CDT Roundup: 19 Deals, 12 Firms, 248 Lawyers, $16.4B

Last week, Intuitive Machines Inc.’s Odysseus spacecraft – nicknamed Odie – completed the first U.S. moon landing since 1972. Some Houston lawyers at Latham & Watkins helped the company along the way.

Founded in 2013, the Houston-based space exploration, infrastructure and services company announced this past August it had lined up a $20 million equity investment with an unnamed institutional investor, which according to SEC filings was New York-based Armistice Capital Master Fund headed by its founder Steven Boyd. Intuitive Machines said it intended to use the net proceeds for general corporate purposes and working capital needs as the company ramps activity across its programs. 

Intuitive Machines tapped Latham with a corporate deal team led by Houston partner Nick Dhesi and New York partner John Slater with associates Bryan Ryan, Brent Wagner and Justin Reinking. Advice was also provided on tax matters by Houston partners Tim Fenn and Jared Grimley with associate Christine Mainguy.

But the key transaction was back in 2022, when Latham advised the company on its combination with Inflection Point Acquisition Corp., a special purpose acquisition company. The deal valued the merged entity at about $1 billion and brought $338 million in cash to Intuitive Machines’ balance sheet.

Dhesi also worked on that one as well as Washington, D.C., partner Rachel Sheridan with Slater and Ryan along with Houston associates Monika Kluziak, Ziyad Barghouthy, Morgen Seim and Shreya Patel and Washington, D.C. associate Thalia Garcia. Advice was provided on tax matters by Fenn, Grimley and Mainguy with associate Chelsea Muñoz-Patchen and other support providers.

“Congratulations to our friends at Intuitive Machines! We’re so proud to be a small part of your big journey,” Dhesi said last week in a LinkedIn post. “And congratulations to all the companies out there in the cosmos pushing the boundaries of human achievement and reminding us to dream big, push forward and look up.”

Dhesi has worked on some pretty big deals lately. He co-led the team counseling Houston natural gas provider CenterPoint Energy Inc. on the sale last week of its local distribution company businesses in Louisiana and Mississippi to Bernhard Capital-backed Delta Utilities for $1.2 billion (see below).

And last year, the Latham attorney worked on two sports deals: co-led advice on the Space City joint venture by baseball’s Houston Astros and basketball’s Houston Rockets and their acquisition of AT&T SportsNet Southwest from Warner Bros. Discovery; and Mark Cuban on his controlling interest in the Dallas Mavericks to Las Vegas Sands casino scion Miriam Adelson and her extended family for a reported $3.5 billion.

For the week ending Feb. 24, transaction volume stayed steady with 19 reported deals valued at $16.4 billion. That included 15 M&A/funding deals valued at $9.5 billion and 4 capital markets deals worth $6.9 billion.

By volume the week compares well with the week prior, which saw 16 transactions. Moreover, it also compares favorably by value, considering that the bulk of last week’s $29.9 billion was provided by a single transaction: Diamondback Energy’s $26 billion acquisition of Endeavor Energy Resources. As for last year at this time, there were 13 transactions reported for $5.3 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
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

Chord scoops up Enerplus for $4.2B

Deal Description: Houston-based Chord Energy Corp. announced Feb. 21 it agreed to buy Canada’s Enerplus for $4.2 billion in stock and cash. Under the deal’s terms, each Enerplus common share will be exchanged for a 0.10125 of a Chord share and $1.84 in cash, which represents 90 percent in stock and the rest cash. Based on the closing price as of Feb. 20, the implied value to each Enerplus share is $18.42, representing a 15 percent premium. The combined company would have an enterprise value of around $11 billion. The deal is expected to close by mid-year 2024 if it clears the U.S. and Canada as well as Chord and Enerplus shareholders. Chord tapped Vinson & Elkins, Wachtell, Lipton, Rosen & Katz and Goodmans as legal advisors. Enerplus used Blake, Cassels & Graydon and Latham & Watkins. For more on the story, click here.

Crow closes 10th real estate fund at $3.1B

Deal Description: Crow Holdings, a national real estate investment and development firm, announced Feb. 21 the final close of Crow Holdings Realty Partners X at $3.1 billion of commitments with more than 70 percent of prior investors re-upping their investment in the flagship value-add fund series, and with participation from new investors that includes global banks, sovereign wealth funds, insurance companies, pension plans, family offices and high-net-worth individuals. In addition to investments in the primary fund, the fund manager secured co-invest agreements totaling nearly $600 million in equity capital, resulting in the potential for $3.7 billion in investable equity for the strategy. Fund X, which is managed by Crow Holdings’ investment management company Crow Holdings Capital, marks the firm’s largest fundraise to-date and is a nearly 35 percent increase from the $2.3 billion of commitments raised for the predecessor. The fund intends to invest in real estate assets across the U.S., primarily in industrial and multifamily, as well as in specialty sector opportunities, including manufactured housing, convenience retail, self-storage, and student housing. More than a quarter of Fund X’s capital to date has been committed across 14 investments. The close of Fund X brings the total amount of capital raised across all 10 vintages of the U.S. diversified value-add real estate funds and other CHC-managed vehicles to more than $15.6 billion since 1998.

Crow’s In-House Counsel: Its GC is Kevin Bryant

Crow’s Outside Counsel: Weil co-led by U.S. private funds head Jonathon Soler and private funds partner Stephanie E. Srulowitz and included private funds partner Sarah Borden, tax partner Robert Frastai and counsel Brittany Burnham.

CenterPoint sheds natural gas assets to Bernhard Capital for $1.2B

Deal Description: Houston natural gas provider CenterPoint Energy Inc. announced Tuesday the sale of its local distribution company (LDC) businesses to Delta Utilities, a portfolio company of Baton Rouge, La.-based private equity firm Bernhard Capital Partners, for $1.2 billion. The assets include 12,000 miles of main pipeline in Louisiana and Mississippi serving around 380,000 metered customers. The transaction is expected to close toward the end of the first quarter of 2025 if it clears Hart-Scott-Rodino and state regulators.  Latham & Watkins, Phelps Dunbar and Brunini, Grantham, Grower & Hewes counseled CenterPoint and Kirkland & Ellis assisted Bernhard. For more, click here.

Sandbrook commits $460M to rPlus Energies

Deal Description: Sandbrook Capital, a private investment firm, announced Feb. 22 a platform-level partnership with rPlus Energies, a private renewable energy developer. Sandbrook will invest up to $460 million alongside continued support from Gardner Group, the founding investor in rPlus and a commercial real estate company in the Mountain West. Salt Lake City-based rPlus has a 15-gigawatt pipeline of solar, wind, battery and pumped storage hydropower projects. The parties claim the transaction represents one of the first major renewable energy platform announcements of 2024. It is Sandbrook’s first U.S. investment after its $2.1 billion raise for its inaugural climate infrastructure fund and associated co-investment vehicles. Sandbrook has offices in Stamford, Conn., and London.

rPlus’ Financial Advisor: Lazard Frères & Co.

rPlus’ Transaction Counsel: Foley & Lardner led by partners Jeffery Atkin and Jason Allen outside of Texas 

Sandbrook’s Transaction Counsel: Kirkland & Ellis with a team led by corporate partners John Pitts and Patrick Moneypenny; debt finance partners Rob Eberhardt and Kelann Stirling; and tax partner Mark Dundon. The group included corporate associates Gabrielle Sumich and Emma Balls; executive compensation partner Stephen Jacobson and associate Maddison Riddick; energy regulatory partner Brooksany Barrowes; tax partner Sophia Han; and transactional liability insurance partner Anna Geml.

Gardner’s Transaction Counsel: Parr Brown Gee & Loveless

AlTi attracts $450M from Allianz X, Constellation Wealth

Deal Description: AlTi Global Inc., a New York-based wealth manager with $68 billion in assets, announced Feb. 22 an investment of up to $450 million by Allianz X and Constellation Wealth Capital (CWC). Allianz X, an investment arm of global insurer and asset manager Allianz, will invest up to $300 million through one of its affiliates while CWC, an investment advisory firm specializing in making investments in wealth managers, will put in $150 million. Allianz X’s investment consists of $250 million through $110 million in newly issued Class A common stock, $140 million of newly created Series A convertible preferred stock, an option to invest up to an additional $50 million in Series A convertible preferred to be used for AlTi’s international expansion, warrants to purchase 5 million shares of Class A common and the right to nominate two directors to AlTi’s board so long as it holds at least 50 percent of the Class A common stock at closing. CWC’s investment includes $150 million in newly created Series C convertible preferred stock, an initial investment of $115 million expected to close by March 31 and $35 million expected to close by June 30 and warrants to purchase 2 million shares of Class A common. The transactions need to clear regulators and AlTi’s stockholders. AlTi will use the capital principally to fund its M&A pipeline and organic growth. Allianz X CEO Nazim Cetin and another Allianz representative will be appointed to AlTi’s board and CWC will have an observer seat. AlTi was created a year ago through the merger of Tiedemann Group and Alvarium Investments via Cartesian Growth Corp., a special purpose acquisition company created in 2021. The combined firm began trading on the Nasdaq on last year.  

AlTi’s Financial Advisor: Oppenheimer & Co. Inc.

AlTi’s Outside Counsel: Cadwalader, Wickersham & Taft

Allianz X’s Financial Advisor: Ardea Partners

Allianz X’s Outside Counsel: Sullivan & Cromwell including Andrew Gerlach, Lucas Carsley, Lucy Silver and Nicole Miller

CWC’s Outside Counsel: Gibson, Dunn & Crutcher led by partners Stewart McDowell and Michael Piazza and including partner Jesse Myers and associates Candice Johnson and Sarah Ediger. Partner Michael Cannon and associate Ryan Rott assisted on tax aspects and partner Attila Borsos and counsel Andrew Cline advised on antitrust aspects.

Austin’s Uhnder scores $50M in capital raise

Uhnder, an Austin-headquartered manufacturer of advanced radar sensors for automotive use, announced Feb. 21 that its Series D funding raise brought in commitments of $50 million. The round was led by ACME Capital with participation from Magna, Qualcomm Ventures, El Camino Capital, Monta Vista Capital, Sagitta Ventures and HT Capital. The company has shipped 200,000 of its single-system radar chips, which are designed to support 4-D digital analyses in real time impervious to spoofing and interference from other systems. There was no word on the lawyers involved.

CesiumAstro raises $30M

Deal Description: Austin-based CesiumAstro, which provides communication systems for satellites, UAVs, launch vehicles and other space or airborne platforms, revealed in an SEC filing Feb. 13 it raised almost $30 million in new equity funding. Investors weren’t disclosed.The new funding follows a $60 million venture round in 2022 that was co-led by Airbus Ventures and Forever Ventures. The company has raised around $120 million to date.

Sage Geosystems raises $17M

Deal Description: Houston-based Sage Geosystems announced Feb. 15 the first close of $17 million in Series A funding led by Chesapeake Energy Corp. and joined by technology investor Arch Meredith, Helium-3 Ventures and with continued support from existing investors Virya, Nabors Industries Ltd. and Ignis Energy Inc. The proceeds will fully fund the first of its kind 3MW commercial geopressured geothermal system facility, which will be built in Texas. The facility, called EarthStore, will use Sage Geosystems’ technology that harvests energy from pressurized water stored deep underground. The energy can be paired with intermittent renewable sources, including wind and solar, to provide power to the electric grid. Construction is set to begin in the second quarter and a targeted commission date in the fourth. Cindy Taffn is CEO of Sage Geosystems.

Sage’s Placement Agent: Evercore

Sage’s Outside Counsel: Wilson Sonsini Goodrich & Rosati led by partner Brian Dillavou in Austin

Chesapeake’s Outside Counsel: Haynes Boone led by partners Stephen Grant and Jeremy Kennedy in Houston

Esperanza, Andros acquire Ursa Princess from ExxonMobil, form deepwater Gulf of Mexico JV

Deal Description: Esperanza Capital Partners (ECP) and Andros Capital Partners announced Feb. 21 the execution of a definitive purchase agreement to acquire Exxon Mobil Corp.’s assets in the Ursa and Princess Fields and the formation of a joint venture focused on acquiring and developing upstream and infrastructure assets in the deepwater Gulf of Mexico. Terms weren’t disclosed. Ursa is 130 miles southeast of New Orleans and includes current production and infrastructure, including the Ursa Tension Leg Platform host facility. Ursa is operated by Shell Offshore Inc., a unit of Shell plc, a leading operator in the deepwater gulf. Upon closing, ECP (15.96%) joins other non-operated working interest partners BP Exploration & Production Inc (22.69%) and ConocoPhillips (15.96%). The privately negotiated acquisition represents ECP’s third investment in the gulf through its partnership with investment firm Cockrell Interests since 2021. Houston-based Esperanza is an energy-focused investment firm founded in 2021 by David Dunwood and William Goodwin with Cockrell targeting the acquisition of energy and infrastructure assets in the gulf. Founded in 2020, Andros is a private investment firm based in Houston with more $1 billion in equity commitments across the energy value chain.

ECP’s Outside Counsel: Gibson, Dunn & Crutcher led by Michael Piazza along with Rahul Vashi, Jesse Myers, James Hays and Chad Nichols. Other team members included James Robertson, Chris Atmar, Houston Morgan, Michael Holmes, Michael Cannon, Josiah Bethards, Patrick Perrier, Crystal Becker and Samantha Astrich.

Andros’ Outside Counsel: Vinson & Elkins led by Jim Fox, Crosby Scofield and David Lassetter with assistance from Chandler Spinks, Libby Gerstner and Kelli Westmoreland. Other team members included Bryan Loocke (energy transactions/projects); Todd Way and Dan Henderson (tax); Sean Becker (employment/labor); and David D’Alessandro and Matt Green (executive compensation/benefits).

Peak 10 closes transaction with Strawn

Deal description: Legacy Star-backed Peak 10 Energy Holdings announced Feb. 22 a transaction with Strawn Petroleum Holdings, backed by Oaktree Capital Management, which will contribute the equity of Strawn Petroleum and affiliates in exchange for the issuance of shares of Peak 10. Terms weren’t disclosed. Strawn’s assets are in the Midland Basin’s Eastern Shelf adjacent to Peak 10’s asset position in the Hermleigh field. Peak 10 said the operational synergies enhance the value of its oil and gas investment platform, which focuses on creating value by acquiring long-life oil and gas assets throughout the continental U.S. Strawn currently produces 800 barrels of oil equivalent per day, the majority of which is operated, and holds an acreage position of over 13,000 net acres. Browning Oil Company Inc., the operator of Peak 10’s Hermleigh field position, will serve as the contract operator on behalf of Peak 10.

Peak 10’s/Legacy Star’s Outside Counsel: Baker Botts including, from corporate: Clay Brett, Sarah Dodson, Caitlin Lawrence, Michael Donnellan, Talha Chaudhry and Cade Luedde; on global projects: Erin Hopkins, Kyle Doherty, Megan Young and Andrew Crayden; on tax: Jon Lobb and Jordan Hahn; on environmental: Elizabeth Singleton; and on finance: Delaram Peimani and Dermot Bree.

Strawn’s Outside Counsel: Vinson & Elkins led by Dan Komarek, Guy Gribov, Elena Sauber, Jeremy Griffin and Tara Tegeleci with assistance from John Grand, Brian Russell and Waid Barfield.

Stonepeak buys half of Dominion‘ Energy’s Virginia offshore wind project

Deal Description: Stonepeak, an alternative investment firm specializing in infrastructure and real assets, announced Feb. 22 that it reached an agreement with utility Dominion Energy to acquire half of its Coastal Virginia Offshore Wind project through the formation of an offshore wind partnership. Terms weren’t disclosed. The project is expected to be the largest offshore wind farm in the U.S. and one of the largest offshore wind farms globally upon completion. CVOW is a 2.6 gigawatt offshore wind project 27 miles off the coast of Virginia Beach, Va., capable of serving the power needs of 660,000 homes. Dominion Energy began developing CVOW in 2013 and is scheduled to begin offshore construction this spring with completion expected to be completed by year-end 2026. Stonepeak previously partnered with Dominion Energy, Stonepeak senior managing partner Rob Kupchak said. Dominion will continue to oversee day-to-day operations and construction at close. Stonepeak has $61.1 billion in assets under management. 

Expected Closing: Year-end 2024 if it clears regulators

Stonepeak’s Outside Counsel: Vinson & Elkins with Benji Barron​​​​ and Matt Falcone on the M&A side and Eamon Nolan on the debt financing

Stonepeak’s Financial Advisors: Mizuho Securities USA, through its affiliate Greenhill & Co., and Santander US Capital Markets

CenterOak sells SurfacePrep to Nautic Partners

Deal Description: CenterOak Partners, a private equity firm in Dallas, announced Feb. 23 the sale of SurfacePrep, a distributor of surface enhancement solutions, to Nautic Partners. Terms weren’t disclosed. This marks the second exit for CenterOak this year following the sale of CollisionRight in January. SurfacePrep, based in Grand Rapids, Mich., offers loose and coated abrasives, ceramic materials and related spare parts and equipment. The company’s field sales professionals support more than 15,000 manufacturing customers through 35 distribution branches and 10 process development labs and production finishing centers. its 15,000 customers operate across aerospace, medical, consumer, transportation and general industrial end markets. CenterOak managing partner Jason Sutherland said SurfacePrep tripled in size while expanding margins during CenterOak’s investment. CenterOak and its partners have managed $2.5 billion of equity capital commitments and have completed more than 150 transactions representing over $8 billion in value.

SurfacePrep’s Financial Advisor: KeyBanc

SurfacePrep’s Outside Counsel: Gibson, Dunn & Crutcher with a team led by partner Robert Little and including associates Steve Wright, Hayden McGovern and Shawn Burrows. Partner Cromwell Montgomery and associates Alisa Balderas and Stephen Berg advised on financing. Partner Michael Cannon and associate Josiah Bethards assisted on tax aspects, partner Krista Hanvey and associate Lucy Hong on benefits and partner Daniel Angel and associate Jacqueline Malzone on IP.

New Fortress sells stake in Energos Infrastructure to Apollo

Deal Description: New Fortress Energy Inc. announced Feb. 15 that it completed the sale of its 20 percent equity interest in Energos Infrastructure to funds managed by Apollo. Terms weren’t disclosed. NFE intends to use net proceeds for general corporate purposes, including repaying debt and investing in accretive downstream projects. Energos is a global maritime infrastructure company formed by NFE and Apollo Funds in August 2022 to provide LNG delivery, storage, and regasification services to utilities and energy companies under long-term charters. Energos owns and operates 13 LNG infrastructure vessels. NFE currently charters six vessels from Energos and will maintain an active relationship with it to support NFE’s global operations through vessel charters for up to 20 years. Wes Edens, Chairman and CEO of NFE, said completing the sale to Apollo allows the company to recycle proceeds into downstream projects and to reduce debt. As of year-end, Apollo had $651 billion of assets under management.

Apollo’s Outside Counsel: Vinson & Elkins with a corporate team led by Dan Komarek and Alice Zhang with assistance from Patrick Whelan, Jimmy Chalk, Connor Rabalais and Lindsay Moore. Also assisting were Ron Nardini, Jason McIntosh, Sarah Coe and Kylan Kinkade.

HGGC invests in Rimkus

Deal Description: Rimkus Consulting Group Inc. announced Feb. 22 the firm received a strategic growth investment from HGGC, a middle-market investment firm. Financial details of the deal weren’t disclosed. Existing minority investor Century Equity Partners and the Rimkus management will be rolling equity into the transaction. The new partnership will help Rimkus to broaden its service portfolio and better serve its clients. Rimkus provides engineering and technical consulting to global clients including corporations, law firms, insurance carriers, third-party administrators and government agencies. Since 2020, Rimkus has made 15 acquisitions, expanding its network to more than 1,500 employees and 110 offices globally. Following a rebrand earlier last year, Rimkus has enhanced its practice areas and invested in technology solutions and people.

Rimkus’ In-House Counsel: Its GC is Peter Poland

Rimkus’ Financial Advisor: J.P. Morgan

Century Equity’s Financial Advisor: Baird

HGGC’s Financial Advisor: Piper Sandler

Levine Leichtman acquires USA Water

Deal Description: Levine Leichtman Capital Partners, a Los Angeles-based private equity firm, announced Feb. 22 that it acquired USA Water from Warren Equity Partners in partnership with management. Terms were not disclosed. Headquartered in Rosenberg, Texas, USA Water is a provider of operations and maintenance services for water and wastewater systems across the Southeast U.S. The company’s non-discretionary services enable municipalities and utility districts to entrust their water infrastructure maintenance, asset management and regulatory compliance needs to a professional partner of scale. USA Water will continue to be led by CEO Jeff Haley and the existing executive team, who will maintain equity ownership alongside LLCP. LLCP has invested in the technical and route-based services sectors, including Encore Fire Protection, Technical Safety Services, Trinity Consultants, In-Place Machining and Select Exterminating. 

LLCP’s Outside Counsel: Kirkland & Ellis with a team led by corporate partners Kevin Mausert, John Wilkes and Brett Nelson; debt finance partner Katie Taylor; and tax partner Polina Liberman; and included corporate associates Brandon King and Alexei Segall; debt finance associate Matthew Demopoulos (in Dallas); and tax partner Rachel Cantor.

USA Water’s Financial Advisor: Harris Williams

USA Water’s Outside Counsel: Holland & Knight led by partner Rick Bange assisted by partner Craig Harasimowicz and associates Jonathan Gerken, Alex Eblen and Ethan Case (all in Charlotte)

CAPITAL MARKETS/FINANCINGS

Lotus Tech goes public at $5.5B valuation

Deal Description: Lotus Technology Inc., a Wuhan, China-based luxury electric vehicle maker, and L Catterton Asia Acquisition Corp, a special purpose acquisition company formed by affiliates of global consumer-focused investment firm L Catterton, announced Feb. 22 the completion of their previously announced business combination. The listed company following the combination is called Lotus Technology Inc. and its American depositary shares were expected to begin trading on the Nasdaq under the ticker symbol “LOT” on Feb. 23. The listing values Lotus Tech at $5.5 billion and gives it $880 million raised by investors in the listing’s run-up. Deutsche Bank provided a private investment in public equity (PIPE) to Lotus Tech. Santander US Capital Markets is capital markets advisor to L Catterton Asia Acquisition.

Deutsche Bank/Santander’s Outside Counsel: Shearman & Sterling with a team led by capital markets partners Ilir Mujalovic, Harald Halbhuber, Kyungwon (Won) Lee and Wanda Woo, tax partner Laurence Crouch, IP Transactional partner JB Betker, private equity partner Alain Dermarkar, litigation partner Daniel Lewis, capital markets counsel John Menke, capital markets associates Rami Marginean, Ilya Mamin and Stella Sun, tax associates Austin Jones and Michael Buiteweg and IP transactional associate Austin Grossfeld.

Equitrans offers $600M in senior notes

Deal Description: Equitrans Midstream Corp. announced Feb. 21 that its wholly owned subsidiary EQM Midstream Partners priced an offering of $600 million in 6.375% senior notes due 2029. EQM intends to use the net proceeds to repay certain outstanding indebtedness and for general partnership purposes. The initial purchasers were led by Wells Fargo Securities. The offering is expected to close on Feb. 26.

Equitrans’ Outside Counsel: Latham & Watkins with a corporate team led by Houston partners Ryan Maierson and Nick Dhesi with associates Paul Robe, Sydney Verner, Brian Bruzzo and David Lee. Advice was also provided on finance matters by Houston partners Catherine Ozdogan and Matt Jones with associates Max Fin and Michael Basist; on tax matters by Houston partners Tim Fenn and Jared Grimley with associate Dominick Constantino; on benefits matters by Washington, D.C., partner Adam Kestenbaum; and on environmental matters by Houston/Los Angeles partner Josh Marnitz.

Wells Fargo’s Outside Counsel: Simpson Thacher including Brian E. Rosenzweig, Maggie Selbe and Adam Danciu (capital markets); Mike Isby (environmental); Jon Cantor and Jiha Min (tax); Andrew O’Brien (executive compensation and employee benefits); Rachelle Broida (intellectual property); Mark Skerry and Laurel Fresquez (regulatory); Alan Turner (litigation); and Andrew J. Pagliughi (Blue Sky). 

Boardwalk prices $600M offering of senior notes

Deal Description: Houston-based Boardwalk Pipeline Partners announced Feb. 8 that its wholly owned subsidiary, Boardwalk Pipelines, priced a public offering of $600 million in 5.625% senior notes due 2034. Boardwalk expected the offering to close on Feb. 15. Boardwalk intended to use the net proceeds of around $593.8 million, after deducting the underwriting discount and estimated offering expenses, to retire the outstanding $600 million in 4.95% notes due 2024 of Boardwalk at or prior to maturity. Book-running managers include Barclays, J.P. Morgan, MUFG, Truist Securities, Citigroup, Regions Securities, TD Securities and Wells Fargo Securities and BofA Securities and Goldman Sachs & Co. are co-managers.

Issuer’s Outside Counsel: Vinson & Elkins led by Ramey Layne, David Stone and Brett Peace

Underwriters’ Outside Counsel: Sidley Austin including George Vlahakos, Tanner Groce, Alan Williams, Walter Deere and Angela Richards

TotalEnergies, GIP involved in $175M capital financing with Sol/SunPower

Deal Description: White & Case said Feb. 16 it advised TotalEnergies and Global Infrastructure Partners on a $175 million capital financing transaction provided through a second lien term loan from Sol Holding, an indirect unit of TotalEnergies and GIP, to SunPower Corp., a residential solar technology and energy services company. Sol is also SunPower’s majority shareholder. In connection with the second lien term loan, SunPower agreed to issue penny warrants to Sol to purchase shares of SunPower’s common stock. White & Case also advised TotalEnergies and Global Infrastructure Partners on an amendment to SunPower’s senior secured corporate facility that will make $25 million of additional financing available to be borrowed in the future and amendments and waivers to each of SunPower’s other project-level financing facilities.

From W&C: The team was led by partners Maia Gez (public company advisory in New York), Aaron Colodny (financial restructuring and insolvency in Los Angeles), Elena Millerman (project development and finance in New York) and Laura Katherine Mann (capital markets in Houston). The team also included project development and finance partner Yan Ng and associate Mostafa Al Khonaizi (New York); and capital markets associates Alok Choksi and Melissa Curvino (New York) and Steven Amrein (Houston).