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The Texas Lawbook

Free Speech, Due Process and Trial by Jury

  • Appellate
  • Bankruptcy
  • Commercial Litigation
  • Corp. Deal Tracker/M&A
  • GCs/Corp. Legal Depts.
  • Firm Management
  • White-Collar/Regulatory
  • Pro Bono/Public Service/D&I

CDT Roundup: 19 Deals, 13 Firms, 184 Lawyers, $9.7B

August 15, 2023 Claire Poole

We at the Corporate Deal Tracker noticed something usual last week. Of the seven M&A transactions, none of them involved energy. They centered around food (most notably, Campbell Soup’s $2.7 billion acquisition of Advent International-backed Sovos Brands), healthcare, transportation, telecom, real estate and media (two of them).

Are Texas deal lawyers, many of whom work on energy deals, becoming more well rounded? Maybe so, as the Lone Star State has become much more diverse.

If Texas were a country, the state would be the ninth largest economy in the world – ahead of Australia, Mexico, Spain and Russia, according to the Texas Economic Development Corp., an independently funded and operated nonprofit organization responsible for marketing and promoting the state as a top business location. 

Texas is home to the most Fortune 500 companies of any state – 55 – its second year as the top ranked. California came in second with 53 companies and New York ranked third with 50. Houston stands as the largest hub of Fortune 500 headquarters anywhere in the country after New York City with 22 corporate giants. Dallas came in fifth with 11. 

Six key business sectors have emerged in Texas as public, private and academic leaders have strategically funneled resources to develop the state’s competitiveness in these industries, the nonprofit booster said. They include advanced manufacturing; aerospace, aviation and defense; biotech and life sciences; corporate services; energy; and information technology.

Let’s delve deeper into some of actual lawyers doing the deals this past week to see if the supposed trend toward well roundedness proves out.

Take, for example, Jim Griffin, the well-known Weil partner in Dallas who was the co-lead of the team advising Advent on the Sovos sale to Campbell. Griffin is a generalist: He represents private and publicly held companies from a range of industries on mergers and acquisitions and related transactions. He did spend some time in Silicon Valley, so he has a tech bent.

Then consider Patrick Salvo, the Kirkland & Ellis partner in Austin who co-led the team providing counsel to Nautic Partners on the $570 million purchase of Tabula Rasa HealthCare Inc., a provider of pharmacy and other tech-enabled services. Salvo also does general M&A. His most recent transactions were SPAC deals, including advising Pathfinder Acquisition Corp. on its acquisition of sensors, software and analytics provider Movella Inc. and PropTech Investment Corp. II on its merger with Appreciate, the parent holding company of Renters Warehouse.

And then there is Vinson & Elkins partner Chris Rowley in Dallas, who led the team advising North Texas Public Broadcasting Inc., more commonly known by its call letters KERA, on the purchase of The Denton Record-Chronicle in Denton County, Texas. Terms weren’t disclosed, but the deal is interesting nonetheless, a marriage between a PBS/NPR-affiliated TV/radio station and a college-town newspaper when the threat to local news nationwide is real. 

Rowley typically does M&A work for energy companies like Oncor Electric Delivery Co., Quintana Energy Services Inc. and HollyFrontier Corp. A media deal? Why not?

Still, last week belonged not to M&A but to the securities side of the markets. Thanks to 12 capital markets transactions, the week ending Aug. 12 totaled 19 deals valued at $9.7 billion. For those who enjoy the math, that’s seven M&A transactions worth $3.3 billion and a dozen securities transactions worth $6.4 billion (FYI, we are including the CapM deal inside the VineBrook acquisition below).

That’s far better than the 13 deals for $5.2 billion reported the week prior, and better even than the 18 deals for $8 billion this time last year. But the 12 securities issues are the news-in-the-numbers; they’re the most reported by the Roundup during any week since June 2021, which saw 19 capital markets deals.

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 CountAmountFirmsLawyersM&A CountM&A Value $MCapM Count
CapM Value $M
24-May-202515$24,0331112113$23,6242$409
17-May-202516$21,7601214511$18,6155$3,145
10-May-202524$33,1751620619$30,7655$2,410
03-May-202511$4,249139011$2,226.52$2,022.5
26-Apr-202512$8,78791689$6,0113$2,776
19-Apr-202511$8,09771389$7,9852$112
12-Apr-202513$2,392815210$2,0653$327
05-Apr-202519$27,7621518816$25,4733$2,289
29-Mar-202521$8,1881025816$4,1255$4,064
22-Mar-202519$6,4851423115$4,1284$2,857
15-Mar-202513$13,7371315110$9,9324$3,805
8-Mar-20257$2,2345665$2242$2,100
1-Mar-202511$3,05087510$2,5501$500
24-Feb-2512$16,39771496$6,6356$9,862
17-Feb-2517$12,1361313410$9,4112$2,725
10-Feb-2514$7,15491799$4,9505$2,204
3-Feb-2516 $10,068720011$7,5535$2,515
25-Jan-2514$10,261101259$2,2075$8,054
18-Jan-2519$7,3821531612$2,3007$5,082
11-Jan-2521$33,5601618716$32,5215$1,039
4-Jan-259$6,8279809$6,82700
21-Dec-2411$2,79811928$2,2293$570
14-Dec-2415$5,3231218612$3,8123$1,511
07-Dec-2416$4,7661023111$2,32152,445
30-Nov-2410$10,29191034$8,2906$2.001
23-Nov-2415$4,5531515311$3,3794$1,174
16-Nov-2417$11,4881124513$10,1864$1,303
09-Nov-2414$2,1101213912$1,4102$700
02-Nov-2412 $52,788 1110711$52,7381$50
26-Oct-248$3,1608657$3,0651$75
19-Oct-2412$5,3041113611$4,5541$750
12-Oct-2417$8,4381215015$8,1162$322
05-Oct-2422$23,1811218915$19,9807$3,201
28-Sep-2411$2,35671447$534$2,303
21-Sep-2412$9,568101695$4,1017$5,467
14-Sep-2424$10,9881223516$7,1758$3,813
7-Sep-2412$20,4201616811$20,3071$112.9
31-Aug-2413$20,631913412$14,7751$5,856
24-Aug-2419$8,4522132516$7,1023$1,350
17-Aug-2425$49,1961630411$39,38614$9,810
10-Aug-2420$12,2641531216$9,7944$2,470
03-Aug-2426$16,4981633418$8,1378$8,361
27-Jul-2419$16,4422127115$13,8384$2,604
20-Jul-2415$16,0161418410$14,2325$1,784
13-Jul-2420$17,220 1426518$7,146 2$10,074
6-Jul-2411$3,941 11958$2,650 3$1,291
29-Jun-2414$6,296 152248$6,296 6$1,927
22-Jun-2412$5,679 81375$210 7$5,469
15-Jun-2413$9,895 1621410$5,280 3$4,615
8-Jun-2419$23,859 1323912$19,436 7$4,423
1-Jun-2412$34,510 111479$26,110 3$8,400
25-May-2413$9,684 1517110$4,434 3$5,250
18-May-2411$5,490 111738$3,129 3$2,361
11-May-2422$14,855 1422716$11,105 6$3,750
4-May-2413$3,139 98710$1,297 3$1,842
27-Apr-2410$6,684 62810$6,684 00
20-Apr-2419$15,989 111479$5,208 10$10,781
13-Apr-2413$8,952 97610$1,652 3$7,300
6-Apr-2423$26,616 1422214$13,501 8$13,116
30-Mar-2412$9,286 81368$4,299 4$4,987
23-Mar-2418$5,451 1726616$4,759 2$692
16-Mar-2421$11,437 1318614$9,316 6$2,070
9-Mar-2423$4,695 2121819$2,723 4$1,972
2-Mar-2420$9,108 1937214$4,558 6$4,550
24-Feb-2419$16,382 1224815$9,507 4$6,875
17-Feb-2416$29,932 1515712$29,216 4$716
10-Feb-2425$10,750 1719619$5,372 6$5,379
3-Feb-2412$8,416 181259$3,416 3$5,000
27-Jan-249$8,165 9878$7,815 1$800
20-Jan-2414$4,084 1210912$3,219 2$865
13-Jan-2417$33,588 1225612$26,765 5$6,823
6-Jan-248$7,915 8846$7,265 2$650
30-Dec-2317$14,599 129915$2,714 2$11,885
23-Dec-2323$4,182 1321916$1,813 7$2,370
16-Dec-2313$16,436 132807$15,150 5$1,286
9-Dec-2326$14,633.90 1724416$8,095 10$6,538.90
2-Dec-2313$6,720 95712$6,630 1$90
25-Nov-239$4,835 91316$1,785 3$3,050
18-Nov-2322$6,568.70 1718414$4,709.20 8$1,859.50
11-Nov-2315$9,825 1317912$6,581 3$3,244
4-Nov-2315$20,582.50 1419312$19,417.50 3$1,165
28-Oct-2318$68,419.10 1815215$66,646 3$1,773.10
21-Oct-2316$6,755.90 1616515$6,755.90 1$3
14-Oct-2314$67,851.20 131259$61,998.50 5$5,852.70
7-Oct-2317$6,595.50 1322816$5,995.50 1$600
30-Sep-2317$1,896.45 1318914$806.45 3$1,090
23-Sep-2323$6,432.70 1723016$1,402.80 7$5,029.90
16-Sep-2325$23,226.70 2335316$17,239 9$5,987.70
9-Sep-2312$6,369 81027$4,311 5$2,058
2-Sep-2314$2,522 69213$1,322 1$1,200
26-Aug-2317$12,160.25 1320215$6,573.25 2$5,587.00
19-Aug-2319$11,505 1321315$11,255 4$250
12-Aug-2319$9,698.80 131847$3,270 12$6,428.80
5-Aug-2313$5,201 1211812$5,051 1$150
29-Jul-2315$21,031.60 1319611$18,292.00 4$2,739.60
22-Jul-2318$3,992 1213013$2,808 5$1,184
15-Jul-2313$8,254.95 138113$8,254.95 00
8-Jul-2316$5,441.45 1217211$2,443 5$2,998.45
1-Jul-2316$6,872 1010512$5,474 4$1,398
24-Jun-2313$10,914 1620110$7,874 3$3,040
17-Jun-2317$5,880.70 1515115$4,705.70 2$1,175
10-Jun-2319$8,516.10 1311116$6,252.40 3$2,263.70
June 3 202312$6,104.42 121388$4,256.92 4$1,847.50
27-May-2317$12,200 106711$6,165 6$6,035
20-May-2311$22,458.10 81034$19,455 7$3,003
13-May-2312$7,034 101018$5,460 4$1,574
6-May-2320$3,297.60 1819617$2,985.60 3$312
29-Apr-2323$3,691.20 1813517$1,969.70 6$1,721.50
22-Apr-2316$5,570 1410414$4,750 2$1,000
15-Apr-2312$23,818.10 95910$21,618.10 2$2,200
8-Apr-2316$7,949 91739$5,472 7$3,477
1-Apr-2321$18,676.70 1217511$10,926.70 10$7,750
25-Mar-2315$8,779.50 101415$2,362 10$6,416.50
18-Mar-237$14,048.80 6695$13,345 2$703.80
11-Mar-2321$11,576 1616516$8,131 5$3,445
4-Mar-2320$9,668 1122816$8,209 4$1,459
25-Feb-2313$5,335 1313012$4,235 1$1,200
18-Feb-2314$5,743.70 131588$898.70 6$4,845
11-Feb-2316$12,088 1213712$9,965 4$2,123
4-Feb-2317$8,066 1514013$5,614 4$2,452
28-Jan-237$2,180 7755$1,692.75 2$488
21-Jan-2317$5,768 1617412$1,918 5$3,850
14-Jan-2311$2, 800101028$421 3$2,400
7-Jan-2318$8,296 1116714$6,461 3$1,835
31-Dec-2214$2,732 119912$2,092 2$640
17-Dec14$7,919 1311512$7,419 1$500
10-Dec-2214$10,093 128811$7,093 3$3,000
3-Dec-2226$12,800.90 1117220$4,141 6$8,659.90
26-Nov-228$2,266.70 853$76 5$2,190.70
19-Nov-2221$2,886 1521219$2,550 2$336
12-Nov-2213$15,093.70 9819$14,200 4$893.70
5-Nov-222519,337.201650922$8,267.20 3$11,070
29-Oct-2215$7,805.30 911614$7,180.30 1$625
22-Oct-2220$8,193.50 1325313$5,442 7$2,751.50
15-Oct-229$3,046.10 91397$2,588.30 2$457.80
8-Oct-2219$2,011.80 1211416$833.80 3$1,178
1-Oct-2223$5,532.90 1615618$4,952.30 5$580.60
24-Sep-2218$5,194 1421615$4,050 3$1,144
17-Sep-2221$8,352.30 1232015$4,759.60 6$3,592.70
10-Sep-2215$19,853.50 1012613$19,403.60 2$450
3-Sep-229$2,312 9629$2,312 00
27-Aug-2216$30,891.70 1013515$30,666.40 1227.7
20-Aug-2212$1,977 815299253$1,052
13-Aug-2218$8,004.70 1124211$2,844.70 7$5,160
6-Aug-2224$7,948.90 1224017$3,577 7$4,371.90
30-Jul-228$6,941 9787$6,839 1$102
23-Jul-2211$801 119210$801 10
16-Jul-2214$3,650 1012214$3,650 00
9-Jul-2210$3,557.70 7689$3,557.70 10
2-Jul-2218$8,609.40 1315215$2,754.40 3$5,855
25-Jun-2215$6,142 131469$2,017 6$4,125
18-Jun-2217$11,890.10 1422815$11,410 2479.7
11-Jun-2217$7,600 1212310$2,300 7$5,300
4-Jun-2212$2,937 101279$692 3$2,245
28-May-229$3,197.60 11869$3,197.60 00
21-May-2214$7,284.50 1218511$6,609 3$675.50
14-May-2211$306.60 98010$306.60 1$225
7-May-2216$10,451.75 1210812$1,827 4$8,624.75
30-Apr-2216$2,296.50 1615712$895.50 4$1,401
23-Apr-2210$2,241 11588$1,641 2$600
16-Apr-2211$6,643 71568$2,359 3$4,284
9-Apr-2217$4,429 1418411$1,690 6$2,739
2-Apr-2213$1,755 88410$1,145 3$610
26-Mar-2211$3,205 8656$200 5$3,005
19-Mar-2213$2,239.17 910613$2,239.17 00
12-Mar-2218$12,016 1123915$11,965 2$51.35
5-Mar-2217$6,786 1313713$5,161 4$1,625
26-Feb-2212$5,095 81499$4,437.50 3$658
19-Feb-2217$22,229 1717414$21,354 3$875
12-Feb-2212$2,344.70 10738$641.70 4$1,703
5-Feb-2211$2,503 89911$2,503 00
29-Jan-2211$3,872 1210112$3,872 00
22-Jan-2213$5,143.50 109912$4,842.50 1$301
15-Jan-2212$7,605 91559$6,480 3$1,025
8-Jan-2213$8,256.20 1110213$8,256.20 00
1-Jan-229$1,273.80 6509$1,273.80 00
25-Dec-2121$4,734.75 1117616$3,410 5$1,324.75
18-Dec-2126$7,325.20 1519318$3,640.20 8$3,685.20
11-Dec-2116$5,017 1010913$1,417 3$3,600
4-Dec-2114$2,310 8868$2,310 6$1,882.05
27-Nov-219$3.460.1101016$1,758 3$1,702.60
20-Nov-2120$22,792 1515712$18,864.50 8$3,928
13-Nov-2121$26,729 1217813$11,822 8$14,907
6-Nov-2112$8,303 1315710$6,682 3$1,621
30-Oct-2121$10,368 1521815$9,24.46$1,103.00
23-Oct-2121$18.783.11522211$12,314 10$6,468.60
16-Oct-2115$3,868 1111815$2,293 2$1,575
9-Oct-2120$8,610 1617516$7,795 4$815
2-Oct-2114$6,250 1113710$5,200 4$1,050
25-Sep-2111$11,460 9937$10,200 4$1,250
18-Sep-2111$16,603 8998$15,084 3$1,519
11-Sep-2117$10,653 1110313$8,503 4$2,150
4-Sep-2113$7,222 108911$6,715 2$507
28-Aug-2112$763 96311$663 1$100
21-Aug-2112$29,659 77911$29,579 1$80
14-Aug-2122$17,845 1119912$12,805 10$5,04
7-Aug-2117$13,670 1213915$11,766 2$1,904
31-Jul-2121$8,160 1113410$3,574 10$4,586
July 24,202121$6,367 1113915$3,712 6$2,655
17-Jul-2114$4,009 1112412$2,015 2$1,994
10-Jul-2116$3,997 1314311$1,597 4$2,4
3-Jul-2124$7,492 139416$3,769 8$3,722
26-Jun-2110$4,995 7858$3,847 2$1,148
19-Jun-2128$16,830 82289$1,861 19$14,968
12-Jun-2126$27,238 1520919$25,602 7$1,636
5-Jun-2115$15,539 1310013$14,709 2$600
29-May-2135$20,279 1114528$18,647$1,639
22-May-2124$53,208 1417417$51,047 7$2,161
15-May-2118$10,620 1322011$5,870 7$4,809
8-May-2117$10,400 1115615$8,386 2$2,500
1-May-2121$7,200 1611512$3,808 9$3,392
24-Apr-218$20,200 9318$20,200 00
17-Apr-2114$6,270 810211$40,180 3$2,260
10-Apr-2115$8,940 1312914$7,990 1$950
3-Apr-2118$19,513 1015112$16,923 6$2,590
27-Mar-2127$13,942 1524414$4,300 13$9,633.50
20-Mar-2111$2,046 41023$270 8$1,776
13-Mar-2115$3,270 91096$538 9$2,732
6-Mar-2124$13,617 1019613$10,395 11$3,222
27-Feb-2119$8,105 1213915$4,970 4$3,135
20-Feb-219$8,820 91538$8,520 1$300
13-Feb-2112$4,852.60 78172,7665$2,086.60
6-Feb-2118$9,752 1315314$5,222 4$4,530
30-Jan-2118$9,449 918215$8,753.80 3$695.30
23-Jan-2114$8,150 81186$4,000 8$4,150
16-Jan-2117$6,783 1313811$2,400 6$4,382.90
9-Jan-2122$6,829 1413518$3,139.30 4$3,690
2-Jan-217$1,466 7607$1,466 00
26-Dec-2018$15,900 1216316$5,300 1$600
19-Dec-2018$9,769 1411014$8,426 4$1,343
12-Dec-2010$7,200 91009$3,325 1$3,830
5-Dec-2015$4,261 91229$2,780 6$1,481
28-Nov-2019$7,758 1011013$4,003 6$3,755
14-Nov-2014$864.10 1415712$289.10 2$575
7-Nov-2013$6,332 91299$2,483.50 4$3,849
31-Oct-2010$3,995.80 81036$3,231.10 4$754.70
24-Oct-206$18,100 6585$17,709 1$350
17-Oct-208$351.90 5558$351.90 00
10-Oct-207$5,229 3504$735 3$4,494
3-Oct-2014$21,428 91739$17,535 5$3,893
26-Sep-2010$12,770 8935$10,300 5$2,470
19-Sep-2014$8,365 91016$1,020 8$7,345
12-Sep-206$4,406 8593$1,270 3$3,136
5-Sep-2011$5,191 81179$4,061 2$1,130
29-Aug-2011$2,531 9945$1,130 6$1,401
22-Aug-2018$6,574 121407$1,930 11$4,644
15-Aug-2013$4,991 10977$1,216 6$3,775
8-Aug-2012$32,092 111129$30,457 3$1,635
1-Aug-207$5,287 8765$3,687 2$1,600
25-Jul-209$18,751 6677$18,403 2$348
18-Jul-206$1,982.50 5504$1,407.50 2$575
11-Jul-2011$565.10 127510$65.10 1$500
4-Jul-2010$8,889 8989$8,788 1$100.30
27-Jun-208$6,874 10505$4,972.50 3$2,081.50
20-Jun-2012$4,444 91157$2,829 5$1,615
13-Jun-206$3,582 4372$350 4$3,232
6-Jun-2011$3,213.70 8657$470 4$2,743.70
30-May-208$7,335 7486$4,639 2$2,697
23-May-204$432.40 4343$432.40 10
16-May-206$310 6345$310 10
9-May-2018$5,630 1612414$3,180 4$2,450
2-May-201510,40010908$1,900 7$,8,500
25-Apr-208$3,400 9365$1,000 3$2,450
18-Apr-2019$9,500 14928$185.70 11$9,360
11-Apr-2012$6,000 9405$190 7$5,800
4-Apr-2014$8,200 116810$2,200 4$6,000
28-Mar-2016$6,500 139610$3,700 6$2,800
21-Mar-2011$11,910 7337$2,250 4$9,960
14-Mar-207809.86346684.81125
7-Mar-2016$2,500 157013$669 3$1,400
29-Feb-2013$15,260 1312811$11,760 2$3,500
22-Feb-2012$3,700 109210$2,560 2$1,130
15-Feb-2016$1,250 108412$35 4$1,222
8-Feb-2018$6,080 1412314$2,595 4$3,485
1-Feb-2021$20,900 1210114$17,860 7$3,060
25-Jan-2013$7,430 136212$6,430 1$1,000
18-Jan-2023$9,580 1512019$6,580 4$3,000
11-Jan-2021$14,200 1819916$1,020 5$13,200
4-Jan-2022$6,400 1111916$3,204 6$3,245
28-Dec-1922$7,150 1917518$6,800 4$327.40
14-Dec-1924$36,300 2316719$9,500 5$26,800
7-Dec-1911$10,400 11557$1,082 4$9,370
November 30. 201914$2,450 1212612$1,760 2$692.50
23-Nov-1916$1,995 104111$615 5$1,380
16-Nov-1915$3,820 1313511$2,500 4$1,271
9-Nov-1925$12,900 1718223$12,200 2$575
2-Nov-1910$2,470 126192,4503$22
26-Oct-1912$5,560 147011$3,860 1$1,700
19-Oct-198$6,600 81388$6,600 00
12-Oct-1919$4,300 145516$3,800 3$500
5-Oct-1918$14,500 1916615$11,100 3$3,400
28-Sep-1919$8,100 1813218$7,560 1$550
21-Sep-1914$6,300 166611$2,160 3$4,170
14-Sep-1915$23,800 125611$21,250 4$2,570
7-Sep-1917$3,500 159814$1,900 3$1,600
31-Aug-195$8,700 6505$8,700 00
24-Aug-1916$10,000 148215$4,250 1$5,750
16-Aug-1910$1,680 5527$650 3$950
9-Aug-1917$17,700 156814$3,900 3$13,800
2-Aug-1913$5,760 1210813$5,760 NANA
27-Jul-1911$7,300 13768$6,570 3$730
20-Jul-1913$11,800 1312511$5,300 2$6,500
13-Jul-1910$775 7468$542.50 2$233
6-Jul-197$2,500 9857$2,500 00
29-Jun-1923$8,290 1515417$2,300 6$5,970
22-Jun-1917$10,700 1013914$7,700 3$3,000
15-Jun-1911$13,500 1416011$13,500 NANA
8-Jun-1913$2,870 175511$1,570 2$1,300
1-Jun-1910$4,460 11608$4,140 2$315
25-May-1917$4,360 147914$3,700 3$612
18-May-1922$9,000 1715016$3,400 6$5,600
11-May-1918$19,800 1717715$18,300 3$1,500
4-May-1910$7,075 6328$6,900 2$175
27-Apr-1915$3,200 1411714$3,160 1$40
20-Apr-1913$13,500 10909$12,200 4$1,300
13-Apr-1916$38,900 149114$37,800 2$1,100
6-Apr-1912$6,870 119410$6,730 2$50
30-Mar-1915$6,470 128410$7,91.55$5,677
23-Mar-1918$6,450 149114$5,042 4$1,408
16-Mar-1914$10,180 1211511$8,800 3$1,300
9-Mar-199$1,800 6498$1,300 1$500
2-Mar-1920$3,033 1610714$1,817 6$1,262
23-Feb-1912$2,040 8699$614.60 3$1,430
16-Feb-1916$9,970 187716$9,970 00
9-Feb-1914$6,400 1011014$6,400 00
2-Feb-1918$6,740 159916$5,720 2$950
26-Jan-1913$2,770 116711$918.95 2$1,850
19-Jan-1915$3,819 167612$2,594 3$1,225
12-Jan-1918$7,283 149215$1,683 3$5,600
5-Jan-1910$529 125010$529 00
22-Dec-1817$2,570 138714$941 3$1,629
15-Dec-1810$2,860 8268$264 2$2,600
8-Dec-1815$1,819 166512$552 3$1,267
1-Dec-1812$7,500 10909$1,200 3$6,200
28-Nov-1815$4,500 1110714$4,000 1$500
19-Nov-1818$6,137 139813$2,142 5$3,995
14-Nov-1818$9,200 1315215$8,500 3$694
6-Nov-1816$17,300 1618314$16,361 2$950
29-Oct-1814$14,400 1812717$13,800 1$600
24-Oct-1813$6,140 1312611$5,122 2$1,018
17-Oct-1818$18,390 1512514$12,292 4$6,098
10-Oct-1829$3,149 1810420$1,647 9$819
2-Oct-1818$9,300 116714$7,300 4$2,000
25-Sep-1813$7,000 117510$6,000 3$995
18-Sep-189$3,570 7449$3,570 00
11-Sep-1813$5,900 1013213$5,900 00
7-Sep-1814$5,000 158611$4,000 3$1,000
29-Aug-1815$20,700 147913$4,700 2$16,000
20-Aug-1810$12,400 11538$11,380 3$1,057
14-Aug-1812$19,900 121329$18,889 3$1,011
7-Aug-1816$68,600 1110613$67,259 3$1,340
31-Jul-1815$15,100 159511$13,060 4$2,060
23-Jul-1813$2,130 156010$1,804 3$1,100
17-Jul-1814$5,370 17989$4,310 5$1,100
9-Jul-1816$11,200 157410$11,080 6$862
3-Jul-1813$7,000 78112$6,330 1$750
25-Jun-1815$8,800 13979$4,970 6$3,930
18-Jun-1813$14,200 14807$221 6$14,290
11-Jun-1812$6,300 8968$5,910 4$803
6-Jun-1813$14,500 10888$14,154 5$579
31-May-1811$4,890 10638$3,240 3$1,790
22-May-1815$20,400 11639$19,808 6$885
15-May-1815$4,700 1510610$3,900 5$643
9-May-1811$1,400 13889$1,300 2$560
1-May-188$14,250 7887$13,400 1$450
24-Apr-1812$5,300 66111$4,470 1$800
17-Apr-189$1,800 10447$2,330 2$1,434
11-Apr-1811$2,500 8326$1,690 5$809
3-Apr-1815$13,400 111219$12,020 6$1,090
28-Mar-1810$4,000 10927$3,870 3$215
19-Mar-1817$5,800 135110$590 7$5,165
12-Mar-1815$3,130 114311$2,360 4$788
6-Mar-1819$5,400 1311610$1,530 9$4,860
27-Feb-1820$6,600 136914$5,530 6$1,030
19-Feb-1815$5,500 1411110$3,990 6$1,980
12-Feb-1823$10,900 1715712$7,110 11$3,840
5-Feb-1816$8,600 131007$1,330 9$7,800
30-Jan-1811$12,600 11685$7,300 6$4,982
24-Jan-1819$9,400 151295$2,010 14$7,337
18-Jan-1810$6,280 8492$2,100 8$4,188
9-Jan-1812$16,500 12929$15,890 3$475
3-Jan-1810$2,500 9478$2,350 2$150
27-Dec-1715$9,000 151139$7,568 6$1,784
18-Dec-1715$13,800 161649$13,010 7$1,118
11-Dec-1714$9,700 1012612$2,940 4$8,500
4-Dec-176$1,800 6315$1,510 1$300
28-Nov-177$3,850 8764$3,260 3$285
16-Nov-1710$2,700 10486$1,840 4$856
8-Nov-1715$2,380 179110$1,860 5$516
1-Nov-1712$4,700 17949$3,400 4$1,300
23-Oct-1715$10,500 106710$9,780 4$1,530
18-Oct-176$2,000 373$225 3$1,820
10-Oct-1712$6,570 1009$3,880 3$3,360
2-Oct-178$3,100 11193$1,630 5$1,750
25-Sep-178$4,880 8795$2,660 5$2,070
18-Sep-179$4,770 3$300 6$4,470
12-Sep-1711$4,430 8$2,030 3$2,400
1-Sep-174$1,310 3$317 1$1,000
23-Aug-1711$13,640 98$11,840 3$1,800

M&A/FUNDINGS

Campbell Soup buys Sovos Brands from Advent for $2.7B

Deal Description: The Campbell Soup Co. announced Aug. 7 that it agreed to buy packaged food makers Sovos Brands Inc. — which produces Rao’s sauces, Michael Angelo’s packaged meals and noosa yogurt — for $2.7 billion. Weil Gotshal advised Advent with a team led by Partners Ramona Nee in Boston and James Griffin in Dallas. Davis Polk & Wardwell assisted Campbell’s and Hogan Lovells US and Richards, Layton & Finger aided Sovos. Closing is expected by the end of December. For more on this story, click here.

Nautic Partners purchases Tabula Rasa for $570M

Deal Description: Nautic Partners announced Aug. 7 its definitive agreement to acquire Tabula Rasa HealthCare Inc., which provides pharmacy and other tech-enabled services, for $10.50 in cash per share. The all-cash transaction values TRHC at around $570 million, including net debt of about $262 million, on an enterprise value basis. Nautic expects to combine TRHC with portfolio company ExactCare Pharmacy.

Expected Closing: Q4 2023

Nautic’s Outside Counsel: Kirkland & Ellis with a team led by corporate partners David Feirstein, Mike Sartor and Patrick Salvo and associates William Lay and Aubrey Trudeau; debt finance partner John Ilardo and associate Charles Kilgore; and capital markets partners Matt Pacey and Ieuan List. They had assistance from executive compensation partners Kate Vera and Jabir Yusoff.

TRHC‘s Financial Advisor: Goldman Sachs & Co.

TRHC‘s Outside Counsel: Cravath, Swaine & Moore

TRHC Management Team’s Outside Counsel: Morgan, Lewis and Bockius

ExactCare and Nautic’s Financial Advisor: Cantor Fitzgerald & Co. and Centerview Partners

Forward Air combines with Omni Logistics

Deal Description: Forward Air Corp. and Omni Logistics, a private company that is majority owned by Ridgemont Equity Partners and EVE Partners, announced Aug. 10 that they entered into a definitive agreement under which Forward and Omni will combine in a cash-and-stock transaction, creating a combined company that generated $3.7 billion of revenue for the 12 months ended June 30, 2023. The agreement calls for Omni shareholders to receive $150 million in cash and Forward common and preferred stock. Omni shareholders will own 37.7 percent of the combined company on a fully-diluted, as-converted basis. The deal should close in the second half. The combination is expected to generate opportunities to realize up to about $125 million of run-rate EBITDA synergies. Forward has obtained commitments for up to $1.85 billion of indebtedness consisting of term and bridge loans and an upsized revolving credit facility of $400 million. The proceeds of the new debt will be used, together with cash on hand, to refinance existing indebtedness of Forward and Omni and pay the consideration and other amounts in connection with the transaction. The upsized revolver will be available to help fund the combined company’s working capital requirements going forward. Omni, headquartered in Dallas, is a logistics and supply chain management company.

EVE’s Outside Counsel: King & Spalding with a team led by Rahul Patel and John Hyman with assistance from Wayne Pressgrove, Trevor Pinkerton, Zach Cochran, Sam Choy, Jeff Spigel, Will Jordan and Rishika Sengupta.

Forward’s Financial Advisors: Morgan Stanley & Co. and Citi

Forward’s Outside Counsel: Cravath, Swaine & Moore

Omni’s Financial Advisors: Goldman Sachs & Co. and J.P. Morgan Securities

Omni’s Outside Counsel: Alston & Bird

Consolidated Communications sells Washington-based assets to Palisade for $73M

Deal Description: Palisade Infrastructure and Consolidated Communications Inc. entered into an agreement announced Aug. 2, in which Palisade, on behalf of its managed funds, will acquire Consolidated’s assets in Washington state for $73 million in cash. The transaction includes Consolidated’s networks in Ellensburg and Yelm made up of a mixture of fiber-to-the-home and DSL technologies. The transaction has to clear federal, state and local regulatory approvals but is expected to close in the second half of 2024. This was a result of Consolidated’s ongoing strategic asset review and focus on its fiber expansion plans in its core regions. In the second quarter, the company recognized an impairment loss of $77.8 million associated with the transaction.

Consolidated’s Outside Counsel: Latham & Watkins with a corporate deal team led by Houston partners Ryan Lynch and Ryan Maierson and Austin partner David Miller with associates Ashley Nguyen and Morgen Seim. Advice was also provided on tax matters by Houston partners Tim Fenn and Bryant Lee with associate Dominick Constantino; on environmental matters by Los Angeles/Houston partner Josh Marnitz; on real estate matters by San Diego counsel Aaron Friberg; on benefits matters by Los Angeles partner Michelle Carpenter with associate Charity Wyatt; on FCC matters by Washington, D.C., partner Elizabeth Park with associate Michael Herman; on sanctions matters by Washington, D.C., counsel Andrew Galdes; on finance matters by Houston partner Matthew Jones with associate Chris Wood; and on compliance matters by Washington, D.C., counsel Katherine Sawyer.

VineBrook Homes Trust acquires VineBrook Homes for $20.7M

Deal Description: VineBrook Homes Trust Inc. announced its Aug. 3 acquisition of VineBrook Homes, the external manager of the properties owned by VineBrook, for $20.7 million. Dallas-based VineBrook Homes Trust is an SEC reporting company that acquires, renovates, leases, maintains and manages single family rental home investments primarily located in the midwestern, heartland and southeastern U.S. Following the closing, VineBrook Homes is a wholly owned subsidiary of VineBrook and VineBrook’s portfolio is now internally managed. The company’s outside legal advisor, Winston & Strawn, also represented VineBrook Homes Trust Inc. in connection with its private offering of 2.5 million shares of 9.50 percent Series B Cumulative Redeemable Preferred Stock for gross proceeds of $63.7 million. Raymond James & Associates Inc. was placement agent.

From Winston: On the acquisition — A team co-led by partner Charlie Haag and included partners Andrew Betaque, Mark Christy, Dennis Kelly and Justin Reinus. The lead associate is Ben Chrisman assisted by Michael Carlisi, Jessica Diedrich, Franklin Shen, Marissa Sims and Jennifer Ybarra Taylor. On the private offering — Reinus and Haag co-led with a team that included Taylor as well as associates Jon Pevey and Brooke Reichardt.

North Texas Public Broadcasting buys Denton Record-Chronicle

Deal Description: Vinson & Elkins said Aug. 8 it advised North Texas Public Broadcasting Inc. on the purchase of The Denton Record-Chronicle, the primary source of local news in Denton County, Texas. Terms weren’t disclosed. The newspaper has converted to a nonprofit within the KERA ecosystem, which also includes KERA TV, KERA News, KXT 91.7 and WRR 101.1. KERA first announced it was in the early stages of discussions to buy the paper on Sept. 22, 2022. The transaction signed and closed on Aug. 7. The two newsrooms will share resources and expertise. In 2021, seeking a sustainable and trusted future for the paper, publisher and owner Bill Patterson reached out to the National Trust for Local News to facilitate a path forward. Although the Trust has helped preserve and expand dozens of news organizations, the acquisition between KERA and The Record-Chronicle is unique, KERA News said, as few public media stations serve as an anchor for a local newspaper, “making this a groundbreaking model for preserving local news nationwide.”  Last year WBEZ in Chicago acquired the Chicago Sun-Times, turning the newspaper into a nonprofit.

From Vinson & Elkins: The team was led by partner Chris Rowley with assistance from senior associate John Sager and associates Nina Ramachandran, Dean Dixon and Janae Wilson. Also advising were partner David Peck and associate Katie Dillard (tax); partner Courtney Hammond and senior associate Callie Poorman (real estate); counsel Rajesh Patel and associate Haley Titcomb (technology transactions/IP); partner Shane Tucker and associate Roxy Barbera (executive compensation/benefits); partner Becky Baker and associate Peter Goetschel (employment/labor); partner Jordan Leu and associate Britton Taubenfeld (litigation); counsel Lindsay Hall and associates Kelly Rondinelli and Simon Willis (environmental); partner Brad Foxman (restructuring); and associates Lily Marrs and Alex Moosariparambil (finance).

Novacap acquires Cadent

Deal Description: Private equity firm Novacap announced Aug. 9 the acquisition of Cadent, a provider of platform-based converged TV advertising solutions. Terms weren’t disclosed. The partnership marks the fourth investment under Novacap’s TMT VI Fund. Cadent has transformed from an early leader in cable and broadcast aggregation to one of the largest independent platforms for unified audience targeting across connected television, traditional TV and digital advertising. The company’s customers include global agency holding companies and media buying agencies, over 70 of the Ad Age Top 100 advertisers and scaled global publishers and content distributors. Cadent Aperture Platform has nearly 300 partner connections and holds technology patents for identity management, audience targeting, and advertising monetization. Founded in 1981, Novacap has about C$8 billion of assets under management and invested in more than 100 platform companies and completed over 150 add-on acquisitions.

Cadent/Lee Equity Partners’ Financial Advisors: Evercore and Stifel

Cadent/Lee Equity Partners’ Outside Counsel: Weil, Gotshal & Manges

Novacap’s Financial Advisors/Financing Providers: RBC Capital Markets, TD Securities and Scotiabank

Novacap’s Outside Counsel: Baker Botts led by Neil Torpey, a private equity partner in the firm’s offices in New York and Austin. The team also included finance partner Clint Culpepper and associates Dela Peimani and Morgan Copher.

CAPITAL MARKETS/FINANCINGS

CoreWeave secures $2.3B debt financing facility

Deal Description: CoreWeave, a cloud provider of large-scale GPU-accelerated workloads, announced Aug. 3, that it had secured a $2.3 billion debt financing facility. The funding was led by Magnetar Capital and funds managed by Blackstone Tactical Opportunities with participation from asset management firms Coatue and DigitalBridge Credit and funds and accounts managed by BlackRock, PIMCO and Carlyle. CoreWeave is powering the LLM (large language model) and generative AI boom with cloud infrastructure at scale. The new financing will be used to add to its fleet of high-performance compute to serve its customers, open new data centers and add to CoreWeave’s staff. Earlier this month, CoreWeave announced a new $1.6 billion data center in Plano, Texas,  as the company continues to aggressively expand its capacity and infrastructure footprint. The company expects 14 data centers to be in place by the end of 2023. In April, CoreWeave announced it had raised $221 million in Series B funding led by Magnetar with contributions from NVIDIA, Nat Friedman and Daniel Gross and in May it secured $200 million in a Series B extension, also led by Magnetar.

CoreWeave’s Outside Counsel: Kirkland & Ellis with a team led by debt finance partners Lucas Spivey and Jordan Roberts and associates Osaro Aifuwa, Will Zakhary and John Ryan Isaacson; capital markets partner Matt Pacey; tax partner David Wheat; and corporate partner Bill Benitez and associate Evan Chavez.

CenterPoint Energy closes $1B convertible senior notes offering

Deal Description: CenterPoint Energy Inc. announced Aug. 4 the closing of its private offering and sale of $1 billion of 4.25% convertible senior notes due 2026 to eligible purchasers. The notes will be senior, unsecured obligations of CenterPoint and will mature on Aug. 15, 2026, unless earlier converted or repurchased. The net proceeds will be used for general corporate purposes, including the redemption of CenterPoint’s Series A preferred stock, after its call date, and repayment of a portion of CenterPoint’s outstanding commercial paper.

Bookrunners: J.P. Morgan, Goldman Sachs & Co., Wells Fargo Securities, Barclays, Citigroup and Morgan Stanley

CenterPoint’s Outside Counsel: Baker Botts including, from corporate: partners Tim Taylor, Clint Rancher and Jamie Yarbrough and associates Michael Mazidi, Chandler Block, Sarah Dyer. On tax: partner Michael Bresson, senior associate Jared Meier and associate Phillip Clifton.

Notes: Baker Botts has represented CenterPoint Energy and its predecessors for over 100 years.

Swift Current Energy secures $779M in project financing

Deal Description: Swift Current Energy announced Aug. 9 that it had secured project financing for its Double Black Diamond Solar project. Mitsubishi UFJ Financial Group, Societe Generale and Truist were the coordinating arrangers, with MUFG and Societe Generale acting as bookrunners, for the landmark project financing, which includes $695 million in construction and tax equity bridge loans and an $84 million letter of credit facility, making it one of the largest project financings ever for a U.S. solar project, Swift claims. ING was the green loan structuring agent and Wilmington Trust was the collateral agent and depositary agent. Once operational, Double Black Diamond is expected to be the second largest single phase solar project in the U.S. and the largest solar project in MISO, Swift claims. The facility will produce enough energy each year to power the equivalent of more than 100,000 homes and reduce regional carbon dioxide emissions by about 1 million tons per year. BAES Infrastructure is the majority owner of Swift with the other owners being IFM Net Zero Infrastructure Fund and Lookout Ridge Energy Partners.

Swift’s Outside Counsel: Vinson & Elkins led by partner Eamon Nolan and Aaron Prince with assistance from partners Lauren Collins and Sean Moran and associates Maria Borges and Alyssa Allen. Other key team members include senior associate Rimal Kacem and associate Laura Byrd (energy transactions/projects); partner Matt Dobbins and associate Kelly Rondinelli (environmental); and counsel Elizabeth McIntyre (litigation).

Additional Swift Counsel: Husch Blackwell

Lenders’ Counsel: Paul Hastings

Vertiv prices $698.2M secondary offering

Deal Description: Vertiv Holdings Co., a provider of critical digital infrastructure and continuity solutions, announced Aug. 7 the pricing of the previously announced underwritten secondary offering of 20 million shares of Vertiv’s Class A common stock by VPE Holdings, an affiliate of Platinum Equity. The move will result in $698.2 million in proceeds to the selling stockholder. BofA Securities is the sole underwriter.

Vertiv’s Outside Counsel: Latham & Watkins with a deal team led by Austin partner David Miller, Houston partner Nick Dhesi and Houston associate Om Pandya along with Houston associates Ziyad Barghouthy, Brian Bruzzo and Justin Reinking. Advice was provided on tax matters by Houston partners Bryant Lee and Jim Cole with Houston associate Dominick Constantino; and on environmental matters by Los Angeles/Houston partner Joshua Marnitz.

Underwriter’s Outside Counsel: Simpson Thacher & Bartlett 

Fluor prices private offering of $500M in convertible senior notes

Deal Description: Fluor Corp. announced Aug. 7 the pricing of $500 million of 1.125% Convertible Senior Notes due 2029 in a private offering. Fluor has granted the initial purchasers of the notes an option to purchase up to an additional $75 million of the notes on the same terms and conditions. The sale of the notes to the initial purchasers was expected to settle on Aug. 10. The notes will bear interest at 1.125% per year. Fluor estimates that the net proceeds will be about $486.3 million, or $559.4 million if the initial purchasers exercise their option to purchase additional Notes in full, after deducting fees and estimated expenses. Fluor intends to use a portion of the net proceeds to pay the cost of the capped call transactions and the remainder to repurchase all or a portion of its outstanding 2024 notes. 

Fluor’s Outside Counsel: Gibson, Dunn & Crutcher including partners Andrew Fabens, Stewart McDowell and Doug Rayburn and associate William Bald. Partner Darius Mehraban, of counsel Adam Lapidus and associate Jason Durschlag are advising on financing.

NNN REIT prices offering of $500M of senior unsecured notes 

Deal Description: Vinson & Elkins said Aug. 8 it is serving as underwriters’ counsel in connection with NNN REIT Inc.’s public offering of $500 million of 5.600% senior unsecured notes due 2033. The offering was expected to close on Aug. 15. BofA Securities Inc., Wells Fargo Securities, Citigroup Global Markets Inc., Morgan Stanley & Co., U.S. Bancorp Investments Inc., PNC Capital Markets, RBC Capital Markets, TD Securities (USA) and Truist Securities Inc. are book running-managers and Capital One Securities Inc., Raymond James & Associates Inc. and Stifel, Nicolaus & Co. Inc. are senior co-managers for the offering. The company intends to use the net proceeds to repay all of the outstanding indebtedness under its credit facility, to fund future property acquisitions and for general corporate purposes. NNN REIT invests primarily in retail properties subject generally to long-term, net leases. As of June 30, the company owned 3,479 properties in 49 states with a gross leasable area of 35.5 million square feet and with a weighted average remaining lease term of 10.2 years.

From Vinson & Elkins: The corporate team was led by partners Chris Green and David Stone with assistance from associates Austin Scieszinski and Selena Govan. Advising on tax issues were partners Paige Anderson and Chris Mangin and associate Maddie Brown.

CenterPoint offers $400M in senior notes

Deal Description: On Aug. 10, CenterPoint Energy Inc. announced the closing of its underwritten public offering and sale of $400 million in 5.25% senior notes due 2026. CenterPoint plans to use the net proceeds for general corporate purposes, including the repayment of a portion of its outstanding commercial paper. Barclays Capital Inc., Citigroup Global Markets Inc. and Morgan Stanley & Co. were as representatives and joint bookrunners. C.L. King & Associates served as co-manager.

CenterPoint’s Outside Counsel: Baker Botts including, from corporate: partners Tim Taylor, Clint Rancher and associates Rob Cowan and Sarah Dyer. On tax: partner Michael Bresson and senior associate Jared Meier.

Underwriters‘ Outside Counsel: Hunton Andrews Kurth

NuStar Energy prices upsized $199.6M equity offering of common units

Deal Description: Gibson, Dunn & Crutcher said Aug. 9 it is advising the underwriters on NuStar Energy’s public offering of 13 million common units for gross proceeds of $199.6 million. The partnership has granted the underwriters a 30-day option to purchase up to 1.95 million additional common units. The offering was scheduled to close on Aug. 11. The partnership intends to use the net proceeds to redeem outstanding Series D Cumulative Convertible Preferred Units and to pay related fees and expenses. Pending such use, the partnership intends to repay outstanding borrowings under its revolving credit agreement. Barclays and Citigroup are lead book-running managers for the offering. NuStar Energy, based in San Antonio, is one of the largest independent liquids terminal and pipeline operators in the country with 9,500 miles of pipeline and 63 terminal and storage facilities that store and distribute crude oil, refined products, renewable fuels, ammonia and specialty liquids.

From Gibson Dunn: The corporate team includes partners Hillary Holmes and Cynthia Mabry and associates Malakeh Hijazi, Caitlyn Fiebrich, To Nhu Huynh and Kyle Clendenon. Senior counsel Gregory Nelson and associate Hayden Theis are advising on tax aspects. Partner Kimberly Schlanger and associate Alex Fischler are advising on real estate aspects. Partner Abbey Hudson and of counsel Deena Klaber are advising on environmental aspects.

NuStar’s Outside Counsel: Sidley Austin including Houston partners George Vlahakos and Angela Richards (tax) as well as Tanner Groce, Amanda Ibrahim and Ayo Adaranijo

Adriatic Metals places $32M of new ordinary shares

Deal Description: Adriatic Metals plc announced Aug. 8 that it had completed the private placement of 14.8 million ordinary shares valued at $32 million with a group of institutional investors. Adriatic is a precious and base metals explorer and developer that owns the Vares silver project in Bosnia & Herzegovina and the Raska zinc deposit in Serbia. The funding will enable the company to accelerate and expand its exploration activities, which will help position it as one of the leading base and precious metals developers in Europe. Morgans Corporate Ltd., RBC Europe Ltd. and Stifel Nicolaus Europe Ltd. acted as joint bookrunners in the placing.

Adriatic’s Outside Counsel: Locke Lord with a team led by Nicholas Jennings in London with additional assistance provided by Jake Chagoury, Charlotte Whitley-Roberts and Matthew Daffurn in London, Rob Evans in New York and Jocelyn Coney in Houston.

Fitell raises $15M in IPO

Deal Description: Fitell Corp., an online retailer of gym and fitness equipment in Australia announced Aug. 10 the closing of its initial public offering of 3 million ordinary shares at $5 each. The ordinary shares began trading on the Nasdaq Capital Market under the ticker symbol “FTEL.” The company expects to receive $15 million before deducting underwriting discounts, commissions and other related expenses. Fitell has granted the underwriters a 45-day option to purchase up to an additional 450,000 shares at the public offering price. Pricing for the offering was announced on Aug. 8.

Fitell’s U.S. Outside Counsel: The Crone Law Group

Underwriters: Revere Securities and R.F. Lafferty & Co. Inc.

Underwriter’s Outside Counsel : Winston & Strawn with a team led by Houston partner Mike Blankenship and included partners Dean Hinderliter and David Sakowitz and associates Carly Ginley, John Niedzwiecki, Robbie Oakes, Jeremy Spankowski, and Rachel Wilson

Nxu Inc. announces $5M public offering

Deal Description: Nxu Inc., a vertically integrated technology company creating energy storage and charging solutions, announced pricing Aug. 9 of 16.67 million units at a public offering price of 30 cents per unit. Each unit consists of one share of Class A common stock (or a pre-funded warrant) and one common warrant with each warrant exercisable for two shares of Class A common stock at an exercise price of 30 cents per share. The common warrants will be immediately exercisable and expire three years from the date of issuance. Gross proceeds from the offering, before deducting the placement agent’s fees and other offering expenses, are expected to be around $5 million. Closing is expected to occur on or about Aug. 11. The company intends to use the net proceeds for working capital and general corporate purposes.

Nxu’s Outside Counsel: Winston & Strawn with a team led by partners Mike Blankenship and James Brown and included partner David Sakowitz and associates Carly Ginley and Emily Semon


OTHER MATTERS

White & Case said Aug. 9 it advised Devon Energy on its formation of NDB Midstream, a strategic partnership between WaterBridge NDB, a portfolio company of Five Point Energy, and WPX Energy Permian, a subsidiary of Devon Energy Corp. The Houston-based White & Case team was led by led by M&A partners Mingda Zhao and Emery Choi. Other Houston-based lawyers on the team include Neil Clausen, RJ Colwell, Jason McCoy, Helen Xiang and Sam Spiers. The team also included partners Rebecca Farrington (Washington, D.C.), Scott Fryman (New York) and associates Daniel Hagan and John Forbush (both in Washington, D.C.).

Latham & Watkins represented WaterBridge NDB with a corporate deal team led by Houston partner Lauren Anderson with assistance from associates John Daywalt, Corynn Wilson, Josh Blankenship and Jameson Miller. Advice was also provided on tax matters by Houston partner Tim Fenn, with associate Dominick Constantino; on employee benefits matters by Washington, D.C. partner Adam Kestenbaum; on structuring matters by New York partner David Hammerman; on antitrust matters by Washington, D.C. partner Jason Cruise and Washington, D.C. counsel Peter Todaro and Britton Davis, with associate Doug Tifft.

The partnership between WaterBridge NDB and Devon claims to be the largest private water infrastructure system in the Stateline region of the Delaware Basin in Loving County, Texas, and Lea and Eddy counties in New Mexico. 

* * *

Jill McWhirter, a corporate attorney in King & Spalding’s Houston office, served as the lead partner representing Natura Resources in the recent contract awarding its Detailed Design Engineering to Zachry Nuclear Engineering, K&S announced Aug. 10. ZNE will complete the engineering and design of Natura’s Molten Salt Reactor system. The agreement also provides terms under which Zachry may execute the EPC phase of the project. 

Claire Poole

Claire Poole is a senior writer at The Texas Lawbook, where she covers corporate transactions.

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