• Subscribe
  • Log In
  • Sign up for email updates
  • Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer

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, 10 Firms, 67 Lawyers, $12.2B

May 30, 2023 Claire Poole

In the CDT Roundup last week, we made passing reference to KKR and Blackstone and the fact that Vinson & Elkins and Kirkland & Ellis seem to be battling it out to win these top PE firms’ business.

As has been pointed out to us, there’s another warrior in the fight: Simpson Thacher & Bartlett.

Over the last 18 months, the firm’s Houston lawyers have worked on seven KKR and Blackstone deals, including KKR’s recent agreement in March to acquire a non-controlling interest in Sempra’s Port Arthur LNG facility (led by partners Breen Haire and Shamus Crosby). Expected cost: $13 billion. A SEC filing reveals that KKR would fund its equity share of pre-closing development costs in excess of $439 million. 

Haire and Crosby also represented KKR and Boasso Global Inc. this past February on their agreement to merge Boasso with Q Super Holdings Inc. – more commonly known as Quala – for undisclosed terms. The deal would create one of the top infrastructure services solution providers for the liquid bulk logistics industry. 

As far as Blackstone, only one Texas lawyer at Simpson – Houston compensation/benefits counsel Kristy Fields – worked on its acquisition last year of American Campus Communities in an all-cash transaction valued at around $12.8 billion, including debt. 

Any other contenders? Let us hear from you.

The week ending May 27 recorded 17 deals valued at a total of $12.2 billion. There were 11 M&A transactions for $6.2 billion and six capital markets deals valued at $6 billion. Last week there were 11 deals valued at $22.5 billion — thanks to a single deal valued at more than $19 billion.

And as a reminder that it can always be worse: this same week last year there were only nine deals reported for a total $3.2 billion.

Weekly Corporate Deal Tracker Roundup Stats

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

Week EndingDeal CountAmountFirmsLawyersM&A CountM&A Value $MCapM CountCapM Value $M
September 16, 202325$23,226.72335316$17,2399$5,987.7
September 9, 202312$6,36981027$4,3115$2,058
September 2, 202314$2,52269213$1,3221$1,200
August 26, 202317 $12,160.25 1320215$ 6,573.252$ 5,587.00
August 19, 202319$11,5051321315$11,2554$250
August 12, 202319$9,698.8131847$3,27012$6,428.8
August 5, 202313$5,2011211812$5,0511$150
July 29, 202315$21,031.61319611$18,292.04$2,739.6
July 22, 202318$3,9921213013$2,8085$1,184
July 15, 202313$8,254.95138113$8,254.9500
July 8, 202316$5,441.451217211$2,4435$2,998.45
July 1, 202316$6,8721010511$5,3745$1,498
June 24, 202313$10,9141620110$7,8743$3,040
June 17, 202317$5,880.71515115$4,705.72$1,175
June 10, 202319$8,516.11311116$6,252.43$2,263.7
June 3 202312$6,104.42121388$4,256.924$1,847.5
May 27, 202317$12,200106711$6,1656$6,035
May 20, 202311$22,458.181034$19,4557$3,003
May 13, 202312$7,034101018$5,4604$1,574
May 6, 202320$3,297.61819617$2,985.63$312
April 29, 202323$3,691.21813517$1,969.76$1,721.5
April 22, 202316$5,5701410414$4,7502$1,000
April 15, 202312$23,818.195910$21,618.12$2,200
April 8, 202316$7,94991739$5,4727$3,477
April 1, 202321$18,676.71217511$10,926.710$7,750
March 25, 202315$8,779.5101415$2,36210$6,416.5
March 18, 20237$14,048.86695$13,3452$703.8
March 11, 202321$11,5761616516$8,1315$3,445
March 4, 202320$9,6681122816$8,2094$1,459
February 25, 202313$5,3351313012$4,2351$1,200
February 18, 202314$5,743.7131588$898.76$4,845
February 11, 202316$12,0881213712$9,9654$2,123
February 4, 202317$8,0661514013$5,6144$2,452
January 28, 20237$2,1807755$1,692.752$488
January 21, 202317$5,7681617412$1,9185$3,850
January 14, 202311$2, 800101028$4213$2,400
January 7, 202318$8,2961116714$6,4613$1,835
December 31, 202214$2,732119912$2,0922$640
December 1714$7,9191311512$7,4191$500
December 10, 202214$10,093128811$7,0933$3,000
December 3, 202226$12,800.91117220$4,1416$8,659.9
November 26, 20228$2,266.7853$765$2,190.7
November 19, 202221$2,8861521219$2,5502$336
November 12, 202213$15,093.79819$14,2004$893.7
November 5, 20222519,337.21650922$8,267.23$11,070
October 29, 202215$7,805.3911614$7,180.31$625
October 22, 202220$8,193.51325313$5,4427$2,751.5
October 15, 20229$3,046.191397$2,588.32$457.8
October 8, 202219$2,011.81211416$833.83$1,178
October 1, 202223$5,532.91615618$4,952.35$580.6
September 24, 202218$5,1941421615$4,0503$1,144
September 17, 202221$8,352.31232015$4,759.66$3,592.7
September 10, 202215$19,853.51012613$19,403.62$450
September 3, 20229$2,3129629$2,31200
August 27, 202216$30,891.71013515$30,666.41227.7
August 20, 202212$1,977815299253$1,052
August 13, 202218$8,004.71124211$2,844.77$5,160
August 6, 202224$7,948.91224017$3,5777$4,371.9
July 30, 20228$6,9419787$6,8391$102
July 23, 202211$801119210$80110
July 16, 202214$3,6501012214$3,65000
July 9, 202210$3,557.77689$3,557.710
July 2, 202218$8,609.41315215$2,754.43$5,855
June 25, 202215$6,142131469$2,0176$4,125
June 18, 202217$11,890.11422815$11,4102479.7
June 11, 202217$7,6001212310$2,3007$5,300
June 4, 202212$2,937101279$6923$2,245
May 28, 20229$3,197.611869$3,197.600
May 21, 202214$7,284.51218511$6,6093$675.5
May 14, 202211$306.698010$306.61$225
May 7, 202216$10,451.751210812$1,8274$8,624.75
April 30, 202216$2,296.51615712$895.54$1,401
April 23, 202210$2,24111588$16412$600
April 16, 202211$6,64371568$2,3593$4,284
April 9, 202217$4,4291418411$1,6906$2,739
April 2, 202213$1,75588410$1,1453$610
March 26, 202211$3,2058656$2005$3,005
March 19, 202213$2,239.17910613$2,239.1700
March 12, 202218$12,0161123915$11,9652$51.35
March 5, 202217$6,7861313713$5,1614$1,625
February 26, 202212$5,09581499$4,437.53$658
February 19, 202217$22,2291717414$21,3543$875
February 12, 202212$2,344.710738$641.74$1,703
February 5, 202211$2,50389911$2,50300
January 29, 202211$3,8721210112$3,87200
January 22, 202213$5,143.5109912$4,842.51$301
January 15, 202212$7,60591559$6,4803$1,025
January 8, 202213$8,256.21110213$8,256.200
January 1, 20229$1,273.86509$1,273.800
December 25, 202121$4,734.751117616$3,4105$1,324.75
December 18, 202126$7,325.21519318$3,640.28$3,685.2
December 11, 202116$5,0171010913$1,4173$3,600
December 4, 202114$2,3108868$2,3106$1,882.05
November 27, 20219$3.460.1101016$1,7583$1,702.6
November 20, 202120$22,7921515712$18,864.58$3,928
November 13, 202121$26,7291217813$11,8228$14,907
November 6, 202112$8,3031315710$6,6823$1,621
October 30, 202121$10,3681521815$9,24.46$1,103.
October 23, 202121$18.783.11522211$12,31410$6,468.6
October 16, 202115$3,8681111815$2,2932$1,575
October 9, 202120$8,6101617516$7,7954$815
October 2, 202114$6,2501113710$5,2004$1,050
September 25, 202111$11,4609937$10,2004$1,250
September 18, 202111$16,6038998$15,0843$1,519
September 11, 202117$10,6531110313$8,5034$2,150
September 4, 202113$7,222108911$6,7152$507
August 28, 202112$76396311$6631$100
August 21, 202112$29,65977911$29,5791$80
August 14, 202122$17,8451119912$12,80510$5,04
August 7, 202117$13,6701213915$11,7662$1,904
July 31, 202121$8,1601113410$3,57410$4,586
July 24,202121$6,3671113915$3,7126$2,655
July 17, 202114$4,0091112412$2,0152$1,994
July 10, 202116$3,9971314311$1,5974$2,4
July 3, 202124$7,492139416$3,7698$3,722
June 26, 202110$4,9957858$3,8472$1,148
June 19, 202128$16,83082289$1,86119$14,968
June 12, 202126$27,2381520919$25,6027$1,636
June 5, 202115$15,5391310013$14,7092$600
May 29, 202135$20,2791114528$18,647$1,639
May 22, 202124$53,2081417417$51,0477$2,161
May 15, 202118$10,6201322011$5,8707$4,809
May 8, 202117$10,4001115615$8,3862$2,500
May 1, 202121$7,2001611512$3,8089$3,392
April 24, 20218$20,2009318$20,20000
April 17, 202114$6,270810211$4,01803$2,260
April 10, 202115$8,9401312914$7,9901$950
April 3, 202118$19,5131015112$16,9236$2,590
March 27, 202127$13,9421524414$4,30013$9,633.5
March 20, 202111$2,04641023$2708$1,776
March 13, 202115$3,27091096$5389$2,732
March 6, 202124$13,6171019613$10,39511$3,222
February 27, 202119$8,1051213915$4,9704$3,135
February 20, 20219$8,82091538$8,5201$300
February 13, 202112$4,852.678172,7665$2,086.6
February 6, 202118$9,7521315314$5,2224$4,530
January 30, 202118$9,449918215$8753.83$695.3
January 23, 202114$8,15081186$4,0008$4,150
January 16, 202117$6,7831313811$2,4006$4,382.9
January 9, 202122$6,8291413518$3,139.34$3,690
January 2, 20217$1,4667607$1,46600
December 26, 202018$15,9001216316$5,3001$600
December 19, 202018$9,7691411014$8,4264$1,343
December 12, 202010$7,20091009$3,3251$3,830
December 5, 202015$4,26191229$2,7806$1,481
November 28, 202019$7,7581011013$4,0036$3,755
November 14, 202014$864.11415712$289.12$575
November 7, 202013$6,33291299$2,483.54$3,849
October 31, 202010$3,995.881036$3,231.14$754.7
October 24, 20206$18,1006585$17,7091$350
October 17, 20208$351.95558$351.900
October 10, 20207$5,2293504$7353$4,494
October 3, 202014$21,42891739$17,5355$3,893
September 26, 202010$12,7708935$10,3005$2,470
September 19, 202014$8,36591016$1,0208$7,345
September 12, 20206$4,4068593$1,2703$3,136
September 5, 202011$5,19181179$4,0612$1,130
August 29, 202011$2,5319945$1,1306$1,401
August 22, 202018$6,574121407$1,93011$4,644
August 15, 202013$4,99110977$1,2166$3,775
August 8, 202012$32,092111129$30,4573$1,635
August 1, 20207$5,2878765$3,6872$1,600
July 25, 20209$18,7516677$18,4032$348
July 18, 20206$1,982.55504$1,407.52$575
July 11, 202011$565.1127510$65.11$500
July 4, 202010$8,8898989$8,7881$100.3
June 27, 20208$6,87410505$4,972.53$2,081.5
June 20, 202012$4,44491157$2,8295$1,615
June 13, 20206$3,5824372$3504$3,232
June 6, 202011$3,213.78657$4704$2,743.7
May 30, 20208$7,3357486$4,6392$2,697
May 23, 20204$432.44343$432.410
May 16, 20206$3106345$31010
May 9, 202018$5,6301612414$3,1804$2,450
May 2, 20201510,40010908$1,9007$,8,500
April 25, 20208$3,4009365$1,0003$2,450
April 18, 202019$9,50014928$185.711$9,360
April 11, 202012$6,0009405$1907$5,800
April 4, 202014$8,200116810$2,2004$6,000
March 28, 202016$6,500139610$3,7006$2,800
March 21, 202011$11,9107337$2,2504$9,960
March 14, 20207809.86346684.81125
March 7, 202016$2,500157013$6693$1,400
February 29, 202013$15,2601312811$11,7602$3,500
February 22, 202012$3,700109210$2,5602$1,130
February 15, 202016$1,250108412$354$1,222
February 8, 202018$6,0801412314$2,5954$3,485
February 1, 202021$20,9001210114$17,8607$3,060
January 25, 202013$7,430136212$6,4301$1,000
January 18, 202023$9,5801512019$6,5804$3,000
January 11, 202021$14,2001819916$1,0205$13,200
January 4, 202022$6,4001111916$3,2046$3,245
December 28, 201922$7,1501917518$6,8004$327.4
December 14, 201924$36,3002316719$9,5005$26,800
December 7, 201911$10,40011557$1,0824$9,370
November 30. 201914$2,4501212612$1,7602$692.5
November 23, 201916$1,995104111$6155$1,380
November 16, 201915$3,8201313511$2,5004$1,271
November 9, 201925$12,9001718223$12,2002$575
November 2, 201910$2,470126192,4503$22
October 26, 201912$5,560147011$3,8601$1,700
October 19, 20198$6,60081388$6,60000
October 12, 201919$4,300145516$3,8003$500
October 5, 201918$14,5001916615$11,1003$3,400
September 28, 201919$8,1001813218$7,5601$550
September 21, 201914$6,300166611$2,1603$4,170
September 14, 201915$23,800125611$21,2504$2,570
September 7, 201917$3,500159814$1,9003$1,600
August 31, 20195$8,7006505$8,70000
August 24, 201916$10,000148215$4,2501$5,750
August 16, 201910$1,6805527$6503$950
August 9, 201917$17,700156814$3,9003$13,800
August 2, 201913$5,7601210813$5,760NANA
July 27, 201911$7,30013768$6,5703$730
July 20, 201913$11,8001312511$5,3002$6,500
July 13, 201910$7757468$542.52$233
July 6, 20197$2,5009857$2,50000
June 29, 201923$8,2901515417$2,3006$5,970
June 22, 201917$10,7001013914$7,7003$3,000
June 15, 201911$13,5001416011$13,500NANA
June 8, 201913$2,870175511$1,5702$1,300
June 1, 201910$4,46011608$4,1402$315
May 25, 201917$4,360147914$3,7003$612
May 18, 201922$9,0001715016$3,4006$5,600
May 11, 201918$19,8001717715$18,3003$1,500
May 4, 201910$7,0756328$6,9002$175
April 27, 201915$3,2001411714$3,1601$40
April 20, 201913$13,50010909$12,2004$1,300
April 13, 201916$38,900149114$37,8002$1,100
April 6, 201912$6,870119410$6,7302$50
March 30, 201915$6,470128410$7,91.55$5,677
March 23, 201918$6,450149114$5,0424$1,408
March 16, 201914$10,1801211511$8,8003$1,300
March 9, 20199$1,8006498$1,3001$500
March 2, 201920$3,0331610714$1,8176$1,262
February 23, 201912$2,0408699$614.63$1,430
February 16, 201916$9,970187716$9,97000
February 9, 201914$6,4001011014$6,40000
February 2, 201918$6,740159916$5,7202$950
January 26, 201913$2,770116711$918.952$1,850
January 19, 201915$3,819167612$2,5943$1,225
January 12, 201918$7,283149215$1,6833$5,600
January 5, 201910$529125010$52900
December 22, 201817$2,570138714$9413$1,629
December 15, 201810$2,8608268$2642$2,600
December 8, 201815$1,819166512$5523$1,267
December 1, 201812$7,50010909$1,2003$6,200
November 28, 201815$4,5001110714$4,0001$500
November 19, 201818$6,137139813$2,1425$3,995
November 14, 201818$9,2001315215$8,5003$694
November 6, 201816$17,3001618314$16,3612$950
October 29, 201814$14,4001812717$13,8001$600
October 24, 201813$6,1401312611$5,1222$1,018
October 17, 201818$18,3901512514$12,2924$6,098
October 10, 201829$3,1491810420$1,6479$819
October 2, 201818$9,300116714$7,3004$2,000
September 25, 201813$7,000117510$6,0003$995
September 18, 20189$3,5707449$3,57000
September 11, 201813$5,9001013213$5,90000
September 7, 201814$5,000158611$4,0003$1,000
August 29, 201815$20,700147913$4,7002$16,000
August 20, 201810$12,40011538$11,3803$1,057
August 14, 201812$19,900121329$18,8893$1,011
August 7, 201816$68,6001110613$67,2593$1,340
July 31, 201815$15,100159511$13,0604$2,060
July 23, 201813$2,130156010$1,8043$1,100
July 17, 201814$5,37017989$4,3105$1,100
July 9, 201816$11,200157410$11,0806$862
July 3, 201813$7,00078112$6,3301$750
June 25, 201815$8,80013979$4,9706$3,930
June 18, 201813$14,20014807$2216$14,290
June 11, 201812$6,3008968$5,9104$803
June 6, 201813$14,50010888$14,1545$579
May 31, 201811$4,89010638$3,2403$1,790
May 22, 201815$20,40011639$19,8086$885
May 15, 201815$4,7001510610$3,9005$643
May 9, 201811$1,40013889$1,3002$560
May 1, 20188$14,2507887$13,4001$450
April 24, 201812$5,30066111$4,4701$800
April 17, 20189$1,80010447$2,3302$1,434
April 11, 201811$2,5008326$1,6905$809
April 3, 201815$13,400111219$12,0206$1,090
March 28, 201810$4,00010927$3,8703$215
March 19, 201817$5,800135110$5907$5,165
March 12, 201815$3,130114311$2,3604$788
March 6, 201819$5,4001311610$1,5309$4,860
February 27, 201820$6,600136914$5,5306$1,030
February 19, 201815$5,5001411110$3,9906$1,980
February 12, 201823$10,9001715712$7,11011$3,840
February 5, 201816$8,600131007$1,3309$7,800
January 30, 201811$12,60011685$7,3006$4,982
January 24, 201819$9,400151295$2,01014$7,337
January 18, 201810$6,2808492$2,1008$4,188
January 9, 201812$16,50012929$15,8903$475
January 3, 201810$2,5009478$2,3502$150
December 27, 201715$9,000151139$7,5686$1,784
December 18, 201715$13,800161649$13,0107$1,118
December 11, 201714$9,7001012612$2,9404$8,500
December 4, 20176$1,8006315$1,5101$300
November 28, 20177$3,8508764$3,2603$285
November 16, 201710$2,70010486$1,8404$856
November 8, 201715$2,380179110$1,8605$516
November 1, 201712$4,70017949$3,4004$1,300
October 23, 201715$10,500106710$9,7804$1,530
October 18, 20176$2,000373$2253$1,820
October 10, 201712$6,5701009$3,8803$3,360
October 2, 20178$3,10011193$1,6305$1,750
September 25, 20178$4,8808795$2,6605$2,070
September 18, 20179$4,7703$3006$4,470
September 12, 201711$4,4308$2,0303$2,400
September 1, 20174$1,3103$3171$1,000
August 23, 201711$13,64098$11,8403$1,800

M&A/FUNDINGS

RenaissanceRe acquires Validus from AIG for $2.985B

Deal Description: RenaissanceRe Holdings Ltd. announced May 22 it has agreed to buy Validus Reinsurance from American International Group Inc. The deal includes Validus’ consolidated subsidiaries, AlphaCat Managers Ltd. and its managed funds and all renewal rights to the Assumed Reinsurance Treaty Unit of Talbot. AIG has committed to deliver at closing $2.1 billion in unlevered shareholder’s equity to RenaissanceRe with any excess to be retained by AIG. RenaissanceRe will pay around $2.985 billion, including $2.735 billion of cash and $250 million of RenaissanceRe common shares. The cash is expected to be funded through RenaissanceRe available funds and proceeds from the issuance of common equity and debt. The shares will be valued at the lower of the public offer price for an expected underwritten public offering by RenaissanceRe or the closing price on May 22. AIG will keep 95 percent of the development on net reserves at closing. After closing, AIG expects to make substantial investments in RenaissanceRe’s Capital Partners business.

Expected Closing: Q4 2023 if it clears regulators

RenaissanceRe’s Outside Counsel: Sidley Austin with a team that included, from Texas, Dallas partners Aaron Rigby, Banks Bruce and William Howell, senior managing associate Nick DeAngelis, managing associate Robert C. Uhl, partner Banks Bruce, counsel Sean Damm and associates Carson Calloway and Kendra Smith

RenaissanceRe’s Financial Advisor: Morgan Stanley

Stratasys combines with Desktop Metal in $1.8B All-Stock Transaction

Deal Description: Stratasys Ltd. and Desktop Metal Inc. announced May 25 that they have agreed to combine in an all-stock transaction valued at around $1.8 billion, creating a top 3D printer company. Desktop Metal stockholders will receive 0.123 ordinary Stratasys shares for each share of Desktop Metal Class A common stock. That represents a value of about $1.88 per share of Desktop Metal Class A common stock based on the closing price of a Stratasys ordinary share of $15.26 on May 23. Existing Stratasys shareholders will own roughly 59 percent of the combined company and legacy Desktop Metal stockholders will hold around 41 percent. Stratasys CEO Yoav Zeif will lead the combined company as CEO with Ric Fulop, Desktop Metal’s co-founder, chairman and CEO, as board chairman. Upon completion, the combined company’s board will be made up of 11 members, five of whom will be selected by Stratasys and five of whom will be selected by Desktop Metal plus Zeif as CEO. Stratasys chairman Dov Ofer will serve as lead independent director of the combined company. The companies said the transaction unites the polymer strengths of Stratasys with the complementary industrial mass production leadership of Desktop Metal’s brands, creating a company that is expected to be well-positioned to serve the evolving needs of customers in manufacturing. Stratasys and Desktop Metal are expected to generate $1.1 billion in 2025 revenue with upside potential in a total addressable market of more than $100 billion by 2032. Massachusetts-based Desktop Metal went public in 2020 in a deal with with Trine Acquisition Co., a SPAC sponsored by HSP Investment Partners, and Kleiner Perkins, NEA and Alphabet Inc. are among its largest shareholders, according to Bloomberg.

Expected Closing: Q4 2023 if it’s cleared by both sets of stockholders and regulators

Desktop Metal’s Financial Advisor: Stifel

Desktop Metal’s Outside Counsel: Latham & Watkins and Shibolet & Co. From LW: The team was led by Houston partner Ryan Maierson and Boston partner Daniel Hoffman with associates Bryan Ryan, Monika Kluziak, Haley Sandoval, Catherine Sims and Tasbiha Batool, all of Houston.

Stratasys’ Financial Advisor: J.P. Morgan Securities

Stratasys’ Outside Counsel: Meitar Law Offices and Wachtell, Lipton, Rosen & Katz

Chord Energy buys Williston Basin assets from Exxon’s XTO for $375M

Deal Description: Houston-based Chord Energy Corp. announced May 22 that a wholly owned subsidiary agreed to acquire assets in the Williston Basin from XTO Energy Inc., a unit of Exxon Mobil Corp., for $375 million in cash. Chord expects to fund the transaction with cash on hand, which came in at $592 million as of March 31. Chord is the result of the merger between Whiting Petroleum Corp. and Oasis Petroleum Inc. last year, with Kirkland & Ellis advising Whiting and Vinson & Elkins assisting Oasis.

Expected Closing: End of June 2023

Chord’s In-House Counsel: Andrea Hoskins is associate general counsel in Denver

Pearl Energy closes third fund with $705M In commitments

Deal Description: Dallas-based Pearl Energy Investments announced May 15 the final closing of its third fund, Pearl Energy Investments III, and affiliated funds with total commitments of around $705 million, which represents the largest investment vehicle in Pearl’s history. Founded in 2015, Pearl manages about $1.9 billion of cumulative capital commitments across a series of funds and is a provider of equity capital and sponsorship to the North American energy industry. Pearl typically targets equity investments of $25 million to $150 million and has led investments requiring in excess of $400 million.

Pearl’s Outside Counsel: Kirkland & Ellis led by investment funds partner Susan Eisenberg and including tax partner Steve Butler

CenterPoint sells Energy Systems Group to Oaktree for $157M

Deal Description: Akin said May 25 it advised CenterPoint Energy Inc. on its agreement to sell Energy Systems Group to ESG Holdings Group, an affiliate of Oaktree Capital Management, for $157 million. The wholly-owned CenterPoint subsidiary specializes in providing energy efficiency and sustainable energy solutions.

From Akin: The team was led by corporate partner Rob Shearer and counsel Mary Lovely and included, from Texas, corporate associates Courtney Beloin, Grace Seidl and Mary Day Royston, tax partner Julia Pashin and counsel Aaron Vera and real estate senior counsel Richard Frank

SK Group invests $50M in Newfoundland hydrogen project

Deal Description: Shearman & Sterling said May 22 it represented Korea-based SK Group, one of the world’s largest sustainable infrastructure companies, on an investment agreement with World Energy GH2 in the investment and construction of a green hydrogen project located in Newfoundland, Canada, named Project Nujio’qonik. The investment was made public on May 17. SK ecoplant will initially invest $50 million in the $4.2 billion project based on acquiring a 20 percent stake in the first phase. This investment marks SK ecoplant’s first investment in a wind-to-green hydrogen project globally.

From Shearman: The team was led by partners Mona Dajani in New York and Jorge Medina in Menlo Park but included associates Andrew Heather and Humzah Yazdani in Houston

Wireless Telecom Group sells out to Maury Microwave for $45.4M

Deal Description: Wireless Telecom Group Inc., a test and measurement solutions provider, announced May 25 that it entered into a definitive merger agreement to be acquired by Maury Microwave Inc. in an all-cash transaction. Under the terms of the deal, which was unanimously approved by the board of directors of each company, Maury will acquire all the outstanding shares of Wireless Telecom for an estimated total cash consideration of $2.13 per share, or about $45.4 million based on 21.32 million shares outstanding. The consideration per share represents a 34 percent premium over the company’s closing share price on May 24 and a 50 percent premium since the date of the announcement of the strategic alternatives process in July 2022.

Expected Closing: Q3 2023

Wireless’ Financial Advisor: CDX Advisors

CDX Advisors’ Outside Counsel: Baker Botts including corporate partner Lee Charles in New York and special counsel Lakshmi Ramanathan in Houston

Wireless’ Outside Counsel: Bryan Cave Leighton Paisner

Maury Microwave’s Outside Counsel: Morgan, Lewis & Bockius including partner Mark Opitz and associate Greer Longer in Pittsburgh

Equilibrium, Ridgemont-backed Hatch Renewables ink partnership

Deal Description: Equilibrium Energy and Ridgemont Equity Partners-backed Hatch Renewables announced May 23 a partnership to manage utility-scale battery storage by pursuing tolling agreements with developers that have operating assets or projects with near-term commercial operation dates. Terms of the partnership weren’t disclosed. Equilibrium and Hatch have been working over the past year to formalize the partnership and screen an initial set of tolling opportunities in ERCOT. Equilibrium was formed by CEO Ryan Hanley and a team with experience in commercial structuring, power systems engineering, machine learning and AI, risk management and software engineering. Hatch was formed in 2022 by CEO James Murchison and a group that understands ERCOT grid operations and with backgrounds in managing risk, optimizing power assets and structuring investments to maximize financial returns. Ridgemont focuses on equity investments up to $500 million.

Hatch’s Outside Counsel: Kirkland & Ellis led by corporate partners John Kaercher and Chris Heasley and associate Evan Chavez. The team also included, from Texas, energy regulatory associate Cassidy Hall; tax partner Mark Dundon; and debt finance partner Lucas Spivey and associate Brittany Taylor.

Episode Six snares $48M financing led by Avenir

Deal Description: Episode Six, an Austin provider of enterprise-grade payment processing and digital ledger infrastructure, announced May 23 a $48 million Series C financing led by Avenir, a growth stage investment firm focused on tech companies. The round also included participation by existing investor Anthos Capital, a consumer and technology investment firm. E6 said the investment will be used to expand its go-to-market efforts, build on its global market leadership and scale its business as it continues to drive modernization journeys for banks and companies that operate within the payments space. Already used by the top 50 global banks, E6’s platform, Tritium, allows businesses to deliver payments solutions with the flexibility to adapt in real time. E6 operates across 38 countries with an expanding team in the U.S., U.K., Japan, Singapore, Hong Kong and Australia.

Episode Six’s In-House Counsel: General Counsel Laura Adams in Dallas

Episode Six’s Outside Counsel: DLA Piper’s Jeff Baglio, managing partner in the San Diego office

Investors’ Outside Counsel: Gunderson (David Gammell in Boston)

Intelligent Medical Objects acquires Melax Tech

Deal Description: Intelligent Medical Objects, a Chicago-based provider of clinical terminology management and data quality solutions for healthcare, announced May 22 that it acquired Melax Technologies Inc. of Houston. Terms weren’t disclosed. Melax Tech empowers the healthcare and life sciences industries through artificial intelligence and natural language processing technologies to extract information from biomedical textual data to solve real-world problems. IMO said the Melax Tech acquisition will enhance its portfolio of healthcare data solutions and enable it to expand its offerings to various segments in the healthcare market to tackle diverse problems, such as improving clinical and administrative workflows, clinical research and patient outcomes.

Setpoint buys Resolute Diligence Solutions

Deal Description: Austin-based Setpoint said May 22 it bought Resolute Diligence Solutions, which provides asset-level reviews for real estate loans. Terms weren’t disclosed. Founded in 2021, Setpoint, a fintech and proptech startup which raised a $43 million Series A round in December, has a capital and technology platform helps real estate, auto, consumer and other asset-backed borrowers to offer credit options to consumers. Setpoint said the acquisition of Park City-based Resolute strengthens Setpoint’s technology platform for asset-backed lending.

CAPITAL MARKETS/FINANCINGS

Simpson Thacher represents underwriters in $2.5B Charles Schwab debt offering

Deal Description: Simpson Thacher said May 25 it represented the underwriters, led by BofA Securities, Inc., Citigroup Global Markets Inc., Credit Suisse Securities, Goldman Sachs & Co., J.P. Morgan Securities and Wells Fargo Securities, on the public offering by Charles Schwab Corp. of $2.5 billion in fixed-to-floating rate senior notes. The notes consist of $1.2 billion in 5.643 percent notes due 2029 and $1.3 billion in 5.853 percent notes due 2034. The offering closed on May 19. Charles Schwab, which its headquarters from San Francisco to Westlake, Texas, in 2019, is a savings and loan holding company and engages in wealth management, securities brokerage, banking, asset management, custody and financial advisory services.

From Simpson: The team was led by partner Roxane Reardon in New York and didn’t have any Texas lawyers.

Texas Instruments completes $1.6B notes offering

Deal Description: Simpson Thacher said May 25 it represented the underwriters, led by J.P. Morgan, on the recent public offering by Dallas-based Texas Instruments In. of $1.6 billion in investment grade notes. They consisted of $200 million in additional 4.6 percent senior notes due 2028, $200 million in 4.9 percent senior notes due 2033 and $1.2 billion in 5.05 percent senior notes due 2063. The additional 4.6 percent senior notes constituted a reopening of the $500 million of notes initially issued on Nov. 18, 2022, increasing the amount of the series to $700 million. The additional 4.9 percent senior notes constituted a reopening of the $750 million of notes initially issued on March 14, 2023, increasing the amount of the series to $950 million. The company intends to use the net proceeds from the sale of the notes for general corporate purposes. TI designs and makes semiconductors for sale to electronics designers and manufacturers all over the world.

From Simpson: The team was led by Joseph Kaufman in New York and didn’t have any Texas lawyers.

Noble completes $1.15B debt refinancing

Deal Description: Simpson Thacher & Bartlett said May 25 it advised the initial purchasers, led by J.P. Morgan Securities, on the offering by Noble Finance II, a wholly owned unit of Noble Corp. plc, of $600 million of 8 percent in senior notes due 2030. The firm also represented JPMorgan Chase Bank as arranger and administrative agent in connection with the amendment and restatement of Noble’s existing senior secured revolving credit facility, which provides for commitments of $550 million. Noble used a portion of the net proceeds of the offering to redeem all of the outstanding 11 percent, 13 percent and 15 percent senior secured PIK toggle notes due 2028 issued by Noble Finance Co., a wholly owned unit of Noble, and to repay the outstanding borrowings under the $350 million term loan facility of Noble and certain subsidiaries. Noble is an offshore drilling contractor for the oil and gas industry.

From Simpson: The team was led in part by partner Brian Rosenzweig in Houston and included associates Richie Ragusa, Maggie Selbe, Ryan Poché and Caroline Toohey, also of Houston.

HAK advises underwriters on $450M AEP Texas offering

Deal Description: Hunton Andrews Kurth said May 24 it advised the underwriters in connection with an SEC-registered offering by AEP Texas Inc. of $450 million in 5.4 percent senior notes, Series M, due 2033. The underwriters included Mizuho Securities USA Inc., Banc of America Securities, J.P. Morgan Securities Inc. and Scotia Capital. AEP Texas is a subsidiary of American Electric Power Company Inc. and part of AEP’s transmission and distribution utilities segment. AEP Texas transmits and distributes electric power to more than 1 million retail customers through retail electric providers in west, central and southern Texas.

From HAK: The team was led by Steven C. Friend in New York but included Robert McNamara in Houston and William Freeman in Dallas on tax.

AEP Texas‘ Outside Counsel: Simpson Thacher & Bartlett

HAK counsel National Rural Utilities Cooperative on $300M notes offering

Deal Description: Hunton Andrews Kurth said May 25 it advised the underwriters on an SEC-registered offering by National Rural Utilities Cooperative Finance Corp. of $300 million in 7.125 percent fixed-to-fixed reset rate subordinated notes due 2053. The underwriters included Truist Securities Inc., RBC Capital Markets, Mizuho Securities USA Inc. and J.P. Morgan Securities Inc. CFC is a member-owned cooperative association whose purpose is to provide members with financing to supplement the loan programs of the Rural Utilities Service of the U.S. Department of Agriculture. CFC extends loans to its rural electric members for construction, acquisitions, system and facility repairs and maintenance, enhancements and operations. CFC also provides its members with letters of credit and guarantees of debt obligations. As a Section 501(c)(4) tax-exempt, member-owned cooperative, CFC cannot issue equity securities and funds its activities primarily through public and private issuances of debt securities, member investments and retained equity.

From HAK: The team was led by Michael F. Fitzpatrick, Adam R. O’Brian and Patrick C. Jamieson in New York but included Robert McNamara in Houston and William Freeman in Dallas on tax.

CFC’s Outside Counsel: Hogan Lovells

Greenbacker leads $35M Peak Power financing

Deal Description: Locke Lord said May 22 it represented Greenbacker Capital Management in leading a $35 million financing of Peak Power, a Canadian cleantech company that provides energy optimization software and services for commercial real estate and industrial customers and energy storage project developers. Prior investors providing additional investment include Osmington Inc., BDC Capital, Export Development Capital, Hatch, Sensata Technologies and the Atmospheric Fund. The financing will accelerate Peak Power’s expansion of its energy storage platform, which includes optimization software and turnkey project development solutions across New York, Massachusetts, Virginia and California. Peak Power said the investment tax credit as part of the Inflation Reduction Act is driving adoption of battery energy storage in the U.S. and reduces the cost of installing, owning and operating their systems, making them more attractive for investment.

From LL: The team led by Mike Malfettone in New York and Mike Serra in Providence with additional assistance provided by Jeffrey Escobar (New York), Buddy Sanders (Houston), Scott Wofsy (Stamford), Lori Basilico, Gene McDermott and Adam Millard (all of Providence), Jaremi Chilton (San Francisco) and Michael Bennett (Chicago).

Peak Power’s Financial Advisor: Alexa Capital

Claire Poole

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

View Claire’s articles

Email Claire

©2023 The Texas Lawbook.

Content of The Texas Lawbook is controlled and protected by specific licensing agreements with our subscribers and under federal copyright laws. Any distribution of this content without the consent of The Texas Lawbook is prohibited.

If you see any inaccuracy in any article in The Texas Lawbook, please contact us. Our goal is content that is 100% true and accurate. Thank you.

Primary Sidebar

Recent Stories

  • Appellate Court Threatens Contempt Proceedings Against Harris County District Judge
  • CDT Roundup: 23 Deals, 17 Firms, 230 Lawyers, $6.4B
  • CapM Lawyers Lionberger, Brown Leave Winston for H&K
  • Litigation Roundup: Hogan Lovells to Defend Against FTC’s Texas Anesthesiology Monopoly Suit, Houston Jury Awards Defendant $32.5M in Construction Dispute
  • Texas Lawyers Hit $2,000 an Hour

Footer

Who We Are

  • About Us
  • Our Team
  • Contact Us
  • Submit a News Tip

Stay Connected

  • Sign up for email updates
  • Article Submission Guidelines
  • Premium Subscriber Editorial Calendar

Our Partners

  • Houston Chronicle
  • Dallas Business Journal
The Texas Lawbook logo

1409 Botham Jean Blvd.
Unit 811
Dallas, TX 75215

214.232.6783

© Copyright 2023 The Texas Lawbook
The content on this website is protected under federal Copyright laws. Any use without the consent of The Texas Lawbook is prohibited.