Consolidation is continuing in the oil and gas sector, particularly in oilfield services, which has long been fragmented. Witness Patterson-UTI Energy’s merger last year with rival NexTier Oilfield Solutions to create an oil services firm valued at $5.4 billion.
The big deal announced this past week was Dril-Quip Inc.’s merger with Amberjack Capital-backed Innovex Downhole Solutions Inc., estimated to be valued at $1.5 billion (see below).
Dril-Quip, also known by its ticker symbol DRQ, turned to Gerry Spedale, Houston partner at Gibson Dunn & Crutcher, for outside counsel.
The Corporate Deal Tracker caught up with Spedale, who says he’s been working with the company since 1998, back when he was still with Baker Botts. “They’re my longest standing client,” he notes.
Just last year, Spedale advised Dril-Quip on its acquisition of Great North Wellhead and its subsidiaries from Industrial Growth Partners for about $80 million in cash. The deal expanded Dril-Quip’s engineered solutions portfolio and its geographic exposure.
“Most energy companies similar to DRQ in size are actively looking to grow, whether organically or through acquisitions,” Spedale says. “Scale has benefits.”
Spedale predicts that the market will continue to see good activity levels in energy M&A. “In addition to helping companies achieve scale, it offers an alternative to the IPO market for companies with stakeholders that are seeking liquidity,” he says. (Dril-Quip’s target Innovex was looking to go public.)
When he is not tied to his desk, Spedale likes traveling, exploring the restaurant scene (“then running and gravel biking to overcome same,” he quips) and live music.
The 18 deals reported for the week ending March 23 were valued at $5.5 billion. That compares to 21 for $11.4 billion the week prior and 15 for $8.8 billion during the same week last year.
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 | ||
|---|---|---|---|---|---|---|---|---|
| 09-Nov-24 | 14 | $2,110 | 12 | 139 | 12 | $1,410 | 2 | $700 |
| 02-Nov-24 | 12 | $52,788 | 11 | 107 | 11 | $52,738 | 1 | $50 |
| 26-Oct-24 | 8 | $3,160 | 8 | 65 | 7 | $3,065 | 1 | $75 |
| 19-Oct-24 | 12 | $5,304 | 11 | 136 | 11 | $4,554 | 1 | $750 |
| 12-Oct-24 | 17 | $8,438 | 12 | 150 | 15 | $8,116 | 2 | $322 |
| 05-Oct-24 | 22 | $23,181 | 12 | 189 | 15 | $19,980 | 7 | $3,201 |
| 28-Sep-24 | 11 | $2,356 | 7 | 144 | 7 | $53 | 4 | $2,303 |
| 21-Sep-24 | 12 | $9,568 | 10 | 169 | 5 | $4,101 | 7 | $5,467 |
| 14-Sep-24 | 24 | $10,988 | 12 | 235 | 16 | $7,175 | 8 | $3,813 |
| 7-Sep-24 | 12 | $20,420 | 16 | 168 | 11 | $20,307 | 1 | $112.9 |
| 31-Aug-24 | 13 | $20,631 | 9 | 134 | 12 | $14,775 | 1 | $5,856 |
| 24-Aug-24 | 19 | $8,452 | 21 | 325 | 16 | $7,102 | 3 | $1,350 |
| 17-Aug-24 | 25 | $49,196 | 16 | 304 | 11 | $39,386 | 14 | $9,810 |
| 10-Aug-24 | 20 | $12,264 | 15 | 312 | 16 | $9,794 | 4 | $2,470 |
| 03-Aug-24 | 26 | $16,498 | 16 | 334 | 18 | $8,137 | 8 | $8,361 |
| 27-Jul-24 | 19 | $16,442 | 21 | 271 | 15 | $13,838 | 4 | $2,604 |
| 20-Jul-24 | 15 | $16,016 | 14 | 184 | 10 | $14,232 | 5 | $1,784 |
| 13-Jul-24 | 20 | $17,220 | 14 | 265 | 18 | $7,146 | 2 | $10,074 |
| 6-Jul-24 | 11 | $3,941 | 11 | 95 | 8 | $2,650 | 3 | $1,291 |
| 29-Jun-24 | 14 | $6,296 | 15 | 224 | 8 | $6,296 | 6 | $1,927 |
| 22-Jun-24 | 12 | $5,679 | 8 | 137 | 5 | $210 | 7 | $5,469 |
| 15-Jun-24 | 13 | $9,895 | 16 | 214 | 10 | $5,280 | 3 | $4,615 |
| 8-Jun-24 | 19 | $23,859 | 13 | 239 | 12 | $19,436 | 7 | $4,423 |
| 1-Jun-24 | 12 | $34,510 | 11 | 147 | 9 | $26,110 | 3 | $8,400 |
| 25-May-24 | 13 | $9,684 | 15 | 171 | 10 | $4,434 | 3 | $5,250 |
| 18-May-24 | 11 | $5,490 | 11 | 173 | 8 | $3,129 | 3 | $2,361 |
| 11-May-24 | 22 | $14,855 | 14 | 227 | 16 | $11,105 | 6 | $3,750 |
| 4-May-24 | 13 | $3,139 | 9 | 87 | 10 | $1,297 | 3 | $1,842 |
| 27-Apr-24 | 10 | $6,684 | 6 | 28 | 10 | $6,684 | 0 | 0 |
| 20-Apr-24 | 19 | $15,989 | 11 | 147 | 9 | $5,208 | 10 | $10,781 |
| 13-Apr-24 | 13 | $8,952 | 9 | 76 | 10 | $1,652 | 3 | $7,300 |
| 6-Apr-24 | 22 | $22,616 | 14 | 222 | 14 | $13,501 | 8 | $13,116 |
| 30-Mar-24 | 12 | $9,286 | 8 | 136 | 8 | $4,299 | 4 | $4,987 |
| 23-Mar-24 | 18 | $5,451 | 17 | 266 | 16 | $4,759 | 2 | $692 |
| 16-Mar-24 | 21 | $11,437 | 13 | 186 | 14 | $9,316 | 6 | $2,070 |
| 9-Mar-24 | 23 | $4,695 | 21 | 218 | 19 | $2,723 | 4 | $1,972 |
| 2-Mar-24 | 20 | $9,108 | 19 | 372 | 14 | $4,558 | 6 | $4,550 |
| 24-Feb-24 | 19 | $16,382 | 12 | 248 | 15 | $9,507 | 4 | $6,875 |
| 17-Feb-24 | 16 | $29,932 | 15 | 157 | 12 | $29,216 | 4 | $716 |
| 10-Feb-24 | 25 | $10,750 | 17 | 196 | 19 | $5,372 | 6 | $5,379 |
| 3-Feb-24 | 12 | $8,416 | 18 | 125 | 9 | $3,416 | 3 | $5,000 |
| 27-Jan-24 | 9 | $8,165 | 9 | 87 | 8 | $7,815 | 1 | $800 |
| 20-Jan-24 | 14 | $4,084 | 12 | 109 | 12 | $3,219 | 2 | $865 |
| 13-Jan-24 | 17 | $33,588 | 12 | 256 | 12 | $26,765 | 5 | $6,823 |
| 6-Jan-24 | 8 | $7,915 | 8 | 84 | 6 | $7,265 | 2 | $650 |
| 30-Dec-23 | 17 | $14,599 | 12 | 99 | 15 | $2,714 | 2 | $11,885 |
| 23-Dec-23 | 23 | $4,182 | 13 | 219 | 16 | $1,813 | 7 | $2,370 |
| 16-Dec-23 | 13 | $16,436 | 13 | 280 | 7 | $15,150 | 5 | $1,286 |
| 9-Dec-23 | 26 | $14,633.90 | 17 | 244 | 16 | $8,095 | 10 | $6,538.90 |
| 2-Dec-23 | 13 | $6,720 | 9 | 57 | 12 | $6,630 | 1 | $90 |
| 25-Nov-23 | 9 | $4,835 | 9 | 131 | 6 | $1,785 | 3 | $3,050 |
| 18-Nov-23 | 22 | $6,568.70 | 17 | 184 | 14 | $4,709.20 | 8 | $1,859.50 |
| 11-Nov-23 | 15 | $9,825 | 13 | 179 | 12 | $6,581 | 3 | $3,244 |
| 4-Nov-23 | 15 | $20,582.50 | 14 | 193 | 12 | $19,417.50 | 3 | $1,165 |
| 28-Oct-23 | 18 | $68,419.10 | 18 | 152 | 15 | $66,646 | 3 | $1,773.10 |
| 21-Oct-23 | 16 | $6,755.90 | 16 | 165 | 15 | $6,755.90 | 1 | $3 |
| 14-Oct-23 | 14 | $67,851.20 | 13 | 125 | 9 | $61,998.50 | 5 | $5,852.70 |
| 7-Oct-23 | 17 | $6,595.50 | 13 | 228 | 16 | $5,995.50 | 1 | $600 |
| 30-Sep-23 | 17 | $1,896.45 | 13 | 189 | 14 | $806.45 | 3 | $1,090 |
| 23-Sep-23 | 23 | $6,432.70 | 17 | 230 | 16 | $1,402.80 | 7 | $5,029.90 |
| 16-Sep-23 | 25 | $23,226.70 | 23 | 353 | 16 | $17,239 | 9 | $5,987.70 |
| 9-Sep-23 | 12 | $6,369 | 8 | 102 | 7 | $4,311 | 5 | $2,058 |
| 2-Sep-23 | 14 | $2,522 | 6 | 92 | 13 | $1,322 | 1 | $1,200 |
| 26-Aug-23 | 17 | $12,160.25 | 13 | 202 | 15 | $6,573.25 | 2 | $5,587.00 |
| 19-Aug-23 | 19 | $11,505 | 13 | 213 | 15 | $11,255 | 4 | $250 |
| 12-Aug-23 | 19 | $9,698.80 | 13 | 184 | 7 | $3,270 | 12 | $6,428.80 |
| 5-Aug-23 | 13 | $5,201 | 12 | 118 | 12 | $5,051 | 1 | $150 |
| 29-Jul-23 | 15 | $21,031.60 | 13 | 196 | 11 | $18,292.00 | 4 | $2,739.60 |
| 22-Jul-23 | 18 | $3,992 | 12 | 130 | 13 | $2,808 | 5 | $1,184 |
| 15-Jul-23 | 13 | $8,254.95 | 13 | 81 | 13 | $8,254.95 | 0 | 0 |
| 8-Jul-23 | 16 | $5,441.45 | 12 | 172 | 11 | $2,443 | 5 | $2,998.45 |
| 1-Jul-23 | 16 | $6,872 | 10 | 105 | 12 | $5,474 | 4 | $1,398 |
| 24-Jun-23 | 13 | $10,914 | 16 | 201 | 10 | $7,874 | 3 | $3,040 |
| 17-Jun-23 | 17 | $5,880.70 | 15 | 151 | 15 | $4,705.70 | 2 | $1,175 |
| 10-Jun-23 | 19 | $8,516.10 | 13 | 111 | 16 | $6,252.40 | 3 | $2,263.70 |
| June 3 2023 | 12 | $6,104.42 | 12 | 138 | 8 | $4,256.92 | 4 | $1,847.50 |
| 27-May-23 | 17 | $12,200 | 10 | 67 | 11 | $6,165 | 6 | $6,035 |
| 20-May-23 | 11 | $22,458.10 | 8 | 103 | 4 | $19,455 | 7 | $3,003 |
| 13-May-23 | 12 | $7,034 | 10 | 101 | 8 | $5,460 | 4 | $1,574 |
| 6-May-23 | 20 | $3,297.60 | 18 | 196 | 17 | $2,985.60 | 3 | $312 |
| 29-Apr-23 | 23 | $3,691.20 | 18 | 135 | 17 | $1,969.70 | 6 | $1,721.50 |
| 22-Apr-23 | 16 | $5,570 | 14 | 104 | 14 | $4,750 | 2 | $1,000 |
| 15-Apr-23 | 12 | $23,818.10 | 9 | 59 | 10 | $21,618.10 | 2 | $2,200 |
| 8-Apr-23 | 16 | $7,949 | 9 | 173 | 9 | $5,472 | 7 | $3,477 |
| 1-Apr-23 | 21 | $18,676.70 | 12 | 175 | 11 | $10,926.70 | 10 | $7,750 |
| 25-Mar-23 | 15 | $8,779.50 | 10 | 141 | 5 | $2,362 | 10 | $6,416.50 |
| 18-Mar-23 | 7 | $14,048.80 | 6 | 69 | 5 | $13,345 | 2 | $703.80 |
| 11-Mar-23 | 21 | $11,576 | 16 | 165 | 16 | $8,131 | 5 | $3,445 |
| 4-Mar-23 | 20 | $9,668 | 11 | 228 | 16 | $8,209 | 4 | $1,459 |
| 25-Feb-23 | 13 | $5,335 | 13 | 130 | 12 | $4,235 | 1 | $1,200 |
| 18-Feb-23 | 14 | $5,743.70 | 13 | 158 | 8 | $898.70 | 6 | $4,845 |
| 11-Feb-23 | 16 | $12,088 | 12 | 137 | 12 | $9,965 | 4 | $2,123 |
| 4-Feb-23 | 17 | $8,066 | 15 | 140 | 13 | $5,614 | 4 | $2,452 |
| 28-Jan-23 | 7 | $2,180 | 7 | 75 | 5 | $1,692.75 | 2 | $488 |
| 21-Jan-23 | 17 | $5,768 | 16 | 174 | 12 | $1,918 | 5 | $3,850 |
| 14-Jan-23 | 11 | $2, 800 | 10 | 102 | 8 | $421 | 3 | $2,400 |
| 7-Jan-23 | 18 | $8,296 | 11 | 167 | 14 | $6,461 | 3 | $1,835 |
| 31-Dec-22 | 14 | $2,732 | 11 | 99 | 12 | $2,092 | 2 | $640 |
| 17-Dec | 14 | $7,919 | 13 | 115 | 12 | $7,419 | 1 | $500 |
| 10-Dec-22 | 14 | $10,093 | 12 | 88 | 11 | $7,093 | 3 | $3,000 |
| 3-Dec-22 | 26 | $12,800.90 | 11 | 172 | 20 | $4,141 | 6 | $8,659.90 |
| 26-Nov-22 | 8 | $2,266.70 | 8 | 5 | 3 | $76 | 5 | $2,190.70 |
| 19-Nov-22 | 21 | $2,886 | 15 | 212 | 19 | $2,550 | 2 | $336 |
| 12-Nov-22 | 13 | $15,093.70 | 9 | 81 | 9 | $14,200 | 4 | $893.70 |
| 5-Nov-22 | 25 | 19,337.20 | 16 | 509 | 22 | $8,267.20 | 3 | $11,070 |
| 29-Oct-22 | 15 | $7,805.30 | 9 | 116 | 14 | $7,180.30 | 1 | $625 |
| 22-Oct-22 | 20 | $8,193.50 | 13 | 253 | 13 | $5,442 | 7 | $2,751.50 |
| 15-Oct-22 | 9 | $3,046.10 | 9 | 139 | 7 | $2,588.30 | 2 | $457.80 |
| 8-Oct-22 | 19 | $2,011.80 | 12 | 114 | 16 | $833.80 | 3 | $1,178 |
| 1-Oct-22 | 23 | $5,532.90 | 16 | 156 | 18 | $4,952.30 | 5 | $580.60 |
| 24-Sep-22 | 18 | $5,194 | 14 | 216 | 15 | $4,050 | 3 | $1,144 |
| 17-Sep-22 | 21 | $8,352.30 | 12 | 320 | 15 | $4,759.60 | 6 | $3,592.70 |
| 10-Sep-22 | 15 | $19,853.50 | 10 | 126 | 13 | $19,403.60 | 2 | $450 |
| 3-Sep-22 | 9 | $2,312 | 9 | 62 | 9 | $2,312 | 0 | 0 |
| 27-Aug-22 | 16 | $30,891.70 | 10 | 135 | 15 | $30,666.40 | 1 | 227.7 |
| 20-Aug-22 | 12 | $1,977 | 8 | 152 | 9 | 925 | 3 | $1,052 |
| 13-Aug-22 | 18 | $8,004.70 | 11 | 242 | 11 | $2,844.70 | 7 | $5,160 |
| 6-Aug-22 | 24 | $7,948.90 | 12 | 240 | 17 | $3,577 | 7 | $4,371.90 |
| 30-Jul-22 | 8 | $6,941 | 9 | 78 | 7 | $6,839 | 1 | $102 |
| 23-Jul-22 | 11 | $801 | 11 | 92 | 10 | $801 | 1 | 0 |
| 16-Jul-22 | 14 | $3,650 | 10 | 122 | 14 | $3,650 | 0 | 0 |
| 9-Jul-22 | 10 | $3,557.70 | 7 | 68 | 9 | $3,557.70 | 1 | 0 |
| 2-Jul-22 | 18 | $8,609.40 | 13 | 152 | 15 | $2,754.40 | 3 | $5,855 |
| 25-Jun-22 | 15 | $6,142 | 13 | 146 | 9 | $2,017 | 6 | $4,125 |
| 18-Jun-22 | 17 | $11,890.10 | 14 | 228 | 15 | $11,410 | 2 | 479.7 |
| 11-Jun-22 | 17 | $7,600 | 12 | 123 | 10 | $2,300 | 7 | $5,300 |
| 4-Jun-22 | 12 | $2,937 | 10 | 127 | 9 | $692 | 3 | $2,245 |
| 28-May-22 | 9 | $3,197.60 | 11 | 86 | 9 | $3,197.60 | 0 | 0 |
| 21-May-22 | 14 | $7,284.50 | 12 | 185 | 11 | $6,609 | 3 | $675.50 |
| 14-May-22 | 11 | $306.60 | 9 | 80 | 10 | $306.60 | 1 | $225 |
| 7-May-22 | 16 | $10,451.75 | 12 | 108 | 12 | $1,827 | 4 | $8,624.75 |
| 30-Apr-22 | 16 | $2,296.50 | 16 | 157 | 12 | $895.50 | 4 | $1,401 |
| 23-Apr-22 | 10 | $2,241 | 11 | 58 | 8 | $1,641 | 2 | $600 |
| 16-Apr-22 | 11 | $6,643 | 7 | 156 | 8 | $2,359 | 3 | $4,284 |
| 9-Apr-22 | 17 | $4,429 | 14 | 184 | 11 | $1,690 | 6 | $2,739 |
| 2-Apr-22 | 13 | $1,755 | 8 | 84 | 10 | $1,145 | 3 | $610 |
| 26-Mar-22 | 11 | $3,205 | 8 | 65 | 6 | $200 | 5 | $3,005 |
| 19-Mar-22 | 13 | $2,239.17 | 9 | 106 | 13 | $2,239.17 | 0 | 0 |
| 12-Mar-22 | 18 | $12,016 | 11 | 239 | 15 | $11,965 | 2 | $51.35 |
| 5-Mar-22 | 17 | $6,786 | 13 | 137 | 13 | $5,161 | 4 | $1,625 |
| 26-Feb-22 | 12 | $5,095 | 8 | 149 | 9 | $4,437.50 | 3 | $658 |
| 19-Feb-22 | 17 | $22,229 | 17 | 174 | 14 | $21,354 | 3 | $875 |
| 12-Feb-22 | 12 | $2,344.70 | 10 | 73 | 8 | $641.70 | 4 | $1,703 |
| 5-Feb-22 | 11 | $2,503 | 8 | 99 | 11 | $2,503 | 0 | 0 |
| 29-Jan-22 | 11 | $3,872 | 12 | 101 | 12 | $3,872 | 0 | 0 |
| 22-Jan-22 | 13 | $5,143.50 | 10 | 99 | 12 | $4,842.50 | 1 | $301 |
| 15-Jan-22 | 12 | $7,605 | 9 | 155 | 9 | $6,480 | 3 | $1,025 |
| 8-Jan-22 | 13 | $8,256.20 | 11 | 102 | 13 | $8,256.20 | 0 | 0 |
| 1-Jan-22 | 9 | $1,273.80 | 6 | 50 | 9 | $1,273.80 | 0 | 0 |
| 25-Dec-21 | 21 | $4,734.75 | 11 | 176 | 16 | $3,410 | 5 | $1,324.75 |
| 18-Dec-21 | 26 | $7,325.20 | 15 | 193 | 18 | $3,640.20 | 8 | $3,685.20 |
| 11-Dec-21 | 16 | $5,017 | 10 | 109 | 13 | $1,417 | 3 | $3,600 |
| 4-Dec-21 | 14 | $2,310 | 8 | 86 | 8 | $2,310 | 6 | $1,882.05 |
| 27-Nov-21 | 9 | $3.460.1 | 10 | 101 | 6 | $1,758 | 3 | $1,702.60 |
| 20-Nov-21 | 20 | $22,792 | 15 | 157 | 12 | $18,864.50 | 8 | $3,928 |
| 13-Nov-21 | 21 | $26,729 | 12 | 178 | 13 | $11,822 | 8 | $14,907 |
| 6-Nov-21 | 12 | $8,303 | 13 | 157 | 10 | $6,682 | 3 | $1,621 |
| 30-Oct-21 | 21 | $10,368 | 15 | 218 | 15 | $9,24.4 | 6 | $1,103.00 |
| 23-Oct-21 | 21 | $18.783.1 | 15 | 222 | 11 | $12,314 | 10 | $6,468.60 |
| 16-Oct-21 | 15 | $3,868 | 11 | 118 | 15 | $2,293 | 2 | $1,575 |
| 9-Oct-21 | 20 | $8,610 | 16 | 175 | 16 | $7,795 | 4 | $815 |
| 2-Oct-21 | 14 | $6,250 | 11 | 137 | 10 | $5,200 | 4 | $1,050 |
| 25-Sep-21 | 11 | $11,460 | 9 | 93 | 7 | $10,200 | 4 | $1,250 |
| 18-Sep-21 | 11 | $16,603 | 8 | 99 | 8 | $15,084 | 3 | $1,519 |
| 11-Sep-21 | 17 | $10,653 | 11 | 103 | 13 | $8,503 | 4 | $2,150 |
| 4-Sep-21 | 13 | $7,222 | 10 | 89 | 11 | $6,715 | 2 | $507 |
| 28-Aug-21 | 12 | $763 | 9 | 63 | 11 | $663 | 1 | $100 |
| 21-Aug-21 | 12 | $29,659 | 7 | 79 | 11 | $29,579 | 1 | $80 |
| 14-Aug-21 | 22 | $17,845 | 11 | 199 | 12 | $12,805 | 10 | $5,04 |
| 7-Aug-21 | 17 | $13,670 | 12 | 139 | 15 | $11,766 | 2 | $1,904 |
| 31-Jul-21 | 21 | $8,160 | 11 | 134 | 10 | $3,574 | 10 | $4,586 |
| July 24,2021 | 21 | $6,367 | 11 | 139 | 15 | $3,712 | 6 | $2,655 |
| 17-Jul-21 | 14 | $4,009 | 11 | 124 | 12 | $2,015 | 2 | $1,994 |
| 10-Jul-21 | 16 | $3,997 | 13 | 143 | 11 | $1,597 | 4 | $2,4 |
| 3-Jul-21 | 24 | $7,492 | 13 | 94 | 16 | $3,769 | 8 | $3,722 |
| 26-Jun-21 | 10 | $4,995 | 7 | 85 | 8 | $3,847 | 2 | $1,148 |
| 19-Jun-21 | 28 | $16,830 | 8 | 228 | 9 | $1,861 | 19 | $14,968 |
| 12-Jun-21 | 26 | $27,238 | 15 | 209 | 19 | $25,602 | 7 | $1,636 |
| 5-Jun-21 | 15 | $15,539 | 13 | 100 | 13 | $14,709 | 2 | $600 |
| 29-May-21 | 35 | $20,279 | 11 | 145 | 28 | $18,64 | 7 | $1,639 |
| 22-May-21 | 24 | $53,208 | 14 | 174 | 17 | $51,047 | 7 | $2,161 |
| 15-May-21 | 18 | $10,620 | 13 | 220 | 11 | $5,870 | 7 | $4,809 |
| 8-May-21 | 17 | $10,400 | 11 | 156 | 15 | $8,386 | 2 | $2,500 |
| 1-May-21 | 21 | $7,200 | 16 | 115 | 12 | $3,808 | 9 | $3,392 |
| 24-Apr-21 | 8 | $20,200 | 9 | 31 | 8 | $20,200 | 0 | 0 |
| 17-Apr-21 | 14 | $6,270 | 8 | 102 | 11 | $40,180 | 3 | $2,260 |
| 10-Apr-21 | 15 | $8,940 | 13 | 129 | 14 | $7,990 | 1 | $950 |
| 3-Apr-21 | 18 | $19,513 | 10 | 151 | 12 | $16,923 | 6 | $2,590 |
| 27-Mar-21 | 27 | $13,942 | 15 | 244 | 14 | $4,300 | 13 | $9,633.50 |
| 20-Mar-21 | 11 | $2,046 | 4 | 102 | 3 | $270 | 8 | $1,776 |
| 13-Mar-21 | 15 | $3,270 | 9 | 109 | 6 | $538 | 9 | $2,732 |
| 6-Mar-21 | 24 | $13,617 | 10 | 196 | 13 | $10,395 | 11 | $3,222 |
| 27-Feb-21 | 19 | $8,105 | 12 | 139 | 15 | $4,970 | 4 | $3,135 |
| 20-Feb-21 | 9 | $8,820 | 9 | 153 | 8 | $8,520 | 1 | $300 |
| 13-Feb-21 | 12 | $4,852.60 | 7 | 81 | 7 | 2,766 | 5 | $2,086.60 |
| 6-Feb-21 | 18 | $9,752 | 13 | 153 | 14 | $5,222 | 4 | $4,530 |
| 30-Jan-21 | 18 | $9,449 | 9 | 182 | 15 | $8,753.80 | 3 | $695.30 |
| 23-Jan-21 | 14 | $8,150 | 8 | 118 | 6 | $4,000 | 8 | $4,150 |
| 16-Jan-21 | 17 | $6,783 | 13 | 138 | 11 | $2,400 | 6 | $4,382.90 |
| 9-Jan-21 | 22 | $6,829 | 14 | 135 | 18 | $3,139.30 | 4 | $3,690 |
| 2-Jan-21 | 7 | $1,466 | 7 | 60 | 7 | $1,466 | 0 | 0 |
| 26-Dec-20 | 18 | $15,900 | 12 | 163 | 16 | $5,300 | 1 | $600 |
| 19-Dec-20 | 18 | $9,769 | 14 | 110 | 14 | $8,426 | 4 | $1,343 |
| 12-Dec-20 | 10 | $7,200 | 9 | 100 | 9 | $3,325 | 1 | $3,830 |
| 5-Dec-20 | 15 | $4,261 | 9 | 122 | 9 | $2,780 | 6 | $1,481 |
| 28-Nov-20 | 19 | $7,758 | 10 | 110 | 13 | $4,003 | 6 | $3,755 |
| 14-Nov-20 | 14 | $864.10 | 14 | 157 | 12 | $289.10 | 2 | $575 |
| 7-Nov-20 | 13 | $6,332 | 9 | 129 | 9 | $2,483.50 | 4 | $3,849 |
| 31-Oct-20 | 10 | $3,995.80 | 8 | 103 | 6 | $3,231.10 | 4 | $754.70 |
| 24-Oct-20 | 6 | $18,100 | 6 | 58 | 5 | $17,709 | 1 | $350 |
| 17-Oct-20 | 8 | $351.90 | 5 | 55 | 8 | $351.90 | 0 | 0 |
| 10-Oct-20 | 7 | $5,229 | 3 | 50 | 4 | $735 | 3 | $4,494 |
| 3-Oct-20 | 14 | $21,428 | 9 | 173 | 9 | $17,535 | 5 | $3,893 |
| 26-Sep-20 | 10 | $12,770 | 8 | 93 | 5 | $10,300 | 5 | $2,470 |
| 19-Sep-20 | 14 | $8,365 | 9 | 101 | 6 | $1,020 | 8 | $7,345 |
| 12-Sep-20 | 6 | $4,406 | 8 | 59 | 3 | $1,270 | 3 | $3,136 |
| 5-Sep-20 | 11 | $5,191 | 8 | 117 | 9 | $4,061 | 2 | $1,130 |
| 29-Aug-20 | 11 | $2,531 | 9 | 94 | 5 | $1,130 | 6 | $1,401 |
| 22-Aug-20 | 18 | $6,574 | 12 | 140 | 7 | $1,930 | 11 | $4,644 |
| 15-Aug-20 | 13 | $4,991 | 10 | 97 | 7 | $1,216 | 6 | $3,775 |
| 8-Aug-20 | 12 | $32,092 | 11 | 112 | 9 | $30,457 | 3 | $1,635 |
| 1-Aug-20 | 7 | $5,287 | 8 | 76 | 5 | $3,687 | 2 | $1,600 |
| 25-Jul-20 | 9 | $18,751 | 6 | 67 | 7 | $18,403 | 2 | $348 |
| 18-Jul-20 | 6 | $1,982.50 | 5 | 50 | 4 | $1,407.50 | 2 | $575 |
| 11-Jul-20 | 11 | $565.10 | 12 | 75 | 10 | $65.10 | 1 | $500 |
| 4-Jul-20 | 10 | $8,889 | 8 | 98 | 9 | $8,788 | 1 | $100.30 |
| 27-Jun-20 | 8 | $6,874 | 10 | 50 | 5 | $4,972.50 | 3 | $2,081.50 |
| 20-Jun-20 | 12 | $4,444 | 9 | 115 | 7 | $2,829 | 5 | $1,615 |
| 13-Jun-20 | 6 | $3,582 | 4 | 37 | 2 | $350 | 4 | $3,232 |
| 6-Jun-20 | 11 | $3,213.70 | 8 | 65 | 7 | $470 | 4 | $2,743.70 |
| 30-May-20 | 8 | $7,335 | 7 | 48 | 6 | $4,639 | 2 | $2,697 |
| 23-May-20 | 4 | $432.40 | 4 | 34 | 3 | $432.40 | 1 | 0 |
| 16-May-20 | 6 | $310 | 6 | 34 | 5 | $310 | 1 | 0 |
| 9-May-20 | 18 | $5,630 | 16 | 124 | 14 | $3,180 | 4 | $2,450 |
| 2-May-20 | 15 | 10,400 | 10 | 90 | 8 | $1,900 | 7 | $,8,500 |
| 25-Apr-20 | 8 | $3,400 | 9 | 36 | 5 | $1,000 | 3 | $2,450 |
| 18-Apr-20 | 19 | $9,500 | 14 | 92 | 8 | $185.70 | 11 | $9,360 |
| 11-Apr-20 | 12 | $6,000 | 9 | 40 | 5 | $190 | 7 | $5,800 |
| 4-Apr-20 | 14 | $8,200 | 11 | 68 | 10 | $2,200 | 4 | $6,000 |
| 28-Mar-20 | 16 | $6,500 | 13 | 96 | 10 | $3,700 | 6 | $2,800 |
| 21-Mar-20 | 11 | $11,910 | 7 | 33 | 7 | $2,250 | 4 | $9,960 |
| 14-Mar-20 | 7 | 809.8 | 6 | 34 | 6 | 684.8 | 1 | 125 |
| 7-Mar-20 | 16 | $2,500 | 15 | 70 | 13 | $669 | 3 | $1,400 |
| 29-Feb-20 | 13 | $15,260 | 13 | 128 | 11 | $11,760 | 2 | $3,500 |
| 22-Feb-20 | 12 | $3,700 | 10 | 92 | 10 | $2,560 | 2 | $1,130 |
| 15-Feb-20 | 16 | $1,250 | 10 | 84 | 12 | $35 | 4 | $1,222 |
| 8-Feb-20 | 18 | $6,080 | 14 | 123 | 14 | $2,595 | 4 | $3,485 |
| 1-Feb-20 | 21 | $20,900 | 12 | 101 | 14 | $17,860 | 7 | $3,060 |
| 25-Jan-20 | 13 | $7,430 | 13 | 62 | 12 | $6,430 | 1 | $1,000 |
| 18-Jan-20 | 23 | $9,580 | 15 | 120 | 19 | $6,580 | 4 | $3,000 |
| 11-Jan-20 | 21 | $14,200 | 18 | 199 | 16 | $1,020 | 5 | $13,200 |
| 4-Jan-20 | 22 | $6,400 | 11 | 119 | 16 | $3,204 | 6 | $3,245 |
| 28-Dec-19 | 22 | $7,150 | 19 | 175 | 18 | $6,800 | 4 | $327.40 |
| 14-Dec-19 | 24 | $36,300 | 23 | 167 | 19 | $9,500 | 5 | $26,800 |
| 7-Dec-19 | 11 | $10,400 | 11 | 55 | 7 | $1,082 | 4 | $9,370 |
| November 30. 2019 | 14 | $2,450 | 12 | 126 | 12 | $1,760 | 2 | $692.50 |
| 23-Nov-19 | 16 | $1,995 | 10 | 41 | 11 | $615 | 5 | $1,380 |
| 16-Nov-19 | 15 | $3,820 | 13 | 135 | 11 | $2,500 | 4 | $1,271 |
| 9-Nov-19 | 25 | $12,900 | 17 | 182 | 23 | $12,200 | 2 | $575 |
| 2-Nov-19 | 10 | $2,470 | 12 | 61 | 9 | 2,450 | 3 | $22 |
| 26-Oct-19 | 12 | $5,560 | 14 | 70 | 11 | $3,860 | 1 | $1,700 |
| 19-Oct-19 | 8 | $6,600 | 8 | 138 | 8 | $6,600 | 0 | 0 |
| 12-Oct-19 | 19 | $4,300 | 14 | 55 | 16 | $3,800 | 3 | $500 |
| 5-Oct-19 | 18 | $14,500 | 19 | 166 | 15 | $11,100 | 3 | $3,400 |
| 28-Sep-19 | 19 | $8,100 | 18 | 132 | 18 | $7,560 | 1 | $550 |
| 21-Sep-19 | 14 | $6,300 | 16 | 66 | 11 | $2,160 | 3 | $4,170 |
| 14-Sep-19 | 15 | $23,800 | 12 | 56 | 11 | $21,250 | 4 | $2,570 |
| 7-Sep-19 | 17 | $3,500 | 15 | 98 | 14 | $1,900 | 3 | $1,600 |
| 31-Aug-19 | 5 | $8,700 | 6 | 50 | 5 | $8,700 | 0 | 0 |
| 24-Aug-19 | 16 | $10,000 | 14 | 82 | 15 | $4,250 | 1 | $5,750 |
| 16-Aug-19 | 10 | $1,680 | 5 | 52 | 7 | $650 | 3 | $950 |
| 9-Aug-19 | 17 | $17,700 | 15 | 68 | 14 | $3,900 | 3 | $13,800 |
| 2-Aug-19 | 13 | $5,760 | 12 | 108 | 13 | $5,760 | NA | NA |
| 27-Jul-19 | 11 | $7,300 | 13 | 76 | 8 | $6,570 | 3 | $730 |
| 20-Jul-19 | 13 | $11,800 | 13 | 125 | 11 | $5,300 | 2 | $6,500 |
| 13-Jul-19 | 10 | $775 | 7 | 46 | 8 | $542.50 | 2 | $233 |
| 6-Jul-19 | 7 | $2,500 | 9 | 85 | 7 | $2,500 | 0 | 0 |
| 29-Jun-19 | 23 | $8,290 | 15 | 154 | 17 | $2,300 | 6 | $5,970 |
| 22-Jun-19 | 17 | $10,700 | 10 | 139 | 14 | $7,700 | 3 | $3,000 |
| 15-Jun-19 | 11 | $13,500 | 14 | 160 | 11 | $13,500 | NA | NA |
| 8-Jun-19 | 13 | $2,870 | 17 | 55 | 11 | $1,570 | 2 | $1,300 |
| 1-Jun-19 | 10 | $4,460 | 11 | 60 | 8 | $4,140 | 2 | $315 |
| 25-May-19 | 17 | $4,360 | 14 | 79 | 14 | $3,700 | 3 | $612 |
| 18-May-19 | 22 | $9,000 | 17 | 150 | 16 | $3,400 | 6 | $5,600 |
| 11-May-19 | 18 | $19,800 | 17 | 177 | 15 | $18,300 | 3 | $1,500 |
| 4-May-19 | 10 | $7,075 | 6 | 32 | 8 | $6,900 | 2 | $175 |
| 27-Apr-19 | 15 | $3,200 | 14 | 117 | 14 | $3,160 | 1 | $40 |
| 20-Apr-19 | 13 | $13,500 | 10 | 90 | 9 | $12,200 | 4 | $1,300 |
| 13-Apr-19 | 16 | $38,900 | 14 | 91 | 14 | $37,800 | 2 | $1,100 |
| 6-Apr-19 | 12 | $6,870 | 11 | 94 | 10 | $6,730 | 2 | $50 |
| 30-Mar-19 | 15 | $6,470 | 12 | 84 | 10 | $7,91.5 | 5 | $5,677 |
| 23-Mar-19 | 18 | $6,450 | 14 | 91 | 14 | $5,042 | 4 | $1,408 |
| 16-Mar-19 | 14 | $10,180 | 12 | 115 | 11 | $8,800 | 3 | $1,300 |
| 9-Mar-19 | 9 | $1,800 | 6 | 49 | 8 | $1,300 | 1 | $500 |
| 2-Mar-19 | 20 | $3,033 | 16 | 107 | 14 | $1,817 | 6 | $1,262 |
| 23-Feb-19 | 12 | $2,040 | 8 | 69 | 9 | $614.60 | 3 | $1,430 |
| 16-Feb-19 | 16 | $9,970 | 18 | 77 | 16 | $9,970 | 0 | 0 |
| 9-Feb-19 | 14 | $6,400 | 10 | 110 | 14 | $6,400 | 0 | 0 |
| 2-Feb-19 | 18 | $6,740 | 15 | 99 | 16 | $5,720 | 2 | $950 |
| 26-Jan-19 | 13 | $2,770 | 11 | 67 | 11 | $918.95 | 2 | $1,850 |
| 19-Jan-19 | 15 | $3,819 | 16 | 76 | 12 | $2,594 | 3 | $1,225 |
| 12-Jan-19 | 18 | $7,283 | 14 | 92 | 15 | $1,683 | 3 | $5,600 |
| 5-Jan-19 | 10 | $529 | 12 | 50 | 10 | $529 | 0 | 0 |
| 22-Dec-18 | 17 | $2,570 | 13 | 87 | 14 | $941 | 3 | $1,629 |
| 15-Dec-18 | 10 | $2,860 | 8 | 26 | 8 | $264 | 2 | $2,600 |
| 8-Dec-18 | 15 | $1,819 | 16 | 65 | 12 | $552 | 3 | $1,267 |
| 1-Dec-18 | 12 | $7,500 | 10 | 90 | 9 | $1,200 | 3 | $6,200 |
| 28-Nov-18 | 15 | $4,500 | 11 | 107 | 14 | $4,000 | 1 | $500 |
| 19-Nov-18 | 18 | $6,137 | 13 | 98 | 13 | $2,142 | 5 | $3,995 |
| 14-Nov-18 | 18 | $9,200 | 13 | 152 | 15 | $8,500 | 3 | $694 |
| 6-Nov-18 | 16 | $17,300 | 16 | 183 | 14 | $16,361 | 2 | $950 |
| 29-Oct-18 | 14 | $14,400 | 18 | 127 | 17 | $13,800 | 1 | $600 |
| 24-Oct-18 | 13 | $6,140 | 13 | 126 | 11 | $5,122 | 2 | $1,018 |
| 17-Oct-18 | 18 | $18,390 | 15 | 125 | 14 | $12,292 | 4 | $6,098 |
| 10-Oct-18 | 29 | $3,149 | 18 | 104 | 20 | $1,647 | 9 | $819 |
| 2-Oct-18 | 18 | $9,300 | 11 | 67 | 14 | $7,300 | 4 | $2,000 |
| 25-Sep-18 | 13 | $7,000 | 11 | 75 | 10 | $6,000 | 3 | $995 |
| 18-Sep-18 | 9 | $3,570 | 7 | 44 | 9 | $3,570 | 0 | 0 |
| 11-Sep-18 | 13 | $5,900 | 10 | 132 | 13 | $5,900 | 0 | 0 |
| 7-Sep-18 | 14 | $5,000 | 15 | 86 | 11 | $4,000 | 3 | $1,000 |
| 29-Aug-18 | 15 | $20,700 | 14 | 79 | 13 | $4,700 | 2 | $16,000 |
| 20-Aug-18 | 10 | $12,400 | 11 | 53 | 8 | $11,380 | 3 | $1,057 |
| 14-Aug-18 | 12 | $19,900 | 12 | 132 | 9 | $18,889 | 3 | $1,011 |
| 7-Aug-18 | 16 | $68,600 | 11 | 106 | 13 | $67,259 | 3 | $1,340 |
| 31-Jul-18 | 15 | $15,100 | 15 | 95 | 11 | $13,060 | 4 | $2,060 |
| 23-Jul-18 | 13 | $2,130 | 15 | 60 | 10 | $1,804 | 3 | $1,100 |
| 17-Jul-18 | 14 | $5,370 | 17 | 98 | 9 | $4,310 | 5 | $1,100 |
| 9-Jul-18 | 16 | $11,200 | 15 | 74 | 10 | $11,080 | 6 | $862 |
| 3-Jul-18 | 13 | $7,000 | 7 | 81 | 12 | $6,330 | 1 | $750 |
| 25-Jun-18 | 15 | $8,800 | 13 | 97 | 9 | $4,970 | 6 | $3,930 |
| 18-Jun-18 | 13 | $14,200 | 14 | 80 | 7 | $221 | 6 | $14,290 |
| 11-Jun-18 | 12 | $6,300 | 8 | 96 | 8 | $5,910 | 4 | $803 |
| 6-Jun-18 | 13 | $14,500 | 10 | 88 | 8 | $14,154 | 5 | $579 |
| 31-May-18 | 11 | $4,890 | 10 | 63 | 8 | $3,240 | 3 | $1,790 |
| 22-May-18 | 15 | $20,400 | 11 | 63 | 9 | $19,808 | 6 | $885 |
| 15-May-18 | 15 | $4,700 | 15 | 106 | 10 | $3,900 | 5 | $643 |
| 9-May-18 | 11 | $1,400 | 13 | 88 | 9 | $1,300 | 2 | $560 |
| 1-May-18 | 8 | $14,250 | 7 | 88 | 7 | $13,400 | 1 | $450 |
| 24-Apr-18 | 12 | $5,300 | 6 | 61 | 11 | $4,470 | 1 | $800 |
| 17-Apr-18 | 9 | $1,800 | 10 | 44 | 7 | $2,330 | 2 | $1,434 |
| 11-Apr-18 | 11 | $2,500 | 8 | 32 | 6 | $1,690 | 5 | $809 |
| 3-Apr-18 | 15 | $13,400 | 11 | 121 | 9 | $12,020 | 6 | $1,090 |
| 28-Mar-18 | 10 | $4,000 | 10 | 92 | 7 | $3,870 | 3 | $215 |
| 19-Mar-18 | 17 | $5,800 | 13 | 51 | 10 | $590 | 7 | $5,165 |
| 12-Mar-18 | 15 | $3,130 | 11 | 43 | 11 | $2,360 | 4 | $788 |
| 6-Mar-18 | 19 | $5,400 | 13 | 116 | 10 | $1,530 | 9 | $4,860 |
| 27-Feb-18 | 20 | $6,600 | 13 | 69 | 14 | $5,530 | 6 | $1,030 |
| 19-Feb-18 | 15 | $5,500 | 14 | 111 | 10 | $3,990 | 6 | $1,980 |
| 12-Feb-18 | 23 | $10,900 | 17 | 157 | 12 | $7,110 | 11 | $3,840 |
| 5-Feb-18 | 16 | $8,600 | 13 | 100 | 7 | $1,330 | 9 | $7,800 |
| 30-Jan-18 | 11 | $12,600 | 11 | 68 | 5 | $7,300 | 6 | $4,982 |
| 24-Jan-18 | 19 | $9,400 | 15 | 129 | 5 | $2,010 | 14 | $7,337 |
| 18-Jan-18 | 10 | $6,280 | 8 | 49 | 2 | $2,100 | 8 | $4,188 |
| 9-Jan-18 | 12 | $16,500 | 12 | 92 | 9 | $15,890 | 3 | $475 |
| 3-Jan-18 | 10 | $2,500 | 9 | 47 | 8 | $2,350 | 2 | $150 |
| 27-Dec-17 | 15 | $9,000 | 15 | 113 | 9 | $7,568 | 6 | $1,784 |
| 18-Dec-17 | 15 | $13,800 | 16 | 164 | 9 | $13,010 | 7 | $1,118 |
| 11-Dec-17 | 14 | $9,700 | 10 | 126 | 12 | $2,940 | 4 | $8,500 |
| 4-Dec-17 | 6 | $1,800 | 6 | 31 | 5 | $1,510 | 1 | $300 |
| 28-Nov-17 | 7 | $3,850 | 8 | 76 | 4 | $3,260 | 3 | $285 |
| 16-Nov-17 | 10 | $2,700 | 10 | 48 | 6 | $1,840 | 4 | $856 |
| 8-Nov-17 | 15 | $2,380 | 17 | 91 | 10 | $1,860 | 5 | $516 |
| 1-Nov-17 | 12 | $4,700 | 17 | 94 | 9 | $3,400 | 4 | $1,300 |
| 23-Oct-17 | 15 | $10,500 | 10 | 67 | 10 | $9,780 | 4 | $1,530 |
| 18-Oct-17 | 6 | $2,000 | 37 | 3 | $225 | 3 | $1,820 | |
| 10-Oct-17 | 12 | $6,570 | 100 | 9 | $3,880 | 3 | $3,360 | |
| 2-Oct-17 | 8 | $3,100 | 11 | 19 | 3 | $1,630 | 5 | $1,750 |
| 25-Sep-17 | 8 | $4,880 | 8 | 79 | 5 | $2,660 | 5 | $2,070 |
| 18-Sep-17 | 9 | $4,770 | 3 | $300 | 6 | $4,470 | ||
| 12-Sep-17 | 11 | $4,430 | 8 | $2,030 | 3 | $2,400 | ||
| 1-Sep-17 | 4 | $1,310 | 3 | $317 | 1 | $1,000 | ||
| 23-Aug-17 | 11 | $13,640 | 9 | 8 | $11,840 | 3 | $1,800 |
M&A/FUNDINGS
Dril-Quip merges with Innovex in deal estimated to be worth $1.5B
Deal Description: Dril-Quip Inc., a provider of equipment and services for the oil and gas industry, and Innovex Downhole Solutions Inc. announced March 18 they will merge in an all-stock transaction. A value wasn’t given, but the deal was estimated to be worth $1.5 billion. Dril-Quip Inc. will issue $783 million in shares to Innovex, according to Enervus. Dril-Quip had a market cap of $800 million before the merger was announced. Innovex had filed to go public. Upon closing, Dril-Quip stockholders will own 52 percent of the combination and Innovex shareholders the balance. Amberjack Capital Partners, the majority owner of Innovex, will own 43 percent. The merged company is expected to generate more than $1 billion in annual sales and $221 million in EBITDA, including synergies, in fiscal 2023. The two said the combination will have a strong balance sheet with a year-end 2023 net cash position of $99 million. The deal is expected to achieve annual cost synergies of $30 million within 24 months after the transaction closes, with half of the annual cost synergies to be realized within 12 months. Innovex CEO Adam Anderson will become CEO of the combined company and will join its board while Kendal Reed, CFO of Innovex, will serve in the same role. The remainder of the team is expected to include executives from Dril-Quip and Innovex. The new board will consist of nine directors, including four from Dril-Quip, four from Innovex. John Lovoi, Dril-Quip’s chairman, will be chairman. The name will change to Innovex International Inc. and its stock is expected to trade on the New York Stock Exchange under a new ticker symbol “INVX.” The combo will be headquartered in Houston.
Expected Closing: Q3 2024 if it clears regulators and Dril-Quip’s stockholders
Dril-Quip’s Financial Advisors: Citi and Morgan Stanley
Dril-Quip’s Outside Counsel: Gibson, Dunn & Crutcher with a corporate team is led by partner Gerry Spedale and including associates Ashley Whittington, Adri Langemeier, Kyle Clendenon and Benjamin Blefeld. Senior counsel Gregory Nelson and associate Hayden Theis are advising on tax aspects and partner Sean Feller and associate Kayoko Fong on benefits. Partner Cromwell Montgomery, of counsel Jason Durschlag and associate Vlad Zinovyev are counseling on financing, partner Carrie LeRoy and associates Libby Pica and Jessica Lee on IP and partners Chris Wilson and Attila Borsos on antitrust.
Innovex’s Financial Advisors: Goldman Sachs and Piper Sandler
Innovex’s Outside Counsel: Akin Gump Strauss Hauer & Feld with assistance from Paul Hastings (David Elder). The Texas-based lawyers from Akin’s team include Rob Shearer, Mary Lovely, Matt Kapinos, Leana Garipova, Anthony Hilbert, Patrick Hovet, Andrea Cabada, Brian Patterson, John Clayton and Alison Chen. Additional advice was provided by executive compensation and employee benefits partner Stephanie Bollheimer and counsel Aaron Farovitch; antitrust partner Corey Roush and senior counsel Brian Rafkin; antitrust and international competition partner Scott Pettifor, counsel Milo Cywinski and associate Marcello Prota; international trade partners Melissa Schwartz and Alexis Guinan, counsel Imogen Brooks and associate John Gurtunca; labor and employment counsel Andrew Gear; capital markets senior counsel Alex Reuss; environmental senior counsel Andrew Oelz; and intellectual property partner David Vondle.
R.R. Donnelley buys Vericast digital, print marketing unit for reported $1.35B
Deal Description: R.R. Donnelley & Sons Co., a provider of marketing, packaging, print and supply chain solutions, announced March 18 that it entered into a definitive agreement to acquire digital and print marketing businesses from Vericast Corp. Terms weren’t disclosed, although Bloomberg reported that the sale of the unit, called Valassis, for $1.35 billion would largely come in the form of debt forgiveness by Chatham Asset Management, according to its sources. The arrangement calls for Chatham to retire around $1.2 billion in debt, as per the news outlet. The investment firm is Vericast’s largest creditor and also owns RRD. The business includes a set of digital marketing solutions that includes: display advertising, contextual targeting, connected TV, dynamic mobile, digital out of home, social media marketing, email marketing, local search and zero-party data capture. The transaction also includes Vericast’s print marketing business, including shared mail and free-standing inserts and digital and print coupon clearing business. Tom Quinlan, president and CEO of RRD said the shared mail business will complement its targeted mail platform to create one of the largest and one of the most sophisticated mail platforms in the U.S.
Expected Closing: Q2 2024 if it clears regulators
RRD’s Outside Counsel: Latham & Watkins with a corporate deal team led by New York partner Michael Saliba and Houston partners Ryan Maierson and Kevin Richardson with associates Denny Lee, Zainab Hashmi, Catherine Sims, Stacey Hall, Robyn Sablove and Emma Fichtel. Advice was also provided on tax matters by New York partner Matthew Dewitz with associate Christina McLeod; on antitrust matters by Washington, D.C., partner Mandy Reeves with associate Matthew Piehl; on bank finance matters by counsel Preeta Paragash with associate Tulika Sinha; on benefits matters by New York counsel Rifka Singer with associate Jaye Han; on labor matters by Chicago partner Nineveh Alkhas with associate Amarantha Gomez; on intellectual property matters by New York partner Jeff Tochner with associates Dewey Kang and Sebastian Moss; on real property matters by New York partner Dara Denberg with associate Tom Ficchi; on environmental matters by Los Angeles partner Josh Marnitz with associate Nolan Fargo; on data privacy matters by Houston counsel Robert Brown II with associate Dyllan Brown-Bramble; on ex-US merger control analysis by Brussels counsel Tomas Nilsson; on foreign direct investment matters by Brussels counsel Philipp Studt with associate Panagiotis Kokkinidis; on trade controls matters by Washington, D.C., counsel Andrew Galdes with associate Delia Tasky; on rep and warranty insurance matters by Los Angeles partner Drew Levin and San Diego counsel Hannah Cary with associate Ryan Kazemaini; on FCPA matters by Washington, D.C., partner Erin Brown Jones; on insurance matters by San Diego partner Drew Gardiner; and on China matters by Hong Kong partner Qiuning (Frank) Sun and Beijing counsel Liyun (Louise) Deng with associate Xinwei (Jennifer) Xu.
Chatham’s Outside Counsel: Lowenstein Sandler
Vericast’s Outside Counsel: Kirkland & Ellis led by Ravi Agarwal, David Feirstein and Michael Amalfe
RRD’s Financial Advisor: Bank of America Securities
RRD’s Financing Arrangers/Bookrunners: JPMorgan Chase Bank and Apollo Global Funding
Summit Midstream sells Utica position for $625M
Deal Description: Summit Midstream Partners announced March 22 the sale of Summit Midstream Utica, which includes its 36 percent interest in Ohio Gathering Co., 38 percent interest in Ohio Condensate Co. and wholly owned Utica assets to a subsidiary of MPLX for $625 million in cash. The transaction is the culmination of the comprehensive strategic review process undertaken by the Summit board, in consultation with external advisors, that was publicly announced on Oct. 3. The board and management have completed their active process but remain open to all potential value-enhancing transactions. The Board and management plan to seek approval from Summit unitholders to convert the partnership to a C-Corp at a special meeting later this year.
Summit’s Financial Advisor: RBC Capital Markets
Summit’s Outside Counsel: Locke Lord led by Jennie Simmons and Bill Swanstrom in Houston and including Lauren Richter, Gislar Donnenberg, David Harrell, Jerry Higdon, Eric Larson, Sara Longtain, Nicole Davies and Andrew Nelson in Houston and Mark Backofen and Van Jolas in Dallas.
MPLX’s Outside Counsel: Morgan Lewis including partners Sameer Mohan, Conor Larkin and Jeff Dinerstein and associate Tara McElhiney in Houston along with a team including partners Harry Robins, Dave Brenneman, Omar Shah, Susan Zhu and Michael Pedrick; of counsel Ariane Baczynski; and associate Jack Ashfield.
Tidewater buys 37 platform supply vessels from Solstad for $577 million
Deal Description: Tidewater Inc. announced March 7 a definitive agreement to purchase 37 of Solstad Offshore’s platform supply vessels for $577 million. Tidewater said the deals solidifies it as the leading high-specification PSV operator: The addition makes Tidewater the largest owner and operator of high-specification PSVs, which is the OSV vessel class that has demonstrated the highest utilization through all market cycles. Tidewater’s fleet of 228 vessels is among the youngest in the world. The acquired vessels have a backlog of $620 million (including contract option periods) and potential cash flow generation upside as maturing contracts roll onto higher market day rates. Tidewater intends to fund the transaction through new debt and cash on hand. The company has received commitments from a group of financial institutions, led by the company’s existing lender DNB Bank, for a three-year senior secured credit facility of up to $325 million and expects to raise new debt prior to closing.
Expected Closing: Q2 2024 if it clears regulators and financing
Tidewater’s Financial Advisors: Clarksons Securities and Evercore
Tidewater’s Debt Advisor: DNB Markets
Tidewater’s Outside Counsel: Vinson & Elkins, Advokatfirmaet Wiersholm and Clyde & Co. The V&E team was led by partner Steve Gill, Mike Telle and David Stone with assistance from counsel Jing Tong and associates Chandler Jones and Cole Leveque. Other key team members include partner Brett Santoli and senior associate Maya Bobbitt (finance); partner John Michael (energy transactions/projects); and counsel Steven Zundell (restructuring).
Diversified Energy buys gas assets from Oaktree for $410M
Deal Description: Birmingham, Ala.-based Diversified Energy Co. (DEC) announced March 19 that it entered into a conditional agreement with Oaktree Capital Management for the acquisition of working interests in gas assets operated in the Central Region. DEC will purchase Oaktree’s proportionate interest in the previously announced Indigo, Tanos III, East Texas and Tapstone acquisitions for an estimated gross purchase price of $410 million ($386 million net), which includes the assumption of $120 million in amortizing notes and a hedge book with a positive mark-to-market of $70 million. DEC’s average working interest in the assets will increase by 100 percent as a result of the transaction. As part of the acquisition, DEC will acquire hedging contracts from Oaktree that will provide ongoing protection. The purchase price is expected to be satisfied through existing and expanded liquidity, the assumption of Oaktree’s proportionate debt of $120 million associated with the ABS VI amortizing note and about $90 million in deferred cash payments to Oaktree. Additional liquidity may be generated from non-core asset sales and the potential issuance of a private placement preferred instrument.
Expected Closing: Q2 2024 if it clears DEC’s shareholders and regulators
Oaktree’s Outside Counsel: Gibson, Dunn & Crutcher led by partner Michael Piazza and included partner Rahul Vashi, of counsel Adam Whitehouse and associates Chris Atmar, Samantha Astrich and Michael Holmes. Partner Michael Cannon and associate Blake Hoerster advised on tax matters; partner Doug Horowitz, of counsel Christopher Milla and associate Sonari Chidi on financing; and partners Jesse Myers and Chris Haynes and associate Houston Morgan on corporate matters.
DEC’s Outside Counsel: Haynes Boone with a deal team led by partner Jeremy Kennedy with support from partner Brandon Jones and associates John Craven, Reem Abdelrazik and Farhad Tahir
TotalEnergies acquires Talos Low Carbon Solutions for $148M
Deal Description: TotalEnergies announced March 18 it agreed to acquire all of Talos Low Carbon Solutions, a U.S. company focused on carbon capture and storage. TotalEnergies didn’t disclose terms, although Talos Energy said it sold the unit to TotalEnergies for $125 million plus customary reimbursements, adjustments and retention of cash, for a total of about $148 million. After completion of the transaction, TotalEnergies will own 25 percent of the Bayou Bend project alongside Chevron (50% who operates) and Equinor (25%). Bayou Bend project is a CO2 storage project along the Texas Gulf Coast close to TotalEnergies’ assets in the region. TotalEnergies will also own a 65 percent operated interest in the Harvest Bend project in Louisiana and a 50 percent interest in the Coastal Bend project in Texas, which are further away from the company’s other existing assets so it intends to sell them after closing. The Bayou Bend project is a carbon transportation and storage solution for industrial emitters in the Houston Ship Channel and Beaumont – Port Arthur region, one of the largest industrial corridors in the U.S. Located close to TotalEnergies’ Port Arthur refinery and its petrochemicals assets in La Porte, the project will be instrumental for the reduction of direct emissions from its U.S. operations, chairman and CEO of TotalEnergies Patrick Pouyanné said. TotalEnergies aims to get to net zero by 2050.
TotalEnergies’ Outside Counsel: White & Case including partners Charlie Ofner, Taylor Pullins, Jason McCoy (all in Houston), Arlene Arin Hahn and David Dreier (both in New York), Melissa Taylormoore, Rebecca Farrington, Mark J. Gidley (all in Washington, DC) and Jeremie Marthan (Paris); counsel Samantha Rozell (Chicago); and associates Christopher Hebert, Marina Gomm Santos (both in Miami), Muhammad Hasan, Daniel Miller, R.J. Colwell (all in Houston), Taylor Gillespie, Jarrah Al-Buainain, Adriana Zhan (all in New York), Lucee Laursen (Chicago); and Rahel Wendebourg (Paris).
Talos’ Outside Counsel: Latham & Watkins with an M&A team led by partner Justin T. Stolte with associates Monika Kluziak, John Daywalt, Anji Yuan and Chris Fanick. Advice was also provided on tax matters by partner Jim Cole, with associate Dylan White; on benefits and compensation matters by partner Larry Seymour, with associates Morgan Wesner and Joe Gu; on intellectual property and data privacy matters by counsel Kieran Dickinson, with associate Kellye Quirk; on real estate matters by partner Robert Frances, with associate David Rao; on environmental matters by partner Joshua Marnitz, with associate Brian McCall; on antitrust matters by partner Jason Cruise, with associate Andrew Paik; and on regulatory matters by partner Kevin Chambers, with associate Matthew Crawford.
Comstock Resources gets additional $100M equity investment from Jerry Jones
Deal Description: Comstock Resources Inc. announced March 20 that its majority shareholder, Jerry Jones, agreed to make an additional $100.45 million equity investment in the company through two entities he controls. The entities will acquire 12.5 million shares of common stock in the private placement at $8.036 per share, which represents the average of the closing prices for the five trading days ended March 20. Following the equity investment, Jerry Jones will own approximately 67 percent of the company’s common shares outstanding, up from 65 percent. Comstock will use the proceeds to pay down bank debt, which was partially incurred to fund several recently completed acquisitions of 200,000 net undeveloped acres in Comstock’s Western Haynesville play for $58.7 million. Comstock is a natural gas producer with operations focused on the development of the Haynesville Shale in North Louisiana and East Texas.
Jones’ Outside Counsel: Gibson, Dunn & Crutcher led by partner Doug Rayburn and including of counsel Justine Robinson and associate Jonathan Sapp
Comstock’s Outside Counsel: Jack Jacobsen at O’Melveny, with a team that also included counsel Ashley Thurman and associate Sahil Nooruddin, all of Dallas.
Main Street invests $40M in Gulf Manufacturing to support acquisition
Deal Description: Main Street Capital Corp. announced March 19 that it recently completed a follow-on investment in an existing portfolio company, Gulf Manufacturing, to support its acquisition of Maass Global Group, which manufactures and distributes flanges and forged products, forged bar, seamless pipe and fittings in duplex, stainless steel and high nickel alloys. Main Street’s follow-on investment consists of a $40 million first lien, senior secured term debt investment. Main Street also provided GMI with a revolving line of credit to support Gulf’s growth initiatives and working capital needs. As a result of the acquisition, a new parent holding company, Gulf Manufacturing Holdings, was formed to own GMI and Maass. Founded in 1984 and located in Humble, Texas, GMI is a manufacturer and supplier of fittings, flangesa nd specialty products for the oil and gas industry. With manufacturing and distribution locations in Humble and Broussard, La., GMI serves customers throughout the U.S. Main Street has been invested in GMI since 2007. Post-transaction, the combined company will operate globally with manufacturing and distribution operations in the U.S., Europe and Asia.
Maass’ Outside Counsel: King & Spalding including Jonathan Newton and Rishika Sengupta in Houston and Peter Memminger in Frankfurt
Main Street/GMI’s Outside Counsel: Greg Heath from Locke Lord
Perpetua Resources sells Franco-Nevada royalty in exchange for $8.5M
Deal Description: Perpetua Resources Corp. announced March 21 that it agreed to sell a royalty on the future payable silver production from the Stibnite Gold Project to a unit of Franco-Nevada Corp. in exchange for $8.5 million in cash. Franco-Nevada will receive all of the payable silver by-product revenue over the life-of-mine. Silver represents less than 0.3% of projected life-of-mine revenue. The additional liquidity provided from the upfront payment complements the funding that the company secured through the U.S. Department of Defense. Perpetua intends to use the proceeds for general corporate purposes. Perpetua’s proposed Stibnite Gold Project is designed to re-establish a U.S. source of the critical mineral antimony as a by-product of one of the highest-grade open pit gold resources in the U.S. The additional funding will allow Perpetua to continue advancing the construction readiness of the project and support general corporate expenses related to its progress through the National Environmental Policy Act review process, which is led by the U.S. Forest Service.
Perpetua’s Outside Counsel: Vinson & Elkins with a team led by counsel Joanna Enns, partner Bryan Loocke and counsel Joclynn Marsh with assistance from senior associate Maram Mahajna and associate Sean Dao. Other key team members include partner Todd Way.
Masdar buys half of Terra-Gen from Energy Capital Partners
Deal Description: Abu Dhabi Future Energy Company PJSC – Masdar, the United Arab Emirates’ clean energy entity, announced March 19 that it signed a definitive agreement to acquire a 50 percent stake in Terra-Gen Power Holdings II, one of the largest independent renewable energy power producers in the U.S., from Energy Capital Partners. Terms weren’t disclosed. ECP will fully exit its position in Terra-Gen and Igneo Infrastructure Partners, a infrastructure investment manager, will keep its existing 50 percent stake. Igneo made its initial investment in Terra-Gen in 2020. Established in 2007, Terra-Gen is a independent provider of end-to-end renewable project development, financing and operating capabilities. Terra-Gen operates approximately 2.4 gigawatts of wind and solar and 5.1 gigawatt hours of energy storage facilities across 32 renewable power sites throughout the U.S., predominantly in California and Texas. The transaction will position Terra-Gen to continue building on the growth and transformation realized under ECP’s ownership. Under Igneo and ECP, Terra-Gen has added over 1 gigawatt of generating capacity and 5 gigawatt hours of storage and expanded its pipeline of wind, solar and battery storage projects. Igneo has $19.5 billion in direct infrastructure assets. ECP has consummated more than 100 equity representing nearly $60 billion of enterprise value.
Expected Closing: Year-end 2024 if it clears regulators
Terra-Gen’s Financial Advisors: Lazard and Guggenheim Securities
Terra-Gen’s Outside Counsel: Latham & Watkins with a corporate deal team led by New York partners David Kurzweil and Jane Greyf and New York counsel Alyssa Galinsky with associates Daley King, Jordan Wampler, Sofia Skara and Jonathan Kow.
Masdar’s Financial Advisors: BMO Capital Markets and JP Morgan
Masdar’s Outside Counsel: White & Case and Covington & Burling. The White & Case team was led by partners Raymond Azar, Ipek Candan Snyder, Scott Fryman, Raffaele Montenero Turco and Steven Lutt (all in New York); Rebecca Farrington, Heather Greenfield and Jeffrey Davis (all in Washington, D.C.); Taylor Pullins (Houston); counsel Samantha Rozell (Chicago); associates Luisa Muskus and Sam McCombs (both in Houston); Tyrone Crawford and John Forbush (both in Washington, D.C.); international law clerk Adam Conwell and Latin America fellow Maria Pinto (both in New York).
Igneo’s Outside Counsel: Mayer Brown
KKR invests in Avantus
Deal Description: KKR announced March 20 it agreed to acquire a majority stake in Avantus, a U.S. developer of large utility-scale solar and solar-plus-storage projects. Terms weren’t disclosed, although KKR and existing investor EIG have secured commitments for a development financing facility alongside their equity commitments to the company totaling upwards of $1 billion. Founded in 2009, Avantus supports solar and energy storage development throughout the project lifecycle – from selecting a project site through operations – and owns a large project pipeline of 30 gigawatts of solar and 94 gigawatt hours of battery storage, enough to provide 20 million people with clean, reliable power. The company has a presence and track-record of development in the southwestern U.S. and California power markets, which are among the highest-quality markets for development in the U.S. Since its founding, Avantus has developed and sold 6.5 gigawatts and 6.3 gigawatt hours of solar and storage projects, respectively. According to BloombergNEF, energy transition investment needs to almost triple from current levels to align with global climate goals and investment in renewable energy and power grids is expected to continue to draw the largest share of energy transition spending. KKR has invested more than $15 billion in the renewable sector from its infrastructure platform. EIG has committed $47.1 billion to the energy sector through 405 projects or companies in 42 countries on six continents.
KKR’s Financial Advisor: Jefferies
KKR’s Outside Counsel: Kirkland & Ellis led by corporate partners John Pitts, Adam Garmezy and Randy Santa Ana; debt finance partners Roald Nashi, Greg Howling and Jacqueline Trudeau; tax partners David Wheat, Bill Dong, Richard Husseini and Leah Davis Patrick; and litigation partner Rex Manning.
Avantus’ Structuring Agents/Financing Facility Arrangers: KKR Capital Markets and Sumitomo Mitsui Banking Corp.
Avantus’ Financial Advisor: Scotiabank
Trinity Hunt sets healthcare advisory platform with Coker investment
Deal Description: Trinity Hunt Partners, a growth-oriented private equity firm focused on services businesses, announced March 19 its majority investment in Coker Group, a healthcare advisory firm serving hospitals, private and health system-affiliated physician groups, private equity-backed platforms and ancillary healthcare entities. Terms weren’t disclosed. Coker represents the foundational investment of Trinity Hunt’s healthcare advisory services platform. Headquartered in the Atlanta area, Coker offers performance transformation, transaction advisory and compliance consulting services. For more than 35 years, Coker has provided solutions across strategy, operations, finance, technology and compliance, allowing clients to navigate an evolving healthcare landscape. Trinity Hunt will work closely with Coker’s team to facilitate expansion organically and through acquisitions.
Trinity Hunt’s Outside Counsel: Kirkland & Ellis with a team led by corporate partner Thomas Laughlin and associates Bridget Hamway, Claire Wolf and Sarah Walden; tax partner David Wheat; executive compensation partner Stephen Jacobson; and healthcare partner Dennis Williams.
Coker’s Advisors: KPMG Corporate Finance as financial and Bradley Arant Boult Cummings as legal (Stuart Maxey)
Drilling Tools closes acquisition of Deep Casing Tools
Deal Description: Drilling Tools International Corp. announced March 18 it closed its purchase of UK-based Deep Casing Tools, a provider of downhole technology solutions. The details of the transaction were not disclosed. DTI, headquartered in Houston, is an oilfield services company with a history dating back to 1984. It manufactures and rents downhole drilling tools for horizontal and directional drilling of oil and gas wells. With 16 locations across North America and four international stocking points in Europe and the Middle East, DTI aims to leverage DCT’s innovative solutions to enhance its offerings in the global oil and gas sector. Deep Casing Tools specializes in designing, engineering and manufacturing patented products that enhance well construction, completion and casing installation processes. Since its establishment in 2008, DCT has served global energy sector operators, particularly in the Middle East, Europe, America, and Asia. Energy Ventures III, the largest shareholder in DCT, will exit the company because of this acquisition.
DTI’s Outside Counsel: Winston & Strawn led by partner Mike Blankenship in Houston and including partners Daniela Cohen, Ed Denny, Rich McCarty and Nicholas Usher, of counsel David Odrich and associates Jon Bodle, Ali Denson, Katrina Hughes, Toran Kaul, Evan Lewis, Charlotte Monroe, Christine Olivo, Ben Smolij, Chelsea Thompson and Eliana Torrado Franco.
DTI’s Financial/Tax Due Diligence Provider: KPMG
DCT’s Sell Side Advisor: Piper Sandler
DCT’s Outside Counsel: DLA Piper LLP (US) and DLA Piper Scotland
Allied Industrial Partners invests in Celebrity Coaches
Deal Description: Houston private equity firm Allied Industrial Partners announced March 21 that it made an investment in Celebrity Coaches, a national provider of transportation and logistics for the live events and entertainment sector. Terms weren’t disclosed. The company will continue to be led by its founder Jeff Michael, who, along with other members of the management team including Josh Trivett, will keep ownership stakes. Celebrity Coaches designs, fabricates and leases custom luxury motorcoaches for the entertainment industry. Founded in 2005 by second-generation entrepreneur “Mr. Michael,” the company is headquartered in Nashville, where it operates a facility.
Allied Industrial’s Outside Counsel: Kirkland & Ellis led by corporate partner Rob Goodin and associate Peter Hyams; debt finance partner Jordan Roberts and associates Daniel Kirksey and Christina Godard; and tax partner Bill Dong.
Notes: Allied Industrial co-founder and managing partner Brad Rossi used to be a Kirkland partner in Houston and fellow co-founder and managing parter Phil Wright was formerly an attorney at Bracewell.
Trive Capital commits to Formula Wellness
Deal Description: Trive Capital, the Dallas-based private equity firm, announced March 18 its recent investment into Formula Wellness, a provider of health, medical-based wellness and aesthetics services with a focus on longevity science. The company takes a personalized approach to wellness, with services across nutrition, hormone balance and aesthetics to improve patient longevity. Founded in 2016, the company has five locations across the DFW metroplex. In connection with the investment, the company hired a management team that includes CEO Michael Bennett and CFO Christopher Crosby. Dr. Brian Rudman, who founded Formula Wellness with his wife Christina Rudman, will continue shaping the strategic direction of the company as a board member and chief medical officer. Formula Wellness is actively seeking add-on opportunities in the med spa and wellness services space.
Trive’s Outside Counsel: Polsinelli including Jon Henderson in Dallas
Trive’s In-House Counsel: Trevor Johnston is Trive’s general counsel in Dallas.
Crow Holdings buys manufactured housing portfolio
Deal Description: Crow Holdings, a national real estate investment and development firm, announced March 21 the acquisition of a privately owned 46-property, 9,838-pad, all-age manufactured housing portfolio across Ohio, Missouri, Illinois, Indiana, Montana and Florida. Terms and the seller weren’t disclosed. The acquisition was made through Crow Holdings’ investment management company Crow Holdings Capital and acquired on behalf of investors in Crow Holdings Realty Partners X, which closed in February with $3.1 billion of commitments. Within the first 12 months, CHC plans to invest more than $30 million to improve the manufactured housing communities with renovations of park infrastructure such as playgrounds, clubhouses and other amenities. Bob McClain, CEO of Crow Holdings Capital, said given the high cost of homeownership driven by increasing home prices and mortgage rates, manufactured housing communities are extremely attractive options for residents and Crow Holdings’ experience in the sector has provided it with the relationships and capabilities to build a market-leading, nationwide manufactured housing platform. CHC brings more than half a decade of experience in the manufactured housing sector. CHC is completing three ground-up developments of manufactured housing communities in North Texas that will bring more than 1,000 new homes to that market, each with large, Class A amenity centers, pool, playground, bus stops, dog parks and basketball and pickleball courts. This acquisition builds on CHC’s investment in the manufactured housing space, with more than 20,000 homesites across 114 communities and 16 states since 2018.
Crow’s In-House Counsel: Kevin Bryant is Crow’s general counsel.
CAPITAL MARKETS/FINANCINGS
Kinetik prices $441.4M secondary offering of common stock
Deal Description: Kinetik Holdings Inc. announced March 14 the pricing of an underwritten secondary offering of 13.08 million shares of its Class A common stock by Apache Midstream, a subsidiary of Apache Corp., at $33.75 per share. Kinetik isn’t selling any shares of Class A common in the offering and won’t receive the proceeds from the sale. The selling stockholder granted to the underwriters a 30-day option to purchase up to an additional 1.7 million shares of Kinetik’s Class A common. In connection with the offering, the company’s CFO Trevor Howard agreed to purchase 14,814 shares of Class A common stock from the underwriters at the public offering price amounted to nearly $500,000. Kinetik is a Permian-to-Gulf Coast midstream corporation operating in the Delaware Basin headquartered in Midland.
Book-Running Managers: Goldman Sachs, BofA Securities, J.P. Morgan and Mizuho; Citigroup, HSBC, Morgan Stanley, MUFG, Scotiabank, Truist Securities, Barclays, RBC Capital Markets and TD Securities; and Capital One Securities, PNC Capital Markets, Raymond James and Regions Securities.
Kinetik’s Outside Counsel: Vinson & Elkins with a corporate team led by partners Scott Rubinsky and Doug McWilliams and senior associate Alex Lewis, with assistance from associates Travis Ewing, Autumn Simpson, Hope Kaady and Ashley Osborne. Also advising were partners Lina Dimachkieh and Brian Russell and associates Adam Bateman and Jeff Slusher (tax); and partner Dario Mendoza and associates Mary Daniel Morgan and Cassandra Zarate (executive compensation/benefits).
Underwriters’ Outside Counsel: Latham & Watkins with a corporate team led by Houston partner Ryan Maierson with associates Om Pandya, Sydney Verner and Jeffrey Romano. Advice was also provided on environmental matters by Los Angeles/Houston partner Joshua Marnitz, with associate Brandon Kerns; and on tax matters by Houston partner Tim Fenn with associates Christine Mainguy and Dominick Constantino.
Sol Systems lines up $251M in solar facility financing
Deal Description: Norton Rose Fulbright said March 20 it acted as local real estate counsel for Sol Systems on the $251 million construction loan and tax equity financing of a 150 megawatt utility-scale solar facility in Saline County, Illinois. The facility, which will use U.S.-made solar panels and racking, will advance clean energy infrastructure development in southern Illinois. It will feature a pollinator habitat and habitat restoration efforts to better unify the project with the surrounding ecosystem. The transaction was impacted by mineral severances, corporate coal ownership and several active oil and gas leases, requiring real estate curative work to be financed. Sol Systems is a national solar energy firm focused on development, infrastructure and environmental commodities. The company has financed or developed more than $2 billion of solar projects and is operating and building more than 2 gigawatts of projects.
From Norton Rose Fulbright: The deal team included Lauren Shapiro Newberry (Austin) and Theresa Carroll, John Young, Emily Beckman and Kathy Wenger (Chicago)
OTHER MATTERS
Platinum Equity agreed to sell Dallas-based prison phone company Aventiv within 12 months as part of a debt extension agreement with lenders, according to a Bloomberg report on March 20. The deal provides Aventiv with an eight-month extension of more than $1 billion of debt that’s due in November and Platinum and the lenders will pony up an additional $40 million of capital in the form of new debt as part of the transaction, a source told the news outlet. If the sale process doesn’t go as planned, Aventiv may pivot to restructuring its debt through bankruptcy or rework its obligations outside of court, the report said.
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Kimmeridge, an alternative asset manager focused on the energy sector, announced March 13 it delivered to the SilverBow Resources’ board a proposal to combine Kimmeridge Texas Gas and SilverBow. The KTG assets have an equity value of $1.1 billion and an expected enterprise value of $1.4 billion at closing of the proposed transaction. Under the proposal terms, Kimmeridge would contribute the KTG assets to SilverBow in exchange for 32.4 million shares priced at $34 per share. In addition, Kimmeridge will inject $500 million of fresh equity capital at the same per-share price in exchange for 14.7 million shares. At closing, Kimmeridge and its affiliates would own a majority of the outstanding shares of the combined company with 50.3 million shares of common stock, including Kimmeridge’s current 3.3 million share position in SilverBow. The share price represents a premium of 8.5 percent over SilverBow’s closing share price on March 11 and 21 percent over the 30-day volume-weighted average price of $28.12. Kimmeridge said it has enough capital to finance the equity investment of $500 million and intends to use those funds to pay down SilverBow’s long-term debt obligations. Kimmeridge has received letters from Barclays, RBC Capital Markets and other lenders on the debt consideration to facilitate the transaction. Simpson Thacher partner Katy Lukaszewski typically advises Kimmeridge. SilverBow is using Gibson Dunn on the matter, including partner Stephen Olson, who also advised on SilverBow’s purchase of Chesapeake Energy Corp.’s oil and gas assets in South Texas last year for $700 million.
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The Chickasaw Nation, a Native American tribe in Oklahoma and owner of the WinStar World Casino, announced March 13 it formed Pennington Creek Capital, a Dallas-based private equity firm. Pennington Creek will be led by Curt Crofford, formerly of Hicks Equity Partners. The newly established office, coupled with the recent launch of Good Springs Capital in mid-2023, furthers the continued expansion of the Chickasaw Nation’s diversification efforts. The release said that Crofford joined Pennington Creek, a unit of Sovereign Native Holdco, to expand the reach and accelerate the firm’s strategy of investing in promising middle market companies with strong cash flow characteristics led by ambitious founders and visionary entrepreneurs with high potential for growth and a strong market position. At Hicks, Crofford identified investments ranging from $10 million to $100 million in middle market companies ranging in value from $30 million to $500 million, where he focused on manufacturing, commercial aerospace and defense, food and beverage, software, oil and gas and distribution companies. Dan Boren is the chairman of the investment firm and secretary of commerce for the Chickasaw Nation and Bill Anoatubby is its governor. McAfee & Taft in Oklahoma typically advises Chickasaw Nation.