CDT Roundup: 17 Deals; 16 Firms; 146 Lawyers; $5.8B

M&A activity among oil and gas producers has seen an uptick recently, with Chesapeake agreeing to sell part of its Eagle Ford assets to WildFire Energy last week for $1.42 billion (see below). What’s fueling it?

Seemingly, it’s in response to the pullback in commodity and valuations this past summer, according to Nick Pope, who follows the industry for Seaport Research Partners in New York.

“The M&A market remains fairly active as an outlet for cash and improving operational scale, as an alternative to seeing any meaningful increase in organic drilling expansion or production growth,” he said in a note Jan. 23.

Pope thinks an acquisition uptick is an interesting theme to follow, as oil and gas companies
are looking at options to deploy strong cash flows, “with limited market appetite for increased organic activity/production growth, strong balance sheets and the bulk of public E&Ps in various stages of pulling all shareholder return levers available.”

In Chesapeake’s case, the divestiture was an opportunity to generate some cash to pay down its revolver and do some share purchases as well as plow more money into its Marcellus and Haynesville positions. And for WildFire, which is backed by Warburg Pincus and Kayne Anderson, it was a chance at expanding its presence in the Eagle Ford.

Haynes and Boone partner Jeremy Kennedy, who counseled Chesapeake, said in an interview that he thinks that there will be more of the same going forward provided there is some stability in oil and gas prices.

“Volatility in commodity prices kills deals. So if you see stability, you will see more M&A,” he said. “This deal also shows there is a lot of dry powder [among private equity-backed companies] for transactions.”

The week ending Jan. 21 saw an uptick with 17 deals valued at a reported $5.8 billion, a good one compared with the prior week (11 deals for $2.8 billion) and with the same week last year (13 deals for $5.1 billion). That meant work for 174 lawyers at 16 different firms.

Weekly Corporate Deal Tracker Roundup Stats

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

Week Ending	Deal Count	Amount	Firms	Lawyers	M&A Count	M&A Value $M	CapM Count	CapM Value $M
23-Nov-24	15	$4,553	15	145	11	$3,379	4	$1,174
16-Nov-24	17	$11,488	11	245	13	$10,186	4	$1,303
09-Nov-24	14	$2,110	12	139	12	$1,410	2	$700
02-Nov-24	12	$52,788	11	107	11	$52,738	1	$50
26-Oct-24	8	$3,160	8	65	7	$3,065	1	$75
19-Oct-24	12	$5,304	11	136	11	$4,554	1	$750
12-Oct-24	17	$8,438	12	150	15	$8,116	2	$322
05-Oct-24	22	$23,181	12	189	15	$19,980	7	$3,201
28-Sep-24	11	$2,356	7	144	7	$53	4	$2,303
21-Sep-24	12	$9,568	10	169	5	$4,101	7	$5,467
14-Sep-24	24	$10,988	12	235	16	$7,175	8	$3,813
7-Sep-24	12	$20,420	16	168	11	$20,307	1	$112.9
31-Aug-24	13	$20,631	9	134	12	$14,775	1	$5,856
24-Aug-24	19	$8,452	21	325	16	$7,102	3	$1,350
17-Aug-24	25	$49,196	16	304	11	$39,386	14	$9,810
10-Aug-24	20	$12,264	15	312	16	$9,794	4	$2,470
03-Aug-24	26	$16,498	16	334	18	$8,137	8	$8,361
27-Jul-24	19	$16,442	21	271	15	$13,838	4	$2,604
20-Jul-24	15	$16,016	14	184	10	$14,232	5	$1,784
13-Jul-24	20	$17,220	14	265	18	$7,146	2	$10,074
6-Jul-24	11	$3,941	11	95	8	$2,650	3	$1,291
29-Jun-24	14	$6,296	15	224	8	$6,296	6	$1,927
22-Jun-24	12	$5,679	8	137	5	$210	7	$5,469
15-Jun-24	13	$9,895	16	214	10	$5,280	3	$4,615
8-Jun-24	19	$23,859	13	239	12	$19,436	7	$4,423
1-Jun-24	12	$34,510	11	147	9	$26,110	3	$8,400
25-May-24	13	$9,684	15	171	10	$4,434	3	$5,250
18-May-24	11	$5,490	11	173	8	$3,129	3	$2,361
11-May-24	22	$14,855	14	227	16	$11,105	6	$3,750
4-May-24	13	$3,139	9	87	10	$1,297	3	$1,842
27-Apr-24	10	$6,684	6	28	10	$6,684	0	0
20-Apr-24	19	$15,989	11	147	9	$5,208	10	$10,781
13-Apr-24	13	$8,952	9	76	10	$1,652	3	$7,300
6-Apr-24	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

Chesapeake sells Eagle Ford assets to WildFire for $1.425B

Deal Description: Chesapeake Energy Corp. announced Jan. 18 that it agreed to sell its Eagle Ford assets in the Brazos Valley region to WildFire Energy I for $1.425 billion. The seller expects the transaction to close this quarter. Haynes and Boone counseled Chesapeake and Locke Lord advised WildFire. For more on the deal, click here.

Spectaire to go public via merger with Perception Capital II

Deal Description: Spectaire Inc., a provider of solutions for customers to monitor, track and meet emissions targets via its micro-mass-spectrometer device, announced Jan. 17 its entry into a definitive agreement to go public via a business combination with Perception Capital Corp. II. The proposed transaction values Spectaire at a pro forma enterprise valuation of around $203 million. The deal has no minimum cash condition and a pre-arranged forward purchase agreement with Meteora Capital for Perception II’s $230 million cash in trust. Spectaire’s direct measurement technology replaces current methods of estimating emissions based on mileage and fuel consumption, which can overstate emissions by up to 60 percent. Invented and patented by Spectaire scientists at the Massachusetts Institute of Technology, Spectaire’s device is battery-powered, cloud-connected and about the size of a small tablet and can be mounted on a commercial vehicle.

Expected Closing: Q2 2023

Spectaire’s Outside Counsel: Latham & Watkins led by Boston partner Stephen Ranere and Houston partner Ryan Maierson with associates Bryan Ryan, Benjamin Marek, Vera Bespalova, Brian Wolgast and Tasbiha Batool. Advice was provided also by Century City, Bay Area, Washington, D.C. and Frankfurt attorneys.

Perception’s Outside Counsel: Skadden, Arps, Slate, Meagher & Flom including corporate partners Michael Mies (Palo Alto) and Gregg Noel (Palo Alto and Los Angeles). Houston associates included Paul Kieffer, Caleb Lowery and Maddy Weber.

Denham-backed Serra Verde attracts $150M from Vision Blue, Energy & Minerals Group

Deal Description: Serra Verde Pesquisa e Mineração Ltda., a Denham Capital portfolio company, announced Jan. 11 a $150 million investment by Vision Blue Resources and the Energy & Minerals Group and the appointment of new leadership team. Serra Verde is developing an integrated rare earth element mining and processing operation in Brazil and is now expected to be fully funded through to production and cash flow generation, with additional capital available for optimization and expansion-related activities. Denham, EMG and VBR’s participation will accelerate and expand the production of REEs, specifically those used in permanent magnets critical to the transition toward a low carbon economy. With production projected to begin in the second half of 2023, Serra Verde is on track to be only the third non-Asian scale producer and the first to produce all four critical magnetic REEs.

Serra Verde’s Outside Counsel: Sidley Austin led by partners Joshua DuClos in Century City and George Vlahakos in Houston and including Chris Folmsbee and John Stribling in Houston

WhiteHawk buys natural gas assets for up to $105M

Deal Description: WhiteHawk Energy announced Jan. 17 an agreement to acquire up to $105 million of natural gas mineral and royalty assets primarily in northwestern Louisiana. The seller wasn’t disclosed, although WhiteHawk said the royalties are being developed by natural gas operators Southwestern Energy, Chesapeake Energy, Aethon Energy Management and Comstock Resources. The royalties are focused in the core of the basin covering 375,000 gross unit acres. WhiteHawk management expects the Haynesville royalties to be a strong complement to its natural gas mineral and royalty assets. In 2022, WhiteHawk acquired natural gas mineral and royalty assets covering 475,000 gross unit acres in the core of the Marcellus Shale focused in Greene and Washington Counties, Pennsylvania. Including the Haynesville acquisition, the company said it will have interests in 2,300 producing horizontal wells across the two preeminent natural gas basins in North America, anchored by some of the best natural gas operators in the country with combined market capitalization of $40 billion. The new position will benefit from sales points in the Northeast and Gulf Coast regions.

WhiteHawk’s Financial Advisor: UBS, including Lawrence Labanowski in Houston

WhiteHawk’s Outside Counsel: Shearman & Sterling led by Houston partner Omar Samji and including Brody Hinds, Todd Lowther and Ira Aghai

ThriveCart secures $35M investment 

Deal Description: ThriveCart, a provider of shopping cart, sales funnels and educational course creation technology used by small and medium businesses worldwide, announced Jan. 18 it secured a $35 million investment from Wilmington, Del.-based based LTV SaaS Growth Fund. ThriveCart also named Austin e-commerce industry veteran Kevin McKeand as CEO. Josh Bartlett, ThriveCart founder in New Zealand, will continue to lead product innovation, championing its focus on providing growth tools for ThriveCart customers. ThriveCart will further invest in its technology and also has plans to expand its team. The investment will accelerate the company’s growth as it offers tools to set up taxes, payments, subscriptions, coupons and marketing solutions as well as build and manage affiliate programs. ThriveCart supports tens of thousands of businesses that collectively processed more than $1 billion in sales in 2022. 

ThriveCart’s Coordinator/Book Runner of Raise: SaaS M&A advisor FE International 

ThriveCart’s Outside Counsel: Karp & Langerman

Vitol’s VTX to acquire Delaware Basin Resources

Deal Description: Vitol’s U.S. upstream company, VTX Energy Partners, announced Jan. 19 it agreed to acquire Delaware Basin Resources and associated surface and water businesses for an undisclosed sum.  It is VTX’s first acquisition since Vitol and VTX established the partnership last year. The assets are made up of 35,000 net leasehold acres and 46,000 surface acres across Reeves and Pecos counties in the Delaware Basin.

VTX’s Financing Advisor: J.P. Morgan Securities

VTX’s Outside Counsel: Vinson & Elkins led by partners Bryan Loocke and Shay Kuperman, with assistance from counsels Elena Sauber, Megan Menniti and Joclynn Marsh, senior associates Caroline Kuehn and Michael Zarcaro and associates Kene Obi, John Larbalestier, Hunter Albritton, Laura Byrd, Sebastian Devora, Vestita Kuntz and Ben Zeter. Other key Texas team members include senior associates Alex Turner and KJ Pedersen and associate Judy Park (corporate); partner Todd Way and associates Jeff Slusher and Adam Bateman (tax); partner Becky Baker (employment/labor); partner Matt Dobbins and associate Ryan Vanderlip (environmental); associate Matt Green (executive compensation/benefits); partner Sarah Mitchell (insurance); and partner Guy Gribov and counsel Noelle Alix and Zach Rider (finance)

Delaware Basin Resources’ Outside Counsel: Kirkland & Ellis led by corporate partners John Pitts and Zach Savrick and associates Mike Bassi, Matt Gibson and Haley Steinman and real assets partners Rahul Vashi, David Castro and Alia Heintz

Bluejay-backed Pacific West invests in Eagle Remediation

Deal Description: Salt Lake City-based Pacific West, a rail and industrial services business serving the western U.S., announced Jan. 17 its investment in Eagle Remediation and Demolition Services, a provider of turnkey environmental services in Texas, Oklahoma, Arkansas and Louisiana. Terms weren’t disclosed. Pacific West is backed by Bluejay Capital Partners. The Eagle partnership enables Pacific West to capitalize on its expansion strategy of growing geographically in the western U.S. and increasing its environmental service capabilities. Founded in 2012 and headquartered outside of Fort Worth in Springtown, Texas, Eagle is focused on serving the needs of railroads, industrial, commercial, real estate and other customers by providing remediation, environmental drilling, abatement, demolition and other services to multiple end markets.

Pacific West’s Outside Counsel: McGuireWoods led by Dallas partner Stuart Rasley and including Austin associate William Matthews and Dallas associate Kyle Dudney.

KV Power completes recap, acquisition of Station Electric

Deal Description: Houston-based Rock Hill Capital announced Jan. 19 that its portfolio company KV Power, led by founder and CEO Bryan Hoffman, completed a recapitalization and partnership with Warren Equity Partners. Following the closing of the recap, KV Power completed the acquisition of Station Electric based in California.

KV Power’s Financial Advisor: Piper Sandler & Co.

KV Power’s Outside Counsel: Winston & Strawn led by Houston partner Chris Ferazzi and including, from Texas, Dallas partner Andrew Betaque, Houston associates Brandon Davidson and Anna Gryska and Dallas associate Danielle Marr

Station Electric’s Financial Advisor: Romanchuk & Co.

Pacolet Milliken completes first renewable natural gas investment

Deal Description: Pacolet Milliken, a sustainability-focused, family-owned investment firm, announced Jan. 18 the consummation of a joint venture investment with Evensol, a developer of renewable biogas assets. Terms weren’t disclosed. In partnership with Duke Energy, Pacolet and Evensol’s JV will own and operate two renewable natural gas projects at landfills in North Carolina, specifically the Upper Piedmont Renewables and Foothills Renewables projects. UP&F will process landfill gas generated at the project sites and convert it into RNG that can then be injected into regional pipelines to supply homes, vehicles and businesses with low carbon, renewable fuel. Evensol, based in Sisters, Ore., was founded in 2013 with a mission of acquiring and developing renewable biogas projects. Evensol initiated development on the UP&F projects several years ago and then broke ground in the fourth quarter of 2021. Demand for RNG continues to grow as the U.S. transitions to using more renewable fuels. The need is being addressed by the Renewable Fuels Standard program and by state-level programs, such as California’s Low Carbon Fuel Standard and Oregon’s Clean Fuels Program.

Pacolet Milliken’s Outside Counsel: Kirkland & Ellis led by corporate partners Kevin Crews and John Furlow and associates Jack Chadderdon and Jessica Stenglein and included, from Texas, tax partners David Wheat and Ryan Phelps; environmental transactions partner James Dolphin; transactional partner Chris Heasley; labor & employment partner Christie Alcala; debt finance partners Lucas Spivey and James Bedotto; and executive compensation partner Rob Fowler.

Savage sells EnviroServe

Deal Description: Savage, a privately held provider of supply chain infrastructure and services, announced Jan. 19 it is focusing its expansion on industrial infrastructure and agriculture projects with the sale of its EnviroServe business to an affiliate of New York-based private equity firm One Rock Capital Partners. Terms were undisclosed. With the sale, Nathan Savage is retiring as sector president, environmental at Savage and will continue to lead EnviroServe as CEO, where he’ll play a key role in ensuring the transition of the business. He will remain on Savage’s board. Savage’s growth opportunities include expanding its geographic footprint with a focus on strengthening the renewable fuels supply chain, helping customers and railroad partners streamline first- and last-mile rail service and adding to its port and terminal operations across North America.

Savage’s Financial Advisor: BMO Capital Markets Corp. 

Savage’s Outside Counsel: Kirkland & Ellis led by partners Bill Benitez and Rob Goodin and including, from Texas, associates Brennon Nelson and Gabrielle Sumich; tax partner Mark Dundon; executive compensation partner Jared Whalen; and environmental partner James Dolphin

LIXIL acquires Basco

Deal Description: LIXIL Corp., maker of water and housing products headquartered in Tokyo, acquired Basco, a U.S.-based shower door manufacturing company. The deal, announced Dec. 14, was for undisclosed terms. The acquisition enables LIXIL to expand its kitchen and bath portfolio in the Americas and provide consumers with full showering and bathroom solutions. Established in 1955, Basco is a family-owned business providing a line of shower doors complete with glass tempering, glass fabrication and installation expertise. Basco is one of largest manufacturers of custom shower enclosures with an operational footprint across the U.S. The company’s strong presence on the East Coast, Midwest and Southeast regions will expand LIXIL’s reach in the bathroom category and bring LIXIL to the no. 4 position in the shower enclosures and doors segment. Basco claims its industry-leading lead times will also expand the speed, capabilities and competitive edge of LIXIL’s supply chain in the U.S. There are also synergy opportunities between Basco’s glass tempering and fabrication expertise and LIXIL’s aluminum products.

LIXIL’s Outside Counsel: Morgan Lewis led by partner Eric Tajcher in New York and associates Tara McElhiney and Lauren Hutton-Work in Houston. Associate Casey Weaver in Houston also worked on the transaction. 

Tecnotree buys CognitiveScale

Deal Description: Gunderson Dettmer said Dec. 13 that it represented CognitiveScale, a developer of machine-augmented intelligence software, on its sale to Tecnotree, a business support system provider. The purchase was announced Dec. 9 for undisclosed terms. CognitiveScale’s AI platform is designed to interpret multi-structured data and user behaviors to increase engagement, improve decision-making and deliver self-learning and self-assuring business processes. The newly combined companies will accelerate 5G monetization, increase their experience capabilities and expand its services in North America.

From Gunderson: Led by partner Wes Watts in Austin and including senior associate Luke Thomas and associate Emma Anderson.

CAPITAL MARKETS/FINANCINGS

Transocean Ltd. prices $1.175B of senior secured notes

Deal Description: Transocean Ltd. announced Jan. 17 that Transocean Inc., its wholly-owned subsidiary, priced its previously announced offering of $1.175 billion of senior secured notes due 2030 to eligible purchasers. The notes will be fully and unconditionally guaranteed on a senior unsecured basis by Transocean Ltd. The notes will also be guaranteed on a senior secured basis by some of Transocean Inc.’s subsidiaries. Transocean Inc.’s subs that guarantee the notes will be subject to a secured limited guarantee cap. The notes will also be secured by a lien on Deepwater Thalassa, Deepwater Proteus, Transocean Enabler, Transocean Encourage and Deepwater Pontus and some other assets up to the applicable cap. The redemptions are expected to be consummated on Feb. 16. The notes will bear interest at 8.75 percent per year. The offering is expected to close by Jan. 31 and all of the net proceeds will be used to fund the redemption of all of the outstanding existing secured notes.

Transocean’s Outside Counsel: Baker Botts including, from Texas: Dallas finance partner Luke Weedon, Houston senior associate Alex Kamel and associates Regan Vicknair (Houston) and Morgan Copher (Dallas) and Houston corporate partner Jim Marshall and senior associate Garrett Hughey and associate Michael Mazidi, also of Houston.

Also White & Case co-led by Houston partner A.J. Ericksen and including associate Chris Carreon (partners Jonathan Michels and Rafael Roberti in New York were co-leads)

Initial Purchasers’ Outside Counsel: Vinson & Elkins led by partners Mike Telle and David Stone and counsel Joanna Enns with assistance from associates Markeya Brown, Taylor Kim, Phil Greenfield and Patience Li. Also advising, from Texas: partner John Michael and associates Ryan Bullard and Hunter Michielson (energy transactions/projects); and partner Wendy Salinas and associate Tyler Underwood (tax).

HAK advises PG&E on $1.5B first mortgage bonds offering

Deal Description: Hunton Andrews Kurth said Jan. 6 it advised Pacific Gas and Electric Co. with its issuance of $1.5 billion worth of $750 million in 6.150 percent first mortgage bonds due 2033 and $750 million in 6.750 percent first mortgage bonds due 2053. The transaction closed on Jan. 6. PG&E, a unit of PG&E Corp., is a public utility operating company in northern and central California. It was incorporated in California in 1905 and provides natural gas and electric service to 16 million people throughout a 70,000-square-mile service area. PG&E generates revenues mainly through the sale and delivery of electricity and natural gas to customers.

From HAK: The team was led by partner Michael F. Fitzpatrick in New York but included partner Robert McNamara and associate Tim Strother in Houston on tax

Underwriters/Initial Purchasers/Placement Agents: MUFG Securities Americas Inc., Wells Fargo Securities, Barclays Capital and Mizuho Securities USA Inc.

The Banks’ Outside Counsel: Davis, Polk & Wardwell

Crestwood Midstream prices $600M in senior notes 

Deal Description: On Jan. 17, Crestwood Midstream Partners announced and priced $600 million of its 7.375 percent unsecured senior notes due 2031 in a private offering. The offering was expected to close on Jan. 19. CMLP intends to use the net proceeds to repay a portion of borrowings under its revolving credit facility. CMLP also intends to repay and terminate Crestwood Permian Basin Holdings’ credit facility with borrowings under the CMLP revolving credit facility within 30 days after the closing of the notes offering, at which time CMLP intends to designate CPJV and certain of its wholly owned subsidiaries as restricted subsidiaries and guarantors of the existing notes and the notes.

Initial Purchasers’ Outside Counsel: Baker Botts including Houston corporate partners Josh Davidson and Doug Getten as well as Garrett Hughey, Marshall B. Heins II and Chelsea Johnson. They were aided by Austin finance partner Clint Culpepper and Houston tax special counsel Chuck Campbell

Kirkland aids Nine Energy on $300M unit offering

Deal Description: Kirkland & Ellis said Jan. 19 that it advised Nine Energy Service Inc. on its registered offering of units consisting of $300 million in senior secured notes and 1.5 million shares of common stock. Nine is a completion services provider that targets unconventional oil and gas resource development within North America and abroad.

From Kirkland: The team was led by capital markets partners Matt Pacey and Lanchi Huynh and associates Logan Weissler, Nick Wetzeler, Robbie Dillard and Gabe Lozano with support from debt finance partners Mary Kogut and Shan Khan and associates Whitney Greer and Michael Brunetti; and tax partners David Wheat, Mark Dundon and Rebecca Fine

W&T Offshore prices $275M in second lien notes

Deal Description: W&T Offshore Inc. announced Jan. 12 the pricing of its previously announced offering of $275 million in 11.750 percent senior second lien notes due 2026 at par in a private offering exempt from registration under the Securities Act of 1933. The closing was expected to occur on Jan. 27. The company intends to use the net proceeds of the offering, along with cash on hand, to redeem all of its 9.75 percent senior second lien notes due 2023. On Jan. 9, the company delivered a conditional redemption notice with respect to $552.5 million in principal amount of the existing second lien notes.

Book-Runner/Initial Purchaser: Morgan Stanley & Co.

W&T Offshore’s Outside Counsel: Kirkland & Ellis led by capital markets partners Michael Rigdon and Billy Vranish and associates Sara Lampert, Nick Wetzeler and Bernadette Hayden and debt finance partner Jordan Roberts and associates Steven Keithley and Tommy Kagerer. They had assistance from tax partner Mark Dundon and associates Courtney Loyack and Julia Ye.

Morgan Stanley’s Outside Counsel: White & Case led by partners Gary Kashar in New York and A.J. Ericksen and Mark Holmes, both in Houston, and including Houston associates Bryson Manning, Chris Carreon, Luke Allen and Alexander Bischoff

OTHER TRANSACTIONS

Emerson announced Jan. 17 that it submitted a proposal to the board of Austin-based National Instruments to acquire NI for $53 per share in cash at an implied enterprise value of $7.6 billion. The deal represents a 32 percent premium to NI’s closing share price as of Jan. 12, the day before NI’s public announcement of a strategic review. Emerson said the proposal, which is not subject to any financing conditions, was submitted to NI on Nov. 3 and represents an improvement over an initial $48 per share proposal submitted on May 25. Emerson said last week that it has made numerous attempts to engage constructively with NI in private since May 16. Emerson further announced Jan. 23 that the two management teams had engaged in talks and it would not move to nominate any directors to NI’s board. Honeywell, Fortive and Keysight also are reportedly interested in NI. Goldman Sachs & Co. and Centerview Partners are financial advisors to Emerson and Davis Polk & Wardwell and Sidley Austin are handing legal (none of the Sidley lawyers are from Texas). NI’s general counsel is Eddie Dixon Jr., a former Dell and Winstead attorney in Austin.