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The Texas Lawbook

Free Speech, Due Process and Trial by Jury

  • Appellate
  • Bankruptcy
  • Commercial Litigation
  • Corp. Deal Tracker/M&A
  • GCs/Corp. Legal Depts.
  • Firm Management
  • White-Collar/Regulatory
  • Pro Bono/Public Service/D&I

CDT Roundup: 19 Deals; 12 Firms; 139 Lawyers; $8.1B

March 4, 2021 Allen Pusey

The Big Freeze is Over. Sort of. Unless you’re still waiting on the plumber. Covid is all but over. Gov. Abbott has declared it so.

So what’s next on our plates? Well, let’s try baseball. And SPACs.

Players have already reported to half-empty practice fields in Florida and Arizona, still recovering from last year’s weird, truncated season that ran nearly a hundred games short and more than 68 million fans even shorter.

What does that have to do with SPACs? Well, nothing really. But there’s a SPAC announced last week that may end up having something to do with baseball.

On Feb. 22, O’Melveny announced that they had advised on the creation of SportsTek Acquisition Corp., a special purpose acquisition company that raised $150 million in its IPO on the Nasdaq Capital Markets Exchange as SPTKU.

As a 6770 company, its announced purpose was as nebulous as you might expect. But although the company is careful to say that it isn’t limiting itself to any particular industry, it says it “intends to focus on a target within the sports and related sectors including sports franchises, media, data analytics, and technology and services businesses serving those end markets, among others.”

What might interest Texans, however, is the fact that the chairman of SportsTek is Jeff Luhnow, former general manager of the Houston Astros. During his tenure there, Luhnow brought a World Series trophy to Houston. He was also fired for his part — whether passive or active — in the pitch-stealing scandal that followed that win.

Luhnow is joined at SportsTek by Tavo Hellmund, a Formula I race promoter, as well as Tim Clark, an investment banker who was once a minor league player with the Cincinnati Red organization.

But it is Luhnow who has street cred as a successful, modern baseball brain. He augmented the Old School ways of scouting and talent judgment with management consultants and artificial intelligence. That could be considered ironic, since the basic form of communication in the pitch-stealing scandal involved banging a trash can in code.

Still, Luhnow is the kind of executive who swims with the most forward-thinking elements any place he lands. That he landed as the head of a SPAC lends further credibility to his reputation for forward thinking. Conversely, it may also be official notice that SPACs are now “a thing.”

Transactions for the week ending Feb. 27 involved 19 deals worth $8.1 billion: 15 M&A deals worth $4.97 billion and four capital markets deals weighing in at $3.1 billion. That created work for 12 different firms in Texas and 139 lawyers.

Weekly Corporate Deal Tracker Roundup Stats

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

Week Ending
Deal CountAmountFirmsLawyersM&A CountM&A Value $MCapM Count
CapM Value $M
05-Jul-20259$15,7788914$7,2805$8,498
28-Jun-202513$7,77781547$2,0316$5,746
21-Jun-202516$5,9841011311$3,0875$2,897
14-Jun-20259$4788133603$478
07-Jun-202516$26,2101119611$24,7445$1,466
31-May-202519$23,3811116612$18,6657$4,717
24-May-202515$24,0331112113$23,6242$409
17-May-202516$21,7601214511$18,6155$3,145
10-May-202524$33,1751620619$30,7655$2,410
03-May-202511$4,249139011$2,226.52$2,022.5
26-Apr-202512$8,78791689$6,0113$2,776
19-Apr-202511$8,09771389$7,9852$112
12-Apr-202513$2,392815210$2,0653$327
05-Apr-202519$27,7621518816$25,4733$2,289
29-Mar-202521$8,1881025816$4,1255$4,064
22-Mar-202519$6,4851423115$4,1284$2,857
15-Mar-202513$13,7371315110$9,9324$3,805
8-Mar-20257$2,2345665$2242$2,100
1-Mar-202511$3,05087510$2,5501$500
24-Feb-2512$16,39771496$6,6356$9,862
17-Feb-2517$12,1361313410$9,4112$2,725
10-Feb-2514$7,15491799$4,9505$2,204
3-Feb-2516 $10,068720011$7,5535$2,515
25-Jan-2514$10,261101259$2,2075$8,054
18-Jan-2519$7,3821531612$2,3007$5,082
11-Jan-2521$33,5601618716$32,5215$1,039
4-Jan-259$6,8279809$6,82700
21-Dec-2411$2,79811928$2,2293$570
14-Dec-2415$5,3231218612$3,8123$1,511
07-Dec-2416$4,7661023111$2,32152,445
30-Nov-2410$10,29191034$8,2906$2.001
23-Nov-2415$4,5531515311$3,3794$1,174
16-Nov-2417$11,4881124513$10,1864$1,303
09-Nov-2414$2,1101213912$1,4102$700
02-Nov-2412 $52,788 1110711$52,7381$50
26-Oct-248$3,1608657$3,0651$75
19-Oct-2412$5,3041113611$4,5541$750
12-Oct-2417$8,4381215015$8,1162$322
05-Oct-2422$23,1811218915$19,9807$3,201
28-Sep-2411$2,35671447$534$2,303
21-Sep-2412$9,568101695$4,1017$5,467
14-Sep-2424$10,9881223516$7,1758$3,813
7-Sep-2412$20,4201616811$20,3071$112.9
31-Aug-2413$20,631913412$14,7751$5,856
24-Aug-2419$8,4522132516$7,1023$1,350
17-Aug-2425$49,1961630411$39,38614$9,810
10-Aug-2420$12,2641531216$9,7944$2,470
03-Aug-2426$16,4981633418$8,1378$8,361
27-Jul-2419$16,4422127115$13,8384$2,604
20-Jul-2415$16,0161418410$14,2325$1,784
13-Jul-2420$17,220 1426518$7,146 2$10,074
6-Jul-2411$3,941 11958$2,650 3$1,291
29-Jun-2414$6,296 152248$6,296 6$1,927
22-Jun-2412$5,679 81375$210 7$5,469
15-Jun-2413$9,895 1621410$5,280 3$4,615
8-Jun-2419$23,859 1323912$19,436 7$4,423
1-Jun-2412$34,510 111479$26,110 3$8,400
25-May-2413$9,684 1517110$4,434 3$5,250
18-May-2411$5,490 111738$3,129 3$2,361
11-May-2422$14,855 1422716$11,105 6$3,750
4-May-2413$3,139 98710$1,297 3$1,842
27-Apr-2410$6,684 62810$6,684 00
20-Apr-2419$15,989 111479$5,208 10$10,781
13-Apr-2413$8,952 97610$1,652 3$7,300
6-Apr-2423$26,616 1422214$13,501 8$13,116
30-Mar-2412$9,286 81368$4,299 4$4,987
23-Mar-2418$5,451 1726616$4,759 2$692
16-Mar-2421$11,437 1318614$9,316 6$2,070
9-Mar-2423$4,695 2121819$2,723 4$1,972
2-Mar-2420$9,108 1937214$4,558 6$4,550
24-Feb-2419$16,382 1224815$9,507 4$6,875
17-Feb-2416$29,932 1515712$29,216 4$716
10-Feb-2425$10,750 1719619$5,372 6$5,379
3-Feb-2412$8,416 181259$3,416 3$5,000
27-Jan-249$8,165 9878$7,815 1$800
20-Jan-2414$4,084 1210912$3,219 2$865
13-Jan-2417$33,588 1225612$26,765 5$6,823
6-Jan-248$7,915 8846$7,265 2$650
30-Dec-2317$14,599 129915$2,714 2$11,885
23-Dec-2323$4,182 1321916$1,813 7$2,370
16-Dec-2313$16,436 132807$15,150 5$1,286
9-Dec-2326$14,633.90 1724416$8,095 10$6,538.90
2-Dec-2313$6,720 95712$6,630 1$90
25-Nov-239$4,835 91316$1,785 3$3,050
18-Nov-2322$6,568.70 1718414$4,709.20 8$1,859.50
11-Nov-2315$9,825 1317912$6,581 3$3,244
4-Nov-2315$20,582.50 1419312$19,417.50 3$1,165
28-Oct-2318$68,419.10 1815215$66,646 3$1,773.10
21-Oct-2316$6,755.90 1616515$6,755.90 1$3
14-Oct-2314$67,851.20 131259$61,998.50 5$5,852.70
7-Oct-2317$6,595.50 1322816$5,995.50 1$600
30-Sep-2317$1,896.45 1318914$806.45 3$1,090
23-Sep-2323$6,432.70 1723016$1,402.80 7$5,029.90
16-Sep-2325$23,226.70 2335316$17,239 9$5,987.70
9-Sep-2312$6,369 81027$4,311 5$2,058
2-Sep-2314$2,522 69213$1,322 1$1,200
26-Aug-2317$12,160.25 1320215$6,573.25 2$5,587.00
19-Aug-2319$11,505 1321315$11,255 4$250
12-Aug-2319$9,698.80 131847$3,270 12$6,428.80
5-Aug-2313$5,201 1211812$5,051 1$150
29-Jul-2315$21,031.60 1319611$18,292.00 4$2,739.60
22-Jul-2318$3,992 1213013$2,808 5$1,184
15-Jul-2313$8,254.95 138113$8,254.95 00
8-Jul-2316$5,441.45 1217211$2,443 5$2,998.45
1-Jul-2316$6,872 1010512$5,474 4$1,398
24-Jun-2313$10,914 1620110$7,874 3$3,040
17-Jun-2317$5,880.70 1515115$4,705.70 2$1,175
10-Jun-2319$8,516.10 1311116$6,252.40 3$2,263.70
June 3 202312$6,104.42 121388$4,256.92 4$1,847.50
27-May-2317$12,200 106711$6,165 6$6,035
20-May-2311$22,458.10 81034$19,455 7$3,003
13-May-2312$7,034 101018$5,460 4$1,574
6-May-2320$3,297.60 1819617$2,985.60 3$312
29-Apr-2323$3,691.20 1813517$1,969.70 6$1,721.50
22-Apr-2316$5,570 1410414$4,750 2$1,000
15-Apr-2312$23,818.10 95910$21,618.10 2$2,200
8-Apr-2316$7,949 91739$5,472 7$3,477
1-Apr-2321$18,676.70 1217511$10,926.70 10$7,750
25-Mar-2315$8,779.50 101415$2,362 10$6,416.50
18-Mar-237$14,048.80 6695$13,345 2$703.80
11-Mar-2321$11,576 1616516$8,131 5$3,445
4-Mar-2320$9,668 1122816$8,209 4$1,459
25-Feb-2313$5,335 1313012$4,235 1$1,200
18-Feb-2314$5,743.70 131588$898.70 6$4,845
11-Feb-2316$12,088 1213712$9,965 4$2,123
4-Feb-2317$8,066 1514013$5,614 4$2,452
28-Jan-237$2,180 7755$1,692.75 2$488
21-Jan-2317$5,768 1617412$1,918 5$3,850
14-Jan-2311$2, 800101028$421 3$2,400
7-Jan-2318$8,296 1116714$6,461 3$1,835
31-Dec-2214$2,732 119912$2,092 2$640
17-Dec14$7,919 1311512$7,419 1$500
10-Dec-2214$10,093 128811$7,093 3$3,000
3-Dec-2226$12,800.90 1117220$4,141 6$8,659.90
26-Nov-228$2,266.70 853$76 5$2,190.70
19-Nov-2221$2,886 1521219$2,550 2$336
12-Nov-2213$15,093.70 9819$14,200 4$893.70
5-Nov-222519,337.201650922$8,267.20 3$11,070
29-Oct-2215$7,805.30 911614$7,180.30 1$625
22-Oct-2220$8,193.50 1325313$5,442 7$2,751.50
15-Oct-229$3,046.10 91397$2,588.30 2$457.80
8-Oct-2219$2,011.80 1211416$833.80 3$1,178
1-Oct-2223$5,532.90 1615618$4,952.30 5$580.60
24-Sep-2218$5,194 1421615$4,050 3$1,144
17-Sep-2221$8,352.30 1232015$4,759.60 6$3,592.70
10-Sep-2215$19,853.50 1012613$19,403.60 2$450
3-Sep-229$2,312 9629$2,312 00
27-Aug-2216$30,891.70 1013515$30,666.40 1227.7
20-Aug-2212$1,977 815299253$1,052
13-Aug-2218$8,004.70 1124211$2,844.70 7$5,160
6-Aug-2224$7,948.90 1224017$3,577 7$4,371.90
30-Jul-228$6,941 9787$6,839 1$102
23-Jul-2211$801 119210$801 10
16-Jul-2214$3,650 1012214$3,650 00
9-Jul-2210$3,557.70 7689$3,557.70 10
2-Jul-2218$8,609.40 1315215$2,754.40 3$5,855
25-Jun-2215$6,142 131469$2,017 6$4,125
18-Jun-2217$11,890.10 1422815$11,410 2479.7
11-Jun-2217$7,600 1212310$2,300 7$5,300
4-Jun-2212$2,937 101279$692 3$2,245
28-May-229$3,197.60 11869$3,197.60 00
21-May-2214$7,284.50 1218511$6,609 3$675.50
14-May-2211$306.60 98010$306.60 1$225
7-May-2216$10,451.75 1210812$1,827 4$8,624.75
30-Apr-2216$2,296.50 1615712$895.50 4$1,401
23-Apr-2210$2,241 11588$1,641 2$600
16-Apr-2211$6,643 71568$2,359 3$4,284
9-Apr-2217$4,429 1418411$1,690 6$2,739
2-Apr-2213$1,755 88410$1,145 3$610
26-Mar-2211$3,205 8656$200 5$3,005
19-Mar-2213$2,239.17 910613$2,239.17 00
12-Mar-2218$12,016 1123915$11,965 2$51.35
5-Mar-2217$6,786 1313713$5,161 4$1,625
26-Feb-2212$5,095 81499$4,437.50 3$658
19-Feb-2217$22,229 1717414$21,354 3$875
12-Feb-2212$2,344.70 10738$641.70 4$1,703
5-Feb-2211$2,503 89911$2,503 00
29-Jan-2211$3,872 1210112$3,872 00
22-Jan-2213$5,143.50 109912$4,842.50 1$301
15-Jan-2212$7,605 91559$6,480 3$1,025
8-Jan-2213$8,256.20 1110213$8,256.20 00
1-Jan-229$1,273.80 6509$1,273.80 00
25-Dec-2121$4,734.75 1117616$3,410 5$1,324.75
18-Dec-2126$7,325.20 1519318$3,640.20 8$3,685.20
11-Dec-2116$5,017 1010913$1,417 3$3,600
4-Dec-2114$2,310 8868$2,310 6$1,882.05
27-Nov-219$3.460.1101016$1,758 3$1,702.60
20-Nov-2120$22,792 1515712$18,864.50 8$3,928
13-Nov-2121$26,729 1217813$11,822 8$14,907
6-Nov-2112$8,303 1315710$6,682 3$1,621
30-Oct-2121$10,368 1521815$9,24.46$1,103.00
23-Oct-2121$18.783.11522211$12,314 10$6,468.60
16-Oct-2115$3,868 1111815$2,293 2$1,575
9-Oct-2120$8,610 1617516$7,795 4$815
2-Oct-2114$6,250 1113710$5,200 4$1,050
25-Sep-2111$11,460 9937$10,200 4$1,250
18-Sep-2111$16,603 8998$15,084 3$1,519
11-Sep-2117$10,653 1110313$8,503 4$2,150
4-Sep-2113$7,222 108911$6,715 2$507
28-Aug-2112$763 96311$663 1$100
21-Aug-2112$29,659 77911$29,579 1$80
14-Aug-2122$17,845 1119912$12,805 10$5,04
7-Aug-2117$13,670 1213915$11,766 2$1,904
31-Jul-2121$8,160 1113410$3,574 10$4,586
July 24,202121$6,367 1113915$3,712 6$2,655
17-Jul-2114$4,009 1112412$2,015 2$1,994
10-Jul-2116$3,997 1314311$1,597 4$2,4
3-Jul-2124$7,492 139416$3,769 8$3,722
26-Jun-2110$4,995 7858$3,847 2$1,148
19-Jun-2128$16,830 82289$1,861 19$14,968
12-Jun-2126$27,238 1520919$25,602 7$1,636
5-Jun-2115$15,539 1310013$14,709 2$600
29-May-2135$20,279 1114528$18,647$1,639
22-May-2124$53,208 1417417$51,047 7$2,161
15-May-2118$10,620 1322011$5,870 7$4,809
8-May-2117$10,400 1115615$8,386 2$2,500
1-May-2121$7,200 1611512$3,808 9$3,392
24-Apr-218$20,200 9318$20,200 00
17-Apr-2114$6,270 810211$40,180 3$2,260
10-Apr-2115$8,940 1312914$7,990 1$950
3-Apr-2118$19,513 1015112$16,923 6$2,590
27-Mar-2127$13,942 1524414$4,300 13$9,633.50
20-Mar-2111$2,046 41023$270 8$1,776
13-Mar-2115$3,270 91096$538 9$2,732
6-Mar-2124$13,617 1019613$10,395 11$3,222
27-Feb-2119$8,105 1213915$4,970 4$3,135
20-Feb-219$8,820 91538$8,520 1$300
13-Feb-2112$4,852.60 78172,7665$2,086.60
6-Feb-2118$9,752 1315314$5,222 4$4,530
30-Jan-2118$9,449 918215$8,753.80 3$695.30
23-Jan-2114$8,150 81186$4,000 8$4,150
16-Jan-2117$6,783 1313811$2,400 6$4,382.90
9-Jan-2122$6,829 1413518$3,139.30 4$3,690
2-Jan-217$1,466 7607$1,466 00
26-Dec-2018$15,900 1216316$5,300 1$600
19-Dec-2018$9,769 1411014$8,426 4$1,343
12-Dec-2010$7,200 91009$3,325 1$3,830
5-Dec-2015$4,261 91229$2,780 6$1,481
28-Nov-2019$7,758 1011013$4,003 6$3,755
14-Nov-2014$864.10 1415712$289.10 2$575
7-Nov-2013$6,332 91299$2,483.50 4$3,849
31-Oct-2010$3,995.80 81036$3,231.10 4$754.70
24-Oct-206$18,100 6585$17,709 1$350
17-Oct-208$351.90 5558$351.90 00
10-Oct-207$5,229 3504$735 3$4,494
3-Oct-2014$21,428 91739$17,535 5$3,893
26-Sep-2010$12,770 8935$10,300 5$2,470
19-Sep-2014$8,365 91016$1,020 8$7,345
12-Sep-206$4,406 8593$1,270 3$3,136
5-Sep-2011$5,191 81179$4,061 2$1,130
29-Aug-2011$2,531 9945$1,130 6$1,401
22-Aug-2018$6,574 121407$1,930 11$4,644
15-Aug-2013$4,991 10977$1,216 6$3,775
8-Aug-2012$32,092 111129$30,457 3$1,635
1-Aug-207$5,287 8765$3,687 2$1,600
25-Jul-209$18,751 6677$18,403 2$348
18-Jul-206$1,982.50 5504$1,407.50 2$575
11-Jul-2011$565.10 127510$65.10 1$500
4-Jul-2010$8,889 8989$8,788 1$100.30
27-Jun-208$6,874 10505$4,972.50 3$2,081.50
20-Jun-2012$4,444 91157$2,829 5$1,615
13-Jun-206$3,582 4372$350 4$3,232
6-Jun-2011$3,213.70 8657$470 4$2,743.70
30-May-208$7,335 7486$4,639 2$2,697
23-May-204$432.40 4343$432.40 10
16-May-206$310 6345$310 10
9-May-2018$5,630 1612414$3,180 4$2,450
2-May-201510,40010908$1,900 7$,8,500
25-Apr-208$3,400 9365$1,000 3$2,450
18-Apr-2019$9,500 14928$185.70 11$9,360
11-Apr-2012$6,000 9405$190 7$5,800
4-Apr-2014$8,200 116810$2,200 4$6,000
28-Mar-2016$6,500 139610$3,700 6$2,800
21-Mar-2011$11,910 7337$2,250 4$9,960
14-Mar-207809.86346684.81125
7-Mar-2016$2,500 157013$669 3$1,400
29-Feb-2013$15,260 1312811$11,760 2$3,500
22-Feb-2012$3,700 109210$2,560 2$1,130
15-Feb-2016$1,250 108412$35 4$1,222
8-Feb-2018$6,080 1412314$2,595 4$3,485
1-Feb-2021$20,900 1210114$17,860 7$3,060
25-Jan-2013$7,430 136212$6,430 1$1,000
18-Jan-2023$9,580 1512019$6,580 4$3,000
11-Jan-2021$14,200 1819916$1,020 5$13,200
4-Jan-2022$6,400 1111916$3,204 6$3,245
28-Dec-1922$7,150 1917518$6,800 4$327.40
14-Dec-1924$36,300 2316719$9,500 5$26,800
7-Dec-1911$10,400 11557$1,082 4$9,370
November 30. 201914$2,450 1212612$1,760 2$692.50
23-Nov-1916$1,995 104111$615 5$1,380
16-Nov-1915$3,820 1313511$2,500 4$1,271
9-Nov-1925$12,900 1718223$12,200 2$575
2-Nov-1910$2,470 126192,4503$22
26-Oct-1912$5,560 147011$3,860 1$1,700
19-Oct-198$6,600 81388$6,600 00
12-Oct-1919$4,300 145516$3,800 3$500
5-Oct-1918$14,500 1916615$11,100 3$3,400
28-Sep-1919$8,100 1813218$7,560 1$550
21-Sep-1914$6,300 166611$2,160 3$4,170
14-Sep-1915$23,800 125611$21,250 4$2,570
7-Sep-1917$3,500 159814$1,900 3$1,600
31-Aug-195$8,700 6505$8,700 00
24-Aug-1916$10,000 148215$4,250 1$5,750
16-Aug-1910$1,680 5527$650 3$950
9-Aug-1917$17,700 156814$3,900 3$13,800
2-Aug-1913$5,760 1210813$5,760 NANA
27-Jul-1911$7,300 13768$6,570 3$730
20-Jul-1913$11,800 1312511$5,300 2$6,500
13-Jul-1910$775 7468$542.50 2$233
6-Jul-197$2,500 9857$2,500 00
29-Jun-1923$8,290 1515417$2,300 6$5,970
22-Jun-1917$10,700 1013914$7,700 3$3,000
15-Jun-1911$13,500 1416011$13,500 NANA
8-Jun-1913$2,870 175511$1,570 2$1,300
1-Jun-1910$4,460 11608$4,140 2$315
25-May-1917$4,360 147914$3,700 3$612
18-May-1922$9,000 1715016$3,400 6$5,600
11-May-1918$19,800 1717715$18,300 3$1,500
4-May-1910$7,075 6328$6,900 2$175
27-Apr-1915$3,200 1411714$3,160 1$40
20-Apr-1913$13,500 10909$12,200 4$1,300
13-Apr-1916$38,900 149114$37,800 2$1,100
6-Apr-1912$6,870 119410$6,730 2$50
30-Mar-1915$6,470 128410$7,91.55$5,677
23-Mar-1918$6,450 149114$5,042 4$1,408
16-Mar-1914$10,180 1211511$8,800 3$1,300
9-Mar-199$1,800 6498$1,300 1$500
2-Mar-1920$3,033 1610714$1,817 6$1,262
23-Feb-1912$2,040 8699$614.60 3$1,430
16-Feb-1916$9,970 187716$9,970 00
9-Feb-1914$6,400 1011014$6,400 00
2-Feb-1918$6,740 159916$5,720 2$950
26-Jan-1913$2,770 116711$918.95 2$1,850
19-Jan-1915$3,819 167612$2,594 3$1,225
12-Jan-1918$7,283 149215$1,683 3$5,600
5-Jan-1910$529 125010$529 00
22-Dec-1817$2,570 138714$941 3$1,629
15-Dec-1810$2,860 8268$264 2$2,600
8-Dec-1815$1,819 166512$552 3$1,267
1-Dec-1812$7,500 10909$1,200 3$6,200
28-Nov-1815$4,500 1110714$4,000 1$500
19-Nov-1818$6,137 139813$2,142 5$3,995
14-Nov-1818$9,200 1315215$8,500 3$694
6-Nov-1816$17,300 1618314$16,361 2$950
29-Oct-1814$14,400 1812717$13,800 1$600
24-Oct-1813$6,140 1312611$5,122 2$1,018
17-Oct-1818$18,390 1512514$12,292 4$6,098
10-Oct-1829$3,149 1810420$1,647 9$819
2-Oct-1818$9,300 116714$7,300 4$2,000
25-Sep-1813$7,000 117510$6,000 3$995
18-Sep-189$3,570 7449$3,570 00
11-Sep-1813$5,900 1013213$5,900 00
7-Sep-1814$5,000 158611$4,000 3$1,000
29-Aug-1815$20,700 147913$4,700 2$16,000
20-Aug-1810$12,400 11538$11,380 3$1,057
14-Aug-1812$19,900 121329$18,889 3$1,011
7-Aug-1816$68,600 1110613$67,259 3$1,340
31-Jul-1815$15,100 159511$13,060 4$2,060
23-Jul-1813$2,130 156010$1,804 3$1,100
17-Jul-1814$5,370 17989$4,310 5$1,100
9-Jul-1816$11,200 157410$11,080 6$862
3-Jul-1813$7,000 78112$6,330 1$750
25-Jun-1815$8,800 13979$4,970 6$3,930
18-Jun-1813$14,200 14807$221 6$14,290
11-Jun-1812$6,300 8968$5,910 4$803
6-Jun-1813$14,500 10888$14,154 5$579
31-May-1811$4,890 10638$3,240 3$1,790
22-May-1815$20,400 11639$19,808 6$885
15-May-1815$4,700 1510610$3,900 5$643
9-May-1811$1,400 13889$1,300 2$560
1-May-188$14,250 7887$13,400 1$450
24-Apr-1812$5,300 66111$4,470 1$800
17-Apr-189$1,800 10447$2,330 2$1,434
11-Apr-1811$2,500 8326$1,690 5$809
3-Apr-1815$13,400 111219$12,020 6$1,090
28-Mar-1810$4,000 10927$3,870 3$215
19-Mar-1817$5,800 135110$590 7$5,165
12-Mar-1815$3,130 114311$2,360 4$788
6-Mar-1819$5,400 1311610$1,530 9$4,860
27-Feb-1820$6,600 136914$5,530 6$1,030
19-Feb-1815$5,500 1411110$3,990 6$1,980
12-Feb-1823$10,900 1715712$7,110 11$3,840
5-Feb-1816$8,600 131007$1,330 9$7,800
30-Jan-1811$12,600 11685$7,300 6$4,982
24-Jan-1819$9,400 151295$2,010 14$7,337
18-Jan-1810$6,280 8492$2,100 8$4,188
9-Jan-1812$16,500 12929$15,890 3$475
3-Jan-1810$2,500 9478$2,350 2$150
27-Dec-1715$9,000 151139$7,568 6$1,784
18-Dec-1715$13,800 161649$13,010 7$1,118
11-Dec-1714$9,700 1012612$2,940 4$8,500
4-Dec-176$1,800 6315$1,510 1$300
28-Nov-177$3,850 8764$3,260 3$285
16-Nov-1710$2,700 10486$1,840 4$856
8-Nov-1715$2,380 179110$1,860 5$516
1-Nov-1712$4,700 17949$3,400 4$1,300
23-Oct-1715$10,500 106710$9,780 4$1,530
18-Oct-176$2,000 373$225 3$1,820
10-Oct-1712$6,570 1009$3,880 3$3,360
2-Oct-178$3,100 11193$1,630 5$1,750
25-Sep-178$4,880 8795$2,660 5$2,070
18-Sep-179$4,770 3$300 6$4,470
12-Sep-1711$4,430 8$2,030 3$2,400
1-Sep-174$1,310 3$317 1$1,000
23-Aug-1711$13,640 98$11,840 3$1,800

It’s double the number of deals (9) the week before, though a little less in value. On the same week last year, there were 13 deals worth more than $15 billion.

Like baseball, dealmaking keeps rolling along.

M&A/PE FUNDING

Shearman, Weil Advise as Ardagh Group Takes SPAC Route to Public Trading

In one of the most significant SPAC deals this year, Ardagh Group S.A. agreed to combine its metal packing affiliate with Gores Holdings V, a special acquisition affiliate of Los Angeles-based Gores Holdings.

The deal involves $525 million in cash from Gores V and an additional $600 million in private placements. The resulting company, Ardagh Metal Packaging — already one of the world’s largest suppliers of recyclable beverage cans — is already valued at $8.5 billion, or about 10.5x the company’s projected 2022 adjusted EBITDA.

Weil Gotshal & Manges represented Gores V and Shearman & Sterling advised Ardagh, headquartered in Luxembourg, but both firms leaned on a few lawyers from Texas.

The Shearman team was led New York partner Clare O’Brien and Dallas-based M&A partner Alain Dermarkar. Citi Group was involved as financial advisor to Ardagh and was joint lead placement agent for the PIPE.

The Weil team was led from Silicon Valley by partner Kyle Krpata. The team included Dallas-based M&A partner James Griffin and associate Wei Xu, also of Dallas. Deutsche Bank Securities Inc. and Morgan Stanley & Co. LLC are acting as financial advisors and capital markets advisors.

Under the agreement, Ardagh S.A. will retain an 80% interest in the new company, AMP. Aside from the $1.15 billion in Tuesday’s transaction, the new company is pledged to raise an additional $2.3 billion in new debt to be paid to Ardagh for the 10% acquired by Gores and the 10% acquired by the private PIPE investors.

Ardagh will continue to hold its 100% interest in its glass packaging business and its 42% interest in Trivium Packaging BV, a metal container and packaging supplier for a variety of foods and beverages. Trivium’s US operations are headquartered in Sparks, Nevada.

Jones Day Advises Transwestern on Stanmore Warner Ranch

Transwestern Investment Group and Stanmore Partners announced Feb. 22 the formation of a partnership to develop the 336-unit Warner Ranch multifamily project in Round Rock.

Jones Day advised Dallas-based Transwestern in the formation of the joint venture. The development focuses the fast-growing pool of employees in the North Austin business region.

“We believe the asset’s location near major employment centers in North Austin and Round Rock and accessibility from major thoroughfares make Stanmore Warner Ranch an attractive investment opportunity,” said Greg Laczkowski, Managing Director at TIG.

Jones Day said there were no Texas lawyers involved.

Stanmore Partners, founded in 2013, is headquartered in Houston.

Apex Clearing Holdings Merges with North Star Investment Corp II

Apex Clearing Holdings, a Dallas-headquartered fintech platform for the operation of fintechs, announced Feb. 22 that is going public through a merger with North Star Investment Corp. II, a special purpose acquisition company.

The deal includes an infusion of $850 million in a deal that will result in a publicly traded company with an enterprise value of $4.7 billion.

The $850 million includes an upsized, fully-committed $450 million PIPE offering led by Fidelity Management & Research, Baron Capital Group, Coatue, and Winslow Capital Management, among other institutional investors. All Apex shareholders and management are rolling over 100% of their equity into the combined company. The proceeds are expected to be used to accelerate and support the continued build out of Apex’s platform and business as well as to partially reduce existing Apex debt obligations.

Sidley Austin advised Apex with a team led by partners Jeffrey Smith of Chicago, Ryan Scofield of Dallas and Michael Heinz also of Chicago. The team was also backed by partner Chris Abbinante from Chicago and four Dallas associates: Jocelyne Kelly, Jack Zeringue, Grant Ellis and Michael Roberts. The team was rounded out by lawyers from California and Washington D.C. J.P. Morgan Securities acted as financial advisor to Apex.

Northern Star legal advice was provided by the New York firm Graubard Miller. Citigroup was Northern Star’s financial advisor, both for the merger and the PIPE.

Apex Clearing is a platform for used by online brokerages, traditional wealth managers, wealth-tech, professional traders, and consumer brands, among others, for all phases of account operations, including opening and funding, execution of trades across a wide array of asset classes, streamlined digital asset movements, as well as trade settlement and the safekeeping of customer assets. The company currently serves 200 clients representing more than 13 million customer accounts.

Following the close of the transaction, Apex CEO William Capuzzi and Apex President, Tricia Rothschild, will continue to serve in their current roles at the combined company, while Northern Star chair Joanna Coles, a creative media and tech executive, will join the new company’s board of directors.

“We are in the first inning of the digital revolution in financial services, and our merger with Northern Star will provide Apex with the resources and flexibility to accelerate our growth, scale our platform, and expand our offerings and market share alongside our clients,” Capuzzi said.

For the year ended December 31, 2020, Apex reported unaudited operating revenues of approximately $236 million and unaudited adjusted EBITDA of approximately $86 million.

Bracewell Advises on Howard Energy Acquisition of Javelina Refinery

Howard Energy Partners of San Antonio announced February 15 that it has purchased Corpus Christi’s Javelina refinery from a subsidiary of MPLX. The treating and fractionalization facility extracts olefins and NGLs from the gas streams produced by local refineries, which are then resold as more finished products on those customers.

The facility produces streams of hydrogen, ethylene, ethane, propylene, propane, mixed butane and other pentanes for us in the petrochemical markets. The facility is connected by pipeline to all of the major refineries in the Corpus Christi area. Moreover, the company says its excess capacity at Javelina provides the possibility of future growth.

Howard Energy Partners was advised by Bracewell with a team from Houston led by corporate partners Alan Rafte and Benjamin J. Martin, both of Houston. The Bracewell team also included New York partners Elizabeth McGinley and Daniel Hemli, Austin partner Matt Paulson, and Houston partners Rebecca Baker, Tony Visage Matthew Grunert and Aaron Roffwarg.

Completing the team were counsel Tamara McKinzie of Houston and Jacqueline Java of Washington D.C., as well as Houston associates Janie Callaway, Shannon Rice and Sam Hooper.

Howard Energy Partners is a dba for Howard Midstream Energy Partners, a midstream independent. The company has corporate offices in San Antonio, Houston and Monterrey, Mexico.

Arclight Capital Acquires 25% of Natural Gas Pipeline as Latham Advises

Arclight Capital Partners announced Feb. 22 that it is acquiring at 25% minority in the Natural Gas Pipeline Company of America from Kinder Morgan and Brookfield Infrastructure Partners.

The price is $830 million, implying an enterprise value for NGPL at $5.2B. Upon closing, Kinder Morgan and Brookfield will each own 37.5%. Kinder Morgan will continue to operate the pipeline.

Latham & Watkins LLP represents ArcLight in the transaction with a deal team led by partners Christopher Cross of New York and Justin Stolte of Houston, with a team of lawyers from New York, Los Angeles and Washington D.C. Barclays served as Arclight’s financial advisor.

King & Spalding advised NGPL, with RBC Capital Markets acting as their financial advisor.

NGPL is the largest provider of natural gas to the Chicago-area market, and one of the nation’s major transporters of liquefied natural gas to export facilities on the Gulf Coast of Texas and Louisiana. It operates 9,100 miles of pipeline.

Arclight Capital Partners, based in Boston, is one of the nation’s leading energy infrastructure investment firms.

Latham Advises as SparkCognition Inc. Acquires AIM2

The world’s leading artificial intelligence company, SparkCognition announced Feb. 23 that it had acquired AIM2, a joint venture between hedge fund Brevan Howard and Nomura, the global investment bank. Terms of the acquisition were not disclosed.

Launched in Austin in 2015, AIM2 provides AI products for the financial services market. It became a joint venture between Brevan Howard and Normura in 2019.

Latham & Watkins represented Austin-headquartered SparkCognition in the deal with a team led by Houston corporate partner Stephen Szalkowski, assisted by partner Lauren Anderson Houston associates Alice Parker, Sam Bentley and Michael Basist. Tax advice was provided by partner Bryant Lee and Houston associate Jared Grimley, along with lawyers from Europe, Boston, Washington D.C., Chicago and New York.

Founded in 2013, SparkCognition builds AI products for the oil & gas industry, aviation and telecommunications sectors. The company sees the acquisition of AIM2 as its entry into the financial services industry. SparkCognition will begin providing AIM2‘s products and technology including ORCA/AI Trader, Alpha Cycles, and Alpha Waves. In turn, this will allow SparkCognition, the opportunity to provide those financial services products along side their own portfolio of AI products, including Darwin, DeepNLP, and DeepArmor.

Brevan Howard is a global asset manager for sovereign wealth funds, public pension plans, foundations and endowments. Nomura Holdings is an investment bank based in Tokyo with a worldwide network of investments.

Latham’s Maierson Advises on Joby Aviation’s $1.5 billion deSPAC Merger

Joby Aviation, developer of an all-electric vertical take-off commuter plane, announced Feb. 23 that it is merging with Reinvent Technology Partners, a special purpose acquisition company, with the intent to take the company public.

The combined company will take the name Joby Aviation and be traded on the New York Stock Exchange. The agreement is expected to provide the company with a post-transaction equity value of $6.6 billion, including the $910 million transaction funding from Reinvent’s fuds held in trust, in addition to an $835 million PIPE.

Based in Santa Cruz, California, Joby Aviation was advised in the SPAC merger transaction by a team from Latham & Watkins led by Houston partner and SPAC guru Ryan Maierson with a team of Latham lawyers from the firm’s Bay Area, Orange County and Washington D.C. offices.

Skadden, Arps, Slate, Meagher & Flom is legal advisor to Reinvent with Morgan Stanley and Allen & Company serving as placement agents on the PIPE transaction, as well as financial advisors to Joby.

The PIPE is anchored by funds committed from Uber Technologies, the Baupost Group and funds managed by BlackRock, Fidelity Management & Research and Baillie Gifford.

Latham has previously advised Joby Aviation in a Series C found of funding, as well as a $75 million cash investment by Uber. Toyota Motor Corp. has formed a strategic partnership with Joby to advise on factory layout and production processes.

The company expects its EV aircraft, for which it has agreed on a certification basis with the FAA, to be in service by 2024. The company says the emissions-free vehicle can travel up to 150 miles at speeds of up to 200 mph.

Enovix Corporation Merges with SPAC to Form $1.1B Public Entity

Enovix Corporation, provider of advanced lithium-ion batteries, announced Feb. 22 its intent to merge with Rodgers Silicon Valley Acquisition Corp. in order to take the company public via SPAC. The transaction anticipates a pro-forma enterprise value for the merged company of $1.128 billion.

The deal includes an investment of $230 million from the Rodgers SPAC trust account, along with a $175 million “upsized and oversubscribed” PIPE.

The company, which is developing a proprietary high-density structure for longer-life storage, will become publicly traded as Enovix Corporation on the Nasdaq Exchange. The proceeds from the merger will enable Enovix to build out its first two production facilities to support demand from blue chip customers in mobile computing markets (wearables, mobile communications, PCs and AR/VR), totaling 1.78 GWh of capacity, while continuing to develop cells for electric vehicles.

Said Enovix co-founder and CEO Howard Rust: “In 2007, the co-founders of Enovix set out to build a better battery by changing the cell architecture. Today, we stand at the threshold of producing the first advanced silicon-anode lithium-ion battery for mass-market applications from our U.S. manufacturing facility.”

Loeb & Loeb served as legal advisor to Rodgers Silicon Valley Acquisition Corp. Oppenheimer is financial advisor and, along with Williams Trading, placement agents on the PIPE offering.

Cooley is serving as legal advisor to Enovix, and Winston & Strawn is serving as legal advisor to the placement agents.

Latham & Watkins partners Benjamin Potter and Ryan Maierson advised Eclipse Ventures, one of the investors.

Kirkland Advises Tailwater Capital Acquisition of NorTex Midstream

Dallas headquartered Tailwater Capital has agreed to acquire NorTex Midstream Partners in a deal announced Feb. 17.

Founded in 2007, Houston-based NorTex provides revenue optimization and asset reliability solutions for utilities and power generation facilities in North Texas through strategically located natural gas storage and transmission.

NorTex assets include 36 Bcf of depleted reservoir working gas capacity, as well as 83 miles of natural gas pipeline and the Tolar Hub, the largest natural gas hub in North Texas. NorTex parent company is Castleton Commodities International

Kirkland & Ellis represented Tailwater in the deal with a team led from Texas by transactional partners Kevin Crews of Dallas and John Furlow of Houston.  The team also included associates Cale Curtin, Abbey Zuech, Tess Dennis, Sara Phipps and Parker Collins; environmental partner Paul Tanaka and associate Ty’Meka Reeves-Sobers; tax partners David Wheat and Lane Morgan; executive compensation partner Stephen Jacobson; debt finance partners Lucas Spivey and Arthur Lotz, and associates Steven Keithley and Chris Gambini; private equity partner Thomas Laughlin and associate William Eiland; as well as firm lawyers from Boston, New York, Washington D.C. and Chicago.

Eversheds Sutherland advised NorTex.

Jeffries was financial advisor to NorTex and Castleton Commodities.

The acquisition of NorTex provides Tailwater with highly strategic storage infrastructure located adjacent to both the Dallas-Fort Worth metropolitan region and key inbound gas supply pipelines. As the population of the DFW metroplex continues to grow, so too will the need to deliver reliable power throughout the day. 

V&E Advises Sailpoint Technologies in Intello Acquisition

Vinson & Elkins advised SailPoint Technologies Holdings, Inc., the leader in identity security for the cloud enterprise, in its acquisition of Intello, an early-stage SaaS management company that helps organizations discover, manage and secure SaaS applications.

The Intello platform allows organizations to manage and secure their various software as a service applications, allowing greater ease of management, discovery and security of those services.

The V&E corporate team was led by partner Wes Jones with assistance from senior associate Kate Willson and associate Christina Wu. Also advising were partner Shane Tucker, senior associate Austin Light and associate Maddison Riddick (executive compensation/benefits); partner Sean Becker, senior associate Alex Bluebond and associate Peter Goetschel (labor/employment); partner Devika Kornbacher, senior associate Ben Cukerbaum and associate Briana Falcon (tech transactions/IP); partner Todd Way, senior associate Allyson Seger and associate Maddie Brown (tax); and counsel Sarah Mitchell and senior associate Robert Stelton-Swan (insurance).

The company said detailed usage data and analytics that the Intello technology provides combined with SailPoint’s artificial intelligence capabilities will give enterprises a new level of insight needed to better secure their SaaS applications and improve compliance.

Grady Summers, EVP Product, SailPoint said Intello dovetails nicely with Sailpoint’s approach to SaaS management. “Their view of SaaS management is through the lens of security, which tightly aligns with our identity security vision and approach at SailPoint. I’m looking forward to working with the new team to address the growing challenge of seeing, understanding, and securing access to SaaS apps across the workforce for our customers.”

ATI Physical Therapy Merges with Fortress SPAC in $645M Deal

Outpatient treatment providers, ATI Physical Therapy announced Feb. 22 that it is going public through a merger with Fortress Value Acquisition Corp. II, a SPAC.

The deal is expected to result in a company with an enterprise value of $2.5 billion after cash proceeds from Fortress II of $300 million in trust funds and a $345 million fully committed PIPE.

Weil Gotshal & Manges advised ATI with a team led by Dallas corporate patner James Griffin. He was assisted by Dallas associates Claudia Lai and Austin Freeman as well as lawyers from Boston and New York.

ATI owns and operates 900 physical therapy clinics in 25 states, of those 300 have been opened since 2016. The company says it is poised to meet new waves of demand brought about by changing demographics, especially the rise in population of those over 65.

Fortress has a long history with ATI as an investor in their credit profile for the past 10 years.  

The existing management team, led by CEO Labeed Diab, CFO Joe Jordan and COO Ray Wahl, will continue to lead the business, and Advent will remain ATI’s largest stockholder.

Vertical Farmers Kalera Acquire Vindara, Shearman Advises

Kalera a fast-growing vertical farming concern announced Feb. 24 that it is acquiring Vindara, a North Carolina-based high tech plant science firm.

Terms of the merger were not disclosed. Vindara will become a wholly-owned subsidiary of Kalera.

Kalera was advised by Shearman & Sterling with a team led by Alain Dermarkar with Kyle Park, which also included David Dixter, Michael Walraven and Montana Ware.

Based in Orlando, Florida, Kalera owns vertical two farming operations there, and is building vertical farming facilities in Atlanta, Houston and Denver. The company specializes in the controlled growing of a variety of lettuces, greens and micro-greens for commercial markets.

Vertical farming is a high-volume, low space agricultural operation that grows a variety of plants in facilities that use a variety of stacking and non-soil growing techniques and irrigation systems — hydroponics, aquaponics and aeroponics, for instance — to produce high-quality plants, fruits and vegetables in volume.

Based in the Research Triangle of North Carolina, Vindara is the first company to specialize in the commercial development of seeds for controlled farm environments. The company’s proprietary breeding process, born of genome, machine learning and computational technologies produces high-yielding, fast-growing, non-GMO foods that can thrive in vertical farming facilities.

In a statement, Kalera said Dr. Jade Stinson will continue in her role as co-founder and president of Vindara.

“Kalera has quickly established itself as an innovative leader and is the ideal partner to help Vindara continue optimizing seeds designed specifically for the vertical farming industry,” said Dr. Stinson. “With Kalera’s commitment to R&D and improving the yield, variety and characteristics of its produce, we will be able to better leverage our ability to develop customized seeds for indoor growers faster than any other seed provider.”

Daniel Malechuk, CEO of Kalera, said the combination of the two companies will enhance both Kalera’s production and financial profiles by reducing grow cycles, lowering the costs of seed and energy, as well as the optimization and control of the quality of its agricultural products.

“We stress that Kalera is the future of farming — and with our robust growth and ongoing operational enhancements, we’re truly making that future happen now, turning it into a reality today,” said Malechuk.

Kirkland Advises Bluescape on $115M Investment in Evergy

Bluescape Energy announced Feb. 26 that it had funded a $115 million investment in Evergy Inc., a renewable energy supplier to 1.6 million customers in Kansas and Missouri.

The investment includes the appointment of Bluescape executive chairman C. John Wilder and former U.S. Sen. Mary Landrieu to the Evergy board.

In addition to its $115 purchase of Evergy common shares, Bluescape holds an option to purchase additional shares at a price per share of 20% higher than Evergy’s current market price.

Dallas-based Bluescape was advised in the transaction by a Kirkland & Ellis team led by transactional partners Shubi Arora and Enoch Varner, and associate Josh Teahen; capital markets partner Julian Seiguer; and debt finance partner Arthur Lotz.

Cravath, Swaine & Moore LLP is acting as legal advisor to Evergy.

“Evergy has made significant advancements as a forward-thinking, sustainable energy company,” said Mark Ruelle, Evergy Board Chair. “Our Sustainability Transformation Plan positions Evergy to drive even higher performance across our organization, and this agreement brings additional expertise to support its execution. Both John and Mary have proven track records creating significant value for all stakeholders, and we welcome them to the Board.”

Thompson & Knight Advises Atlas Technical Consultants Recap

Atlas Technical Consultants, Inc., an Austin-based provider of professional testing, inspection, engineering, environmental, and consulting services, announced Feb. 18, the completion of a significant recapitalization and simplification of the company’s capital structure.

Advised by Thompson & Knight, Atlas replaced its current debt and preferred equity agreements with a new, more economically favorable term loan credit agreement, consisting of $432 million of long-term debt maturing in 2028 and a $75 million committed delayed draw term loan from funds managed by Blackstone Credit.

The Thompson & Knight team was led by Cassandra Mott, Doug Lionberger and James Brown, and included V. Parker Pritchett, Brandon Davidson, Matt Alexander, Kelsie Haaland, Leslie Smith, Ashley Phillips, Jason Loden and Katie Gerber.

The company also replaced its existing revolving credit facility with a new five-year, $40 million asset based revolving credit agreement with JPMorgan Chase. The company used a portion of net proceeds from the new debt to repay all of its $270 million of outstanding borrowings under its existing term loan.

To do so, the company rolled nearly $62 million of its existing term loans into the new term loan facility, redeeming in full the company’s $154 million of outstanding Series A preferred equity units at a redemption price of par plus accrued and unpaid dividends.

BlackBern Partners With VFS, Buys KFCs

New York private equity firm BlackBern Partners formed with existing management to form Value Foodservice, an entity with the goal of owning, operating, and acquiring stores in the quick-service restaurant industry. 

Along with its formation, VFS acquired 50 Kentucky Fried Chicken restaurants.

Financial terms of the transaction were not disclosed.

Winston & Strawn represented BlackBern in the transaction with a team led by New York partner Lilli Scalettar. Texas-based advice came from Dallas associate Matthew Olsen.

CAPITAL MARKETS/OFFERINGS AND EXCHANGES

Gibson Dunn Advises on $1B placement/exchange by Comstock Resources

On Feb. 22, Comstock Resources announced pricing of a $1 billion private placement of senior notes, issued in tandem with an upsized $1 billion exchange offer reconfiguring the timing of other senior debt.

The aggregate net proceeds from the sale at par of the 6.75% notes due 2029 are expected generate approximately $984.0 million upon closing March 4.

The company intends to use those proceeds to fund a concurrent exchange for a portion of the company’s 7.5% senior notes due 2025 and 9.75% senior notes due 2026.

Gibson Dunn advised on both deals, with a corporate team led by Dallas partner Doug Rayburn and included Houston associate Justine Robinson, Dallas associate Jonathan Sapp and Houston associate William Bald. Dallas partner David Sinak advised on tax aspects; and Washington, D.C. associate Kyle Neema Guest advised on environmental aspects.

Latham Reps Great Western Petroleum in Recap Exchange

Great Western Petroleum announced Feb. 25 that it has moved to recapitalize and equitize $23.7 million of its long-term debt.

The recapitalization included an amendment and restatement of its existing limited liability company agreement, as well as an additional equity investment by the Broe Group. Terms of the Broe Group transaction were not disclosed.

Through its wholly owned subsidiary, Great Western Finance Corp., the company completed an offering of $235 million in 12% senior secured second lien notes due 2025. The net proceeds from the othering, along with cash on hand was used to deem outstanding 9% notes due 2021, a redemption scheduled to be completed on March 3.

Latham & Watkins LLP advised Great Western Petroleum, LLC in the transactions with a team led by Houston partner David Miller and New York partner David Hammerman, with assistance on the Offering from Houston associates Monica White, Om Pandya, Lexi Santa Ana, Katie Walker and Michael Basist, and on the Recapitalization Transaction from Houston associates Thomas Verity and Drew West and New York associate Randy Weber-Levine. Advice was also provided on finance matters by Houston partner Matt Jones, with Houston associates Max Fin and Matt Snodgrass; on tax matters by Houston partners Tim Fenn and Jim Cole, with Houston associate Chelsea Muñoz-Patchen; and on environmental matters by Los Angeles counsel Joshua Marnitz; and on benefits and compensation matters by Washington, D.C. partner Adam Kestenbaum.

Denver-based Great Western Petroleum is an independent oil and natural gas company focused on the exploration, development, acquisition and exploitation of unconventional reserves of oil, natural gas and NGLs in the core of the Wattenberg Field, which is located within the DJ Basin.

Bracewell, Hunton Advise on $750M Offering by Kinder Morgan

In a transaction closed on Feb. 11, Kinder Morgan completed its public offering of $750 million of 3.6% senior notes due 2051.

Eric McCord, vice president and managing counsel, and Angela S. Teer, assistant general counsel of Kinder Morgan, led the transaction for the in-house legal team.

Bracewell from Houston represented Kinder Morgan with a team led by partners Troy L. Harder, William Anderson and Don Lonczak. They were assisted by associates Kathy Witty Medford, Jay N. Larry and Sarah Ashley Byrd.

Hunton Andrews Kurth represented the underwriters with a team led by partners Mike O’Leary and Taylor Landry with associates Mike Hoffman, Erin Jennings, Casey Shaw and Hannah Bradley. Partner Robert McNamara and associate Tim Strother handled tax matters, partner Lisa Shelton handled environmental matters, and partner Shemin V. Proctor handled FERC matters.

Joint Book-Running Managers were Barclays Capital Inc.; CIBC World Markets Corp.; SMBC Nikko Securities America, Inc.; TD Securities (USA); Commerz Markets; Morgan Stanley & Co.; PNC Capital Markets; Scotia Capital (USA) Inc. and Truist Securities, Inc. Co-managers were ING Financial Markets, Intesa Sanpaolo S.p.A., National Bank of Canada Financial Inc. and Regions Securities.

Allen Pusey

Allen Pusey is a senior editor and writer at The Texas Lawbook.

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