CDT Roundup: 18 Deals, 18 Firms, 152 Lawyers, $68.4B

Dealmakers know how lousy the first three quarters were for deal flow. Global M&A value was down 22.5 percent year-to-date even though there has been a negligible decline in deal count (-2.5%), according to a new report out last week by PitchBook.

“[That] neatly sums up the current state of play: Dealmakers are biding time with smaller deals until conditions improve for megadeals,” the data collection and analysis firm said.

What a difference a quarter makes. The Corporate Deal Tracker has booked two $60 billion deals so far in the fourth quarter, both in oil and gas (there’s one below), sprinkled by some single-digit billion-dollar deals not in energy (there’s one below that as well).

Is the bar now low enough to clear in future quarters? PitchBook seems to think so. The preconditions for a rebound are still there, starting with the global total of $1.4 trillion in unspent dry powder among private equity firms, just 9.7 percent shy of its all-time high, with an even larger cash pile on the books of corporations, the firm notes.

“In the U.S. alone, cash holdings surpassed $4.1 trillion in Q2 2023, an all-time record, and the figure grows to $5.8 trillion when including reserves held overseas,” PitchBook said. “While only a portion of this is earmarked for strategic investments and acquisitions, untapped borrowing capacity and stock value easily compensate for the rest.”

Notably, investment banking backlog comparisons at the leading firms turned positive in the second quarter for the first time in five quarters, although some of that was given back in the third, PitchBook said. And private equity firms have consistently reported a narrowing in bid-ask spreads, “which needs to happen to pave the way for more transacted volumes.” Make way for better deal times ahead.

As mentioned above, the week ending October 28 saw yet another $60 billion O&G deal to beef up fourth quarter values. Clocking 15 M&A transactions for $66.6 billion and three capital markets deals for $1.8 billion, the week ended with 18 deals valued at $$68.4 billion. That’s better by both volume and value than last week’s 16 transactions for $6.7 billion. This time last year? There were 15 deals for $7.8 billion.

Weekly Corporate Deal Tracker Roundup Stats

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

Week Ending	Deal Count	Amount	Firms	Lawyers	M&A Count	M&A Value $M	CapM Count	CapM Value $M
21-Dec-24	11	$2,798	11	92	8	$2,229	3	$570
14-Dec-24	15	$5,323	12	186	12	$3,812	3	$1,511
07-Dec-24	16	$4,766	10	231	11	$2,321	5	2,445
30-Nov-24	10	$10,291	9	103	4	$8,290	6	$2.001
23-Nov-24	15	$4,553	15	153	11	$3,379	4	$1,174
16-Nov-24	17	$11,488	11	245	13	$10,186	4	$1,303
09-Nov-24	14	$2,110	12	139	12	$1,410	2	$700
02-Nov-24	12	$52,788	11	107	11	$52,738	1	$50
26-Oct-24	8	$3,160	8	65	7	$3,065	1	$75
19-Oct-24	12	$5,304	11	136	11	$4,554	1	$750
12-Oct-24	17	$8,438	12	150	15	$8,116	2	$322
05-Oct-24	22	$23,181	12	189	15	$19,980	7	$3,201
28-Sep-24	11	$2,356	7	144	7	$53	4	$2,303
21-Sep-24	12	$9,568	10	169	5	$4,101	7	$5,467
14-Sep-24	24	$10,988	12	235	16	$7,175	8	$3,813
7-Sep-24	12	$20,420	16	168	11	$20,307	1	$112.9
31-Aug-24	13	$20,631	9	134	12	$14,775	1	$5,856
24-Aug-24	19	$8,452	21	325	16	$7,102	3	$1,350
17-Aug-24	25	$49,196	16	304	11	$39,386	14	$9,810
10-Aug-24	20	$12,264	15	312	16	$9,794	4	$2,470
03-Aug-24	26	$16,498	16	334	18	$8,137	8	$8,361
27-Jul-24	19	$16,442	21	271	15	$13,838	4	$2,604
20-Jul-24	15	$16,016	14	184	10	$14,232	5	$1,784
13-Jul-24	20	$17,220	14	265	18	$7,146	2	$10,074
6-Jul-24	11	$3,941	11	95	8	$2,650	3	$1,291
29-Jun-24	14	$6,296	15	224	8	$6,296	6	$1,927
22-Jun-24	12	$5,679	8	137	5	$210	7	$5,469
15-Jun-24	13	$9,895	16	214	10	$5,280	3	$4,615
8-Jun-24	19	$23,859	13	239	12	$19,436	7	$4,423
1-Jun-24	12	$34,510	11	147	9	$26,110	3	$8,400
25-May-24	13	$9,684	15	171	10	$4,434	3	$5,250
18-May-24	11	$5,490	11	173	8	$3,129	3	$2,361
11-May-24	22	$14,855	14	227	16	$11,105	6	$3,750
4-May-24	13	$3,139	9	87	10	$1,297	3	$1,842
27-Apr-24	10	$6,684	6	28	10	$6,684	0	0
20-Apr-24	19	$15,989	11	147	9	$5,208	10	$10,781
13-Apr-24	13	$8,952	9	76	10	$1,652	3	$7,300
6-Apr-24	22	$22,616	14	222	14	$13,501	8	$13,116
30-Mar-24	12	$9,286	8	136	8	$4,299	4	$4,987
23-Mar-24	18	$5,451	17	266	16	$4,759	2	$692
16-Mar-24	21	$11,437	13	186	14	$9,316	6	$2,070
9-Mar-24	23	$4,695	21	218	19	$2,723	4	$1,972
2-Mar-24	20	$9,108	19	372	14	$4,558	6	$4,550
24-Feb-24	19	$16,382	12	248	15	$9,507	4	$6,875
17-Feb-24	16	$29,932	15	157	12	$29,216	4	$716
10-Feb-24	25	$10,750	17	196	19	$5,372	6	$5,379
3-Feb-24	12	$8,416	18	125	9	$3,416	3	$5,000
27-Jan-24	9	$8,165	9	87	8	$7,815	1	$800
20-Jan-24	14	$4,084	12	109	12	$3,219	2	$865
13-Jan-24	17	$33,588	12	256	12	$26,765	5	$6,823
6-Jan-24	8	$7,915	8	84	6	$7,265	2	$650
30-Dec-23	17	$14,599	12	99	15	$2,714	2	$11,885
23-Dec-23	23	$4,182	13	219	16	$1,813	7	$2,370
16-Dec-23	13	$16,436	13	280	7	$15,150	5	$1,286
9-Dec-23	26	$14,633.90	17	244	16	$8,095	10	$6,538.90
2-Dec-23	13	$6,720	9	57	12	$6,630	1	$90
25-Nov-23	9	$4,835	9	131	6	$1,785	3	$3,050
18-Nov-23	22	$6,568.70	17	184	14	$4,709.20	8	$1,859.50
11-Nov-23	15	$9,825	13	179	12	$6,581	3	$3,244
4-Nov-23	15	$20,582.50	14	193	12	$19,417.50	3	$1,165
28-Oct-23	18	$68,419.10	18	152	15	$66,646	3	$1,773.10
21-Oct-23	16	$6,755.90	16	165	15	$6,755.90	1	$3
14-Oct-23	14	$67,851.20	13	125	9	$61,998.50	5	$5,852.70
7-Oct-23	17	$6,595.50	13	228	16	$5,995.50	1	$600
30-Sep-23	17	$1,896.45	13	189	14	$806.45	3	$1,090
23-Sep-23	23	$6,432.70	17	230	16	$1,402.80	7	$5,029.90
16-Sep-23	25	$23,226.70	23	353	16	$17,239	9	$5,987.70
9-Sep-23	12	$6,369	8	102	7	$4,311	5	$2,058
2-Sep-23	14	$2,522	6	92	13	$1,322	1	$1,200
26-Aug-23	17	$12,160.25	13	202	15	$6,573.25	2	$5,587.00
19-Aug-23	19	$11,505	13	213	15	$11,255	4	$250
12-Aug-23	19	$9,698.80	13	184	7	$3,270	12	$6,428.80
5-Aug-23	13	$5,201	12	118	12	$5,051	1	$150
29-Jul-23	15	$21,031.60	13	196	11	$18,292.00	4	$2,739.60
22-Jul-23	18	$3,992	12	130	13	$2,808	5	$1,184
15-Jul-23	13	$8,254.95	13	81	13	$8,254.95	0	0
8-Jul-23	16	$5,441.45	12	172	11	$2,443	5	$2,998.45
1-Jul-23	16	$6,872	10	105	12	$5,474	4	$1,398
24-Jun-23	13	$10,914	16	201	10	$7,874	3	$3,040
17-Jun-23	17	$5,880.70	15	151	15	$4,705.70	2	$1,175
10-Jun-23	19	$8,516.10	13	111	16	$6,252.40	3	$2,263.70
June 3 2023	12	$6,104.42	12	138	8	$4,256.92	4	$1,847.50
27-May-23	17	$12,200	10	67	11	$6,165	6	$6,035
20-May-23	11	$22,458.10	8	103	4	$19,455	7	$3,003
13-May-23	12	$7,034	10	101	8	$5,460	4	$1,574
6-May-23	20	$3,297.60	18	196	17	$2,985.60	3	$312
29-Apr-23	23	$3,691.20	18	135	17	$1,969.70	6	$1,721.50
22-Apr-23	16	$5,570	14	104	14	$4,750	2	$1,000
15-Apr-23	12	$23,818.10	9	59	10	$21,618.10	2	$2,200
8-Apr-23	16	$7,949	9	173	9	$5,472	7	$3,477
1-Apr-23	21	$18,676.70	12	175	11	$10,926.70	10	$7,750
25-Mar-23	15	$8,779.50	10	141	5	$2,362	10	$6,416.50
18-Mar-23	7	$14,048.80	6	69	5	$13,345	2	$703.80
11-Mar-23	21	$11,576	16	165	16	$8,131	5	$3,445
4-Mar-23	20	$9,668	11	228	16	$8,209	4	$1,459
25-Feb-23	13	$5,335	13	130	12	$4,235	1	$1,200
18-Feb-23	14	$5,743.70	13	158	8	$898.70	6	$4,845
11-Feb-23	16	$12,088	12	137	12	$9,965	4	$2,123
4-Feb-23	17	$8,066	15	140	13	$5,614	4	$2,452
28-Jan-23	7	$2,180	7	75	5	$1,692.75	2	$488
21-Jan-23	17	$5,768	16	174	12	$1,918	5	$3,850
14-Jan-23	11	$2, 800	10	102	8	$421	3	$2,400
7-Jan-23	18	$8,296	11	167	14	$6,461	3	$1,835
31-Dec-22	14	$2,732	11	99	12	$2,092	2	$640
17-Dec	14	$7,919	13	115	12	$7,419	1	$500
10-Dec-22	14	$10,093	12	88	11	$7,093	3	$3,000
3-Dec-22	26	$12,800.90	11	172	20	$4,141	6	$8,659.90
26-Nov-22	8	$2,266.70	8	5	3	$76	5	$2,190.70
19-Nov-22	21	$2,886	15	212	19	$2,550	2	$336
12-Nov-22	13	$15,093.70	9	81	9	$14,200	4	$893.70
5-Nov-22	25	19,337.20	16	509	22	$8,267.20	3	$11,070
29-Oct-22	15	$7,805.30	9	116	14	$7,180.30	1	$625
22-Oct-22	20	$8,193.50	13	253	13	$5,442	7	$2,751.50
15-Oct-22	9	$3,046.10	9	139	7	$2,588.30	2	$457.80
8-Oct-22	19	$2,011.80	12	114	16	$833.80	3	$1,178
1-Oct-22	23	$5,532.90	16	156	18	$4,952.30	5	$580.60
24-Sep-22	18	$5,194	14	216	15	$4,050	3	$1,144
17-Sep-22	21	$8,352.30	12	320	15	$4,759.60	6	$3,592.70
10-Sep-22	15	$19,853.50	10	126	13	$19,403.60	2	$450
3-Sep-22	9	$2,312	9	62	9	$2,312	0	0
27-Aug-22	16	$30,891.70	10	135	15	$30,666.40	1	227.7
20-Aug-22	12	$1,977	8	152	9	925	3	$1,052
13-Aug-22	18	$8,004.70	11	242	11	$2,844.70	7	$5,160
6-Aug-22	24	$7,948.90	12	240	17	$3,577	7	$4,371.90
30-Jul-22	8	$6,941	9	78	7	$6,839	1	$102
23-Jul-22	11	$801	11	92	10	$801	1	0
16-Jul-22	14	$3,650	10	122	14	$3,650	0	0
9-Jul-22	10	$3,557.70	7	68	9	$3,557.70	1	0
2-Jul-22	18	$8,609.40	13	152	15	$2,754.40	3	$5,855
25-Jun-22	15	$6,142	13	146	9	$2,017	6	$4,125
18-Jun-22	17	$11,890.10	14	228	15	$11,410	2	479.7
11-Jun-22	17	$7,600	12	123	10	$2,300	7	$5,300
4-Jun-22	12	$2,937	10	127	9	$692	3	$2,245
28-May-22	9	$3,197.60	11	86	9	$3,197.60	0	0
21-May-22	14	$7,284.50	12	185	11	$6,609	3	$675.50
14-May-22	11	$306.60	9	80	10	$306.60	1	$225
7-May-22	16	$10,451.75	12	108	12	$1,827	4	$8,624.75
30-Apr-22	16	$2,296.50	16	157	12	$895.50	4	$1,401
23-Apr-22	10	$2,241	11	58	8	$1,641	2	$600
16-Apr-22	11	$6,643	7	156	8	$2,359	3	$4,284
9-Apr-22	17	$4,429	14	184	11	$1,690	6	$2,739
2-Apr-22	13	$1,755	8	84	10	$1,145	3	$610
26-Mar-22	11	$3,205	8	65	6	$200	5	$3,005
19-Mar-22	13	$2,239.17	9	106	13	$2,239.17	0	0
12-Mar-22	18	$12,016	11	239	15	$11,965	2	$51.35
5-Mar-22	17	$6,786	13	137	13	$5,161	4	$1,625
26-Feb-22	12	$5,095	8	149	9	$4,437.50	3	$658
19-Feb-22	17	$22,229	17	174	14	$21,354	3	$875
12-Feb-22	12	$2,344.70	10	73	8	$641.70	4	$1,703
5-Feb-22	11	$2,503	8	99	11	$2,503	0	0
29-Jan-22	11	$3,872	12	101	12	$3,872	0	0
22-Jan-22	13	$5,143.50	10	99	12	$4,842.50	1	$301
15-Jan-22	12	$7,605	9	155	9	$6,480	3	$1,025
8-Jan-22	13	$8,256.20	11	102	13	$8,256.20	0	0
1-Jan-22	9	$1,273.80	6	50	9	$1,273.80	0	0
25-Dec-21	21	$4,734.75	11	176	16	$3,410	5	$1,324.75
18-Dec-21	26	$7,325.20	15	193	18	$3,640.20	8	$3,685.20
11-Dec-21	16	$5,017	10	109	13	$1,417	3	$3,600
4-Dec-21	14	$2,310	8	86	8	$2,310	6	$1,882.05
27-Nov-21	9	$3.460.1	10	101	6	$1,758	3	$1,702.60
20-Nov-21	20	$22,792	15	157	12	$18,864.50	8	$3,928
13-Nov-21	21	$26,729	12	178	13	$11,822	8	$14,907
6-Nov-21	12	$8,303	13	157	10	$6,682	3	$1,621
30-Oct-21	21	$10,368	15	218	15	$9,24.4	6	$1,103.00
23-Oct-21	21	$18.783.1	15	222	11	$12,314	10	$6,468.60
16-Oct-21	15	$3,868	11	118	15	$2,293	2	$1,575
9-Oct-21	20	$8,610	16	175	16	$7,795	4	$815
2-Oct-21	14	$6,250	11	137	10	$5,200	4	$1,050
25-Sep-21	11	$11,460	9	93	7	$10,200	4	$1,250
18-Sep-21	11	$16,603	8	99	8	$15,084	3	$1,519
11-Sep-21	17	$10,653	11	103	13	$8,503	4	$2,150
4-Sep-21	13	$7,222	10	89	11	$6,715	2	$507
28-Aug-21	12	$763	9	63	11	$663	1	$100
21-Aug-21	12	$29,659	7	79	11	$29,579	1	$80
14-Aug-21	22	$17,845	11	199	12	$12,805	10	$5,04
7-Aug-21	17	$13,670	12	139	15	$11,766	2	$1,904
31-Jul-21	21	$8,160	11	134	10	$3,574	10	$4,586
July 24,2021	21	$6,367	11	139	15	$3,712	6	$2,655
17-Jul-21	14	$4,009	11	124	12	$2,015	2	$1,994
10-Jul-21	16	$3,997	13	143	11	$1,597	4	$2,4
3-Jul-21	24	$7,492	13	94	16	$3,769	8	$3,722
26-Jun-21	10	$4,995	7	85	8	$3,847	2	$1,148
19-Jun-21	28	$16,830	8	228	9	$1,861	19	$14,968
12-Jun-21	26	$27,238	15	209	19	$25,602	7	$1,636
5-Jun-21	15	$15,539	13	100	13	$14,709	2	$600
29-May-21	35	$20,279	11	145	28	$18,64	7	$1,639
22-May-21	24	$53,208	14	174	17	$51,047	7	$2,161
15-May-21	18	$10,620	13	220	11	$5,870	7	$4,809
8-May-21	17	$10,400	11	156	15	$8,386	2	$2,500
1-May-21	21	$7,200	16	115	12	$3,808	9	$3,392
24-Apr-21	8	$20,200	9	31	8	$20,200	0	0
17-Apr-21	14	$6,270	8	102	11	$40,180	3	$2,260
10-Apr-21	15	$8,940	13	129	14	$7,990	1	$950
3-Apr-21	18	$19,513	10	151	12	$16,923	6	$2,590
27-Mar-21	27	$13,942	15	244	14	$4,300	13	$9,633.50
20-Mar-21	11	$2,046	4	102	3	$270	8	$1,776
13-Mar-21	15	$3,270	9	109	6	$538	9	$2,732
6-Mar-21	24	$13,617	10	196	13	$10,395	11	$3,222
27-Feb-21	19	$8,105	12	139	15	$4,970	4	$3,135
20-Feb-21	9	$8,820	9	153	8	$8,520	1	$300
13-Feb-21	12	$4,852.60	7	81	7	2,766	5	$2,086.60
6-Feb-21	18	$9,752	13	153	14	$5,222	4	$4,530
30-Jan-21	18	$9,449	9	182	15	$8,753.80	3	$695.30
23-Jan-21	14	$8,150	8	118	6	$4,000	8	$4,150
16-Jan-21	17	$6,783	13	138	11	$2,400	6	$4,382.90
9-Jan-21	22	$6,829	14	135	18	$3,139.30	4	$3,690
2-Jan-21	7	$1,466	7	60	7	$1,466	0	0
26-Dec-20	18	$15,900	12	163	16	$5,300	1	$600
19-Dec-20	18	$9,769	14	110	14	$8,426	4	$1,343
12-Dec-20	10	$7,200	9	100	9	$3,325	1	$3,830
5-Dec-20	15	$4,261	9	122	9	$2,780	6	$1,481
28-Nov-20	19	$7,758	10	110	13	$4,003	6	$3,755
14-Nov-20	14	$864.10	14	157	12	$289.10	2	$575
7-Nov-20	13	$6,332	9	129	9	$2,483.50	4	$3,849
31-Oct-20	10	$3,995.80	8	103	6	$3,231.10	4	$754.70
24-Oct-20	6	$18,100	6	58	5	$17,709	1	$350
17-Oct-20	8	$351.90	5	55	8	$351.90	0	0
10-Oct-20	7	$5,229	3	50	4	$735	3	$4,494
3-Oct-20	14	$21,428	9	173	9	$17,535	5	$3,893
26-Sep-20	10	$12,770	8	93	5	$10,300	5	$2,470
19-Sep-20	14	$8,365	9	101	6	$1,020	8	$7,345
12-Sep-20	6	$4,406	8	59	3	$1,270	3	$3,136
5-Sep-20	11	$5,191	8	117	9	$4,061	2	$1,130
29-Aug-20	11	$2,531	9	94	5	$1,130	6	$1,401
22-Aug-20	18	$6,574	12	140	7	$1,930	11	$4,644
15-Aug-20	13	$4,991	10	97	7	$1,216	6	$3,775
8-Aug-20	12	$32,092	11	112	9	$30,457	3	$1,635
1-Aug-20	7	$5,287	8	76	5	$3,687	2	$1,600
25-Jul-20	9	$18,751	6	67	7	$18,403	2	$348
18-Jul-20	6	$1,982.50	5	50	4	$1,407.50	2	$575
11-Jul-20	11	$565.10	12	75	10	$65.10	1	$500
4-Jul-20	10	$8,889	8	98	9	$8,788	1	$100.30
27-Jun-20	8	$6,874	10	50	5	$4,972.50	3	$2,081.50
20-Jun-20	12	$4,444	9	115	7	$2,829	5	$1,615
13-Jun-20	6	$3,582	4	37	2	$350	4	$3,232
6-Jun-20	11	$3,213.70	8	65	7	$470	4	$2,743.70
30-May-20	8	$7,335	7	48	6	$4,639	2	$2,697
23-May-20	4	$432.40	4	34	3	$432.40	1	0
16-May-20	6	$310	6	34	5	$310	1	0
9-May-20	18	$5,630	16	124	14	$3,180	4	$2,450
2-May-20	15	10,400	10	90	8	$1,900	7	$,8,500
25-Apr-20	8	$3,400	9	36	5	$1,000	3	$2,450
18-Apr-20	19	$9,500	14	92	8	$185.70	11	$9,360
11-Apr-20	12	$6,000	9	40	5	$190	7	$5,800
4-Apr-20	14	$8,200	11	68	10	$2,200	4	$6,000
28-Mar-20	16	$6,500	13	96	10	$3,700	6	$2,800
21-Mar-20	11	$11,910	7	33	7	$2,250	4	$9,960
14-Mar-20	7	809.8	6	34	6	684.8	1	125
7-Mar-20	16	$2,500	15	70	13	$669	3	$1,400
29-Feb-20	13	$15,260	13	128	11	$11,760	2	$3,500
22-Feb-20	12	$3,700	10	92	10	$2,560	2	$1,130
15-Feb-20	16	$1,250	10	84	12	$35	4	$1,222
8-Feb-20	18	$6,080	14	123	14	$2,595	4	$3,485
1-Feb-20	21	$20,900	12	101	14	$17,860	7	$3,060
25-Jan-20	13	$7,430	13	62	12	$6,430	1	$1,000
18-Jan-20	23	$9,580	15	120	19	$6,580	4	$3,000
11-Jan-20	21	$14,200	18	199	16	$1,020	5	$13,200
4-Jan-20	22	$6,400	11	119	16	$3,204	6	$3,245
28-Dec-19	22	$7,150	19	175	18	$6,800	4	$327.40
14-Dec-19	24	$36,300	23	167	19	$9,500	5	$26,800
7-Dec-19	11	$10,400	11	55	7	$1,082	4	$9,370
November 30. 2019	14	$2,450	12	126	12	$1,760	2	$692.50
23-Nov-19	16	$1,995	10	41	11	$615	5	$1,380
16-Nov-19	15	$3,820	13	135	11	$2,500	4	$1,271
9-Nov-19	25	$12,900	17	182	23	$12,200	2	$575
2-Nov-19	10	$2,470	12	61	9	2,450	3	$22
26-Oct-19	12	$5,560	14	70	11	$3,860	1	$1,700
19-Oct-19	8	$6,600	8	138	8	$6,600	0	0
12-Oct-19	19	$4,300	14	55	16	$3,800	3	$500
5-Oct-19	18	$14,500	19	166	15	$11,100	3	$3,400
28-Sep-19	19	$8,100	18	132	18	$7,560	1	$550
21-Sep-19	14	$6,300	16	66	11	$2,160	3	$4,170
14-Sep-19	15	$23,800	12	56	11	$21,250	4	$2,570
7-Sep-19	17	$3,500	15	98	14	$1,900	3	$1,600
31-Aug-19	5	$8,700	6	50	5	$8,700	0	0
24-Aug-19	16	$10,000	14	82	15	$4,250	1	$5,750
16-Aug-19	10	$1,680	5	52	7	$650	3	$950
9-Aug-19	17	$17,700	15	68	14	$3,900	3	$13,800
2-Aug-19	13	$5,760	12	108	13	$5,760	NA	NA
27-Jul-19	11	$7,300	13	76	8	$6,570	3	$730
20-Jul-19	13	$11,800	13	125	11	$5,300	2	$6,500
13-Jul-19	10	$775	7	46	8	$542.50	2	$233
6-Jul-19	7	$2,500	9	85	7	$2,500	0	0
29-Jun-19	23	$8,290	15	154	17	$2,300	6	$5,970
22-Jun-19	17	$10,700	10	139	14	$7,700	3	$3,000
15-Jun-19	11	$13,500	14	160	11	$13,500	NA	NA
8-Jun-19	13	$2,870	17	55	11	$1,570	2	$1,300
1-Jun-19	10	$4,460	11	60	8	$4,140	2	$315
25-May-19	17	$4,360	14	79	14	$3,700	3	$612
18-May-19	22	$9,000	17	150	16	$3,400	6	$5,600
11-May-19	18	$19,800	17	177	15	$18,300	3	$1,500
4-May-19	10	$7,075	6	32	8	$6,900	2	$175
27-Apr-19	15	$3,200	14	117	14	$3,160	1	$40
20-Apr-19	13	$13,500	10	90	9	$12,200	4	$1,300
13-Apr-19	16	$38,900	14	91	14	$37,800	2	$1,100
6-Apr-19	12	$6,870	11	94	10	$6,730	2	$50
30-Mar-19	15	$6,470	12	84	10	$7,91.5	5	$5,677
23-Mar-19	18	$6,450	14	91	14	$5,042	4	$1,408
16-Mar-19	14	$10,180	12	115	11	$8,800	3	$1,300
9-Mar-19	9	$1,800	6	49	8	$1,300	1	$500
2-Mar-19	20	$3,033	16	107	14	$1,817	6	$1,262
23-Feb-19	12	$2,040	8	69	9	$614.60	3	$1,430
16-Feb-19	16	$9,970	18	77	16	$9,970	0	0
9-Feb-19	14	$6,400	10	110	14	$6,400	0	0
2-Feb-19	18	$6,740	15	99	16	$5,720	2	$950
26-Jan-19	13	$2,770	11	67	11	$918.95	2	$1,850
19-Jan-19	15	$3,819	16	76	12	$2,594	3	$1,225
12-Jan-19	18	$7,283	14	92	15	$1,683	3	$5,600
5-Jan-19	10	$529	12	50	10	$529	0	0
22-Dec-18	17	$2,570	13	87	14	$941	3	$1,629
15-Dec-18	10	$2,860	8	26	8	$264	2	$2,600
8-Dec-18	15	$1,819	16	65	12	$552	3	$1,267
1-Dec-18	12	$7,500	10	90	9	$1,200	3	$6,200
28-Nov-18	15	$4,500	11	107	14	$4,000	1	$500
19-Nov-18	18	$6,137	13	98	13	$2,142	5	$3,995
14-Nov-18	18	$9,200	13	152	15	$8,500	3	$694
6-Nov-18	16	$17,300	16	183	14	$16,361	2	$950
29-Oct-18	14	$14,400	18	127	17	$13,800	1	$600
24-Oct-18	13	$6,140	13	126	11	$5,122	2	$1,018
17-Oct-18	18	$18,390	15	125	14	$12,292	4	$6,098
10-Oct-18	29	$3,149	18	104	20	$1,647	9	$819
2-Oct-18	18	$9,300	11	67	14	$7,300	4	$2,000
25-Sep-18	13	$7,000	11	75	10	$6,000	3	$995
18-Sep-18	9	$3,570	7	44	9	$3,570	0	0
11-Sep-18	13	$5,900	10	132	13	$5,900	0	0
7-Sep-18	14	$5,000	15	86	11	$4,000	3	$1,000
29-Aug-18	15	$20,700	14	79	13	$4,700	2	$16,000
20-Aug-18	10	$12,400	11	53	8	$11,380	3	$1,057
14-Aug-18	12	$19,900	12	132	9	$18,889	3	$1,011
7-Aug-18	16	$68,600	11	106	13	$67,259	3	$1,340
31-Jul-18	15	$15,100	15	95	11	$13,060	4	$2,060
23-Jul-18	13	$2,130	15	60	10	$1,804	3	$1,100
17-Jul-18	14	$5,370	17	98	9	$4,310	5	$1,100
9-Jul-18	16	$11,200	15	74	10	$11,080	6	$862
3-Jul-18	13	$7,000	7	81	12	$6,330	1	$750
25-Jun-18	15	$8,800	13	97	9	$4,970	6	$3,930
18-Jun-18	13	$14,200	14	80	7	$221	6	$14,290
11-Jun-18	12	$6,300	8	96	8	$5,910	4	$803
6-Jun-18	13	$14,500	10	88	8	$14,154	5	$579
31-May-18	11	$4,890	10	63	8	$3,240	3	$1,790
22-May-18	15	$20,400	11	63	9	$19,808	6	$885
15-May-18	15	$4,700	15	106	10	$3,900	5	$643
9-May-18	11	$1,400	13	88	9	$1,300	2	$560
1-May-18	8	$14,250	7	88	7	$13,400	1	$450
24-Apr-18	12	$5,300	6	61	11	$4,470	1	$800
17-Apr-18	9	$1,800	10	44	7	$2,330	2	$1,434
11-Apr-18	11	$2,500	8	32	6	$1,690	5	$809
3-Apr-18	15	$13,400	11	121	9	$12,020	6	$1,090
28-Mar-18	10	$4,000	10	92	7	$3,870	3	$215
19-Mar-18	17	$5,800	13	51	10	$590	7	$5,165
12-Mar-18	15	$3,130	11	43	11	$2,360	4	$788
6-Mar-18	19	$5,400	13	116	10	$1,530	9	$4,860
27-Feb-18	20	$6,600	13	69	14	$5,530	6	$1,030
19-Feb-18	15	$5,500	14	111	10	$3,990	6	$1,980
12-Feb-18	23	$10,900	17	157	12	$7,110	11	$3,840
5-Feb-18	16	$8,600	13	100	7	$1,330	9	$7,800
30-Jan-18	11	$12,600	11	68	5	$7,300	6	$4,982
24-Jan-18	19	$9,400	15	129	5	$2,010	14	$7,337
18-Jan-18	10	$6,280	8	49	2	$2,100	8	$4,188
9-Jan-18	12	$16,500	12	92	9	$15,890	3	$475
3-Jan-18	10	$2,500	9	47	8	$2,350	2	$150
27-Dec-17	15	$9,000	15	113	9	$7,568	6	$1,784
18-Dec-17	15	$13,800	16	164	9	$13,010	7	$1,118
11-Dec-17	14	$9,700	10	126	12	$2,940	4	$8,500
4-Dec-17	6	$1,800	6	31	5	$1,510	1	$300
28-Nov-17	7	$3,850	8	76	4	$3,260	3	$285
16-Nov-17	10	$2,700	10	48	6	$1,840	4	$856
8-Nov-17	15	$2,380	17	91	10	$1,860	5	$516
1-Nov-17	12	$4,700	17	94	9	$3,400	4	$1,300
23-Oct-17	15	$10,500	10	67	10	$9,780	4	$1,530
18-Oct-17	6	$2,000		37	3	$225	3	$1,820
10-Oct-17	12	$6,570		100	9	$3,880	3	$3,360
2-Oct-17	8	$3,100	11	19	3	$1,630	5	$1,750
25-Sep-17	8	$4,880	8	79	5	$2,660	5	$2,070
18-Sep-17	9	$4,770			3	$300	6	$4,470
12-Sep-17	11	$4,430			8	$2,030	3	$2,400
1-Sep-17	4	$1,310			3	$317	1	$1,000
23-Aug-17	11	$13,640	9		8	$11,840	3	$1,800

M&A/FUNDINGS

Chevron buys Hess for $60B

Deal Description: Chevron announced Oct. 23 that it’s acquiring New York-based Hess Corp. for $60 billion. The all-stock deal represents $171 per share, or $53 billion. Hess shareholders will receive 1.0250 shares of Chevron for each Hess share, a 5 percent premium over Chevron’s closing stock price on Oct. 20. The transaction is expected to close in the first half of 2024 if it passes muster with Hess shareholders and regulators. A pair of in-house Texas attorneys for Chevron is co-leading on the purchase, including JP Whalen and Siva Barnwell Adams (see The Texas Lawbook’s profile of her here). Paul, Weiss, Rifkind, Wharton & Garrison is serving as outside counsel to Chevron and Wachtell, Lipton, Rosen & Katz advised Hess. For more, click here.

EngageSmart sells to Vista in $4B deal

Deal Description: Online customer services company EngageSmart Inc. announced Oct. 23 that it entered into a definitive agreement to be acquired by an affiliate of Vista Equity Partners in an all-cash transaction valued at $4 billion. Under the terms of the deal, EngageSmart stockholders will receive $23 per share in cash, a premium of about 23 percent over the unaffected closing price of EngageSmart’s common stock on Oct. 4 and 30 percent over the volume weighted average price of EngageSmart’s common stock for the 30 days ending Oct. 4. Vista will own 65 percent and General Atlantic will hold 35 percent. Vista intends to fund the transaction with fully committed equity financing. Upon completion, EngageSmart will become a privately held company. The deal includes a 30-day “go-shop” period that will expire after Nov. 23.

Expected Closing: Q1 2024 if the deal clears regulators and shareholders other than affiliates of General Atlantic and certain officers of EngageSmart

EngageSmart Special Committee’s Outside Counsel: Skadden led by M&A partners Graham Robinson, Laura Knoll and Chadé Severin in Boston

EngageSmart Special Committee’s Financial Advisor: Evercore

Vista’s Outside Counsel: Kirkland & Ellis with a team led by partners David Klein, Lee Blum, Ari Levi, Daniel Wolf and Stuart Casillas outside Texas but including executive compensation partner Katherine Nemeth in Houston

EngageSmart’s Financial Advisor: Goldman Sachs

General Atlantic’s Outside Counsel: Paul, Weiss, Rifkind, Wharton & Garrison led by partners Matthew Abbott and Cullen Sinclair in New York

Marble IV attracts $816M

Deal Description: Holland & Knight said Oct. 16 that it advised Houston-based Marble Capital in connection with the formation of Marble Capital Fund IV and its associated co-investment vehicle. Marble Capital announced Oct. 6 the final closing of the fund with $816 million in capital commitments. The fund is focused on making preferred equity investments in tandem with common equity investments in multifamily developments across the country. Since its inception in 2016, Marble has raised $2 billion in commitments across a series of funds. Marble provides capital solutions for multifamily real estate developers, owners and buyers across the U.S. and has invested in 38,000 multifamily units representing $8.5 billion in capitalization.

From H&K: Holland & Knight’s representation of Marble Capital was led by partners C. Walker Brierre Jr. and Brandon Bloom and associates Kelsie Knight and Emily Smith. They were assisted by partners Nathan Stone and Jennifer Connors, consulting counsel John Cohn and associates Jessica Kirk, Cameron Haltom and Caroline Spiers.

Notes: Holland & Knight has served as fund counsel to Marble since its inception. In 2022, Marble announced an agreement to sell a 19.8 percent passive ownership stake to Navigator Global Investments, using Brierre and Bloom to advise it.

Altafiber raises $600M for continued fiber network expansion

Deal Description: Willkie Farr & Gallagher said Oct. 26 it advised the Retail Employees Superannuation Trust as a co-investor in Altafiber’s $600 million capital raise led by funds managed by Macquarie Infrastructure Partners and Ares Management. Altafiber announced Aug. 29 it raised the new funding to support the continued construction of the company’s fiber networks throughout incumbent and expansion markets in Ohio, Kentucky, Indiana and Hawaii. Since the close of its “take-private” transaction in September 2021, the company has passed 300,000 addresses with fiber totaling more than 1.1 million homes. It expects to complete the construction of fiber to every single-family unit within Greater Cincinnati by the end of 2023 and the construction of Hawaii’s statewide fiber network by the end of 2027. The equity raise was solely supported by existing investors and supporting co-investors.  

From Willkie: The team was led by partners Archie Fallon and Ryan Giggs in Houston

Novacap-backed Horizon Telecom sells out to Shentel for $385M

Deal description: Shenandoah Telecommunications Co. entered into a definitive agreement to acquire 100 percent of the equity interests in Horizon Acquisition Parent for $385 million, Shentel announced Oct. 24. Consideration will consist of $305 million in cash and $80 million of Shentel common stock.  Shentel provides broadband services through its high speed cable and fiber optic networks to customers in the Mid-Atlantic U.S. Horizon is a commercial fiber provider in Ohio and adjacent states serving national wireless providers, carriers, enterprises and government, education and healthcare customers over its 7,200 route-mile fiber network. Based in Chillicothe, Ohio, Horizon was founded in 1895 as the incumbent local exchange carrier in Ross County, Ohio and has expanded its fiber network over the past 14 years. Novacap is Horizon’s controlling equityholder. Other equityholders include GCM Grosvenor.

Novacap/Horizon’s Outside Counsel: Baker Botts including, from corporate, Neil Torpey, Nicole Perez and Henry Klimowicz in New York; finance: Clint Culpepper and Delaram Peimani in Austin; tax: Steve Marcus in Dallas and Peter Farrell in Washington, D.C.; executive compensation: Robin Melman in New York; antitrust: Michael Bodosky in Washington, D.C.; and data privacy/cybersecurity: Matthew Baker in San Francisco.

Shentel’s Outside Counsel: Hunton Andrews Kurth led by led by partners Steven Haas in Richmond and Washington, D.C., and J.A. Glaccum in Houston and Washington, D.C. The firm is also assisting Shentel in securing $81 million in growth capital from Energy Capital Partners and obtaining a $275 million bank financing commitment for the acquisition.

Innventure combines with SPAC Learn CW in $385M deal

Deal Description: Orlando private equity/venture firm Innventure and Learn CW Investment Corp., a publicly traded special purpose acquisition company, announced Oct. 24 that they entered into an agreement that will result in Innventure becoming a public company. The combination will operate under the Innventure name. Learn CW is sponsored by CWAM LC Sponsor, an affiliate of Learn Capital and Commonwealth Asset Management. The deal reflects an enterprise value for Innventure of $385 million, excluding a $50 million earnout payable upon achievement of milestones. The transaction is also expected to include a $75 million equity facility in addition to the proceeds from other financings in the works. Innventure expects to use the proceeds for working capital and general corporate purposes in addition to covering transaction-related costs. Learn Capital is a venture firm with $1.2 billion in assets under management founded in 2008 by Rob Hutter and Greg Mauro, who formerly managed an affiliate of Founders Fund. Commonwealth is a Los Angeles-based platform started in 2019 and led by Adam Fisher. Innventure was founded in 2015 by Mike Otworth, John Scott and Rick Brenner and creates, funds, operates and scales companies in collaboration with multinational corporations. 

Expected Closing: 2024 if the transaction clears Learn CW shareholders and regulators

Innventure’s Outside Counsel: Vedder Price and Jones Day (Atlanta partner Joel May)

Learn CW’s Outside Counsel: Sidley Austin including partners Joshua DuClos and David Ni and senior managing associates Zach Shub-Essig and John Stribling (of Houston)

AMN Healthcare to acquire MSDR for $300M

Deal Description: Dallas-based AMN Healthcare, which provides talent solutions for healthcare organizations in the U.S., announced Oct. 23 a definitive agreement to acquire MSDR for $300 million. MSDR consists of two healthcare staffing companies that specialize in locum tenens, or temporary placements, and advanced practices, Medical Search International and DRW Healthcare Staffing. MSI, founded in 2002, serves healthcare systems across the U.S. by placing healthcare professionals that specialize in psychiatry, anesthesia, radiology and surgery. DRW, founded in 2011, specializes in psychiatry, anesthesia and surgery. Chris Wang, CEO and managing partner of DRW, will remain as president of MSDR. MSDR’s revenue was $104 million in 2022 and year-to-date annualized 2023 revenue is about $155 million. AMN expects the deal will be modestly accretive to adjusted EPS in the first 12 months. The transaction is expected to be funded with cash on hand and borrowings on AMN’s revolver.

AMN’s Financial Advisor: Wells Fargo Securities

AMN’s Outside Counsel: Sheppard Mullin led by partner Daniel Belzer in California

MSDR’s Financial Advisor: Nolan & Associates

MSDR’s Outside Counsel: Morgan Lewis including partners Jennifer Feldsher, Charles Vandenburgh and Greer Longer in the Northeast and associate Kelsey Warren in Houston along with a multidisciplinary, cross-office team

Expected Closing: Q4 2023 if it clears regulators

Navios Maritime, Frangou entity announce $160M merger

Deal Description: Navios Maritime Holdings Inc. and N Logistics Holdings Corp., a company controlled by Navios chairwoman and CEO Angeliki Frangou, announced Oct. 23 that they entered into a definitive merger agreement in which NLHC will acquire all of the outstanding shares of common stock of Navios not already owned by NLHC for $2.28 per share in cash, without interest. The deal has an enterprise value of $160 million. The agreement follows the offer made by an affiliate of Frangou on Sept. 13 to acquire the common shares.

Navios Maritime Special Committee’s Outside Counsel: Latham & Watkins with a deal team led by Houston partners Nick Dhesi and Ryan Maierson with associates Denny Lee, Ziyad Barghouthy, Janhavi Das, Jordan Armstrong and Catherine Sims. Advice was also provided on tax matters by Houston partners Tim Fenn and Jared Grimley; on executive compensation and employee benefits by Washington, D.C., partner Adam Kestenbaum with associate Courtney Thomson; on environmental matters by Los Angeles/Houston partner Joshua Marnitz with associate Jacqueline Zhang; on finance matters by Houston partner Matthew Jones; and on regulatory matters by Washington, D.C., partner Jason Cruise, Frankfurt partner Max Hauser and Washington, D.C., counsel Peter Todaro with associates Markus Welzenbach and Charlotte Young.

Special Committee’s Financial Advisor: Jefferies

NLHC’s Outside Counsel: Fried, Frank, Harris, Shriver & Jacobson

NLHC’s Financial Advisor: S. Goldman Advisors

Ecobat completes divestiture in southern Africa

Deal Description: Dallas-based Ecobat, which claims to be the world’s largest battery recycler, announced Oct. 24 that it completed the divestiture of its operations in southern Africa, Zimco Group Proprietary Ltd., to AutoX Proprietary Ltd. Terms weren’t disclosed. Made up of businesses operating in a range of markets across three countries, Zimco Group includes Fry’s Metals, Castle Lead Works, Associated Additives, Zimco Metals, G&W Mineral Resources, Dutton Plastics and Sondor Performance Foams. Marcus Randolph, Ecobat’s CEO, said the divestment advances Ecobat’s strategic initiative to focus on its core business of battery recycling in North America and Europe. Fry’s Metals has been a long-standing supplier and lead recycling partner to AutoX, AutoX CEO Glenn Geldenhuis said.

Ecobat’s Financial Advisor: Investec Bank Ltd.

Ecobat’s Outside Counsel: White & Case led by Gary Felthun in Johannesburg

Ecobat’s In-House Counsel: Chief legal officer Daniel Terrell

AutoX’s Outside Counsel: Bowman Gilfillan led by John Bellew in Johannesburg and Webber Wentzel (on regulatory)

Sammons partners with NorthRock

Deal Description: Sammons Financial Group, a financial services company with $117 billion in assets, announced Oct. 20 it inked a strategic partnership with NorthRock Partners, a financial and lifestyle advisory firm. Terms weren’t disclosed. With $5 billion in assets under management, NorthRock’s “Personal Office” model already has 1,500 clients delivering advisory services, from investments to tax preparation to estate planning to philanthropic giving. Through this partnership, NorthRock will bring together its advice-led model with Sammons’ shared vision and strong capital position.

Sammons’ Outside Counsel: Gibson Dunn & Crutcher with a corporate team led by partners Michael Piazza and Andrew Friedman and including partner A.J. Frey, of counsel Tyler Cox and associates Andrew Abell and Adri Langemeier. Partner Chad Nichols and associates Stephen Berg, Robert Bollinger and Patrick Perrier advised on financing, partner Matt Donnelly and associate Bree Gong on tax aspects, partner Sean Feller on benefits, partner Kevin Bettsteller on Advisers Act regulatory matters and counsel Andrew Cline on antitrust.

AMG buys interest in PE firm Ara

Deal Description: AMG, a publicly traded partner to independent investment management firms globally, announced Oct. 23 that it acquired the minority equity interest in Ara Partners previously held by Capital Constellation, an investment platform managed by Wafra Inc., and some of its affiliated investment vehicles. Terms weren’t disclosed. Ara’s management will continue to direct the firm’s day-to-day operations. Ara is a global private markets firm that invests in the transition to a lower-carbon economy through investments in companies offering scalable technologies, products or services that address issues of decarbonization across industries. Founded by co-managing partners Charles Cherington and Troy Thacker, Ara has $5 billion in assets under management. As of June 30, AMG’s assets under management were about $674 billion across a range of differentiated investment strategies. 

Wafra’s Outside Counsel: Gibson Dunn & Crutcher with a corporate team that included partners Michael Piazza and Andrew Friedman and associates Kevin Lafferty and Yvana Bustamante. Partner Kathryn Kelly and of counsel Jennifer Sabin advised on tax aspects.

Notes: Piazza also counseled Wafra on Capital Constellation’s minority investment in Austin-based Greenbelt Capital Partners this past June.

Powin partners with Hitachi Energy

Deal Description: Kirkland & Ellis said Oct. 24 it counseled energy storage platform provider Powin on a new partnership with global technology company Hitachi Energy, which will take majority ownership in EKS Energy, a supplier of power electronics and energy management solutions for renewables and energy storage projects. Powin purchased EKS in September 2022. The deal will provide EKS with access to Hitachi Energy’s engineering and control capabilities, expanded market reach and supply chain optimization and leverage. Powin will keep a “significant” minority ownership in EKS and will remain actively involved in EKS’ product development and marketing efforts. As one of the largest energy storage providers in North America, Powin said its integrated business model is enabling it to scale to meet the rising international demand for energy storage.

Powin’s Financial Advisor: Evercore

From Kirkland: The team was led by corporate partners Shubi Arora, Jhett Nelson, Josh Teahen and Fernanda Langa and associates Jessica Stenglein and Markus Wang; technology & IP transactions partners Matt Lovell and Shellie Freedman and associate Alex Barata; tax partners Vin Thorn and Liam Murphy; and debt finance partners Lucas Spivey and James Bedotto.

Notes: Kirkland also advised Powin when it acquired EKS with a group led by Nelson, Arora and Teahen

PSG invests in AirWorks

Deal Description: Weil said Oct. 24 it represented PSG Equity on its investment in Boston-based AirWorks, an AI-powered mapping solution providing geospatial data processing and analytics. Terms weren’t disclosed. Founded in 2014, PSG is a growth equity firm that partners with software and technology-enabled services companies to help them navigate growth, capitalize on opportunities and build teams. Having backed more than 130 companies and facilitated more than 460 add-on acquisitions, PSG brings investment experience, expertise in software and technology and a commitment to collaborating with management teams. PSG operates out of Boston, Kansas City, London, Paris, Madrid and Tel Aviv. 

From Weil: Private equity partner David Gail and associate Ryan Strassman and tax partner Jason Vollbracht

Notes: Gail also counseled PSG on its investment in Versatile Credit last month.

Carlin Consumer Health buys Infirst

Deal Description: New York-based Carlin Consumer Health, which acquires leading over-the-counter brands, announced Oct. 24 it bought Infirst USA Holdings, the parent company of Infirst Healthcare Inc. Terms weren’t disclosed. Westport, Conn.-based Infirst is the marketer of two digestive health brands, Mylanta and Mylicon, through a trademark licensing agreement with McNeil Consumer Pharmaceuticals Co. As part of the transaction, Infirst will now become a wholly owned unit of Carlin. Founded in 2022, Carlin is sponsored by Hildred Capital Management, Bourne Partners Strategic Capital and the Emerson Group and currently markets the OTC acid reducer brand Zegerid OTC.

Carlin’s Outside Counsel: Sidley Austin including Asher Rubin in Baltimore, Zachary Shub-Essig in Century City, Angela Fontana in Dallas and Joe Zenruffinen in New York

Infirst’s Outside Counsel: Wilson Sonsini Goodrich Rosati

Infirst’s Financial Advisor: Stifel

Archtop Fiber acquires GTel

Deal Description: Locke Lord said Oct. 25 it represented Archtop Fiber, a provider of multi-gig, all-fiber internet and phone service to residential and business customers, on its acquisition of GTel, a voice, video and internet service provider based in Germantown, New York. Terms weren’t disclosed on the deal, which was announced Sept. 5. Through the acquisition, Archtop Fiber will provide telecommunications services in more than five townships across New York’s southern Columbia County. The GTel acquisition is part of Archtop Fiber’s larger plan to bridge the digital divide in underserved communities in New York’s Hudson Valley and beyond.

From LL: The team was led by George Ticknor (Boston) and Pete Barrett, Jen Lisi and Nicole Chakraborty (Providence) with assistance provided by Lori Basilico and Jeffrey Kennedy (both of Providence), Peter Wynacht and Michael Bennett (both of Chicago) and Andrew Nelson (Houston).

CAPITAL MARKETS/FINANCINGS

Lennox International announces $1.35 billion in debt programs

Deal Description: Dallas-based Lennox International, the global manufacturer of heating and air-conditioning systems, announced October 26 a $1.35 billion series of debt transactions. The three a $350 million amendment to an existing credit agreement; a $500 million bond issue, and a $500 million commercial paper program. John Torres, a University of Chicago law grad serves as CLO.

Underwriter(s): J.P. Morgan

Outside Counsel: A Texas team from Jones Day led from Dallas by partners Ferrell Keel and John Mazey. Keel led the bond and commercial paper transactions, while Mazey led the credit facility deal. The Jones Day team also included Kelly Rubin, Malory Thelen, Gerry Griffith, Seth Cleary and Paul Johnson, all of whom are from Dallas.

Notes: Along with the debt reconfiguration Lennox announced that it had completed its acquisition of Alabama-based AES, a provider of HVAC installations, as well as equipment refurbishing and recycling. The company also announced a $63 million impairment connected to the divestiture of its European operations.

OPDEnergy lands $252M financing

Deal Description: Clifford Chance said Oct. 24 it advised BBVA, Intesa SanPaolo and MUFG Bank as lenders on a $252 million construction to back-leverage project financing package to OPDEnergy for the building of two solar photovoltaic electric generating facilities in Louisiana and West Virginia. The projects, with a total capacity of 260 megawatts, will contribute to the production of renewable energy in the U.S. and are estimated to prevent the release of 260,000 tonnes of carbon dioxide into the environment. The projects are also expected to create more than 600 jobs in the region.

From CC: Energy & Infrastructure and Tax Equity partner Alex Leff in Houston and projects associate Lauran Smith in Washington, D.C., led the transaction with support from associates Trevor Nichols and Serena Seaman (Washington, D.C.) and Brianna Jones Rich and Leah Rahmani (New York). The cross-border team included New York real estate associates Dawn Goldberg, Meny Elgadeh and Nina Binns, New York structured finance partner Darren Littlejohn and associate Elizabeth Kennedy and Madrid project finance partner José Guardo and lawyer Eduardo Sánchez.

Mach Natural Resources prices $171.7M IPO

Deal Description: On Oct. 24, Mach Natural Resources announced the pricing of its initial public offering of 10 million common units representing limited partner interests. The company granted the underwriters an option to purchase up to an additional 1.5 million common units at the IPO price, less underwriting discounts and commissions. Mach’s common units were expected to begin trading on the New York Stock Exchange under the ticker symbol “MNR.” The offering was anticipated to close Oct. 27 with Mach expecting to receive net proceeds of $171.7 million after deducting underwriting discounts and commissions and estimated offering expenses and excluding any exercise of the underwriters’ option to purchase more units. Mach intends to use the net proceeds to repay in full and terminate certain existing credit facilities of its subsidiaries using the remainder to repay debt and purchase common units from the existing common unit owners and for general partnership purposes. Mach is an independent upstream oil and gas company focused on acquiring, developing and producing oil, natural gas and NGL reserves in the Anadarko Basin region of Western Oklahoma, Southern Kansas and the Texas Panhandle.

Underwriters: Stifel and Raymond James; and Janney Montgomery Scott, Stephens Inc. and Johnson Rice & Co.

Underwriters’ Outside Counsel: Baker Botts including, from corporate: partners Josh Davidson and Doug Getten, senior associate Garrett Hughey and associates Parker Hinman and Austin Lee; on tax: partner Michael Bresson and special counsel Chuck Campbell; and on environmental: special counsel Elizabeth Singleton

Mach’s Outside Counsel: Kirkland & Ellis led by Julian Seiguer and Michael Rigdon and associates Erin Meziere, Robbie Dillard and Taylor Santori; corporate partners Cy Jones and Josh Teahen; debt finance partner Andy Veit; and tax partners Mark Dundon and Rebecca Fine