Two segments of the mergers and acquisitions game that don’t get a lot of press are the middle market (transactions between $10 million and $250 million) and venture capital. Both are moving along at a reasonably brisk pace.
On the middle market side, valuations remain strong for sellers in the U.S. despite a slight drop in deal volume in the second quarter, with debt availability continuing to drive purchase price and transaction structure, according to a recent report by Houston investment bank the GulfStar Group.
On the venture capital side, O’Melveny & Myers said that dealmaking involving emerging growth companies in the U.S. has continued at an “extraordinary” pace in 2018, with 637 deals reported through the first nine months of the year with a total value of $80 billion.
The Los Angeles-based law firm says that VC deal value is expected to exceed levels reported last year. But the number of deals has gradually declined from a peak of more than 1,000 transactions in 2014 and 2015. “The decline in the number of deals may indicate that acquirers are growing selective,” the firm said.
Meanwhile, dealmaking involving Texas lawyers continued apace this past week, with 18 transactions announced worth $9.2 billion. While the number of deals increased by two transactions from the previous week’s 16, the value fell by 46.8 percent over the previous period’s $17.3 billion. Credit three billion-dollar-plus deals in the oil and gas exploration and production industry for the previous week’s high value.
Sixteen law firms in Texas and 152 Texan lawyers were involved in the activity, versus 13 law firms and 183 lawyers the previous week.
There were 15 M&A and private equity deals worth more than $8.5 billion and three capital markets transactions valued at $694 million.
Weekly Corporate Deal Tracker Roundup Stats
A compilation of weekly stats from The Lawbook's CDT Weekly Roundup
(Deal Values in Millions)
(Deal Values in Millions)
| Deal Count | Amount | Firms | Lawyers | M&A Count | M&A Value $M | CapM Count | ||
|---|---|---|---|---|---|---|---|---|
| 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 |
A multi-billion-dollar M&A transaction in the oil industry may be coming that would boost deal values. Rumors are growing that the major oil companies, including Chevron, Exxon Mobil, ConocoPhillips and Royal Dutch Shell, may be looking at acquiring family-owned Endeavor Energy Resources, which has valuable oil and gas properties in the Permian.
Bloomberg reported Endeavor’s value at $15 billion including debt, which, if the transaction happened, would rank among the top 10 deals ever for a private energy company.
The family of Autry Stephens also had been considering an initial public offering next year so it could keep control of the company, Bloomberg said, citing sources. Haynes and Boone has advised Endeavor on transactions in the past, most notably Houston partner Bill Nelson, who The Lawbook reported is moving to Shearman & Sterling.
M&A AND PRIVATE EQUITY INVESTMENTS
Three firms assist on Anadarko’s Western Gas transactions
As The Texas Lawbook reported last week, Anadarko Petroleum Corp. announced Nov. 8 that it agreed to sell almost all of its remaining midstream assets to affiliate Western Gas Partners for $4.015 billion.
The price includes roughly $2 billion in cash and $2 billion in stock. Western Gas Partners also announced it would merge with Western Gas Equity Partners to simplify its structure.
Three Texas law firms were involved in getting the transactions done.
Vinson & Elkins was transaction counsel to Houston-based Anadarko, Western Gas Equity Partners and Western Gas Partners.
Partners Mark Kelly, David Oelman and Alan Beck led the corporate team with counsel Dan Spelkin and associates Claire Smyser Campbell, Jackson O’Maley, Farah Chranya and Brittany Smith.
Others in the group were partner Ryan Carney (tax); partner David D’Alessandro and associate Austin Light (executive compensation/benefits); counsel Larry Pechacek (environmental); and senior associate Winston Skinner (energy regulatory).
V&E partners Guy Gribov and Brian Moss, counsel Farah Paliwala and associate Zach Rider advised on finance matters.
Bracewell represented Western Gas Partners’ special committee. The corporate lawyers included Troy Harder, Gary Orloff, Lytch Gutmann and Andy Monk with Timothy A. Wilkins weighing in on environmental matters.
Richards Layton & Finger aided Western Gas Equity Partners’ special committee.
Baker Botts represented Lazard as financial advisor to the special committee of the board of Western Gas Partners’ general partner, including partner Joshua Davidson and associate Bill Pritchett.
Anadarko’s general counsel is Amanda M. McMillian, who replaced Robert Reeves in August. Reeves has been serving as executive vice president and chief administrative officer since then but plans to retire at year-end.
Western Gas’ general counsel is Philip Peacock, who previously was at Andrews Kurth. He has a law degree from the University of Virginia.
Barclays was financial and structuring advisor to Anadarko, Western Gas Partners and Western Gas Equity Partners. Goldman Sachs was financial advisor to Anadarko’s board.
Citi was the financial advisor to the special committee of Western Gas Equity Partners. Goldman Sachs is financial advisor to Anadarko’s board.
Western Gas Partners unitholders will receive 1.525 units of Western Gas Equity Partners for each unit they own, a 7.6 percent premium over Western Gas Partners’ closing price Nov. 7.
The parties expect it to close in the first quarter of next year if it clears Western Gas Partners’ stockholders and regulators. The asset sale will close at the same time.
The assets being sold are mostly associated with Anadarko’s onshore oil plays in the Delaware basin in West Texas and the DJ basin in northeast Colorado. Tudor, Pickering, Holt estimates they will generate $420 million in EBITDA next year.
V&E, Latham aid on Vantage’s $1.65B QEP asset deal
As The Lawbook also reported, Vinson & Elkins and Latham & Watkins advised on Vantage Energy Acquisition Corp.’s $1.65 billion purchase of oil and gas properties in North Dakota’s and Montana’s Williston Basin from a unit of QEP Resources Inc.
QEP also could get up to 5.8 million shares of Vantage stock if certain stock price targets are hit, which would value the deal at $1.725 billion.
Investors of Vantage Energy Acquisition, which is a special purpose acquisition company, will own 63 percent of Vantage Energy Inc. and backer NGP Capital Management will hold 37 percent.
V&E partner Bryan Loocke, associate Cesar Leyva, senior associate Emery Choi and associate Josh Rocha led the firm’s deal team.
Specialists included partner John Lynch and associate Curt Wimberly on tax; partner Sean Becker (labor/employment); partner Stephen Jacobson and associate Kristy Fields (executive compensation/benefits); partner Larry Nettles and senior associate Matt Dobbins (environmental); senior associate Nick Shum and associate Stephanie Noble (litigation); and associates Kara Chung, Ed Vaunder, Ben Glass and Tukeni Obasi (corporate).
V&E associates Caitlin Snelson and Arthur Munoz were on the finance team. Partner Ramey Layne and senior associate Doug Lionberger led the capital markets team with assistance from associate Jing Tong.
Latham & Watkins assisted QEP. The team included partners Stephen Szalkowski, John Greer, Debbie Yee and Michael Dillard.
Also aiding were associates Sean McKinley, Bo Rose and Erin Lee on oil and gas and M&A matters. Partner Tim Fenn and associate Jim Cole worked on tax matters while counsel Natalie McFarland and associate Bryce Kaufman worked on finance. Partner Joel Mack weighed in on environmental issues.
Citigroup and Goldman Sachs & Co. were Vantage’s financial advisors on the deal and provided committed financings to support the acquisition along with BMO Capital Markets, which assisted QEP.
Vantage plans to finance the transaction with $560 million in cash, $185 million in proceeds from an equity issuance and $642 million in debt, including a $400 million bridge to a proposed bond offering and $242 million drawn on a $900 million credit facility.
The company is expected to have an initial enterprise value of $1.52 billion and generate an estimated $427 million in EBITDA next year, thus valuing the deal at 3.6 times next year’s anticipated EBITDA. Vantage intends to propose an initial annual dividend of 25 cents per share.
Denver-based Vantage Energy Acquisition – which went public in April of last year – will change its name to Vantage Energy Inc. and trade on the NASDAQ. Closing is expected in the first or second quarter if the deal clears Vantage Energy Acquisition shareholders.
The company said the properties cover 100,000 net acres and produce 46,000 barrels of oil equivalent per day.
Baker Botts aids Southern on $650M gas plant sale to Xcel
Baker Botts said Nov. 7 it advised Southern Co. unit Southern Power on its sale of the Mankato natural gas power plant to Xcel Energy for $650 million.
Texas lawyers on the team included partner Jonathan Bobinger in Houston, senior associate Courtney Fore in Austin and associate Allison Lancaster, also in Austin.
Employee benefits matters were handled by partner Mark Bodron and special counsel Chris Pratt, both of Houston, and real estate matters were covered by special counsel Joel Overton in Dallas. Partner Aileen Hooks and special counsel Paulina Williams helping on environmental issues out of Austin.
Dorsey & Whitney advised Xcel with attorneys in Minneapolis.
Barclays was Southern’s financial advisor.
The natural gas combined-cycle generation facility will have a capacity of 760 megawatts once its expansion project is completed.
The sale has to clear regulators but should close by mid-2019.
Analysts at Merrill Lynch said the transaction is a win-win for the parties, providing an earnings uplift for Xcel and reducing external equity financings for Southern, which may sell other power plants not in its core territory.
The purchase price implies $855 per kilowatt, considering the plant’s expansion, versus the $1,056 per kilowatt Atlanta-based Southern paid Calpine for the plant two years ago, before the expansion, the analysts said.
Akin Gump counsels Commercial Metals on $600M rebar deal
Akin Gump Strauss Hauer & Feld said Nov. 5 it advised Commercial Metals Co. on its completed acquisition of 33 rebar fabrication facilities in the U.S. and steel mills in Tennessee, Florida, New Jersey and California from Gerdau for $600 million.
The deal was initially announced in January.
Corporate partners Garrett DeVries and Thomas Yang led the team.
Other Texas lawyers on the deal were corporate counsel Nicholas Houpt and associate Stephanie Calderon; tax partner Alison Chen and counsel Brandon Morris; and real estate partner John Bain, associate Alex Agahzadeh and practice attorney Stuart Graves.
Weil aids Advent on $594M sale of Bonjangles’ to PE firms
Weil said it advised Advent International on the sale of its majority stake in Bojangles’ Inc. to Durational Capital Management and the Jordan Company for $594 million.
James Griffin was the lead partner and associate Anne Langford was part of the team. Both are in Dallas.
Shearman & Sterling counseled Charlotte-based Bojangles’, which used BofA Merrill Lynch as its financial advisor. Houlihan Lokey also provided financial advice to Bojangles’ and its board.
Citigroup Global Markets was financial advisor to the consortium and provided financing in support of the transaction along with KKR Capital Markets.
Akin, Gump, Strauss & Feld, Kirkland & Ellis and and Seyfarth Shaw also provided legal counsel on the transaction.
The deal has to clear Bojangles’ stockholders and is expected to close in the first quarter of next year, when the company will be taken private.
“The new ownership group is committed to maintaining the qualities of this brand that have sustained it for over four decades,” interim president and CEO Randy Kibler said in a statement.
The purchase price works out to $16.10 per share, a 39 percent premium over its stock before speculation that the company might be sold. Bojangles’ went public at $19 per share in 2015.
Bojangles’ non-executive chairman William A. Kussell said its board has been evaluating strategic alternatives over the last several months.
Advent, which invested in Bojangles’ in 2011, is expected to more than quadruple its money on the sale, according to reports.
Bristow merges with Columbia Helicopters in $560M deal
Houston-based Bristow Group Inc. said Nov. 9 it was merging with privately held Columbia Helicopters in a $560 million transaction, which will create a top global diversified industrial aviation solutions provider.
Wachtell, Lipton, Rosen & Katz, King & Spalding and Baker Botts counseled Bristow.
King & Spalding’s team included Houston partner Stuart Zisman and associates Evan Korngold and Josh Petersen. Associates Chelsea Vernon and Mitch Moore also were key contributors.
The financing advisory group from Baker Botts included corporate partners John Geddes and A.J. Ericksen, senior associate Sarah Berens and associates Lakshmi Ramanathan and Emmie Proctor, all of Houston.
Finance partners were Rachael Lichman and Lyman Paden in Houston, special counsel Shelley Austin in Austin and associates Sarah Christian (Austin), Malory Weir (Houston) and Samantha Chestney (Houston).
Also pitching in were employee benefits/executive comp partner Gail Stewart in Houston, special counsel Chris Pratt in Houston and associate Marian Fielding in Dallas.
Timothy Knapp became general counsel of Bristow last year, replacing interim general counsel David Searle.
An engineer by training, Knapp was in the legal department at SourceGas in Colorado for seven years (including as general counsel) and a partner at Knapp & Rome for 18 years before joining Bristow. He has a law degree from the University of Denver.
Tonkon Torp lawyers in Portland, Ore., counseled Columbia, which used Greenhill as its financial advisor. Bristow tapped Jefferies and Greenhill & Co. is Columbia’s financial advisor.
The transaction will be funded with debt, convertible debt, newly issued common shares to the founding Lematta family and Columbia management and cash from Bristow’s balance sheet.
Bristow has secured fully-committed debt and convertible debt financing for the transaction. The Lematta family and Columbia management, which will continue to lead Columbia, will roll over $77 million of their ownership into Bristow common stock up to 7.1 million shares.
Bristow said it remains focused on deleveraging and maintaining strong liquidity.
Columbia will be designated as an unrestricted subsidiary under the Columbia name and air operating certificate.
Bristow expects the transaction to strengthen its operational and consolidated financial profile.
Bristow CEO and president Jonathan Baliff will serve on the Columbia board as a Bristow representative when the deal closes, which is expected by year-end if it clears regulators.
Founded in 1957 by Wes Lematta and headquartered in Aurora, Oregon, Columbia claims to be the leader in heavy-lift helicopter operations and an expert in maintenance, repair and overhaul services.
The company has global operations servicing end-markets that include defense, firefighting, onshore oil and gas, infrastructure and forestry.
Columbia generated revenue of around $281 million and adjusted EBITDA of about $117 million for the 12 months ending Sept. 30, resulting in a transaction multiple of 4.8 times adjusted EBITDA excluding operational and cost synergies.
Before synergies, Columbia is expected to generate $125 million to $130 million of adjusted EBITDA for the 12-month period ending March 30 and $100 million to $105 million of adjusted EBITDA less capital expenditures, which are primarily related to heavy aircraft maintenance capex.
Bristow believes it will be able to use its net operating losses to optimize the combined companies’ tax position.
V&E advises Oasis on buying Bobcat, Beartooth interests
Vinson & Elkins said Nov. 8 it advised Houston-based Oasis Midstream Partners on its agreement to acquire additional interests in Bobcat DevCo and Beartooth DevCo from affiliate Oasis Petroleum Inc. for $250 million.
The team included partners Dave Oelman and Thomas Zentner with associates Andrew Schulte, Luke Thomas and David Lassetter. Also advising were partner Ryan Carney and associate Curt Wimberly (tax); and counsel Larry Pechacek (environmental).
Richards, Layton & Finger advised the conflicts committee, which used Baird on financial matters. Evercore assisted Oasis Petroleum on financial matters.
Nickolas J. Lorentzatos is general counsel of Oasis Petroleum as well as Oasis Midstream’s general partner. The University of Houston-trained lawyer previously worked in the legal departments of Targa Resources, ConocoPhillips and Burlington Resources and was an associate at Bracewell.
The acquisition will increase Oasis Midstream Partners’ interest in Bobcat to 25 percent from 10 percent and will increase its stake in Beartooth to 70 percent from 40 percent.
Analysts at Piper Jaffray’s Simmons & Co. International said the drop-down came sooner than expected. Seaport Global Securities said the deal will plug Oasis Petroleum’s midstream funding gap this year and next.
Oasis Midstream Partners CEO Taylor Reid said in a statement that the company is investing capital in one of the top oil basins in the U.S., the Williston Basin, and its assets are positioned to capture Oasis Petroleum’s increasing volumes.
The acquisition is expected to boost Oasis Midstream Partners’ distributable cash flow per unit based on a transaction value representing roughly 6.75 times 2019 estimated EBITDA of the acquired interests.
The consideration includes $125 million in cash from borrowings under Oasis Midstream Partners’ credit facility, which is being increased from $250 million to $400 million. The rest will come from proceeds from capital market transactions and/or the issuance of common units representing limited partner interests in Oasis Midstream Partners to Oasis Petroleum.
At the closing of the acquisition, Oasis Midstream Partners’ liquidity is expected to be $114 million, including $109 million available on its revolver and $5 million in cash on hand. It expects net debt-to-EBITDA to remain under 2 times at the end of this year and next year.
The deal is expected to close in December.
Ready Capital buys Owens Realty for $175M
Vinson & Elkins advised the special committee of Owens Realty Mortgage’s board on its purchase by Ready Capital Corp. for $175 million in stock.
The combination, which will operate under the Ready Capital name, is expected to have pro forma equity capital of more than $750 million.
The V&E team included corporate partner Steve Gill in Houston, partner David D’Alessandro and associate Steven Oyler in Dallas on executive compensation/benefits and senior associate Doug Lionberger in Houston (on the 1940 Investment Companies Act).
Clifford Chance US counseled Ready Capital, which used Stifel’s Keefe, Bruyette & Woods as its financial advisor. Barclays is assisting the special committee of Owens’ board.
Each Owens Realty share will be converted into 1.441 Ready Capital shares, an exchange that could be adjusted if either entity’s book value per share declines by more than 3 percent.
Ready Capital stockholders will own 72 percent of the combination’s stock while Owens Realty shareholders will hold 28 percent.
Based on Owens Realty’s and Ready Capital’s stock prices on Nov. 7, the combination would have an equity market capitalization of $678 million.
Walnut Creek, Calif.-based Owens Realty is a real estate investment trust that focuses on the origination, investment and management of small-balance and middle-market commercial real estate loans. It had been under pressure from activists to make changes in its management structure, enlisting V&E to help.
New York-based Ready Capital is a multi-strategy real estate finance company that originates, acquires, finances and services small to medium-sized balance commercial loans.
The combination is expected to enhance shareholder liquidity, provide for operating leverage across a larger equity base and boost earnings next year, including through cost and operating efficiencies.
Ready Capital said it will have around $200 million of additional capital to support targeted growth in small balance commercial assets.
Ready Capital CEO Thomas Capasse said the combination will be in a stronger position to execute its business plan, improve operating and cost efficiencies and continue growth in a profitable manner.
Owens Realty president Bryan Draper said he believes that shareholders will benefit from the combination’s better access to financing, larger size and greater resources.
Capasse will lead the company and CFO Frederick C. Herbst will remain CFO. The board will have seven directors, including one director from Owens Realty’s existing board and six directors appointed by Ready Capital.
The transaction is expected to close by the end of the first quarter of next year if it clears both companies’ shareholders.
Kastner Gravelle advises Plus One Robotics on $8.3M funding
Plus One Robotics raised $8.3 million in Series A funding from the Pritzker Group along with Zebra Technologies.
Schematic Ventures, Lerer Hippeau, TCL Ventures, ff Venture Capital, Dynamo and First Star Ventures also participated in the round.
Kastner Gravelle partner Rob Housley in Austin represented Plus One Robotics. Pritzker’s counsel is out of state.
Ty Findley led the investment from Pritzker Group Venture Capital while Tony Palcheck did so for Zebra Ventures.
Plus One is a San Antonio developer of 3D vision and control systems for robotic automation in the logistics and e-commerce industries.
Its flagship product, the PickOne Perception System, is a vision system for the order-fulfillment and parcel-shipping markets.
Plus One said rising consumer demand for shorter delivery times has increased the need for efficiency in handling and sorting the millions of packages that must be handled each day.
The company recently appointed David Scheffrahn as vice president of sales. He previously worked at Yaskawa Motoman Robotics, Rethink Robotics and most recently, Seegrid.
“The tight labor market and accelerating growth mean these e-commerce operators are eager for improvements in productivity,” Plus One CEO Erik Nieves said in a statement. “David’s deep knowledge of our market, customers and partners make him the ideal candidate to lead our next phase of growth.”
Coder raises $4.5M from Uncork Capital, Redpoint
Coder, a cloud-based development platform for software engineers, raised $4.5 million co-led by Uncork Capital and Redpoint Ventures.
Other investors were Founders Fund, Capital Factory and several strategic individual investors, including John Kodumal, Quinn Slack, Grant Gregory, Alec Guettel, David Rosenblatt and Gregory Kennedy from Advection Capital.
Wilson Sonsini Goodrich & Rosati partner Scott Craig counseled Coder.
The Austin-based company intends to use the funds to expand operations and develop the platform.
Coder is led by CEO John Andrew Entwistle, who founded the company with two other 20-year-olds, Kyle Carberry and Ammar Bandukwala, so they could more easily write code for their gaming companies and websites.
Locke Lord aids Carnelian’s OneEnergy on Franklin Mountain sale
Locke Lord said it advised Carnelian Energy Capital-backed OneEnergy Partners on the sale of all of its operations and leasehold to El Paso-based Franklin Mountain Energy for an undisclosed sum.
Franklin Mountain is owned by its principals, most notably its billionaire chairman Paul Foster.
The Locke Lord team was led by Terry Radney and Max Stubbs with assistance from Mike Blankenship, Eric Johnson, Mitch Tiras, Jeff McPhaul, Ben Smolij and Sam Williams. All are in the firm’s Houston office.
Pillsbury counseled Franklin Mountain, including projects partner Robert James – who splits his time between San Francisco and Houston – and insolvency and restructuring partner Hugh Ray III and associate William Hotze in Houston.
RBC Capital Markets was Franklin Mountain’s financial advisor.
The sale was announced Sept. 26 and closed Oct. 30. The assets cover 4,280 net acres in Lea and Eddy Counties.
Franklin Mountain also announced that it had bought 4,041 acres in the Bureau of Land Management New Mexico oil and gas lease sale.
Franklin Mountain’s Foster made his fortune in refining, including selling Western Refining to Tesoro – which was renamed Andeavor – in 2017 for $6.4 billion.
Earlier this year, Andeavor agreed to be taken out by Marathon Petroleum for $23.3 billion.
Willkie Farr aids Carnelian on Veritas, SandPoint investments
Willkie Farr & Gallagher said it represented Carnelian Energy Capital II on its investments in Veritas Permian II and SandPoint Resources. The size of the investments wasn’t disclosed.
Partner Michael De Voe Piazza in Houston led the deal team on both matters.
Veritas was represented by Rob Keffler of Murphy Mahon Keffler & Farrier in Fort Worth. DLA Piper partner Jack Langlois in Houston represented SandPoint’s management.
Carnelian Energy Capital II is a fund managed by Carnelian Energy Capital Management.
Fort Worth-based Veritas Permian II was created by Hollis Sullivan, Mark Schumacher, Butch Ford, Chad Skiles and Steve Fitzgerald to pursue upstream opportunities in select onshore basins with an initial focus on non-operated Permian Basin assets.
Most recently, the Veritas team built an acreage position in the core of the Midland Basin. That culminated in a sale to Parsley Energy after merging Veritas Energy Permian with Double Eagle Lonestar to create Double Eagle Energy Permian.
Tomas Ackerman led the deal from Carnelian, which he formed in 2015 after 13 years at NGP.
The private equity firm has raised $1 billion in equity commitments, including a second fund last year that amounted to $600 million. It focuses on lower-to-middle market equity investments in the North American upstream, midstream and oilfield services sectors.
San Antonio-based SandPoint was co-founded by Erik Hanson, Robert Welch, Brian Arriaga, Matt Koehler and Brandon Williams, who previously worked at BlackBrush Oil and Gas, Lewis Energy, Abaco Operating and Silverback Exploration.
The principals have experience acquiring and developing oil and gas assets in the Eagle Ford trend and in conventional South Texas basins.
That investment was led by Carnelian partner Daniel Goodman, who also previously worked at NGP.
Bracewell represents Hicks-backed Drilling Tools on RIK purchase
Houston-based Drilling Tools International Inc. – which is backed by Tom Hicks’ Hicks Equity Partners – announced Nov. 8 that it acquired RIK Inc. for an undisclosed sum.
Bracewell represented Drilling Tools with a team from Texas that included Will Anderson, Ben Martin, Tyler Lohse, Jonathan Bates and Heather Brown and Andrew Bueso on finance.
Both companies rent downhole drilling tools to the energy industry.
RIK operates out of facilities in Casper, Wyo., and Midland. Its customers include directional drilling companies in the Permian, Denver, Julesburg, Powder River, Piceance, Green River and Williston basins.
Shane Bullard, who founded RIK in 2010, will join Drilling Tools’ management team with a focus on business development and technical services.
Drilling Tools CEO Wayne Prejean said in a statement that the acquisition will provide additional assets and resources to help the company expand.
Hicks Equity Partners is the private equity arm for Hicks Holdings, which contains the assets of the Hicks family.
Tom Hicks was the founder of Hicks Muse Tate & Furst, which raised $12 billion in private equity across six funds and completed $50 billion of leveraged acquisitions.
Hicks Equity Partners looks for established companies with proven track records, strong free cash flow characteristics, a strong competitive industry position and an experienced management team looking to partner with long-term capital.
McGuireWoods aids Excelin on Advanced Home Health purchase
Corinthian Capital-backed Excelin Home Health of Dallas recently acquired Advanced Home Health and Hospice in California and McGuireWoods helped make it happen.
The team included partner Jon Finger and associate Weston Love in Dallas. The target used Sumrow Law and the Fenton Law Group out of California.
The deal expands Excelin from Texas into Sacramento, San Diego, and North Bay, Calif.
Led by Corinthian managing director Gerson Guzman, Excelin is focused on building an industry-leading, professionally managed home healthcare provider.
Corinthian also backs Renegade, a provider of oil well and infrastructure repair and maintenance services that recently refinanced its senior and subordinated debt with the help of the Gulfstar Group.
CAPITAL MARKETS
Latham represents Monitronics on $585M exchange offer
Latham & Watkins said it advised Ascent Capital Group Inc. unit Monitronics International Inc. on a $585 million exchange offer
The matter was led by partner Houston partners David Miller and Catherine Ozdogan with associates Trevor Lavelle, Om Pandya, Benjamin Gelfand, Madeleine Neet and Betsy Moore, all of Houston.
The security alarm provider will swap up to $585 million of its 5.500 percent/6.500 percent senior secured second lien cashpay/PIK (payment-in-kind) notes due 2023 for its 9.125 percent senior notes due 2020.
V&E advises Oasis Midstream on $40M unit offering
Vinson & Elkins said it counseled Oasis Midstream Partners on an underwritten public offering of 2 million common units representing limited partnership interests for $40 million.
The corporate team was led by partners Dave Oelman and Thomas Zentner with associates Andrew Schulte, Luke Thomas and David Lassetter. Also advising were partner Ryan Carney and associate Curt Wimberly on tax and counsel Larry Pechacek on environmental.
The partnership plans to use the net proceeds to fund part of its acquisition of additional interests in Bobcat DevCo and Beartooth DevCo from Oasis Petroleum Inc., a deal outlined in an item above.
The offering priced on Nov. 8 and is expected to close Nov. 14. The underwriters, led by Morgan Stanley and JP Morgan, had a 30-day option to purchase up to 300,000 more common units.
Mobile home maker Legacy Housing files for $69M IPO
Bedford, Texas-based mobile home manufacturer Legacy Housing filed for a $69 million initial public offering.
Olshan Frome Wolosky is advising Legacy. Winston & Strawn partners Bryan L. Goolsby and Kenneth L. Betts in Dallas are assisting the underwriters, who are led by B. Riley FBR.
The company hopes to trade on the Nasdaq under the symbol “LEGH.” It plans to use the proceeds to expand its retail presence in the markets it already serves, particularly in the southern U.S., as well as provide financial solutions to owners of trailer parks.
Each new retail center costs $1 million to $2 million to acquire the location, situate an office, provide inventory and allocate initial working capital. Legacy expects to open 10 to 15 more retail centers by the end of 2020.
The company generated $26.4 million on sales of $128.7 million last year and $19 million in net income on sales of $127 million for the first nine months of 2018.
UPDATE
On Nov. 8 Winstead revealed its involvement in three deals, one that closed in July and two in September.
The first was on July 2, when Winstead helped nonprofit KIPP Charter Schools complete the merger of its KIPP Houston, Austin, Dallas and San Antonio regions. The merged entity, KIPP Texas, is now one of the largest charter school organizations in the country serving 25,000 students in 50 schools.
Three of Winstead’s six offices in Texas were involved in the merger.
Winstead’s Austin team included David Dawson (former KIPP Austin board member), Paige Castañeda, Marcus Brooks, Lacey Gourley, Jeff Nydegger (former KIPP Austin board member) and Keith Hopkinson with support from Kim Studdard, Susan Casey and Debbie Clark.
Winstead lawyers from Houston included Katy Carmical and Michael Pham. Its Dallas team members were Cathryn Berryman and Trip Dyer.
The second deal was on Sept. 21, when Daco Operating and its affiliate Challenger Partners closed an agreement for the sale of a salt water disposal facility in DeWitt County, Texas, for $3.5 million.
Dallas counsel Jenni Tauzel represented Daco and Challenger and Houston shareholder Cary Farris counseled on employment matters for Daco-provided transition services.
Houston shareholder Matt Foytlin and associate Justin Ratley represented the client in an interpleader order involving the underlying lease agreement before the deal’s closing.
The third transaction came on Sept. 25, when Bio-Path Holdings Inc. closed a registered direct public offering to some of its institutional investors of $1.5 million in common stock.
The Winstead corporate team on that deal included shareholder Billy Rohrlich and associate Jason Cramer in The Woodlands and associate Ryan Bruderer in Houston.