Unless you live under a very large rock you have probably noted the large number of deals involving special purpose acquisition companies (SPACs) over the past few months.
Just last week, the Texas Lawbook recorded five SPAC mergers, which will take the targeted companies public without the expense and longer timeline of a traditional initial public offering.
The setup is ideal for nascent companies that want to access public capital to grow quickly, though just this week hospitality behemoth Fertitta Entertainment also jumped on the SPAC bandwagon with a $1.4 billion merger with New York-listed FAST Acquisition.
The increase in activity is good for the M&A market, but it also raises the question of whether the boom could eventually turn into a bust.
As part of their mandate, SPACs must make an acquisition within a set amount of time, usually 24 months, or return their cash to investors. That rule could squeeze some SPACs to make a sub-optimal deal as they approach their deadline.
“The longer it takes for a SPAC to deploy funds, the more pressure it is under to consummate a transaction at, potentially, any cost,” Opportune partner Lynn Loden and managing director Josh Sherman wrote in a recent blog post.
Somewhat forebodingly, Loden and Sherman also compared the recent SPAC frenzy to the shale boom, which went pear-shaped following a sustained drop in oil prices that began in 2014. The pair noted that energy-focused private equity funds raised more than $100 million in funds that needed to be invested.
“The result was an overinvestment in oil and gas acreage and asset development that either never materialized into a public vehicle or may have been brought to market too early…” they write. “Fast forward to today and it appears that an influx of new capital from SPAC IPO proceeds in 2020 may be helping to artificially escalate (price to earnings) ratios across all market sectors.”
Fortunately for SPAC skeptics, there were plenty of traditional deals last week. We saw the return of hydrocarbon deals as consolidation looms in the exploration and production sector with Enerplus’ $465 million takeover of Bruin E&P, which emerged from Chapter 11 last fall.
The oilfield services sector also saw some activity, with TETRA Technologies offloading its controlling stake in CSI Compressco to privately held Spartan Energy Partners.
Technology also got a boost from Austin-based Khoros’ acquisition of Flow.ai and from a $50 million investment led by Riverstone in EV charging specialist FreeWire.
The final week of January ended with a bang-up 18 transactions worth $9.449 billion. Those included M&A transactions worth $8.8 billion and three capital markets transactions worth $695 million. The work involved 182 lawyers at nine different firms.
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 |
That compares to 14 deals for $8.1 billion the week before and 21 deals for $21 billion during the last week of 2020.
M&A/PE FUNDING
Latham Aids Latch Transition to $1.56B Public Company
In one of two major SPAC deals reported by The Lawbook last week, residential management software provider Latch plans to go public via a merger with a SPAC backed by Tishman Speyer Properties that values the combined company at $1.56 billion.
According to a Jan. 25 announcement, the SPAC, TS Innovation Acquisitions, will fund the deal with $300 million in cash held in trust from its initial public offering in November of last year. In addition, a $190 million private investment in public equity (PIPE) financing will also support the transaction.
Latham is representing Latch in the transaction with a corporate deal team led by New York partner Marc Jaffe and Houston partners Ryan Maierson and Nick Dhesi, with Orange County associate Nima Movahedi and Houston associates Clayton Heery, Erin Lee, Austin Sheehy, and Ziyad Barghouthy.
Sullivan & Cromwell is acting as legal advisor to TS Innovation Acquisitions.
Goldman Sachs is acting as exclusive financial advisor to Latch and acted as joint placement agent on the PIPE financing.
Allen & Company and BofA Securities are acting as joint financial advisors to TS Innovation Acquisitions and also acted as joint lead placement agents on the PIPE.
Four Firms Advise on Sunlight Merger with SPAC to Form $1.3B Entity
In another deal also reported by The Lawbook, residential solar fintech venture Sunlight Financial said Jan. 25 that it has agreed to merge with Apollo-backed blank-check firm Spartan Acquisition in a deal that values the combined company at $1.3 billion.
Latham acted as the legal advisor to private investment in public equity (PIPE) placement agents (Credit Suisse, Citi and Cowan) to Spartan, with a Houston-based corporate deal team led this time by Ryan Maierson, with associates Monica White, Bryan Ryan and Dylan Carroll.
Hunton Andrews Kurth acted as the legal advisor to Sunlight with a team led by Houston partners Mike O’Leary and Taylor Landry. They were assisted by associates Mike Hoffman, Erin Jennings, Amanda Thienpont, Oliver Fankhauser, Hannah Bradley, Marshall Heins, Kelli Regan, Casey Shaw, Samantha Siegler, all of Houston, as well as associate Candace Moss in Washington, D.C.
Houston partners Tom Ford and Allison Mantor pitched in on tax matters, along with associate Tim Strother.
Partner Tony Eppert and associate Emilie Pfister advised on compensation and benefits from Austin.
Vinson & Elkins represented Spartan in the transaction with a corporate team led by partners Ramey Layne of Houston and John Kupiec and Jim Fox of New York, Houston counsel Crosby Scofield and senior associates Anne Peetz of Houston and Zachary Swartz of Richmond.
A number of associates assisted including Jordan Fossee and Miles Fortenberry of Houston. On tax matters, advising were partners David Peck of Dallas and Jason McIntosh of Houston, senior associate Allyson Seger of Austin, and associate Christina McLeod of Washington, D.C. New York counsel Julia Petty and Houston associate Mary Daniel Morgan handled executive compensation and benefits, while partner Sean Becker and counsel Christie Alcalá, both of Houston, advised on labor and employment.
Partner Devika Kornbacher, who splits her time between New York and Houston, and associate Briana Falcon of Houston advised on technology transactions and intellectual property. Meanwhile, partner Matt Dobbins and senior associate Jennifer Cornejo, both of Houston advised on environmental matters.
Gibson Dunn & Crutcher advised the transaction committee of the board of directors of Spartan with a team based in New York. None of the firm’s Texas lawyers were involved.
In addition to its role as placement agent, Citi acted as exclusive financial advisor to Sunlight, which provides residential solar contractors with “seamless point-of-sale” financing capabilities, and the company says it has already funded over $3.5 billion of loans through its proprietary platform.
As part of the deal, investors led by Chamath Palihapitiya, Coatue, BlackRock, Franklin Templeton and Neuberger Berman Investment Advisers have committed to invest $250 million in a private purchase of Spartan’s Class A Common Stock at $10 per share immediately prior to closing, expected in the second quarter of the year.
Hillman Agrees to $2.64B Merger Fertitta’s Landcadia III SPAC
Landcadia III, a special purpose acquisition firm owned by Houston hospitality mogul and Rockets owner Tilman Fertitta, plans to merge with Cincinnatti-based hardware and home improvement supplies distributor Hillman in a deal that values the combined entity at $2.64 billion.
Hillman is controlled by private equity firm CCMP Capital Advisors, which acquired a majority stake in the company in 2014. It will remain Hillman’s largest shareholder on closing, and the hardware company’s chief executive Doug Cahill will continue to lead the combined entity with the current management team.
The deal comes weeks after Fertitta’s Landcadia II closed on its $745 million acquisition of Golden Nugget online gaming, which is also owned by the Landry’s chief executive.
White & Case associate Anıi Tanyildiz, who splits his time between London and Houson, is advising Landcadia III on the Hillman deal.
Boston firm Ropes & Gray is legal advisor to Hillman.
Jefferies is advising Hillman on financial matters, and, along with Barclays, is acting as placement agent for a private investment in public equity (PIPE) financing that will support the deal.
The PIPE financing, committed by investors led by Wells Capital Management and Columbia Threadneedle Investments’ Small Cap Growth Strategy, consists of $375 million in Landcadia common stock priced at $10 each.
Proceeds from the deal will also include Landcadia III’s $500 million of cash in trust.
“The company expects to use the proceeds from the transaction to accelerate Hillman’s growth initiatives, substantially reduce existing debt, support marketing efforts, and provide additional working capital,” according to a release.
The combined company is expected to have about $741 million of debt net of $96 million of cash and cash equivalents on its consolidated balance sheet.
The Landcadia III sponsors and members of its board of directors and management team have agreed to a “lock-up” period of up to one year following the closing, subject to termination as early as approximately 180 days after closing if certain trading price targets are met.
Upon the closing of the transaction, targeted for the second quarter of 2021, existing Hillman shareholders are expected to own 49% of the combined company, with Landcadia III sponsors holding 5% , PIPE participants holding 20%, and public stockholders holding 26%.
V&E, Willkie Advise on $465M Bakken Shale Deal
Houston-based oil and gas player Bruin E&P is set to be taken over by Canadian independent Enerplus in a $465 million cash deal.
Enerplus plans to fund the deal with a new $400 million term loan and a $115 million Canadian-style bought-deal equity financing, according to a Jan. 25 announcement.
Vinson & Elkins was Enerplus’ U.S. legal advisor on the Bruin acquisition, with a team entirely based in Texas. The V&E team was led by partner Bryan Loocke, with counsel Joclynn Townsend, senior associate Cesar Leyva, and associates Rob Vezina and Zach Parker, all of Houston, and Austin associate Alicia Vesely.
Meanwhile, Dallas partner Brian Bloom advised on executive compensation and benefits, while Houston partner Sean Becker advised on labor and employment.
In addition, Dallas partner Todd Way and senior associate Christine Mainguy of Houston handled tax matters.
Partner Matthew Dobbins and senior associate Jennifer Cornejo, both of Houston, advised on environmental issues, while partner Mike Telle and senior associate Nettie Downs, both of Houston, advised on capital markets.
Canadian business law firm Blake, Cassels & Graydon also advised Enerplus, and Stifel FirstEnergy acted as financial advisor.
Willkie Farr & Gallagher represented Bruin with a team led from Houston by partners Steve Torello and David Aaronson.
Other Houston-based members of the team included partner Robert Jacobson and associates Albert Jou, Ashley Whittington, and Yaniv Maman.
Bruin, which holds acreage in the oily Williston basin of North Dakota, emerged from Chapter 11 bankruptcy at the end of August.
Through the deal, Enerplus will gain 151,000 net acres in the Williston Basin, including 30,000 net acres contiguous with its own tier 1 acreage position. The acquisition includes about 24,000 barrels of oil equivalent per day net of existing production, 84 MMBOE of proved plus probable reserve, and an inventory of 111 net drilling locations, including drilled uncompleted wells.
“After the Acquisition, Enerplus estimates it will hold more than a decade of drilling inventory capable of sustaining production at 2021 levels, with additional drilling inventory upside on Bruin’s acreage if commodity prices strengthen,” Enerplus said in a statement.
V&E Counsels PE-backed Dredging Company on Acquisition
Private equity-backed Encore Dredging Partners has acquired peer Inland Dredging for an undisclosed amount, according to a Jan. 5 announcement.
The deal was completed with the support of Austin-based PE firm AV Capital, which is the sole financial sponsor of Encore Dredging.
Vinson & Elkins counseled Encore Dredging with a team led by partners Milam Newby of Austin and Brittany Sakowitz of Houston, with assistance from Houston associates Sara Bloom and Carmen Guidry.
Also advising were partner Tom Wilson, counsel Chris Bacon and senior associate Alex Bluebond, all of Houston, on labor and employment matters.
Dallas partner Shane Tucker and Austin senior associate Austin Light counseled on executive compensation and benefits, while partner Matt Dobbins and associate Audrey Doane, both of Houston, handled environmental matters.
On insurance issues, Encore was advised by counsel Sarah Mitchell and senior associate Robert Stelton-Swan, both of Dallas.
Partner Devika Kornbacher, who splits her time between Houston and New York, and associate Sean Belding of Houston, advised on technology transactions and intellectual property.
Houston partner John Michael counseled on maritime and Jones Act issues, while Dallas senior associate Jared Knight handled real estate.
On tax issues, Dallas partner David Peck and Austin senior associate Allyson Seger advised.
Inland Dredging was advised on the deal by investment bank Capstone Headwaters and represented by Tennessee law firm Bass, Berry & Sims.
Encore, which was recently established, has high hopes of becoming “the premier mid-sized cutter suction and mechanical dredging services provider focusing on navigable waterways throughout the United States,” according to the announcement.
The company said its partnership with AV Capital and the Inland acquisition “establishes a growth-oriented platform poised for further expansion of its dredging and marine infrastructure services throughout the U.S.”
Riverstone Leads $50M EV investment as V&E Advises
Private equity firm Riverstone has led the charge in a recent $50 million investment in FreeWire Technologies, marking the first PE funding in the electric vehicle charging specialist.
The Series C funding round included participation from current shareholders bp ventures, Energy Innovation Capital, TRIREC, and Alumni Ventures Group, according to a Jan. 26 announcement.
Vinson & Elkins counseled Riverstone on the investment with a team led by partners Dan Komarek of Washington, D.C. and Wes Jones of Austin, as well as associate Chris Kirby of Austin.
The new investment will enable FreeWire to accelerate international market expansion of its flagship Boost Charger product and expand production capacity.
The company recently disclosed an agreement with bp pulse, the U.K.’s largest charging network operator, which will be the exclusive operator of the Boost Charger in the nation.
In a release, FreeWire claimed to have deployed over 200 battery-integrated chargers with Fortune 100 companies, commercial customers, fleets, retail locations, and gas stations. The company intends to deploy more than 2,500 ultrafast charging stations by 2025.
The financing round brings the six-year-old company’s total venture funding to nearly $100 million. The closing of the round is concurrent with the appointment of Riverstone partner and managing director Robert Tichio to FreeWire’s Board of Directors.
“This investment underscores Riverstone’s support for innovation that meets the rising demand for energy while managing climate change risks. FreeWire is situated for long-term growth with a unique technology to address the megatrend of vehicle electrification,” Tichio said.
Latham Counsels Spartan Energy Partners on $33.8M Compression Deal
Oilfield services company Tetra Technologies said Jan. 29 it is selling off its controlling interest in natural gas compression player CSI Compressco for up to $33.8 million to privately held Spartan Energy Partners.
The sale price includes Spartan’s purchase of Tetra’s 10.95 million common units owned in CSI Compressco for $13.95 million, the sale of 15 large compressor units for $14.2 million that CSI Compressco already has under lease, the settlement of $2.5 million in “outstanding intercompany balances” which CSI Compressco has already paid to Tetra, and additional contingency payments if certain financial benchmarks are met.
Latham & Watkins is representing Spartan Energy Partners in the transaction with a Houston-based deal team led by partners John Greer and Ryan Maierson, with associates Bryan Ryan and Jessica Sherman. Advice was also provided on tax matters by Houston partner Tim Fenn, with associate Chelsea Muñoz-Patchen.
Bracewell represented Evercore, which was Tetra’s financial advisor on the deal, with a team led by Houston partner Will Anderson.
The divestment frees up Tetra to focus on its other service lines, including the growing water management and flowback areas.
Tetra, which is based in The Woodlands north of Houston, intends to use most of the proceeds to reduce the amount outstanding on its 2025 term loan. At the end of September 2020, Tetra’s net debt was $148 million.
V&E Advises TPG Pace Tech on SPAC Merger
Online learning platform Nerdy plans to go public through a merger with special purpose acquisition firm TPG Pace Tech Opportunities, which is listed on the New York Stock Exchange.
The transaction announced on Jan. 29 will result in “significant growth capital” for the combined company, including a fully committed private investment in public equity financing backed by leading institutional investors Franklin Templeton, Healthcare of Ontario Pension Plan, Koch Industries and Learn Capital.
Vinson & Elkins is advising TPG Pace Tech with a team led from Houston by partners Keith Fullenweider and Sarah Morgan and senior associate Robert Hughes with assistance from senior associates Sara Bloom and Austin March and associates Jonathan Villa and John Daywalt.
Also advising were partners John Lynch and Lina Dimachkieh and associate Curt Wimberly on tax, partner Sean Becker on labor and employment, and partner David D’Alessandro (of Houston and Austin) and Austin Light.
Goodwin Procter acted as the legal advisor to Nerdy.
On the finance side, Goldman Sachs advised Nerdy exclusively while Deutsche Bank Securities, J.P. Morgan Securities, Barclays Capital and TPG Capital BD acted as financial advisors, capital markets advisors and PIPE placement agents to TPG Pace Tech.
The business combination values the combined company at $1.7 billion.
TPG Pace Tech Opportunities raised $450 million through an initial public offering along with $150 million of forward purchase agreements for the purpose of entering into a merger, stock purchase or similar business combination with one or more businesses.
Once the merger closes, TPG pace Tech will redomicile as a Delaware corporation and be renamed Nerdy, Inc. Its shares of Class A common stock and warrants are expected to be listed on the New York Stock Exchange under the ticker symbol “NRDY” and “NRDY WS,” respectively.
Cash proceeds raised in the transaction will be used to fund operations, support growth and expand the Nerdy platform, according to a release.
Vinson Advises Austin-based Software Developer on AI Acquisition
Austin-based customer engagement software developer Khoros said Jan. 28 it is expanding its offerings in artificial intelligence with the acquisition of Flow.ai, platform for designing and managing chatbots.
Financial terms of the deal were not disclosed.
Vinson & Elkins advised Khoros with a corporate team led from Austin by partner Milam Newby and senior associates Michael Gibson and Kate Willson. Also advising were senior associate Allyson Seger on tax matters, Houston partner Tom Wilson on labor and employment issues, and partner Devika Kornbacher, who splits her time between Houston and New York, and senior associate Ben Cukerbaum of Austin on technology transactions and intellectual property.
“Adding Flow.ai’s state-of-the art technology advances Khoros’ conversational AI and machine learning (ML) capabilities, data science expertise, and reflects the company’s continued investment in the automation framework that powers Khoros’ industry-leading customer engagement platform,” Khoros said in an announcement.
“Khoros currently offers its customer-facing chatbot, Khoros Bot, as a fully developed, ready-to-use service that easily integrates with its digital customer care solution, Khoros Care. With Flow.ai, Khoros will extend the AI/ML capabilities available to brands for greater self-service and operational agility.”
Thompson & Knight, Winston & Strawn advise on Tall Oak transactions
Dallas-based private equity firm Tailwater Capital is set to acquire a pair of Oklahoma midstream operators backed by Encap Flatrock for an undisclosed amount, according to a Jan. 27 announcement.
Under the terms of the deal, Tailwater will get the assets of Tall Oak Midstream II, which include more than 750 miles of natural gas gathering lines, a cryogenic plant, and a gas processing plant across eight counties in Oklahoma. It will also get the assets of Tall Oak Midstream III, including 150 miles of pipelines, three compressor stations and a processing plant in the Arkoma basin.
Thompson & Knight represented Tailwater in the deal with a mergers and acquisition team led from Dallas by partners Holt Foster and Jesse Betts and associate Courtney Roane.
The finance team was led by Dallas partners Kurt Summers and Dean Hinderliter.
Also on the team were Dallas partners Tony Campiti and Jason Loden, Dallas senior counsel Gregg Davis, Houston partner Robert Eickenroht, Austin partner Ashley Phillips, Houston associate Sarah Frazier, and Dallas associates Lindsay Kirton, John Phair, and Jana Wight.
Winston & Strawn provided legal counsel to Tall Oak Midstream. Shearman & Sterling represented EnCap Flatrock Midstream.
Tudor Pickering Holt served as exclusive financial advisor to Tailwater Capital and Connect Midstream.
The deal calls for the Tall Oak management team to operate Tailwater’s existing portfolio company, Connect Midstream, which also has assets in Oklahoma.
“We are pleased to have reached these agreements with Connect Midstream and Tailwater Capital to position the Tall Oak companies for increased market leadership and sustainable, long-term success,” said Ryan Lewellyn, president and chief executive of Tall Oak.
“These transactions will provide our business with tremendously improved system capacity infrastructure and an increasingly diverse customer base, positioning us to compete with larger peers in the region and to capitalize on a number of exciting opportunities alongside our new partners at Tailwater.”
Latham Advises on $1B EV SPAC Deal
Electric car maker Faraday Future is set to go public through a merger announced Jan. 28 with blank-check firm Property Solutions Acquisition that values the combined company at $3.3 billion.
The deal is one in a string of transactions that have seen several electric vehicle specialists aim to go public by merging with so-called special purpose acquisition companies (SPACs) like Property Solutions. ChargePoint, EVgo and Proterra have all recently announced SPAC mergers.
Latham & Watkins is representing Property Solutions in the transaction with an M&A deal team led by New York partner David Allinson, with associates Brad Guest, Jennifer Wong, Julia von Türk, Eric Czubiak, and Joshua Payne, and a capital markets deal team led by Houston partner Ryan Maierson, with associates Om Pandya, Paul Robe, Trevor Bossi, and Jacob Weiner.
RMG and Deutsche Bank are serving as financial advisors to Property Solutions.
Sidley Austin and O’Melveny & Myers are serving as legal advisors to Faraday Future.
Credit Suisse and Stifel are serving as financial and capital markets advisors and Miller Buckfire is serving as financial advisor to Faraday Future.
The merger will provide more than $1 billion in gross proceeds to Faraday Future, consisting of $230 million in cash held by Property Solutions and a $775 million private investment in public equity financing (PIPE).
EarlyBird Capital acted as sole underwriter on PSAC’s IPO.
PIPE anchor investors include “leading institutional shareholders from the U.S. and Europe, a Top 3 Chinese OEM, and a Tier-1 city in China,” according to a release. The company believes the Chinese support will help it gain a large foothold in the nation.
Credit Suisse served as lead placement agent and Stifel also served as a placement agent for the PIPE.
The proceeds from the deal are expected to fully fund the production of Faraday Future’s signature luxury EV, the FF 91, within 12 months of the deal’s close. The transaction also supports the future development of the company’s unique Internet, Autonomous Driving, Intelligence (I.A.I.) system.
Willkie Counsels Frontline on Purchase of Airfield Services Provider
Private equity-backed pavement marking services provider Frontline Road Safety is literally taking to the runway with the acquisition of Hi-Lite Airfield Services for an undisclosed amount.
Hi-Lite, which is headquartered in New York State and Florida, is the largest airfield-focused pavement marking contractor in North America.
Willkie Farr & Gallagher represented Frontline Road Safety in the deal with a team led by partners Bruce Herzog of Houston and Daniel Mun of New York.
The Hi-Lite transaction, announced Jan. 4, marks Frontline’s fourth acquisition since it was established in July 2020. Frontline is backed by Houston private equity firm The Sterling Group, which has $4 billion in assets under management, according to its website.
“Hi-Lite is a best-in-class operator, and a perfect fit within the expanding Frontline family of companies,” said Brad Staller, partner at The Sterling Group.
Willkie Advises Time Manufacturing on German Deal
Sterling Group-backed aerial lift specialist Time Manufacturing announced Jan. 6 it had agreed to acquire Ruthmann, a German manufacturer of aerial work platforms, for an unnamed sum.
Time Manufacturing’s brands include Versalift, Aspen Aerials, and BrandFX.
The buyer was represented by Willkie Farr & Gallagher partners Bruce Herzog in Houston and Markus Lauer in Frankfurt.
Ruthmann is headquartered in Gescher-Hochmoor, Germany, and owns the brands Ruthmann, Steiger, Ecoline, and Bluelift.
The deal is expected to close in the first quarter of this year.
Morgan Lewis Represents Boston PE Firm in Acquisition of Houston Distributor
Private equity-backed Fluid Power Holdings has acquired Houston-based distributor Wilco Supply for an undisclosed amount.
The deal expands Fluid Power’s geographic reach, products and technical capabilities, according to a Dec. 26 announcement.
Morgan Lewis represented Fluid Power’s backer, Boston-based PE firm JMH Capital Partners, on the deal. Morgan Lewis partner Jeff Dinerstein and associate Tara McElhiney (both of Houston), worked with a local team including partner Mike Jones and associates Melissa Brown and Lauren Hutton-Work, to advise the client. Colleagues from other Morgan Lewis offices including the firm’s Philadelphia office worked on the matter for the client as well, a spokesperson said.
“The addition of Wilco to our platform gives FPH a strong presence in an attractive long-term market and positions us to execute our strategic objectives to expand our geographic reach, extend our product set, and grow our service and digital offerings in order to better serve our growing customer base,” Fluid Power chief executive Brad Marshall said.
Jones Day advises Texas Reproductive Center IVF lab in sale to Ovation Fertility
National in-vitro fertilization laboratory network Ovation Fertility has added another Texas location with the acquisition of Fort Worth Fertility’s Texas Reproductive Center lab.
Fort Worth Fertility will partner with Ovation for access to the Los Angeles-based company’s extensive network of doctors, embryologists and lab staff. Ovation already has labs located in Austin, San Antonio, New Braunfels and Corpus Christi.
Jones Day advised the Texas Reproductive Center IVF lab in its sale to Ovation Fertility with a team led by partner Todd Kelly. Financial details were not disclosed.
“The acquisition of Ovation Fertility Fort Worth expands Ovation’s national footprint to include 10 high-performing IVF labs, with three in Texas along the I-35 corridor from North to South Central Texas,” Nate Snyder, Ovation’s co-founder and chief executive, said in a Jan. 19 statement.
“We are excited to partner with Fort Worth Fertility, which is one of the largest IVF practices in the Dallas-Fort Worth metroplex.”
CAPITAL MARKETS
Gibson Dunn Advises as Lawrie Group SPAC Taps Public Market for $350M
Blank-check firm TLG Acquisition One has launched its initial public offering with the aim to raise $350 million to help pay for potential future deals.
The Florida-based special purpose acquisition company (SPAC) is backed by Lawrie Group and hopes to purchase assets in the information technology, healthcare, business services or financial services sectors.
A Gibson Dunn & Crutcher corporate team is advising TLG with a team led by Houston partner Gerry Spedale. The team includes New York associate Alina Iarve and Houston associates JP Lopez and Brian Downs.
RBC Capital Markets is acting as sole book running manager for the offering.
TLG said in a Jan. 27 announcement it would offer 35 million units at $10 each, which were scheduled to begin trading on the New York Stock Exchange the next day under the ticker symbol “TLGA.U”.
Each unit consists of one share of the company’s Class A common stock and one-third of one redeemable warrant of the company. Each whole warrant may be used to purchase one share of the Class A common stock at a price of $11.50 per share.
TLG may end up raising more than the $350 million benchmark, as it has granted the underwriter a 45-day option to purchase up to 5 million additional units at the IPO price.
RBC Capital Markets LLC is acting as sole book running manager for the offering.
Vinson Advises Orchid Island on $45.3M Raise
Specialty finance company Orchid Island Capital said Jan. 25 it has raised $45.3 million from an underwritten public offering, proceeds of which it plans to invest in a “targeted mix” of Agency RMBS and for “general corporate purposes”.
The company also expects to borrow against the Agency RMBS that it purchases through repurchase agreements; it will then use the proceeds of the borrowings to acquire additional Agency RMBS.
Vinson & Elkins counseled New York-listed Orchid Island in the offering with a team based largely in Washington, D.C. and Richmond, Va. However, Houston tax associate Maddie Brown also advised on the transaction.
Orchid Island announced on Jan. 25 it had closed the offering, which consisted of 8.74 million shares of common stock, including 1.14 million shares purchased by the underwriter as part of an option to purchase additional shares.
J.P. Morgan acted as sole bookrunning manager for the offering.
Vinson Advises Midland E&P Colgate on $300M Financing
Privately held Colgate Energy Partners III on Jan. 27 announced the closing of a $300 million private placement of senior notes.
The Midland, Texas-based exploration and production company did not say how it plans to use the proceeds from the offering of notes, which carry a rate of 7.75% and are due 2026.
Vinson & Elkins advised Colgate on the private placement, with a corporate team led from Houston by partners Doug McWilliams and David Stone, with senior associate Jackson O’Maley and associates Jonathan Villa and Katie Davis.
Also advising were partner Wendy Salinas of Dallas and Houston associate Liz Snyder on tax matters.
Houston lawyers rounded out the team, with partner Matt Dobbins and associate Austin Pierce counseling on environmental issues while senior associate Caitlin Lawrence and associate Erin Webb tackled finance.
Latham & Watkins represented the initial purchasers with a corporate deal team led by Houston partners Michael Chambers, David Miller and Trevor Lavelle, with associates Madeleine Neet, Jordan Mack, Jacob Weiner and Austin Sheehy. Advice was also provided on tax matters by Houston partner Bryant Lee, with associate Dominick Constantino; and on environmental matters by Houston partner Joel Mack, with Los Angeles counsel Joshua Marnitz.
Colgate’s operations are focused in the heart of the Delaware sub-basin of the prolific Permian region. he company operates more than 120 wells on about 35,000 net acres in Reeves and Ward Counties, Texas, and Eddy County, N.M. The company is currently producing about 30,000 barrels of oil equivalent per day, according to its website.