No whimpers for the end of 2020 on the M&A front. The year closed with a bang, as a slew of deals (including several multi-billion-dollar transactions) were announced in the final two weeks of 2020.
Over those two weeks, The Texas Lawbook counted 25 deals amounting to $17.375 billion in value. That’s certainly not the worst place we’ve been in a year defined by economic strife caused by or made worse by the COVID-19 pandemic. In fact, the worst place we’ve been this year was the week of May 23, relatively early on in this never-ending year, when we counted just four deals valued at $432 million.
There were plenty of other bad periods, with the weeks of May 16, June 13, July 18, Sept. 12, and Oct. 24 each showing just six deals announced. The accumulated deal value in those weeks ranged from $310 million on May 16 to $18.1 billion on Oct. 24.
As far as bright spots go, four of the first five weeks of 2020 showed the strongest deal numbers of the year, unsurprising given the COVID-19 restrictions and the plunge in oil prices that would happen shortly thereafter. The week of Jan. 18 showed 23 deals valued at $9.5 billion, while the week of Jan. 4 showed 22 deals announced worth $6.4 billion. The weeks of Jan. 11 and Feb. 4 had 21 deals each amounting to $14.2 billion and $20.9 billion. The fifth best week of the year was a tie between the weeks of April 18 and Nov. 28, which showed 19 deals each with respective cumulative values of $9.5 billion and $7.758 billion.
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 |
The past two weeks were undoubtedly bright spots as well, with both oil and gas and renewable energy deals gaining momentum. We already noted Diamondback’s acquisition of two other Permian players for $3 billion right before Christmas. A much smaller but no less interesting deal was Denbury Resources’ $12 million acquisition of some Devon Energy assets in Wyoming, a deal that has been years in the making.
On the renewables side, global asset management firm Capital Dynamics announced it had sold its remaining stakes in two large California solar projects and beefed up its interest in another one. Meanwhile, investment fund manager Fengate said it had taken a majority stake in a large wind farm in Central Texas.
We also had one final big SPAC deal to close out the year, as Tilman Fertitta’s closely watched Landcadia II Holdings closed its acquisition of Golden Nugget Online Gaming, another Fertitta entity, for $745 million.
But the largest deal over the past two weeks was Thoma Bravo’s acquisition of Richardson-based real estate software provider RealPage for $10.2 billion. The transaction will take Nasdaq-listed RealPage private.
All those deals meant work for a heartwarming 223 Texas lawyers working at 14 different firms.
The final two weeks of the year were a bang, for sure. Only time will tell if its echoes are heard in the New Year.
M&A/PE FUNDING
RealPage Acquired by Thoma Bravo in $10.2B Deal
As reported by The Lawbook, Dallas real estate software company RealPage was acquired by Thoma Bravo in a staggering $10.2 billion all-cash transaction announced December 21. The deal took RealPage from publicly traded to privately held.
Under terms of the deal, RealPage stockholders will receive $88.75 in cash per share of RealPage common stock, which represents a premium of more than 30% over the RealPage closing stock price of $67.83 last Friday, December 18 and 27% premium over the company’s highest ever closing price of $69.47. The $10.2 billion price tag includes outstanding company debt.
RealPage CLO David Monk said he and an in-house team hammered out the deal with outside advice from Wachtell, Lipton, Rosen & Katz. Besides Monk the in-house team included Cori Ulrich, SVP and deputy general counsel; Rob Traycoff, VP of corporate compliance and VP and associate general counsel Martin Thornthwaite. The Wachtell lawyers were based in New York.
BofA Securities was financial advisor to RealPage.
Thoma Bravo was advised by a 44-lawyer team from Kirkland & Ellis led from Chicago. They were assisted by lawyers from New York, London, Washington, D.C. — and two from Texas: environmental partner Stefanie Gitler, who splits time between Houston and Washington, D.C. and Cassidy Hall, a corporate associate in Dallas.
Goldman Sachs is providing financing for the transaction, as well as financial advice to Thoma Bravo.
Kirkland also advised Thoma Bravo in its October acquisition of AxiomSL, a risk-management data analytics firm focused on regulated industries.
RealPage will continue operating under its existing management, including chairman and CEO Steve Winn.
“We believe this transaction will provide immediate and substantial value to RealPage stockholders, reflecting the tremendous work that our employees have done to build this company,” said Winn. “This will enhance our ability to focus on executing our long-term strategy and delivering even better products and services to our clients and partners.”
Based in Richardson, a suburb of Dallas, RealPage provides a broad range of digital services and analytics that range from online payments and utility management to risk management and return on investment for residential and commercial real estate.
Thoma Bravo, with offices in Chicago and San Francisco, specializes in investments in tech-driven companies. As of the end of September, the company said it had $73 billion in assets under management.
Centerbridge Partners/American Bath Group Acquire Dreamline
American Bath Group announced Dec. 21 that it had acquired a shower and bath manufacturing company DreamLine.
Backed by Centerbridge Partners and headquartered in Arlington, Texas, American Bath is a manufacturer of showers, bathtubs and related accessories. DreamLine, which manufactures a similar line of products under the DreamLine and Arizona Shower Door brands, is backed by an affiliate of Morgenthaler Private Equity, MPE Partners.
Vinson & Elkins advised Centerbridge Partners and American Bath with a team led by partner Peter Marshall and senior associate Abby Branigan, with assistance from associates Jameson Miller and Luke Strieber. Also advising were partner Randy Jurgensmeyer, senior associate Courtney Hammond and associate Kara Karcher (real estate); counsel Martin Luff and partner Sean Becker (labor & employment); partner Shane Tucker and associate Maddison Riddick (executive compensation); partner Matt Dobbins and senior associate Jennifer Cornejo (environmental); and partner David Peck and associate Miron Klimkowski (tax); partner Palmina Fava and senior associates Elizabeth McIntryre and Brian Howard (regulatory); partner Devika Kornbacher and associate Sean Belding (IP/technology); and partner Hill Wellford and associate Ryan Will (HSR).
RBC Capital Markets served as financial advisor to American Bath.
Jones Day advised DreamLine and MPE, while Lincoln International served as financial advisors.
Joe Machado, partner at MPE, said, “ABG is an incredible success story in the bathware products category. The DreamLine and Arizona Shower Door brands are highly complementary with ABG and present exciting opportunities for future growth.”
Two Diamondback Deals Worth $3B, Four Firms Advise
As previously reported by The Lawbook, Midland-based Diamondback Energy announced plans Dec. 21 to materially boost its footprint in the prolific basin with a pair of acquisitions valued at more than $3 billion total.
Together, the transactions will increase Diamondback’s holdings in the Permian by 81,500 net acres.
In the bigger of the two deals, the company will acquire Denver-based QEP Resources in an all-stock transaction valued at $2.15 billion. The price tag includes the assumption of QEP’s $1.6 billion in net debt.
In the smaller transaction, Diamondback will purchase privately held Guidon Operating for $375 million in cash and 10.63 million shares of common stock, amounting to $862 million in all.
Akin Gump Strauss Hauer & Feld advised Diamondback on both deals, with teams from Latham & Watkins and Kirkland & Ellis involved on the seller side.
The Akin Gump team advising on the QEP deal was led by corporate partners Jeffrey Kochian and Eli Miller of New York, Seth Molay of Dallas and John Goodgame in Houston. On finance, partner Alan Laves, counsel Katie Dinett (both of Dallas) partner William Morris and counsel Chase Armbrust (both of Houston) advised.
Meanwhile, Houston partners Mike Byrd and David Sweeney, along with senior practice attorney Shane Sullivan, advised on oil and gas.
On tax matters, Houston partners Alison Chen and Jocelyn Tau advised, while a team made up of Dallas partner John Allen Bain, Alex Agahzadeh and associate Shaila Manjiyani advised on real estate.
Gibson Dunn & Crutcher also advised Diamondback on the QEP transaction, but the firm said no Texas lawyers were involved.
Latham & Watkins represented QEP Resources with a Houston-heavy corporate deal team. Partner John Greer leads the team, which includes associates Kevin Richardson, Denny Lee, Erin Lee, Jacob Weiner and Daisy Clifton-Lee, all of Houston. Advice was also provided on tax matters by partners Tim Fenn and Bryant Lee, with associate Mike Rowe, all of Houston.
The remainder of the team members were based in Washington D.C. and Los Angeles.
Irving-based Guidon was advised by a large team mostly from Kirkland & Ellis’ Houston office. The team was led by transactional partners Rhett Van Syoc, Anthony Speier, Christopher Heasley, Kyle Watson and associate Lindsey Jaquillard, with assistance from transactional associates Patrick Lingwall, Camille Walker, Maggie Hoffman, John Elkins, Sam Roberts and Hunter Richey.
The team also included capital markets partners Matt Pacey and Michael Rigdon of Houston and associate Justin Bosworth of Dallas; tax partner Mark Dundon and associate Joe Tobias of Houston; environmental transactions partner Paul Tanaka (who splits his time between San Francisco and Houston) and associate James Dolphin of Houston; debt finance partner Andrew Veit and associates Osaro Aifuwa, Mahalia Doughty and Lauren Croft, all of Houston.
On the Guidon deal, the Akin Gump team representing Diamondback was led by Molay and Byrd, along with John Goodgame of Houston.
Sweeney and Sullivan again advised on oil and gas, while Dallas-based partner Nicholas Houpt and senior counsel Irina V. Maistrenko, along with Houston partner Cynthia Mabry and associates Leana N. Garipova and Anthony E. Hilbert, advised on corporate matters.
Chen and New York associate Sangita Vani Sahasranaman handled tax matters, while Laves and Dinett again advised on oil and gas. Quigley and Oelz handled environmental matters.
Citigroup Global Markets and RBC Capital Markets are serving as financial advisors to Guidon, and Morgan Stanley is serving as exclusive financial advisor to Diamondback on that deal.
On the QEP deal, Goldman Sachs is serving as lead financial advisor to Diamondback, with Moelis also giving financial advice.
Evercore is acting as exclusive financial advisor to QEP.
Baker Botts, Sidley, Gibson Dunn Advise on ‘Transformational’ Deals for Blueknight Assets
Tulsa-based Blueknight Energy partners announced Dec. 21 that it would sell its crude oil terminalling, pipeline, and trucking business segments in a trio of deals valued at $162 million, with Canadian midstream giant Enbridge acting as one of the three buyers.
Under the terms of the largest deal, Blueknight will sell its crude terminalling business, including about 6.6 million barrels of crude oil storage in Cushing, Okla., to Enbridge for $132 million in cash.
Gibson, Dunn & Crutcher is advising Blueknight on the deal with a corporate team led by Dallas partner Doug Rayburn, Dallas associate Jonathan Sapp and Houston associate William Bald. Dallas partner Krista Hanvey is advising on benefits; Dallas associate Michael Cannon is advising on tax aspects; and Washington, D.C. associate Kyle Neema Guest is advising on environmental aspects.
Sidley Austin is advised Enbridge with a team led from Houston by Glenn Pinkerton and Atman Shukla, with support from partners Emily Mallen and Angela Richards, Chicago counsel Scott Goldstein, and associates Riley Fedechko, Radhika Kannan, and Cedric Seley. Mallen and Kannen are in the Washington, D.C. office. Everyone else is in Houston.
Meanwhile, Houston-based CVR Energy is buying Blueknight’s crude oil pipeline business for $20 million, and an undisclosed buyer is set to purchase the trucking business. The pipeline segment includes 604 miles of crude oil pipeline and approximately 300,000 barrels of related crude oil storage located primarily in Oklahoma.
Baker Botts is advising CVR in the purchase with a team led from Houston by Dan L. Mark and associate Katie Belleville. Melissa Buhrig, general counsel of CVR, was also heavily involved in the transaction.
The company said the divestitures would jump-start its transition to a pure-play, downstream terminalling business focused on infrastructure and transportation end markets. Proceeds from the deal will be used to pay debt and for general corporate purposes.
Viasat Acquires RigNet for $222M as Baker Botts, Latham Advise
Global communications firm Viasat is set to take over Houston-based RigNet, a digital network provider specializing in oil and gas operations, in an all-stock deal valued at $222 million.
In a Dec. 21 release, Viasat chief executive Rick Baldridge said RigNet would be “an important element” in its global expansion efforts, and the deal would allow it to achieve significant cost savings.
Baker Botts is advising RigNet with a team led from Houston by partners Ed Rhyne and Jim Marshall, with associates Jamie Yarbrough, Jack Chadderdon and Sean Aguirre.
Houston associate Gabriela Alvarez advised on employee benefits, along with Palo Alto, Calif. associate Laura McDaniels. Also in Houston, partner Robert Philpott and associate Katie McEvilly advised on tax.
Latham & Watkins advised Viasat with a team led from San Diego. No Texas lawyers were involved.
RigNet chief executive Steven Pickett said the deal would be “transformative”.
“We believe the merger will create new opportunities for the combined companies to serve customers even better in energy and to expand more rapidly into other vertical markets,” he said.
“The combined companies will also be able to further accelerate the growth of RigNet’s industry-leading AI-backed machine learning business, Intelie, and our other specialized apps, across a broader customer base than RigNet could have reached independently.”
Rent-A-Center Acquires Acima for $1.656B
Plano-based Rent-A-Center will boost its digital offerings in the midst of the Covid-19 pandemic through the $1.65 billion acquisition of a Utah company specializing in virtual lease-to-own solutions.
The acquisition of Acima, announced Dec. 20, will allow Rent-A-Center to expand its eCommerce platform and will give it access to emerging lease-to-own markets such as mobile electronics and jewelry, according to a company presentation.
Rent-A-Center general counsel Bryan Pechersky tapped Sullivan & Cromwell to advise the company on the transaction. Pechersky joined the company earlier this year and previously held general counsel posts for Cloud Peak Energy and Harte-Hanks. From 2005 to 2007, he was senior corporate counsel at Blockbuster. Before making his way to the corporate side, he was a capital markets, mergers and acquisitions and litigation attorney for Vinson & Elkins from 1996 to 2004.
Acima hired Wachtell, Lipton, Rosen & Katz as legal counsel. No Texas lawyers worked on the deal.
Under the terms of the agreement, Rent-A-Center will pay $1.273 billion in cash and about 10.8 million shares of common stock currently valued at $377 million for Acima. The Salt Lake City-based company has grown annual revenues from $97 million in 2016 to an expected $1.25 billion in 2020, according to a release.
Acima, whose current offerings include mobile application processes and payment options, will continue to operate out of Salt Lake City and incorporate Rent-A-Center’s Preferred Dynamix platform. The incorporation will create a “frictionless front-end virtual retail shopping experience” for customers, according to the presentation.
When the deal closes, the current Acima management team will report to Preferred Dynamix Executive Vice President Jason Hogg, and the combined business will be reported in the Preferred Lease segment.
“This combination marries Acima’s advanced decisioning with Preferred Dynamix’s complementary and proprietary digital platform,” Hogg said. “The resulting set of fintech capabilities will support faster innovation, allowing us to bring aspirational brands to consumers across a broader set of e-commerce and retail partners.”
Rent-A-Center has obtained $1.825 billion in debt financing commitments from J.P. Morgan Securities, Credit Suisse and HSBC Securities in connection with the transaction.
J.P. Morgan Securities is serving as lead financial advisor with Credit Suisse serving as an additional financial advisor to Rent-A-Center. FT Partners is serving as sole strategic and financial advisor.
Owl Rock, Neuberger Berman Merge to Form Blue Owl for SPAC Deal
New York-based lender Owl Rock Capital Group and Neuberger Berman subsidiary Dyal Capital announced Dec. 23 that they have agreed to merge and go public via their acquisition by a blank-check firm in a deal valuing the combined company at $12.5 billion.
The two will form Blue Owl Capital, an alternative asset management firm with more than $45 billion in assets under management, and then enter a business combination with Altimar, a special purpose acquisition company sponsored by an affiliate of HPS Investment Partners.
Kirkland & Ellis advised Owl Rock on the deal with a team led made up of lawyers from across the country. The leadership team included Dallas corporate partner Thomas Laughlin and associate Ben Hardison and John Phelan.
Skadden, Arps, Slate, Meagher & Flom served as legal counsel to Neuberger Berman, and Fried, Frank, Harris, Shriver & Jacobson advised Dyal Capital.
Paul, Weiss, Rifkind, Wharton & Garrison served as legal counsel to Altimar Acquisition Corporation.
On the financial side, Perella Weinberg Partners, Goldman Sachs and BofA Securities advised Owl Rock. Citigroup and UBS advised Neuberger Berman, Evercore Group advised Dyal, and Ardea Partners advised both entities on financial matters. JP Morgan Securities served as exclusive financial advisor to Altimar.
Under the terms of the go-public deal, Altimar, which currently holds $275 million in cash in trust, will combine with Blue Owl at an estimated $12.5 billion pro forma equity value at closing. Following the merger, the existing equityholders of Owl Rock and Dyal (including Neuberger Berman) will hold about 85% of Blue Owl. The founders and senior managers of Blue Owl will retain their equity stakes immediately following the transaction.
Altimar will fund the purchase through a mix of its cash in trust and a $1.5 billion fully committed, oversubscribed, common stock private investment in public equity (PIPE) at $10 per share, including commitments from leading investors including ICONIQ Capital, CH Investment Partners, Koch Companies Defined Benefit Master Trust, the Federated Hermes Kaufmann Funds, and Liberty Mutual Investments. Goldman Sachs and J.P. Morgan Securities acted as joint placement agents on the PIPE.
The new firm’s main business will focus on direct lending, an area of strength for Owl Rock, and general partner (aka private equity) capital solutions, a specialty of Dyal.
“By bringing together two preeminent businesses in their respective fields, Blue Owl will be positioned as a differentiated provider of holistic solutions to the alternative asset management community,” according to a release. ”Each business will be led by its current long-tenured management, and its respective investment teams will continue to employ the disciplined investment philosophies that they have delivered since inception.”
Owl Rock co-founders Doug Ostrover and Marc Lipschultz will lead Blue Owl as chief executive and co-president, respectively. Dyal founder Michael Rees will be the other co-president. Blue Owl’s nine-person board of directors will be initially composed of three independent directors, three Owl Rock-appointed directors, two Dyal-appointed directors and one Neuberger Berman-appointed director.
Denbury Acquires Devon Wyoming Assets for $12M
Plano-based enhanced oil recovery specialist Denbury announced Dec. 29 that it had agreed to acquire a nearly 100% interest in two Wyoming oilfields from Devon Energy for $12 million.
The purchase price includes the stake in the Big Sand Draw and Beaver Creek fields in Fremont County, Wyo. amounting to an 83% net revenue interest, along with associated surface facilities and the 46-mile carbon dioxide transportation pipeline to the acquired fields.
Denbury general counsel Jim Matthews told The Texas Lawbook that the company had been pursuing the transaction with Devon for more than two years, “with many stops and starts, including a significant pause during our restructuring efforts”. The company filed for Chapter 11 in July and emerged from restructuring on Sept.18.
Matthews said Denbury initially hired Sidley Austin in Dallas in 2018 to draft a purchase and sale agreement and perform diligence for the deal.
“But following our restructuring, and given the fact we had an advanced form of PSA due to prior negotiations, we were able to reach this stage of executing the PSA without assistance from outside counsel (I have extremely talented in-house lawyers),” he wrote in an email.
Oklahoma City-based Devon also relied on its in-house counsel to advise on the deal, spokesperson Lisa Adams told The Texas Lawbook. No outside counsel was involved.
For Denbury, net production from the Wyoming fields to be acquired from Devon was approximately 2,800 barrels of oil equivalent per day for the third quarter of 2020, of which about 85% was oil.
Net proved reserves were estimated at about 13.7 million barrels of oil equivalent, 93% of which was oil, based on oil and natural gas futures prices on Dec. 1.
“Big Sand Draw and Beaver Creek are exciting additions to Denbury’s Rocky Mountain region footprint, and we believe they are an ideal operational fit for Denbury’s differentiated CO2 EOR-focused strategy,” said Chris Kendall, Denbury’s chief executive.
“Importantly, by utilizing 100% industrial sourced CO2, these fields will increase Denbury’s use of industrial sourced CO2 by nearly 400,000 tons annually, further enhancing the low carbon footprint of Denbury’s oil production. We look forward to applying Denbury’s industry-leading EOR expertise to these fields, which hold meaningful potential for optimization and future development.”
According to a release, the Big Sand Draw oilfield was discovered in 1918 and the CO2 flood was initiated in 2014. The Beaver Creek oilfield was discovered in 1938 and the CO2 flood was initiated in 2008. The CO2 used to flood both fields is supplied from ExxonMobil’s Shute Creek gas processing plant in southwestern Wyoming, where Denbury owns a one-third overriding royalty interest in all captured CO2.
The purchase agreement provides for two contingent cash payments of $4 million each, the first one payable if West Texas Intermediate oil prices average at least $50 per barrel in calendar year 2021 and the second one payable if NYMEX WTI oil prices average at least $50 per barrel in calendar year 2022.
Kirkland Advises Apollo in Sale of Solar Project to Capital Dynamics
Capital Dynamics-backed Clean Energy Infrastructure announced Dec. 29 that it has acquired the remaining interest in a huge photovoltaic solar project in California from funds managed by private equity firm Apollo Global Management.
CEI had previously acquired a 30.02% stake in the 175 megawatt Arlington Valley Solar Energy II development as part of the acquisition of three solar PV projects from LS Power in November 2020. The more recent deal, announced Dec. 29, gives CEI the remaining 69.98% interest in the project for a 100% total stake.
Kirkland & Ellis advised Apollo on the sale with a team led from Houston by transactional partners Adam Larson and Cyril Jones, with associates Tyler Dunphy and Ryan McNulty. Washington D.C. partner Scott Cockerham and Houston associate Ryan Phelps advised on tax matters and Washington D.C. debt finance Rohit Chaudhry.
Allen & Overy also provided counsel to Apollo, while Citigroup Capital Markets acted as financial advisor.
King & Spalding and Amis, Patel & Brewer served as legal counsel for the Swiss asset manager Capital Dynamics.
“This transaction was a natural fit for us as it builds on our recent acquisition of a 30% interest in AVSE II,” said CEI managing director Tim Short.
“This allows for a cleaner and simplified ownership position which we were well prepared to act on quickly in cooperation with the team at Apollo, for a mutually beneficial transaction.
Norton Rose Advises on Solar Project Purchase from Capital Dynamics
The day before Capital Dynamics announced the Arlington Valley acquisition, it revealed it had completed the sale of a majority interest in two California solar projects that provide power to the City of Los Angeles.
The firm announced Dec. 28 that it had sold off most of its interest in the 59.6 megawatt Beacon II and 48.2 megawatt Beacon V solar projects to TortoiseEcofin and S&B USA Energy for an undisclosed amount. TortoiseEcofin and S&B will each own 49.5% of the portfolio, and Capital Dynamics will retain a 1% stake.
Norton Rose Fulbright represented TortoiseEcofin with a team led by Austin partner Becky Diffen. The team included Austin associates Josh Rocha and Eli Gaylor, Austin senior counsel Amy Mitchell, and Houston associate Geetika Jerath.
Both Beacon sites interconnect and sell power to the Los Angeles Department of Water and Power, the US’ largest municipal utility, under two 25-year fixed rate power purchase agreements. Capital Dynamics acquired the assets from SunEdison in 2016 and achieved commercial operations in 2017.
“We are pleased to be investing in this proven utility scale solar operating portfolio that generates 100% of its revenue under contract with an investment grade rated utility,” said Jerry Polacek, head of Ecofin’s private sustainable infrastructure team. “This acquisition closely aligns with our investors’ desire for sustainable dividends and attractive returns.”
Arevon Asset Management will continue to oversee operations of the portfolio on a day-to-day basis.
Norton Rose Advises Fengate in Texas Wind Project
Investment manager Fengate has taken a majority stake in a 250 megawatt Texas wind farm that stretches across three counties.
The firm said on Dec. 21 that it had achieved financial close on the acquisition, which gives it most of the ownership in BayWa r.e. Wind’s Amadeus project in Kent, Fisher and Stonewall counties. The project recently reached commercial operation an received tax equity funding from BHE Renewables
Norton Rose Fulbright advised Fengate in the acquisition and tax equity financing of the stake, with a team led by Austin partner Becky Diffen and New York-based co-head of U.S. projects Ben Koenigsberg. Associates Madison Keeble and Josh Rocha of Austin and Geetika Jerath of Houston were also on the team.
Diffen, Koenigsberg and Rocha also advised on the tax equity financing portion with New York associate Ben Grayson. Austin senior counsel Amy Mitchell and associate Eli Gaylor advised on real estate.
Sidley Austin represented BHE Renewables.
BayWa, which is based in Germany, will continue to own a minority interest in Amadeus and provide ongoing asset management services.
The company said the wind farm had begun selling power into the grid and will generate enough energy to meet the electricity needs of more than 74,800 homes annually. The development is the largest onshore wind project completed to date in BayWa r.e.’s global portfolio.
Haynes & Boone, White & Case Advise on $745M Fertitta SPAC Deal
Online casino platform Golden Nugget Online Gaming has successfully gone public following its purchase by blank-check firm Landcadia Holdings II.
The deal’s closing was announced in a statement on Dec. 29. The transaction, which values the combined company at $745 million, has attracted scrutiny because Houston hospitality mogul Tilman Fertitta owns both Golden Nugget seller Landry’s and Fertitta Entertainment Inc., which is one of the backers (along with Jefferies) of Landcadia.
Landcadia, a special purpose acquisition company, was advised by White & Case with a team led from New York that included Houston associates Hannah Craft and Clint Farha.
Seller Landry’s was was advised by Haynes & Boone with a team led by Dallas partner Jennifer Wisinski. She was assisted by partners Paul Amiel (Dallas), Sam Lichtman (New York), Ken Bezozo (New York), and Vicki Odette (Dallas/New York). Dallas associates Brent Beckert, Cameron Scales, Nick Rice, Christine Dryden, Chris Albert, Laura Shapiro, Mitchell Heyland, Colin Cox, and Bryan Diebels also assisted with New York associate Don Shiman.
The deal team also included partners Karen Denney (Fort Worth), Gavin George (Dallas), Susan Wetzel (Dallas), David Taubenfeld (Dallas), and associate Scott Thompson (Dallas).
With the merger complete, Landcadia changed its name to Golden Nugget Online Gaming, with shares trading on the Nasdaq bourse under the ticker symbol “GNOG” as of Dec. 30.
Fertitta will continue to serve as the company’s chief executive and board chairman. Thomas Winter will remain as President and the rest of the Golden Nugget Online Gaming team will continue in their respective roles.
“I am pleased to see the business combination finally close,” Fertitta said.
“We see tremendous opportunity in the online gaming space and are excited to be a part of it.”
Bracewell advises Howard Energy on MPLX acquisition
San Antonio-based Howard Energy Partners has cut a deal with Marathon Petroleum subsidiary MPLX to purchase a fractionation plant in Corpus Christi.
Under the terms of the deal, privately held Howard Energy will acquire MPLX’s Javlina facility, which extracts olefins, hydrogen, and natural gas liquids from the gas streams produced by local refineries to create purity products that are then sold to local markets on behalf of its refiner-customers. Financial details of the transaction, announced Dec. 29, were not disclosed.
Howard Energy general counsel Brett Braden tapped Bracewell, with partner Alan Rafte and associate Ben Martin, both of Houston, representing the company in the transaction. Before joining Howard, Braden was a founding partner of Latham & Watkins’ Houston office in 2010, and worked at Vinson & Elkins prior to that.
A spokesperson for MPLX said the company had not released any information regarding outside counsel. Marathon general counsel Suzanne Gagle (who also serves as MLPX general counsel) has been with the company since 1992, when she began her career there as staff attorney.
“The Javelina facility is a multi-generational asset linked to stable, demand-driven refinery activity, further supporting our long-term growth strategy and diversification into new services and markets,” said Howard Energy chief executive Mike Howard.
“We are very excited to broaden our existing footprint in the Corpus Christi market, and look forward to welcoming Javelina’s great team of employees that has been safely and efficiently running the facility for several years. We will continue to provide world class service to Javelina’s long-term customers.”
Privately held Howard Energy is backed by Alberta Investment Management Corporation and Alinda Capital Partners.
V&E Advises Mercuria on $169 million Decarbonization Purchase
Commodities trader Mercuria Group will add to its clean energy portfolio through the $169 million acquisition of HC2 Holdings’ decarbonization subsidiary Beyond6.
New York-listed HC2, which owns about 61% of Beyond6, expects to receive $65 million in cash and will use the proceeds to pay down debt, according to a release.
Vinson & Elkins advised Mercuria on the transaction, which was announced Dec. 31. The team was led from Houston by partner James Garrett and counsel Crosby Scofield. Houston associates Jameson Miller, Charlie Fitzpatrick and Sydney Verner assisted.
Also advising were tax partner Todd Way of Dallas and Houston; Dallas partner Shane Tucker on executive compensation and benefits; Houston partner Sean Becker on labor/employment; Houston associate Anastasia Arsenio on energy transactions and projects; Dallas partner Russell Oshman and New York senior associate Naheem Harris on real estate; and Houston partner Matt Dobbins on environmental.
Kramer Levin Naftalis & Frankel LLP acted as legal advisor to HC2.
Goldman Sachs was financial advisor to Beyond6.
“Mercuria is excited to continue to execute on its corporate strategy of increased investment in the energy transition to clean, renewable energy sources,” said Mercuria chief investment officer Brian Falik. Mercuria has stated 50 percent of its new investments would be in renewable energy over the next five years.
Latham Advises UGI on West Virginia Utility Buy
Valley Forge, Pa.-based UGI Corporation is set to purchase the largest gas local distribution company in West Virginia in a deal valued at $540 million, including the assumption of $140 million in debt.
In a transaction announced Dec. 30, UGI will acquire Mountaintop Energy Holdings, the owner of Mountaineer Gas Company. The utility boasts nearly 215,000 customers across 50 of West Virginia’s 55 counties and nearly 6,000 miles of distribution, transmission, and gathering pipelines situated in the gas-rich Marcellus shale.
Latham & Watkins is representing UGI in the transaction with a corporate deal team led from Houston by partner Ryan Maierson, with associates Kevin Richardson, Blake Berkey and Ben Marek. Also from Houston, partner Joel Mack advised on environmental matters with Chicago partner Mary Rose Alexander and Los Angeles counsel Joshua Marnitz.
On finance matters, partner Catherine Ozdogan, with associates Bryce Kaufman, Hye Lee and Dylan Carroll, all of Houston, advised. Tax matters were also handled out of the Houston office, with partner Bryant Lee and associate Marianne Standley advising.
UGI chief executive John Walsh said the company sees “significant” opportunities to continue or accelerate investment in the replacement of over 1500 miles of bare steel pipelines and expand its customer base to unserved and underserved areas.
“These investments will improve the safety and reliability of the distribution system and align with our environmental efforts to lower methane and other (greenhouse gas) emissions,” he said.
Pike Corporation Gains Lindsay Goldberg Investment, Kirkland Advises
Private equity firm Lindsay Goldberg has taken a majority stake in utility infrastructure specialist Pike Corporation for an undisclosed sum.
The closing of the deal was announced Dec. 21 and marks the latest event in a nearly two-decades-long relationship. Lindsay Goldberg first invested in the business as Pike Electric Corporation in 2002 and remained a shareholder through its 2005 initial public offering until 2013, according to a release.
Kirkland & Ellis represented Pike, with a team led from Houston by transactional partners Bill Benitez and Erik Shoemaker and associate Brice Lipman. Houston partners Mark Dundon and William Dong advised on tax, while New York partner Sophia Hudson and Houston associate Caleb Lowery advised on capital markets. Executive compensation partner Stephen Jacobson of Houston also worked on the deal.
In connection with the deal and to position Pike for future growth, the company will be supported with equity provided by funds managed by Lindsay Goldberg as well as a new incremental term loan B. Pike Corporation chairman and chief executive J. Eric Pike will continue in those roles alongside the existing management team.
Other investors will remain “significant shareholders” in Pike, according to a release. “I am extremely pleased to welcome Lindsay Goldberg back to the company as our lead investor to support our next phase of growth,” said J. Eric Pike said. “As Pike looks at the opportunities ahead, the addition of Lindsay Goldberg to our shareholder group provides access to substantial resources to further accelerate our significant growth and strategic initiatives.” Morgan Stanley served as Pike’s exclusive financial advisor on this transaction.
Weil Advises Providence Equity in 365 Retail Markets Investment
Providence Equity Partners announced Dec. 24 that it made a majority investment in 365 Retail Markets, a provider of SaaS technology to the retail food industry.
Providence plans to partner with current investor McCarthy Capital and 365 management. 365’s CEO and founder Joe Hessling will continue to lead the company and maintain a significant ownership stake.
Providence was advised by Weil Gotshal with a team led from Boston and Dallas by Kevin Sullivan and David Gail, respectively. The team included lawyers from New York and Boston, as well as Dallas associate Niko Lane.
Founded in 2008, 365 Retail Markets offers a suite of self-service technologies for food service operators, including payment processing and point of-sale hardware for manufacturing and distribution facilities, as well as unattended smart-stores, cashless vending, and self-service dining point-of-sale options.
“We are proud of the significant growth we have achieved to-date as we drive value for stakeholders across the foodservice industry as well as corporate campuses, and we see tremendous opportunities ahead,” said Hessling. “We have built a deep relationship with the Providence team and are confident that they share our vision for the business.”
Jennifer Hoh, a managing director at Providence, added, “The market opportunity presented by unattended retail is extremely exciting. 365 has an impressive track record of driving market adoption with its end-to-end solutions and we look forward to working with the entire team through the Company’s next phase of growth.”
Goldman Sachs Invests in Inhabit IQ
Inhabit IQ, a provider of software for residential and vacation communities, announced Dec. 18, the sale of a minority stake to Goldman Sachs Merchant Banking.
Goldman Sachs joins investors Insight Partners, Greater Sum Ventures and Providence Strategic Growth Partners as institutional investors in Inhabit IQ.
Weil Gotshal & Manges advised PSG Partners with a team that included partners Kevin Sullivan in Boston and Richard Frye in Dallas.
Knoxville-based Inhabit IQ is described as a collective of tech-forward companies serving the vacation and property management industries. The company will continue to be led by CEO Lisa Stinnett and current management team. Terms of the transaction were not disclosed.
Anthony Arnold, managing director at Goldman Sachs, said: “Inhabit IQ is a leader in the fast-growing property management software market, and we have been very impressed with the platform that Lisa and the Inhabit IQ management team have built. We look forward to supporting the management team in the next phase of their evolution.”
Winston Advises on CORE Acquisition of Dahlquist Machine, Inc.
Chicago-based CORE Industrial Partners announced Dec. 21 its acquisition of Dahlquist Machine Inc., a provider of precision components for medical instruments, a company based in Ham Lake, Minnesota.
The acquisition was made by Incodema Holdings LLC, an affiliate of CORE. Incodema, based in New York, a manufacturer of specialty products — including laser, micro waterjet, stamping, welding and photochemical — for the electronics, aerospace, defense and medical industries.
CORE Industrial Partners was advised by Winston & Strawn with a team led from Chicago by partner Geoff Rahie and included Dallas partner Andrew Betaque.
John May, managing partner of CORE, said, “Dahlquist Machine is readily identified by its customers as a premium and often sole source supplier for high-mix CNC machining services across countless product platforms. In addition to the utmost attention to quality control, the Company has a superior record of on-time delivery over the past three decades. We view Dahlquist Machine as the foundation of a broader precision machining business for the Incodema platform, and we are eager to work with Jeff and the entire Dahlquist Machine team.”
Winston Advises EyeSouth Partners Affiliation with Eye Center of Texas
Atlanta-based and Shore Capital-backed EyeSouth Partners announced Dec. 22 that it had acquired an affiliation with Eye Center of Texas, its third in the Lone Star State.
EyeSouth is a management services company focused on eye care. The network currently partners with 20 practices and over 150 doctors who provide medical and surgical eye care practices at 90 locations with 11 surgical centers throughout Georgia, Texas, Louisiana, North Carolina, Florida, Tennessee and Alabama.
Eye Center of Texas has six primary clinical locations in the Greater Houston area featuring cataract surgery, retina management, glaucoma treatment, refractive surgery and routine eye exams.
“Despite the challenging COVID-19 environment, EyeSouth is committed to affiliating with the highest quality ophthalmology practices,” said Dr. Eugene Gabianelli, M.D., Chief Medical Officer of EyeSouth Partners. “We see substantial opportunity to exchange best practices and further enhance and execute on ECT’s growth strategy.”
Winston & Strawn advised EyeSouth, a Chicago-based private equity firm focused on microcap healthcare and food & beverage investments. The Chicago-based team included one lawyer from Texas, Houston associate David Thaxton.
Locke Lord Advises Hunting plc in Subsidiary Asset Sale
Hunting plc, the Houston-based international oilfield services group, announced Dec. 15 the sale of subsidiary operating assets to Rival Downhole Tools.
Hunting contributed the assets of Hunting Energy Services (Drilling Tools), its wholly-owned subsidiary, in exchange for a 23.5% equity interest in Rival. The deal extends Rival’s North American presence into the basins of Texas, Pennsylvania and Wyoming.
Hunting was advised by a Locke Lord team led by partners Lauren Corbeil and Stuart Lawson (both of Houston). The team also included Joe Perillo, Jerry Higdon, Scott Hunsaker, Berne Kluber, Paul Pruett, Buddy Sanders, David Gregory, Freddy Feldman, Zac Horne, Tom Johnson, Evan Blankenau and Jason McCloskey (also of Houston) along with Geoff Polma of Dallas.
Neil Fletcher, CEO of Rival, said the transaction increases the value of his company by $25 million:
“The addition of Hunting’s drilling tool business will enable us to not only serve the U.S. but also accelerate market reach and product development, leaving us ideally placed for a series of international launches in 2021 starting with the Middle East. We are securing significant annual cost synergies, coupling top tier engineering with manufacturing capabilities, and expanding our product offerings to be well positioned in the U.S. and to launch overseas. This is a big moment for Rival.”
Locke Lord Advises Greenbacker Captial on Investment in Dichotomy Power
Greenbacker Capital Management said Dec. 9 that it had made a strategic investment in Dichotomy Power LLC, the owner and operator of hydroelectric power generating stations throughout the Northeast U.S.
The company described the investment as a signal of the importance of hydropower as an alternative to fossil fuel generation, and of the promise of hydro assets as attractive long-term investments.
Locke Lord advised Greenbacker Capital with a renewable energy team led by New York partner Mike Malfettone. The team included Ben Cowan, Brandon Lobb, Mark Miller, Tom Johnson (all of Houston), Jennifer Brough (Washington, D.C./San Francisco), Stephen Bright (Boston) and Matthew Murphy (Providence).
The transaction marks the third such investment for Greenbacker Capital, established in 2020 to provide flexible capital to small- and medium-size renewable energy infrastructure companies.
Hydroelectric power generates about 80 GW of electricity across the country, or about 7% of total U.S. generating capacity. Ownership of small hydro facilities – defined as facilities with less than 10 MW in generating capacity – is highly fragmented. Dichotomy Power CEO Ian Clark founded the company in 2016 to help consolidate their disparate operations.
Greenbacker will be joined in its investment by Grand Avenue Advisors, an investment firm based aimed at mid-market firms.
CAPITAL MARKETS
V&E Advises Blue Racer Midstream in $600M Offering/Tender
Dallas-based Blue Racer Midstream announced Dec. 23 the closing of an upsized offering of $600 million of senior unsecured notes due 2025. The company had originally proposed an offering of $550 million.
The 2025 senior notes, which priced at par, will pay an annual interest rate of 7.625%.
Vinson & Elkins corporate team was led by partners Sarah Morgan and David Stone, with assistance from senior associate Jessica Lewis and associates Alex Lewis, Marcus Martinez and Maggie Webber. Also advising were partner Darin Schultz and senior associate Alex Kamel (finance).
Blue Racer intends to use the net proceeds from the sale of the 2025 senior notes and borrowings under its revolving credit facility to fund its obligations under the separately announced tender offer for any and all of its outstanding 6.125% senior notes due 2022. As of Nov. 30, 2020, there was $700.3 million of the 2022 notes outstanding. Holders of the notes will receive $1,001.65 per $1,000 principal value.