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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, 15 Firms, 151 Lawyers, $5.9B

June 20, 2023 Claire Poole

Three oil and gas deals, all worth more than $1 billion, were announced this past week. What does that say about dealmaking right now?

Houston-based Patterson-UTI Energy made every effort to get bigger, and it did so by buying crosstown rival NexTier Oilfield Solutions. The move catapulted the company within spitting distance of 10,000-pound gorilla in the North America oil and gas pumping market, Halliburton.

“With the combination, the go-forward entity rises to top of the list, just behind HAL,” TPH & Co. analyst Jeff LeBlanc said in a note.

Earthstone Energy, also based in Houston, was on an acquisition tear, too, picking up assets here and there, but nothing as big as its purchase of EnCap-backed privately held Novo Oil & Gas Holdings for $1.5 billion. Then it turned around and agreed to sell a third interest in Novo for $500 million to Minnetonka, Minn.-based Northern Oil & Gas, which has also been acquisitive.

“The deal marks the third transaction where NOG is taking on more of JV-type transaction with a large working interest,” Piper Sandler analyst Mark Lear said in a note, noting its deal with Forge (30% working interest) with Vital Energy operating and the MDC transaction (40% working interest).

Finally, in the last deal, Gibson Energy, a publicly traded Canadian company, picked up a newly built Gulf Coast crude oil export facility near Corpus Christi from Buckeye Partners for $1.1 billion.

Buckeye was taken private in 2019 by Australia’s IFM Investors in a deal worth $10.3 billion, so IFM might have wanted to take some money off the table. And Buckeye intends to refocus its operations on the clean energy transition, aiming to be a net zero business by 2040, so it wouldn’t do to own an oil terminal. The facility is 50 percent owned and operated by Buckeye with Phillips 66 and Marathon Petroleum each holding 25 percent.

The week ending June 17 saw 17 deals worth $5.88 billion, representing 15 M&A transactions valued at $4.7 billion and two capital markets offerings priced at $1.2 billion. It’s probably worth noting that only six of the M&A deals included disclosed values, especially when comparing with last week’s 19 deals for $8.5 billion and the 17 deals for $11.9 billion for the same week last year.

Weekly Corporate Deal Tracker Roundup Stats

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

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

M&A/FUNDINGS

Patterson-UTI buys NexTier for nearly $2B

Deal Description: After reports of an impending deal, publicly traded Patterson-UTI Energy announced June 13 it agreed to merge with rival NexTier Oilfield Solutions to create an oil services firm valued at $5.4 billion. While the combination is being billed as a merger of equals, the deal represents an equity value of about $1.93 billion, according to Reuters. Patterson UTI’s general counsel is Seth Wexler, who used Gibson, Dunn & Crutcher, and NexTier’s GC is Kevin McDonald, who tapped Kirkland & Ellis. For more on the deal, click here.

Earthstone acquires Novo for $1.5B with $500M buy-in by NOC

Deal Description: Earthstone Energy announced June 13 that it is acquiring privately held Novo Oil & Gas Holdings for $1.5 billion and it then sold working interests to Northern Oil & Gas equal in value to a one-third interest in the deal for $500 million. Kirkland & Ellis advised Earthstone and NOG and Vinson & Elkins assisted EnCap-backed Novo. Earthstone’s outside finance counsel was Haynes and Boone. Click here for more on the transaction.

Gibson Energy buys Gulf Coast terminal from Buckeye for $1.1B

Deal Description: Canada-headquartered Gibson Energy announced June 15 that it has agreed to acquire a 100 percent interest in South Texas Gateway Terminal for $1.1 billion in cash. The sellers are IFM’s Buckeye Partners, with a 50 percent stake, and Phillips 66 and Marathon Petroleum, which each own 25 percent. Latham & Watkins advised Gibson with three Houston attorneys on the team. Morgan Lewis assisted STGT and Buckeye with lawyers in Philadelphia (partners Benjamin Wills and Conor Larkin and associate Erin O’Gurek). For more, click here.

Percepto attracts $67M in equity, debt funding

Deal Description: Austin drone startup Percepto announced June 12 it raised $50 million in Series C equity and $17 million in debt funding. Koch Disruptive Technologies led the equity funding joined by Zimmer Partners, an undisclosed energy company and previous backers U.S. Venture Partners, Delek US Holdings, Atento Capital, Spider Capital and Arkin Holdings. The debt funding was raised through Kreos Capital, which was bought by BlackRock for $400 million last week, according to reports. The round brings the total raised by the company to $120 million. Percepto claims to be the first industrial drone company to get a nationwide Beyond Line of Sight waiver from the Federal Aviation Administration in the U.S. Its customers include Siemens Energy, Delek US, Koch Industries and ICL Dead Sea Works.

Percepto’s Outside Counsel: Yair Geva and Yuval Zilber from Herzog, Fox and Neeman in Tel Aviv

Striveworks raises $33M

Deal Description: Striveworks, an Austin-based provider of machine learning operations tools for enterprise data science and analytics teams, announced June 13 it raised $33 million in a funding round led by Centana Growth Partners with participation from existing investors. The funding will be used to expand its team, bringing on more engineers, salespeople and marketing professionals to help drive growth and increase capabilities to better serve customers. Its board includes Ben Cukier of Centana Growth Partners; Leonard Laufer, a senior advisor at Blackstone, Ryan D. McCarthy, former U.S. Secretary of the Army, Anthony Manganiello and Jim Rebesco of Striveworks and Matthew Zames, former COO of JP Morgan Chase. Palo Alto, Calif.-based Centana is a specialized growth equity firm that invests in finance companies. 

Striveworks’ Outside Counsel: FH+H in Tysons, Va.

Centana’s Outside Counsel: Goodwin Proctor

Sequoia leads $5.7M investment in defense technology developer Mach

Deal Description: Houston-based Mach Industries, a hardware defense technology developer, announced June 16 that it raised $5.7 million in a round led by Sequoia Capital and with participation from Marque VC and Champion Hill Ventures. This represents Sequoia’s first investment in a hardware defense technology company, adding to the firm’s history of partnering with companies that support U.S. national security interests. The money will be used by Mach to bolster product development and continue hiring talent. Founded by Ethan Thornton, Mach is spearheading a hardware-first approach to defense with hydrogen creation and combustion techniques. The fuel can be made in the field using readily available resources, such as electricity or aluminum and water, and enables advancements in range and power for projectiles and loiter time and speed for aerial systems, Mach claims.

Kohlberg buys advisory firm Riveron

Deal Description: Riveron, a Dallas-based business advisory firm focused on the office of the CFO, private equity and other capital providers, announced June 9 that it entered into a definitive agreement to be acquired by affiliates of Kohlberg & Co. H.I.G. Capital will continue its partnership with Riveron through a minority investment. A significant percentage of Riveron’s employee base will also be equity owners in the company. Additional terms of the agreement were not disclosed. Founded in 2006, Riveron helps clients navigate complex business challenges through its accounting, finance, technology and operations services. It has 700 employees across 12 offices in the U.S.

Expected Closing: July if it clears regulators

Riveron’s Financial Advisors: Jefferies Group and Moelis

H.I.G./Riveron’s Outside Counsel: McDermott Will & Emery

Kohlberg’s Financial Advisors: Guggenheim Securities and Citizens

Kohlberg’s Outside Counsel: Ropes & Gray and Greenberg Traurig

Outside Counsel to credit providers in transaction financing: Latham & Watkins led out of New York

Tailwater, Copperbeck sell Saconix to Sumitomo

Deal Description: Sidley Austin said June 12 it represented Tailwater Capital and its portfolio company Copperbeck Energy Partners, provider of logistical and distribution solutions within the chemical and downstream industries, on their sale of Copperbeck unit Saconix to Sumitomo Corp. of Americas. Terms weren’t disclosed. Saconix distributes and transports sulfuric acid in the U.S. In 2017, Tailwater and Copperbeck executed a management-led carveout of Saconix from a privately held midstream energy company. Copperbeck also owns Dallas-based NexChlor, a company that supplies, transports and delivers chlor-alkali products, including hydrochloric acid and caustic soda, throughout the U.S. Dallas-based Tailwater is an energy and infrastructure private equity firm that has raised $4.4 billion in committed capital since inception and executed 100 transactions representing $23 billion in value.

From Sidley: Partners Marc Rose and Holt Foster and senior managing associate Jeremy Pettit

Sumitomo‘s Outside Counsel: Akerman’s Michael Doherty, Kenneth Agee and Raphael Agundez in New York

Copperbeck’s Financial Advisor: RBC Capital Markets

Apollo commits to Yondr

Deal Description: Simpson Thacher said June 12 it is representing Apollo-managed infrastructure funds on their agreement to provide a “significant” capital commitment to Yondr Group via a structured instrument, the first step in a broader partnership. Terms weren’t disclosed. Proceeds from the investment will be used to further Yondr’s growth ambitions in support of client demand for its hyperscale data center facilities. In connection with the investment, Apollo partners Trevor Mills and Andrew Kirby will join Yondr’s board. Yondr, wholly owned by Cathexis Group, owns and operates a hyperscale data center in the Netherlands. It has four sites under construction across Europe and the U.S. expected to come online between 2024 and 2025, all of which are contracted with large, investment-grade counterparties. As of March 31, Apollo had $598 billion of assets under management. 

From Simpson: In Texas, partner Matthew Einbinder and associates Andrew Lanius, Kevin Carson, Luke Riel and Kaylee Yocum (banking and credit); and partner Shamus Crosby and associates Mark Kunzman, Braxton Duhon and Christine Robb (M&A)

Yondr’s Outside Counsel: White & Case

Macquarie buys majority stake in Coastal Waste

Deal Description: Macquarie Asset Management confirmed June 13 that one of its funds, MIP VI Holdings II, acquired a majority stake in Florida-based Coastal Waste & Recycling in a recapitalization deal. Terms weren’t disclosed. Coastal CEO Brendon Pantano will continue to lead the company. Coastal launched in 2017 and is backed by Summer Street Capital Partners and Concentric Equity Partners. It operates 600 trucks along with post-collection facilities to serve an estimated 450,000 customers in Florida and Georgia. Macquarie’s U.S. waste portfolio includes Washington-based DTG Recycle, California-based GreenWaste, Illinois-based LRS and New Hampshire-based WIN Waste Innovations, according to Waste Dive. 

Macquarie’s Financial Advisor: Nomura Greentech 

Macquarie’s Outside Counsel: Sidley Austin. On the acquisition: partner Tommer Yoked and including Chris Folmsbee, Ashley Moulder, Kevin Hess and Pardis Baha; and on the recap, partner Daniel Allison and including Joe Zenruffinen, Michael Schlinkert and Nick Kalina.

Coastal’s Financial Advisors: Houlihan Lokey and Brown Gibbons Lang

Name of opposing counsel: Allen & Overy partner Jake Mincemoyer in New York on the acquisition; and Winston & Strawn on the recap

Greenbelt Capital attracts investment from Wafra’s Capital Constellation

Deal Description: Capital Constellation, an investment platform managed by Wafra Inc., announced June 14 a strategic minority investment in Austin-based Greenbelt Capital Partners, a private equity firm focused on investments related to the long-term changes in the production and consumption of energy. Greenbelt was founded by Chris Manning and Glenn Jacobson, who previously led the energy strategy at Trilantic Capital Partners North America and before that focused on energy investments at Lehman Brothers Merchant Banking. It targets private equity, infrastructure development and late-stage growth opportunities in the “New Energy Economy.” Capital Constellation is supported by global institutional investors to provide capital to growth stage investment management firms.

Wafra’s Outside Counsel: Gibson, Dunn & Crutcher led by partner Michael Piazza and including partners Candice Choh and A.J. Frey and associates Carlos Soto, Brennan Halloran and Alisa Balderas. Partner Pamela Lawrence Endreny advised on tax aspects.

Greenbelt’s Outside Counsel: Kirkland & Ellis led by corporate partner Emma Lange-Novak and investment funds partners Jordan Murray and Andrew Nichol; and including corporate partner Shubi Arora and associates Nina Bertelli and Amanda Van Auken; investment funds partners Matt Nadworny and Laura Stake; and tax partners Lee Morlock and Adam Nguyen and associate Grant Newman.

Trinity Hunt-backed CL Services buys Dyna-Mist

Deal Description: Katten said June 13 it advised Trinity Hunt Partners-backed CL Services Holdings on its add-on acquisition of Dyna-Mist Irrigation and Dyna-Mist Construction. Terms weren’t disclosed on the deal, which was signed June 7.

From Katten: The team was led by Dallas partner Victor Zanetti and included, in Dallas, Jenny Steiger, Jessica Lee-Agnes Schauwecker, Eric Emerson and Enzo Hernandez.

Trinity Hunt-backed Delve Holdings acquires Altr

Deal Description: Katten said June 13 it counseled Delve Holdings on its purchase of Altr, a Boston-based digital innovation and design company. Terms weren’t disclosed on the deal, which was announced June 1. This is Delve’s first acquisition since it was purchased by Trinity Hunt Partners and merged with design and development firm Bresslergroup in May 2021.

From Katten: The team was led by Dallas partner Victor Zanetti and included, in Dallas, Julie Park, William Rivers, Jessica Lee-Agnes Schauwecker, Zachary Ward and Kelsey McKeag.

Spatco acquires MSCS

Deal Description: Spatco Energy Solutions, a Charlotte-based portfolio company of Kian Capital Partners, announced June 14 it acquired MSCS, a petroleum services company in Dallas. Terms weren’t disclosed. For the past 26 years, MSCS has provided customers with construction and petroleum equipment repair services throughout Texas. The acquisition expands Spatco’s geographic footprint into Texas after its January acquisitions of McKinney Petroleum Equipment and Petro Supply. The combined entity now has 820 employees across 30 offices in 15 states. Kian has $825 million of capital under management and focuses on four industry sectors: consumer, services, distribution and specialty manufacturing.

Auctane buys Return Rabbit

Deal Description: Auctane, an Austin-based shopping and logistics solutions provider owned by Thoma Bravo, announced June 12 that it acquired Return Rabbit, an Ann Arbor, Mich., returns management platform. Terms weren’t disclosed. Return Rabbit launched in 2021 with backing from Supply Chain Ventures and Multiverse Investments. Auctane said the acquisition will complement its portfolio of multi-carrier shipping solutions by equipping ecommerce merchants with a returns management offering. The news comes on the heels of Auctane announcing new CEO Albert Ko, onetime CEO of Early Warning Services, best known for the Zelle payments network. Auctane operates ShipStation, Stamps.com, ShippingEasy, ShipEngine, ShipWorks, Metapack and Endicia.

CAPITAL MARKETS/FINANCINGS

AEP offers $850M of junior subordinated debentures

Deal Description: Simpson Thacher & Bartlett said June 14 it represented American Electric Power Co. Inc. in connection with the remarketing of $850 million of its 1.30 percent junior subordinated debentures due 2025 that were originally issued by AEP in August 2020 as components of equity units (initially consisting of corporate units) sold by AEP. The underwriters included J.P. Morgan and Mizuho and the issue date was June 2. AEP, based in Columbus, Ohio, operates and maintains the country’s largest electricity transmission system. It has more than 224,000 miles of distribution lines to deliver power to nearly 5.5 million regulated customers in 11 states. AEP also is one of the nation’s largest electricity producers.

From Simpson: The team included partner Brian Rosenzweig and counsel Matt Hart in Houston.

Calumet Specialty Products prices $325M senior notes offering

Deal Description: On June 12, Calumet Specialty Products Partners and its wholly owned subsidiary, Calumet Finance Corp., announced the pricing of a $325 million private placement of 9.75 percent senior notes due 2028. The notes will be guaranteed by certain subsidiaries of Calumet and mature on July 15, 2028. Calumet intends to use the net proceeds to fund its offers to purchase of any and all of the outstanding $200 million of 9.25 percent senior secured first lien notes due 2024 and up to $100 million of the outstanding 11 percent senior notes due 2025 and to pay related premiums and expenses, with the remaining net proceeds to be used for general partnership purposes, including debt repayment. On or after July 15, Calumet intends to redeem any amount of 2024 secured notes that remain outstanding at par plus accrued and unpaid interest to, but not including, the redemption date.

Expected Closing: June 27

Initial Purchasers’ Outside Counsel: Baker Botts including Houston corporate partner Joshua Davidson and Eileen Boyce, special counsel Mike Hoffman, senior associate Garrett Hughey and associate Chelsea Johnson. On finance: Clint Culpepper (partner, Austin), Caitlin Lawrence (partner, Houston) and Regan Vicknair (associate, Houston); on tax: Chuck Campbell (special counsel, Houston); and on environmental: Elizabeth Singleton (special counsel, Houston)

Calumet’s Outside Counsel: Gibson Dunn with a mostly Texas team that includes partners Hillary Holmes and Shalla Prichard, of counsel Robbie Hopkins and Patrick Cowherd and associates Rodrigo Surcan (in New York), Josh Stout and Kyle Clendenon. New York partner Pamela Lawrence Endreny is advising on tax aspects.

OTHER MATTERS

Shearman & Sterling represented Blackrock portfolio company Vanguard Renewables on its partnership with pharmaceutical company AstraZeneca to decarbonize its research and manufacturing sites through the delivery of renewable natural gas. The team was led by partner and global head of renewables Mona Dajani in New York with assistance from co-head Jorge Medina in Menlo Park and associate Andrew Heather in Houston. Beginning in June, AstraZeneca will begin purchasing RNG with the aim that, by 2026, the partnership will enable as much as 190,500 megawatt hours per year of RNG to be used across AstraZeneca’s U.S. sites, equivalent to the energy required to heat more than 17,800 U.S. homes for a year. Vanguard claims to be the largest national leader in developing organics-to-renewable energy projects to provide solutions to greenhouse gas emissions by diverting food waste from landfills and sequestering on-farm emissions. In 2022, Blackrock partnered with Vanguard to deploy an estimated $2 billion over the next three to five years to build its portfolio of 100-plus plants.  

Claire Poole

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

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