CDT Roundup: 18 Deals, 11 Firms, 167 Lawyers, $8.3B

Everyone knows – especially the bankers and lawyers – that dealmaking was down in 2022.

But when Refinitiv released its global M&A numbers last week, some things jumped out at us: The fact that the second half of the year was largest year-over-year percentage decline in total deal value (off 37% to $3.6 trillion) since 2001. That deals in the technology sector accounted for 20 percent of overall value, hitting a new record. And that private equity-backed buyouts accounted for 20 percent of M&A activity last year, also a record.

While investment banking fees plunged last year, the top law firms advising on M&A, for the most part, kept a steady market share.

Simpson Thacher & Bartlett, which has a Houston outpost, was the main advisor on $348 billion in announced global deals in 2022, the largest figure for any firm, according to the data provider, representing buyers or sellers on 202 transactions.

Mark Sorrell, co-head of global M&A at Goldman Sachs in London, told the Financial Times that 2022 was a year of “two halves,” as a dearth of inexpensive financing slowed the M&A market after the summer. Eric Swedenburg, head of Simpson’s M&A practice in New York, predicted to the newspaper that the situation may repeat in 2023: “At some point during the year….we’ll start building up again. I don’t think we are out of the woods yet.”

Meanwhile, on the Texas lawyer front, the first full week of 2023 saw 18 deals worth $8.3 billion reported, with 15 M&A transactions worth $6.5 billion and three CapM deals valued at $1.8 billion. That’s better than last week’s 14 deals for $2.7 billion and mirrors closely the 14 deals for $8.3 billion reported for the first week of 2022.

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
21-Dec-24	11	$2,798	11	92	8	$2,229	3	$570
14-Dec-24	15	$5,323	12	186	12	$3,812	3	$1,511
07-Dec-24	16	$4,766	10	231	11	$2,321	5	2,445
30-Nov-24	10	$10,291	9	103	4	$8,290	6	$2.001
23-Nov-24	15	$4,553	15	153	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

Phillips 66 buys all publicly held common units of DCP Midstream for $3.8B

Deal Description: Phillips 66 and DCP Midstream announced Jan. 6 that Phillips 66 will acquire all of the publicly held common units representing limited partner interests in DCP for cash consideration of $41.75 per common unit, or $3.8 billion. The transaction will increase Phillips 66’s interest in DCP to 86.8 percent. It is expected to close in the second quarter of 2023. Ryan Todd, an analyst with Piper Sandler, thinks it’s a fair price and likely in line with market expectations.

DCP’s In-House Counsel: General counsel George R. Green and senior counsel Kelly W. Williams in Denver

Outside Counsel to DCP Board’s Special Committee: Hunton Andrews Kurth partners Mike O’Leary and Bob Jewell with special counsel Melinda Brunger and senior attorney Adam Lyons. Partner Allison Mantor and associate Tim Strother are handling tax and partner Tony Eppert is assisting on compensation and benefits; Richards, Layton & Finger provided Delaware counsel

Outside Financial Advisor to DCP Board’s Special Committee: Evercore

Phillips 66’s Financial Advisor: Barclays

Phillips 66’s Outside Counsel: Bracewell including, from Texas, partners Will Anderson, Matthew B. Grunert, Troy L. Harder and Bradley J. Benoit in Houston, Matthew Nielsen in Dallas, Timothy A. Wilkins in Austin and Aaron P. Roffwarg in Houston; counsel Ian R. Brown in Dallas and Tamara L. Mckinzie in Houston; and Houston associates Andrew W. Monk, Chase V. Edmunds, Shannon Baldwin and Ben Meredith; Morris, Nichols, Arsht & Tunnell provided Delaware counsel

Evercore’s Outside Counsel: Akin Gump with Houston partner John Goodgame and counsel Kevin Schott leading the deal team

Targa buys Blackstone’s 25% Interest in Grand Prix NGL Pipeline for $1.05B

Deal Description: Targa Resources Corp., a provider of midstream services and one of the largest independent midstream infrastructure companies in North America, announced Jan. 3 that it had agreed to acquire Blackstone Energy Partners’ 25 percent interest in Targa’s Grand Prix NGL Pipeline for $1.05 billion in cash plus working capital adjustments. Targa will own 100 percent of Grand Prix upon closing. According to TPH analyst Matt Murphy, the acquisition cost lands squarely in-line with TPH’s estimated $121 million of Permian-derived Grand Prix EBITDA (for a 25% interest). In addition to the cash outlay for the acquisition, Targa will also be responsible for funding the incremental 25 percent ownership of the Daytona expansion (Grand Prix Permian twin) totaling an additional $160 million, but Targa remains capable of funding it with cash flow, Murphy said.

Targa’s Outside Counsel: Vinson & Elkins led by partner Benji Barron and associate Zac Horne. Also advising were, from Texas, partners Ryan Carney and Brian Russell (tax); and senior associate Caitlin Turner (finance)

Blackstone’s Outside Counsel: Kirkland & Ellis led by Rhett Van Syoc, Rob Goodin, Jessica Berkowitz, Chad Smith and Isaac Bate

Andros Capital closes second investment fund at $750M

Deal Description: Andros Capital Partners announced Jan. 5 the closing of its second investment fund Andros Energy Capital II at its $750 million hard cap. Led by founder and managing partner Phillip Gayle, Andros will pursue a similar investment strategy as the firm’s inaugural 2020-vintage fund focused on private equity investments, credit opportunities and direct asset-level investments. Fund II will primarily target middle-market transactions requiring between $100 million and $500 million and maintain a flexible and opportunistic investment mandate, allowing the firm to invest in public and private equity or debt securities.

Andros’ Outside Counsel: Gibson Dunn & Crutcher led by partners Michael Piazza in Houston and John Senior in New York and including associates Chris Atmar and Blake Hoerster. Partner Michael Cannon advised on tax.

Cactus acquires FlexSteel for $621M

Deal Description: Cactus Inc. announced Jan. 3 that it agreed to acquire FlexSteel Technologies Holdings Inc. and its affiliates through a merger with its holding company, HighRidge Resources Inc. and Atlas Merger Sub, a newly formed unit of Cactus. Cactus is acquiring FlexSteel on a cash-free, debt-free basis, for upfront consideration of about $621 million. The closing is expected in early 2023 if the deal clears regulators. There is a potential future earn-out payment of up to $75 million to be paid in mid-2024 if certain revenue growth targets are met by FlexSteel. FlexSteel’s current president and CEO, Thirucherai Sathyanarayanan, will continue to lead the business, which generated revenue of about $265 million for the nine months ended Sept. 30, 2022. Cactus obtained committed bridge financing that it can use to fund the upfront purchase price together with cash on hand. The company intends to finance the deal through a mix of cash, debt and/or equity and it is targeting net debt to 2022 adjusted EBITDA for the combined company of less than 1x at closing, expecting to reduce leverage through internal cash generation thereafter. FlexSteel is a market-leading manufacturer of spoolable pipe technologies primarily purchased by customers during the production phases of a well’s lifecycle. TPH analyst Matt Murphy expects more M&A from Cactus as it progresses through 2023 and edges into 2024.

Cactus’ Financial Advisor: J.P. Morgan Securities

Cactus’ Outside Counsel: Bracewell including, from Texas, partners Jason M. Jean, Matthew Grunert, Robert S. Nichols, Constance G. Rhebergen and Tony L. Visage in Houston, Timothy A. Wilkins in Austin and Vince Morgan in Houston; counsel Tamara McKinzie-Ortega in Houston; and associates Jared Berg, Janie Callaway, Katie Jones, Gabbie Hindera, Jordan Crawford, Madeline Fogel, Jay Harper, Meredith Grant and Caroline Melo, all of Houston

FlexSteel’s Financial Advisor: Morgan Stanley & Co.

FlexSteel’s Outside Counsel: Vinson & Elkins led by partner Chris Rowley, senior associate Alex Robertson and associates Daryne Foote, Joseph Steuert, Blair Hendrix and Janae Wilson. Also advising, from Texas, were partners David Peck and Lina Dimachkieh and associate Miron Klimkowski (tax); partners David D’Alessandro and Dario Mendoza, counsels Melissa Spohn and Katherine Mull (executive compensation/benefits); partner Sean Becker and counsel Alex Bluebond (employment/labor); partner Matt Dobbins (environmental); partner Cris Dewar, senior associate Caitlin Turner and associate Joe Higdon (finance); associate Joseph O’Connell (real estate); partners Craig Zieminski and Matt Stammel and senior associate Meredith Lyons (litigation); partner Sarah Mitchell and associate Alex Turner (insurance); partners Ramey Layne, Robert Kimball and Joanna Enns (corporate); and counsel Rajesh Patel (technology transactions/IP)

California Bioenergy, Brookfield Renewable form strategic partnership

Deal Description: California Bioenergy announced Dec. 22 a funding partnership of up to $500 million with Brookfield Renewable to scale CalBio’s expansion in renewable natural gas and other waste-to-energy opportunities. CalBio partners with dairy farmers to design, build, own and operate waste-to-energy projects. CalBio is capturing fugitive dairy methane and converting it into renewable natural gas from more than 50 operational manure digesters. Independently, and in partnership with energy and utility companies, the captured methane is used as compressed natural gas to replace diesel and converted to electric fuel to replace gasoline. Brookfield said it is pursuing the investment through the Brookfield Global Transition Fund I, which is the largest fund in the world focused on the energy transition. The capital will accelerate CalBio’s next phase of growth and continue the expansion of decarbonization solutions and reduction in greenhouse gas emissions.

CalBio’s Financial Advisor: Stifel

Brookfield‘s Outside Counsel: Vinson & Elkins led by partner Peter Marshall and senior associate Austin White. Also advising, from Texas, were partner Alan Alexander (energy transactions/projects); partner Lina Dimachkieh and associate Jeff Slusher (tax); partners Sean Becker and Becky Baker and associate Peter Goetschel (employment/labor); partner Shane Tucker and associate Keira Kuntz (executive compensation/benefits); associate Warner Scott (technology transactions/IP); partner Matt Dobbins and associate Ryan Vanderlip (environmental); associate Reagan Lutter (energy regulatory); and senior associate Carter Olson (finance).

SPAC Stonebridge combines with DigiAsia Bios

Deal Description: StoneBridge Acquisition Corp., an Asia-Pacific-focused publicly traded special purpose acquisition company, announced Jan. 5 the signing of a combination agreement with DigiAsia Bios Pte Ltd, Indonesia’s embeddable fintech-as-a-service company. The combined company will be named DigiAsia and will trade on The Nasdaq Stock Market under the ticker symbol “FAAS.” Founded in Jakarta in 2017 by Alexander Rusli and Prashant Gokarn, DigiAsia is focused on serving a market of $245 billion. DigiAsia is the exclusive Mastercard partner in Indonesia and its other key partners include WesternUnion, Bukalapak, Starbucks, Garuda Indonesia, Semen Indonesia, KaiPay, eFishery and Home Credit. The transaction values the company at a pre-money equity valuation of $500 million and DigiAsia shareholders include Mastercard and Reliance Capital Management, a portfolio company of LeapFrog Investments, will roll 100 percent of their equity into the combined company. DigiAsia also secured a partnership with DBS Bank Ltd, the largest bank in Singapore and Southeast Asia, to disburse loans into DigiAsia’s lending marketplace for merchants via its KreditPro platform. The combined entity could have access to as much as $200 million in net cash from the Stonebridge trust account. Stonebridge secured non-binding letter of intent for an agreement with Yorkville Advisors Global for up to $100 million of equity financing.

Expected Closing: Q2 2023

StoneBridge’s Outside Counsel: Winston & Strawn led by partners Mike Blankenship and including partners James Brown and Dean Hinderliter of Houston and associates Emily Barrera, Jonathan Bodle, John Niedzwiecki, Christine Olivo, Alexandra Santana, Louis Savage and Ben Smolij

DigiAsia’s Outside Counsel: Norton Rose Fulbright US

Great Elm sheds durable medical equipment business to QHM for $80M

Deal Description: Great Elm Group Inc. announced Jan. 3 the closing of the sale of its majority interest in the company’s durable medical equipment business, Great Elm Healthcare, to QHM Holdings Inc., a unit of Quipt Home Medical Corp. Total consideration of $80 million includes around $73 million of cash, $5 million of assumed indebtedness and 431,996 shares of Quipt common stock valued at $2 million using a 20-day volume-weighted average price. Great Elm received about $26 million in net cash proceeds and 346,028 shares of Quipt common stock after payment of all obligations in connection with the transaction. Great Elm said the deal simplifies its reporting and organizational structure and provides capital to grow the investment management business.

Great Elm’s Financial Advisor: Imperial Capital

Great Elm’s Outside Counsel: Shearman led by partner Alain Dermarkar and including Michael Walraven, Domenic Frappolli, Emily Kelly, Samantha Favela and Jake Lortz

Great Elm sells 61% in Forest Investments to JPMorgan Chase for $18M

Deal Description: Great Elm Group Inc., an investment management company, announced Jan. 3 its sale of a majority of its ownership interest in Forest Investments Inc. to J.P. Morgan Broker-Dealer Holdings Inc. GEG sold 61 percent of its direct and indirect common equity of Forest to JPM for around $18 million in cash. Together with its purchase of 20 percent of the common equity of Forest in December 2020, JPM owned 81 percent of Forest as of Dec. 30, 2022. GEG has the right to put its remaining 19 percent ownership interest in Forest for cash proceeds of about $27 million.

Great Elm’s Outside Counsel: Shearman led by partners Alain Dermarkar and Ryan Bray and including Michael Walraven, John Kurtz, Emily Kelly, Jake Lortz, Domenic Frappolli and Michael Buiteweg

Blue Rim buys D.A. Ryan for $1M

Deal Description: Dallas-based Blue Rim Partners acquired D.A. Ryan LLC, also of Dallas, for $1 million. The deal closed Dec. 21. D.A. Ryan is in the landscaping business.

Blue Rim’s Outside Counsel: SMB Law Group led by founding partner Kevin Henderson in the Dallas area

Notes: SMB Law Group formed last year and has completed 28 transactions for small businesses worth $75 million, the largest being for $11 million. The founding partners, including Eric Pacifici and Sam Rosati, who are based in Florida, have collectively worked at Baker Botts, Winston & Strawn, Cooley, Cravath Swaine & Moore, Gibson Dunn, Morrison & Forester, Kirkland & Ellis and Foley & Lardner.

Daikin acquires Williams Distributing

Deal Description: Williams Distributing Co., a distributor for heating, ventilation and air conditioning equipment and residential building products in the Great Lakes region, has been acquired by Daikin Comfort Technologies North America Inc., Daikin announced Jan. 3. Terms weren’t disclosed. With Williams’ territory covering a significant portion of the Midwest, the strategic acquisition supports Daikin’s vision to expand the use of inverter heat pump technology in cold climates. Williams’ northern location provides additional cold climate product testing and development opportunities for Daikin’s technologies. Headquartered in Grand Rapids, Michigan, Williams is one of several regional distributor acquisitions made in recent years by Daikin, a unit of Daikin Industries Ltd., the largest manufacturer of HVAC systems worldwide. Founded in 1968, Williams operates 32 locations, including 27 dedicated HVAC sales counters, across Michigan, Indiana and Ohio. Second and third generation family members owned and operated the full-service distribution business, leading 575 employees.

Daikin’s Outside Counsel: Gibson, Dunn & Crutcher led by partner Stephen Olson and included associates Jonathan Sapp, Gerald Kimani and Josh Stout. Partner Michael Cannon advised on tax and partner Krista Hanvey on benefits.

ACP invests in Cleartelligence

Deal Description: Align Capital Partners announced Jan. 5 the recapitalization of Cleartelligence, a data engineering and analytics consulting firm focused on helping enterprise clients envision, design and implement solutions that solve complex business problems. Terms weren’t disclosed, but ACP’s target investment size is $20 million to $50 million. Cleartelligence leverages strategic partnerships with technology platforms including Snowflake, Tableau, Alteryx, Fivetran, Dbt and Databricks to serve clients across several end markets including life sciences, pharma, healthcare and manufacturing. Since its founding in 2011 by managing partners Joe Marino and Ron Keler, Cleartelligence has built a team of functional and technical experts to help clients identify business insights and drive digital transformation using the modern data stack. The company’s co-founders, along with shareholder and managing partner Anil Bharadwa, will remain significant investors and continue to serve as leaders of Cleartelligence post-close.

Cleartelligence’s Advisors: Equiteq and Fox Rothschild

ACP’s Outside Counsel: McGuireWoods led by Dallas-based partner Jon Finger with assistance from Dallas-based associates Ryan Sanders and Chelsie Kidd

IMTT sells Louisiana terminal to BWC

Deal Description: IMTT announced Jan. 5 that it closed on the sale of the company’s bulk liquids storage terminal located in Gretna, Louisiana, to BWC Terminals. Terms weren’t disclosed. The Gretna terminal is on the Mississippi River and has 2.3 million barrels of storage capacity, with truck, rail and deep-water marine access. New Orleans-based IMTT will continue to own and operate its 16 other terminals across North America, including its three Louisiana terminals along the Mississippi River in Avondale, Geismar, and St. Rose, which generate nearly 70 percent of its revenue from the handling of non-petroleum products.

IMTT’s Outside Counsel: Simpson Thacher led by partner Chris Bennett (Houston) and associates Seth Rosenberg (Houston), Ian Simrod (Houston), Sherry Shen (Palo Alto) and Jake Massel (Houston). Others from Texas included partner Russell Light and associate Andrew Mandelbaum on tax.

Highlander buys DZYNE Technologies

Deal Description: Highlander Partners, a private investment firm, announced Jan. 5 the acquisition of DZYNE Technologies. Terms weren’t disclosed. DZYNE is a technology firm focused on designing and manufacturing a variety of cutting-edge Unmanned Aircraft Systems for the U.S. Department of Defense and various other domestic and international government agencies. Since its inception in 2012, DZYNE has focused on developing UAS platforms and a portfolio of complementary technologies that provide its systems with autonomous capabilities and allow for rapid manufacturing. The existing management shareholders will maintain a significant ownership stake in DZYNE going forward and continue to lead the company.  

DZYNE’s Financial Advisor: Houlihan Lokey

DZYNE’s Outside Counsel: SheppardMullin led by partners Peter Park of Los Angeles/New York, Gemma Descoteaux of Dallas and Larry Braun of Los Angeles

Highlander’s Outside Counsel: Baker McKenzie

Financing Provider: Regions Bank

ChrysCapital acquires Xoriant

Deal Description: ChrysCapital announced Jan. 5 its acquisition of Xoriant Corp. Terms weren’t disclosed. Xoriant is a Silicon Valley–based digital product engineering, software development and technology services firm with offices in the U.S., Europe and Asia with customers ranging from start-ups to Fortune-100 customers globally. ChrysCapital manages $5 billion across nine funds and is one of the leading investment firms based out of India with a track record of investing in technology, financial, consumer services and pharma. This is the second buyout from ChrysCapital’s ninth fund and its ninth business services buyout since inception.

ChrysCapital’s Outside Counsel: Sidley Austin led by M&A/PE partners Parthiv Rishi in Singapore and Scott R. Williams in Chicago, finance/PE partner Kristen L. Smith in Dallas and capital markets partner Manoj Bhargava in Singapore

ChrysCapital’s Financial and Tax Advisor: EY

Xoriant’s Outside Counsel: Arnold and Porter

Xoriant’s Financial Advisor: Avendus Capital Inc.

Redwood Software acquires Tidal Software

Deal Description: Redwood Software, a SaaS firm specializing in automation solutions, announced Jan. 5 its acquisition of Tidal Software, another provider of enterprise automation platforms. Terms of the deal were undisclosed. Based in Frisco, Texas, Redwood is backed by Turn/River Capital, a San Francisco investment firm that specializes in software investments. Tidal Software, headquartered in Chicago, was backed by the Dillon Kane Group.

Tidal Financial Advisor: KPMG Corporate Finance

Tidal Outside Counsel: Much Shelist

Turn/River Financial Advisor: Lincoln International

Turn/River Outside Counsel: Orrick

CAPITAL MARKETS/FINANCINGS

Targa prices $1.75B offering of senior notes

Deal Description: Targa Resources Corp. announced Jan. 3 the pricing of an underwritten public offering of $900 million in 6.125 percent senior notes due 2033 and $850 million in 6.500 percent senior notes due 2053 at a price to the public of 99.858 percent and 97.843 percent of their face value, respectively. The offering was expected to close on Jan. 9. The company expects to use a portion of the net proceeds to fund the acquisition of Blackstone Energy Partners’ 25 percent interest in the company’s Grand Prix NGL Pipeline for $1.05 billion. The company will own 100 percent of Grand Prix upon the closing of the Grand Prix Transaction. Targa expects the Grand Prix transaction to close in the first quarter of 2023. The company expects the remaining net proceeds to be used for general corporate purposes, including to reduce borrowings under its revolving credit facility and its unsecured commercial paper note program. If the company doesn’t complete the Grand Prix transaction, it expects to use the net proceeds for general corporate purposes, including to reduce borrowings under its revolving credit facility and the commercial paper program. Other general corporate purposes may include repayment of other indebtedness, capital expenditures, additions to working capital, investments in its subsidiaries and other acquisitions.

Targa’s Outside Counsel: Vinson & Elkins led by partners Thomas Zentner and David Stone with assistance from partner Benji Barron and associates Nate Richards, John Frey, Matthew Rando and Zac Horne. Also advising were senior associate Caitlin Turner and associate Taylor Daily (finance); partners Jim Meyer, Ryan Carney and Brian Russell and associate Steve Campbell (tax); and associate Simon Willis (environmental).

Underwriters’ Counsel: Gibson, Dunn & Crutcher led by partner Douglas Rayburn and including associates Jonathan Sapp, William Bald, Zain Hassan and Alexis Levine. Partner Michael Cannon and associate Emily Risher Brooks advised on tax.

SPAC AlphaTime Acquisition prices $60M IPO

Deal Description: AlphaTime Acquisition Corp announced Dec. 30 the pricing of its initial public offering of 6 million units at a price of $10 per unit. The units were expected be listed on the Nasdaq Stock Market and trade under the ticker symbol “ATMCU” beginning on Dec. 30. Each unit consists of one ordinary share, one redeemable warrant and one right, with each right entitling the holder thereof to receive one-tenth of one ordinary share upon consummation of an initial business combination. The company has granted the underwriters a 45-day option to purchase up to an additional 900,000 units at the IPO price to cover any over-allotments. AlphaTime is a blank check company whose business purpose is to effect a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. While it will not be limited to a particular industry or geographic region in its identification and acquisition of a target company, AlphaTime intends to focus its search on businesses in Asia.

Bookrunning Manager: Chardan Capital Markets

AlphaTime’s Outside Counsel: Winston & Strawn led by partner Mike Blankenship and including, from Texas, associates Luisa Patoni, Alexandra Santana, Emily Semon and Ben Smolij

Note: The AlphaTime prospectus notes that all but two members of company management have ties to the People’s Republic of China. The prospectus notes: “Since a majority of our executive officers and directors are located in or have significant ties to the PRC, we may be a less attractive partner to potential target companies outside the PRC, thereby limiting our pool of acquisition candidates.”

Outlook Therapeutics sells $25M in stock

Deal Description: Shearman & Sterling said Dec. 28 it represented GMS Ventures and Investments in connection with its purchase of more than 14.2 million shares of common stock of Outlook Therapeutics in a registered direct offering. Outlook Therapeutics sold over 28.4 million shares in the offering at a price of $0.8784 per share for gross proceeds of around $25 million. Outlook Therapeutics intends to use the net proceeds for support of its ONS-5010 development program as well as for working capital and other general corporate purposes. GMS is a unit of GMS Holdings, a company that manages investments across several geographies and sectors, including pharmaceuticals, telecommunications, contracting, oilfield services and agriculture. GMS is the largest stockholder of Outlook Therapeutics, a biopharmaceutical company working to develop and launch the first FDA-approved ophthalmic formulation of bevacizumab, known by its brand name Avastin, for use in retinal indications.

From Shearman & Sterling: The matter was led by Houston-based partner Taylor Landry. Also on the deal team: associate Catherine Zachry (Houston)

OTHER TRANSACTIONS

Vinson & Elkins said Jan. 5 that it represented MN8 Energy, a renewable energy and battery storage owner-operator in the U.S., on its agreement with Mercedes-Benz to deliver an open network of branded high-power charging stations in North America. The cross-discipline team was led by Vinson & Elkins partners Kaam Sahely, Stephanie Coco, Sean Moran and Matt Falcone. The investment cost for the North American network will be just over 1 billion Euros, deployed over the next six to seven years. The capital will be provided by Mercedes and MN8 in a roughly 50:50 split.