firm had a long history with Stream, so it made sense,” Terrell said. “They knew the business.”

NRG tapped Baker Botts out of the firm’s Washington, D.C., office (partner Elaine Walsh and associate Susan Toumanian).

Terrell, who plans to look for new opportunities once the deal closes, said the sale involved a lot of moving parts, including regulatory and board matters along with an agreement for Stream to be the exclusive marketer after closing.

Stream said its remaining business will emerge as a new brand to market energy and wireless services through its independent sales organization.

Stream’s retail energy business provides electricity and natural gas in more than 40 deregulated markets across the U.S. It has 600,000 electric and natural gas customers in nine states and Washington, D.C. 

Stream co-founder and shareholder Rob Snyder said in a statement that the sale will allow the company to focus on its crusade to be a world-class direct selling business.

The deal has to clear the Federal Energy Regulatory Commission, the Georgia Public Service Commission and Hart-Scott-Rodino and is expected to close in the latter part of this year.

There’s been a lot of consolidation in the fragmented retail electricity provider industry recently. Earlier this year Vistra agreed to pay $328 million to acquire Crius Energy of Norwalk, Conn., making it the country’s biggest seller of residential electricity and expand its market share in Texas.

UBS analysts Daniel Ford and Ross Fowler said in a note that the Stream acquisition will boost NRG’s retail market share in Texas, Pennsylvania and other PJM markets.

NRG estimates the transaction will produce $65 million in annual EBITDA, which would give the deal a 4.6 times multiple.

Plains All American buys terminal assets from CVR for $36M

Sugar Land refiner CVR Energy Inc. – which is controlled by billionaire investor Carl Icahn – announced May 21 that it sold the 1.5 million barrel crude oil terminal at the Cushing, Oklahoma, oil hub to an affiliate of Plains All American Pipeline for $36 million.

CVR also said it’s exploring strategic alternatives, including a possible sale, to maximize value for its shareholders It’s hired BofA Merrill Lynch to advise it.

CVR, including general counsel Melissa Buhrig, didn’t respond to requests for its outside counsel on the sale and the review. 

Plains general counsel Richard McGee said the company handled the deal in-house but he wouldn’t provide the names of the lawyers who worked on it.

“CVR Energy is committed to maximizing value for its stockholders,” CVR CEO Dave Lamp said in the statement. “Both the sale of the Cushing terminal, which allowed us to derive value from an underutilized asset, and the exploration of potential strategic alternatives support this commitment.”

Winstead advises Bios on $21.7M Actuate investment

Actuate Therapeutics Inc., a Fort Worth clinical stage biopharmaceutical company, raised $21.7 million in Series B funding. 

Kairos Ventures led the round, which included DEFTA Partners and Tech Coast Angels and existing investor Bios Partners of Fort Worth.

Winstead counseled Bios, including shareholders Charlie Florsheim and Andrew Rosell and associate Sam Vinson, all of Fort Worth. Actuate used Baker Hostetler out of Washington, D.C. (partner Janis Penman) while Kairos tapped Stubbs Alderton & Markiles.

Actuate plans to use the proceeds to expand the company’s ongoing Phase 1/2 clinical trial and fund development programs, according to CEO Daniel Schmitt.

The company’s 1801 study is recruiting patients at Brown University Rhode Island Hospital, UCSF Helen Diller Family Comprehensive Cancer Center in San Francisco, the Miami Cancer Institute, the Mayo Clinic in Rochester, Minnesota, and Sanford Research, in Sioux Falls, South Dakota.

Actuate is focused on the development and commercialization of novel therapeutic agents for patients with cancer or inflammatory diseases.

Kastner Gravelle advises Cottonwood on $15M Tachyus investment

Tachyus, a Houston provider of production optimization software to the oil and gas industry, raised $15 million in Series B funding led by Cottonwood Venture Partners. 

Hogan Lovells advised Tachyus with attorneys in San Francisco. Cottonwood tapped Kastner Gravelle, including Evan Kastner, Michael Vaughn and Clara Chalk in Austin.

Tudor, Pickering, Holt’s John Gibson and Deanna Zhang provided financial advice to Tachyus.

The company claims to be an industry leader in optimizing fields under secondary and tertiary recovery, including the use of water and steam flooding. 

Founded in Silicon Valley, Tachyus has customers in North America as well as Argentina, Europe and Asia. It said its cloud-hosted software is powered by Data Physics, a blend of artificial intelligence and physics that predicts the reservoir’s response to changes in stimulation.
 
Tachyus CEO and co-founder Paul Orland said in a statement that the investment will allow the company to reach more customers and accelerate the delivery of new technology that improves clients’ performance.

Cottonwood managing partner Jeremy Arendt said as the oil and gas industry evolves in the face of new commercial challenges, operators need to focus on getting the best performance from their assets “and Tachyus’ technology has a track record of doing just that.”

QS+S counsels Blue Sage on Cobalt sale to Bison

Blue Sage Capital announced that it sold Cobalt Environmental Solutions to Oklahoma water infrastructure and logistics provider Bison for undisclosed terms.

Queen Saenz + Schutz partner Andrea Schutz counseled Blue Sage and Cobalt with assistance from partner Thomas Queen and firm attorney Carly Mayer. Hartzog Conger Cason in Oklahoma City counseled Bison.

Cobalt operates oilfield wastewater disposal and hydrocarbon extraction facilities in the Scoop and Merge plays of Oklahoma’s Anadarko Basin. Blue Sage created Cobalt in 2014 and made its initial investment to finance an acquisition in April of that year. 

Over the next five years, Blue Sage said it assisted Cobalt with the development of five additional greenfield facilities and partnered with management to establish long-term commercial relationships with key producers in the region. It claims the company’s sales tripled during its ownership.

Blue Sage managing member Peter Huff said the Cobalt investment represents the third time the firm has successfully partnered with Cobalt chairman John Barnidge.

Kirkland aids Western Natural on KKR partnership to invest in Williston

KKR said May 20 that it’s partnering with Oklahoma City-based Western Natural Resources to acquire producing and undeveloped oil and gas assets in the Williston Basin. The private equity firm didn’t disclose terms.

Kirkland & Ellis is representing Western Natural Resources, including corporate partner John Pitts and associate Ben Hardison and tax partner Mark Dundon and associate Ryan Phelps.

KKR said the Williston includes meaningful existing production and high quality, well-defined remaining drilling inventory well suited to its energy real assets strategy, which prioritizes free cash flow generation and strong asset level returns in the upstream oil and gas sector.

Western is led by Heath Mireles and his team, which KKR says has drilled, completed and operated thousands of wells over the Williston’s history. 

KKR director Ben Conner said the Williston continues to be a core area of focus as the firm sees an opportunity to acquire high quality producing assets with attractive long-term value creation opportunities to be delivered through superior technical and operational execution. 

KKR’s energy real assets strategy unit has invested $4 billion in capital across 12 transactions since 2015.

Jones Day advises Granite Construction on its Lametti asset purchase

Jones Day said May 24 that partner Alain Dermarkar advised publicly traded Granite Construction Inc. on its acquisition of Lametti & Sons Inc.’s cured-in-place pipe lining business.  

DeWitt Ross & Stevens counseled Lametti & Sons out of Minneapolis.

Watsonville, California-based Granite said the deal further strengthens its position in the water and wastewater market.

Lametti is a Minnesota-based company with expertise in cured-in-place pipe rehabilitation and trenchless renewal. It is one of the original certified installers of Granite’s Inliner product. 

Granite president and CEO James H. Roberts said in a statement that the acquisition is another step in the execution of its strategic plan, which includes organic growth through its core business lines, acquisitions in the water and wastewater markets and additional growth and geographical diversification in its vertically integrated business.

This acquisition will become the Minnesota office of Granite’s Granite Inliner unit, which has operations in Orleans, Indiana, as well as 17 offices and more than 800 employees in the U.S. and Canada.

MW, NRF, Boyar Miller aid on Commando’s funding from SCF, B-29

Commando Pressure Control, a Houston provider of pressure control products for oil and gas companies, raised an undisclosed amount of funding from SCF Ventures and B-29 Investments. 

Norton Rose Fulbright advised SCF, including partner Brian Fenske and associate Rishika Sengupta. B-29 used McGuireWoods partner Jay Hughes and Commando tapped BoyarMiller partner Steve Kesten. B-29’s general counsel is Duncan Simpson.

Commando founder and CEO Joe Boyd said in a statement that the company aims to align its technology with its customers’ ever-growing drive to gain efficiencies as they implement more aggressive downhole-designs.

SCF Ventures is the early stage investment unit of Houston-based SCF Partners, a private equity firm led by L.E. Simmons focused on providing capital to emerging companies so they can develop new products and technologies in the energy services sector. 

The firm has completed more than 400 energy services investments and helped build 17 public companies in its nearly 30-year history. Its current investments include Nine Energy Service, Select Energy Services, Forum Energy Technologies, NESR and Centurion Group.

Dallas-based B-29 is a 20-year-old private equity firm focused on making investments in the oil and gas industry.

Willkie Farr represents Houston Energy on Gulf of Mexico deepwater venture

Willkie Farr & Gallagher said it represented Houston Energy on a strategic agreement with an unnamed private equity firm for deepwater Gulf of Mexico non-operated exploration projects.

The group included partners Cody Carper, Michael Piazza and Robert Jacobson. Height Capital Markets director Jordan Davis in Houston was Houston Energy’s financial advisor.

Houston Energy co-founder and co-owner Ron Neal said in a statement that with an increasingly competitive environment in the deepwater, the new venture will allow the company to be a stronger non-operating partner and keep a larger ownership position in its exploration projects. 

Houston Energy explores the offshore Gulf of Mexico, South Louisiana and Texas Gulf Coast. It was formed in 1988 by Neal and Frank W. Harrison III.

Kirkland, T&K advise on Pearl-backed Red Wolf’s acreage acquisition

Kirkland & Ellis said it advised Red Wolf Natural Resources, a newly formed oil and gas company backed by Pearl Energy Investments, on its acquisition of 56,000 net acres and associated production in Oklahoma’s Scoop, Stack and Merge plays and the broader Anadarko Basin.

The seller and terms weren’t disclosed.

The Kirkland team was led by corporate partners Kevin Crews, Thomas Laughlin and Kimberly Perdue; tax partners David Wheat and Lane Morgan; and environmental transactions partner Paul Tanaka.

Thompson & Knight represented Pearl on both the acquisition and the investment, including Holt Foster, Hunter White, Kelsie Haaland, Ashley Phillips, Brandon Bloom, Marc Lombardi, Nick McTyre, Tony Campiti, Jason Loden and Jessica Hammons.

The acquisition enables Red Wolf to reenter the plays, which the company said has multiple benches of stacked “pay,” or oil and gas pockets, that provide compelling economic returns and repeatable results.

Red Wolf’s founders, led by CEO Drew Deaton and COO Jeff Dahlberg, have acquired, developed and sold oil and gas exploration and production assets across the U.S. They most recently worked in the Denver-Julesburg Basin in Colorado and the Anadarko Basin in Oklahoma, having previously been at Ward Energy Partners.

Stewart Coleman led the investment from Dallas-based Pearl, which has $1.2 billion in committed capital under management. Led by former NGP managing partner Billy Quinn, the firm typically targets investments valued at $25 million to $100 million.

Haynes and Boone advises Juniper on Metal investment

Metal Resources Holdings, the Hinsdale, Illinois, parent of Andes Coil Processors and MRI Steel Framing, announced a growth capital investment from Juniper Capital Management in Dallas and Bluehenge Capital Partners in Baton Rouge.

Haynes and Boone advised Juniper with a team led by Dallas partner John McGowan.

Andes is an independent toll processor operating in Lewisville, Texas, Dallas and Gary, Ind. It provides toll steel coil slitting and cut-to-length processing and receiving, warehousing and shipping services for steel distributors and manufacturers.

MRI Steel Framing makes heavy-duty, cold-formed steel framing components for the commercial and multifamily construction markets in the north central U.S. It shares the Gary facility with Andes.

Metal Resources’ management will remain in place, including CEO Bill Wilson, COO Frank Eberwein and CFO Howard Pena.

Juniper is led by former Grant Thornton COO Lou Grabowsky and his son Bryan Grabowsky.

CAPITAL MARKETS

Baker Botts advises Waste Management on $257M cash tender offer

Baker Botts said it advised trash services provider Waste Management Inc. on the expiration and final results of its cash tender offer of senior notes, which amounted to $257 million.

The Baker Botts team, all from Houston, included partners Jason Rocha , Gene Oshman and Justin Hoffman as well as associates Jude Dworaczyk, Gita Pathak, and Jack Chadderdon.

Gibson Dunn and Crutcher represented the dealer managers with a team led by Houston partner Hillary Holmes, which also included Houston associates Harrison Tucker and Melissa Pick and an associate in New York.

Deutsche Bank Securities Inc. and J.P. Morgan Securities LLC were dealer managers for the tender. Global Bondholder Services Corp. was the depositary and information agent.

Waste Management said it executed the tender offer to reduce its future debt obligations.

Note: The item above has been updated and corrected to include the role of Baker Botts in the transaction.

Gibson Dunn assists Gran Tierra Energy on $300M senior notes offering

Gibson Dunn also said it assisted Gran Tierra Energy on its $300 million senior notes offering.

Hillary Holmes also led the team along with Houston partner Shalla Prichard and Houston associates Jordan Rex and Justine Robinson and associates in California and Singapore. Houston partner James Chenoweth advised on tax aspects.

Davis Polk & Wardwell counseled the initial purchasers out of New York.

The offering involved 7.750% senior notes due 2027. They will be guaranteed by units of Gran Tierra that guarantee its revolving credit facility. 

The company plans to use the $289.2 million in net proceeds to repay the outstanding amounts borrowed under its senior secured revolver and for capital expenditures and general corporate purposes, which may include capital to appraise and develop exploration discoveries, repayment of other debt, working capital and/or acquisitions.

Gibson Dunn helps U.S. Well Services on its $55M sale of preferred stock

Gibson Dunn also said it advised U.S. Well Services Inc. on its $55 million sale of newly issued convertible preferred stock. 

Again, Hillary Holmes led the group as well along with Shalla Prichard. Helping were Dallas/Houston associate Whitney Bosworth, Houston associate Monika Kluziak, Dallas associate Louis Matthews, Houston associate Melissa Pick and Houston associate Justine Robinson. James Chenoweth also pitched in on tax.

Vinson & Elkins said it advised Crestview Partners on its investment in the convertible preferred stock. That team was led by partners James Garrett and Ramey Layne with assistance from senior associate Crosby Scofield and associates McCall Grimes and Luke Thomas. Partner Lina Dimachkieh provided tax advice.

U.S. Well Services CFO Kyle O’Neill said in a statement that the transaction – along with the company’s recent closing of its $75 million asset-backed revolver and $250 million senior secured term loan – further improves the company’s balance sheet strength and liquidity and enhances its ability to execute on growth initiatives for its contract-driven electric fracturing fleet.

At closing, investors were expected to receive 55,000 shares of newly issued convertible preferred stock that have a $1,000 liquidation preference per share and are redeemable at the company’s option for cash or common stock. 

The preferred stockholders will receive dividends on the liquidation preference at an annual rate of 12% in cash or stock at the company’s election, increasing to 16% in year three if the preferred shares haven’t been redeemed. The investors also will receive 2.9 million warrants, which are exercisable into common stock at $7.66 per share.

CEO and president Joel Broussard said the financing enables the company to capture the growing demand for its electric frac fleets through new customer contract opportunities.

UPDATE/OTHER:

Midland-based Rattler Midstream Partners raised $665 million in its initial public offering last week. It priced 38 million shares at $17.50 each, versus an expected 33 million shares at $16 to $19 apiece. The offering is expected to close May 28. As The Texas Lawbook previously reported, Latham & Watkins advised the underwriters with a group led by partners Michael Chambers and John Greer. Rattler was formed by Diamondback Energy Inc. to own, operate and acquire midstream assets in parts of the Permian Basin. 

***

Bracewell said May 23 it represented Texas Microgrid on the project financing for a first-of-its-kind distributed generation portfolio project.

The team was mostly in New York but included partners Whit Swift in Austin on environmental and Scott C. Sanders in Houston on employee benefits and executive compensation; and corporate associates Jason W. Keating, Melanie C. Goebel and Shannon M. Rice, all of Houston.

Texas Microgrid is a joint venture indirectly owned by investors managed by Basalt Infrastructure Partners and Enchanted Rock Holdings. It plans to build and operate natural gas-fired and ultra-clean distributed natural gas microgrids within the Electric Reliability Council of Texas, or ERCOT, service territory. 

When fully built-out, the portfolio will total up to 232 megawatts of generating capacity.

Bracewell said it assisted Texas Microgrid with commercial contract negotiations, regulatory approvals and all financing documentation. 

The financing was provided by ING Capital, which is serving as administrative agent for the credit facilities, with the Bank of New York Mellon serving as collateral agent and depositary bank. Enchanted Rock will be the construction, operations and asset manager. 

The distributable generation units are being used to provide emergency back-up power to commercial and industrial customers operating in various sectors, including cold storage, food and beverage, manufacturing and healthcare. 

They also will be used to offset peak demand charges during the summer in ERCOT and are permitted to participate in ERCOT’s Emergency Response Service auctions.

***

The rumor mill busily churned this past week. 

On the energy-related front, Reuters reported that Carlyle Group is in talks to sell a 25% stake in its Corpus Christi crude oil export terminal for $625 million to three unidentified companies that would operate an affiliate pipeline (a Carlyle principal didn’t respond to a request for comment). 

Bloomberg also reported that the Blackstone Group, Whiting Petroleum and Callon Petroleum are among those expressing interest in buying publicly traded QEP Resources, which has been under pressure from activist investor Elliott Management to sell itself; that Gainesville water services provider Select Energy Services Inc. is in the early stages of considering a sale; and that Exxon Mobil’s divestiture of some of its Gulf of Mexico assets are drawing interest from Repsol and Ineos Group Holdings and could fetch $1.5 billion.

Meanwhile, Buyouts is reporting that the sale of Omnitracs, which is backed by Vista Equity Partners, has hit the second round with a handful of private equity firms, including Goldman Sachs, in the bidding (Vista is run by Austin billionaire Robert Smith, who recently announced he would pay off the student loans of 400 graduates from Morehouse College). And two of Kona Grill’s former CEOs reportedly have teamed up to bid on the bankrupt chain.

***

Other deal news of note: Privately held 1776 Energy Operators told Reuters that it would put itself up for sale after sources familiar with the South Texas-focused oil and gas producer said they expected it to be worth around $1.5 billion, including debt. 

The Houston firm, which was founded by oilman William R. Huff, has hired two unnamed investment banks to run a sale process. Its properties are near the operations of Marathon Oil Corp, Devon Energy Corp., Magnolia Oil & Gas Corp. and EOG Resources Inc. 

Private equity-backed companies also could be bidders, including Warburg Pincus’ Ensign Natural Resources, which recently agreed to buy Eagle Ford properties owned by Pioneer Natural Resources. Pioneer said May 6 that it’s now looking to sell its 27% stake in Midland Basin gas processing infrastructure operated by Targa Resources.

***

Finally, Talos Energy CEO Tim Duncan said at a petroleum negotiators conference last week that the company is interested in Anadarko Petroleum’s Gulf of Mexico properties if its would-be buyer Occidental Petroleum decides to sell them. It’s also looking at other offshore basins where it can put its expertise to use. Talos’ general counsel is Bill Moss, a former partner at Mayer Brown in Houston.

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