CDT Roundup: 21 Deals, 12 Firms, 320 Lawyers, $8.3B

Latham & Watkins has been on a roll.

The firm handled the top three deals this past week involving Texas lawyers, with partner Justin Stolte working on two of them, including the biggest one: Advising Canada Pension Plan Investment Board and OMERS Infrastructure on their agreement with Atlas Arteria to sell their stakes in Skyway Concession Co. for $2.013 billion.

Stolte was brought back to Latham from Gibson Dunn to focus primarily energy and infrastructure deals. He’s now global chair of the firm’s energy and infrastructure industry group.

“Given the rapid pace of change in the energy space, I think everyone in Houston should have a mindset of having the capability to do ‘all of the above’ in energy, whether it’s oil and gas or renewables,” he said at the time of his move.

Stolte has both a MBA from MIT’s Sloan School of Management and a JD from Notre Dame. The Colorado School of Mines-trained petroleum engineer worked for Chevron before earning his law degree and later joined the development group of Apache Corp.

Locke Lord Houston partner Bill Swanstrom also toiled on two deals announced this past week, including co-leading Crestwood Equity Partners’ divestiture of its Marcellus natural gas gathering and compression assets to Antero Midstream Corp. for $205 million in cash (with Lauren Corbeil Clarke).

The UT Law graduate, who is co-chair of the firm’s energy practice group (with Terry Radney), has in the past worked with Crestwood, counseling it on its purchase of terminaling and storage assets in several states from Plains All American Pipeline in 2020 for $160 million and Crestwood’s conflicts committee on its 2015 merger with Crestwood Midstream to create a single publicly traded partnership with an enterprise value of $7.5 billion.

Tudor Pickering Holt analyst Michael Endsley views the bolt-on transaction positively for Antero Midstream because it bolsters its longer-term free cash flow profile at a reasonable price with potential for further multiple compressions “while keeping the medium-term deleveraging narrative intact.”

A lot of Texas lawyers converged on the 21 deals reported for the week ending Sept. 17. A whopping 320 lawyers, most of them in Texas offices, worked on 15 M&A transactions worth $4.76 billion and six CapM deals worth $3.6 billion. Compare that to last week’s 15 deals at $19.8 billion and the 17 deals worth $16.6 billion this time a year ago.

But the number of lawyers named is the story of the week — far more than the previous high of 244 lawyers named in March 2021 — and the first time the CDT Roundup has topped 300 lawyers.

That’s a lot of billable hours.

Weekly Corporate Deal Tracker Roundup Stats

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

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

M&A/FUNDINGS

CPP, OMERS sells stakes in Skyway Concession to Atlas Arteria for $2.013B

Deal Description: Canada Pension Plan Investment Board and OMERS Infrastructure announced Sept. 12 they have agreed to terms with Atlas Arteria to sell each of their respective 33.33 percent indirect stakes in Skyway Concession Co. for $2.013 billion. SCC manages, operates and maintains the Chicago Skyway toll road under a 99-year concession agreement. CPP Investments and OMERS initially acquired their stakes in 2016. Chicago Skyway is a 7.8-mile toll road that forms a critical link between downtown Chicago and its southeastern suburbs. Is in one of the busiest corridors in the U.S.

Expected Closing: Q4 2022

CPP/OMERS‘ Outside Counsel: Latham & Watkins with a corporate deal team led by Houston partner Justin Stolte with New York associates Dianna Lee, Karen Song and Saba Yasmin. Advice was also provided on finance matters by Houston partner Catherine Ozdogan, with associate Benjamin Gelfand; on tax matters by New York partners Gregory Hannibal and Eric Kamerman; on environmental matters by Los Angeles/Houston counsel Joshua Marnitz; on regulatory matters by Washington, D.C. partners James Barker and Damara Chambers; on benefits and compensation matters by New York partner Jennifer Pepin, with Chicago associate Samantha Voutyras; on labor matters by Chicago partner Nineveh Alkhas, with associates Laura Waller and Ana Cenaj; on antitrust matters by Washington, D.C. partner Jason Cruise, Washington, D.C. counsel Peter Todaro and Brussels counsel Tomas Nilsson; and on transactional advice by Chicago partner Robin Hulshizer.

GI Alliance announces physician-led buyout with Apollo’s help, valuing firm at $2.2B

Deal Description: GI Alliance, the country’s largest gastroenterology practice, announced Aug. 19 its physician owners, which own 70 percent of the company, agreed to repurchase the minority equity stake held by Waud Capital Partners. The transaction values GI Alliance at $2.2 billion and is being led by funds managed by Apollo within its hybrid value strategy.

Non-Texas lawyers at Latham & Watkins and Houlihan Lokey advised Apollo and Jefferies assisted Southlake, Texas-based GI Alliance and its shareholders. Greenhill & Co. was financial advisor to management and physician owners of GI Alliance. Out-of-state attorneys at Kirkland & Ellis counseled WCP and Katten Muchin Rosenman advised GI Alliance. Blackstone & Ally led the lender group providing committed debt financing for the transaction. GI Alliance CLO Cheryl Camin Murray led the deal, who The Texas Lawbook interviewed recently.

Intuitive Machines to go public via SPAC Inflection Point in a deal valued at $338M

Deal Description: Intuitive Machines, a Houston-based space exploration, infrastructure and services company founded in 2013, and Inflection Point Acquisition Corp., a special purpose acquisition company, announced Sep. 16 that they have signed a definitive business combination agreement that will result in Intuitive Machines becoming publicly listed. The deal that values the venture at about $1 billion and will bring as much as $338 million in cash to Intuitive Machines’ balance sheet, depending on shareholder redemptions. The combined company is expected to remain listed on Nasdaq under the ticker symbol “LUNR.” Founded in 2013, Intuitive Machines is expected to generate $102 million in revenue in 2022 and $291 million in 2023. Intuitive had a backlog worth $188 million in June and projects it will become profitable in two to three years. It has deals with NASA and SpaceX.

Intuitive Machines’ Outside Counsel: Latham & Watkins with a corporate deal team led by Washington, D.C., partner Rachel Sheridan and Houston partner Nick Dhesi with Houston associates John Slater, Bryan Ryan, Monika Kluziak, Ziyad Barghouthy, Morgen Seim and Shreya Patel and Washington, D.C. associate Thalia Garcia. Advice was provided on tax matters by Houston partners Tim Fenn and Jared Grimley with associates Christine Mainguy and Chelsea Muñoz-Patchen; on employee benefits and compensation matters by Los Angeles partner Michelle Carpenter with associate Morgan Wesner; on antitrust matters by Washington, D.C., partner Jason Cruise, Frankfurt partner Max Hauser and counsel Joseph Simei; and on intellectual property and data privacy matters by Bay Area partner Michelle Gross with Boston associate Kiara Vaughn and Bay Area associate Caroline Omotayo.

Inflection’s Outside Counsel: White & Case

Intuitive Machines’ Financial Advisor: J.P. Morgan Securities

Inflection’s Financial and Capital Markets Advisor/PIPE Placement Agent: Cantor Fitzgerald & Co.

Cantor Fitzgerald’s Outside Counsel: DLA Piper

Crestwood divests Marcellus assets to Antero for $205M

Deal Description: Crestwood Equity Partners announced Sept. 12 the divestiture of its Marcellus natural gas gathering and compression assets to Antero Midstream Corp. for $205 million in cash. The price represents a multiple of more than 7 times 2023 estimated adjusted EBITDA. The assets in Doddridge County and Harrison County, West Virginia, are made up of a legacy gas system that was acquired in 2012 and was impacted in recent years by Crestwood’s anchor producer focusing development activity on the rich gas window of the Southwest Marcellus Shale. As a result, Crestwood’s assets have been on natural field decline since 2017 and are non-core to Crestwood’s long-term growth strategy of becoming a leading midstream operator in the Williston, Delaware, and Power River basins. Crestwood intends to use the proceeds from the sale of these assets to enhance financial flexibility through a combination of debt reduction and opportunistic common unit repurchases.

Expected Closing: Q4 2022

Crestwood’s Outside Counsel: Locke Lord led by Lauren Corbeil Clarke, Bill Swanstrom and Case Towslee of Houston with assistance by Ben Cowan, Ed Razim, Buddy Sanders, Michelle Gutierrez-Begin, Jeff McPhaul and Ashley Lopez (all of Houston), Mark Backofen and Van Jolas (both of Dallas) and Jason Ulezalka (New York).

Antero’s Outside Counsel: Vinson & Elkins led by partner Danielle Patterson, senior associate Megan Menniti and partner John B. Connally with associates Kara Chung and Vestita Kuntz. Other key team members include partners Lina Dimachkieh and Todd Way and associate Sarah Coe (tax); partner Matt Dobbins and associate Kelly Rondinelli (environmental); partners Hill Wellford and Phillip Dye and senior associate Ryan Will (litigation); partner Sean Becker and associate Peter Goetschel (employment/labor); partner Shane Tucker, associate Matt Green and senior staff attorney Katherine Mull (executive compensation/benefits); associate Joe Higdon (finance); and partner Scott Rubinsky (corporate).

JX Nippon picks up carbon capture and storage provider Petra Nova Parish

Deal Description: Hogan Lovells said Sept. 13 it advised client JX Nippon Oil & Gas, a subsidiary of Japanese natural resources group Eneos Holdings Inc, in a deal to acquire full ownership of Petra Nova Parish Holdings from NRG Energy for $3.6 million. The target is the operator of a project to harness carbon dioxide emissions from a Texas coal-fired power plant. The deal will make JX Nippon the sole owner of the Petra Nova project, the world’s largest carbon capture and storage facility. The Petra Nova project can capture and separate 1.6 million tons of carbon dioxide every year. From initial start-up in 2016 to the end of the three-year demonstration period, the Petra Nova captured 92.4 percent of carbon dioxide from the slipstream of flue gas processed. In May 2020, Petra Nova was placed in reserve shutdown status due to a decline in energy prices, allowing it to be brought back online when economic conditions improved.

From Hogan Lovells: The team was led by Houston-based corporate and finance partner David Locascio with support in Houston by partner Aaron Crane, senior associate Blake Jenkins, associate Charlotte Nicholas and law clerk Mariana Avendano; in Washington, D.C., by partners Jim Banks, Scott Lilienthal, and Jamie Wickett and senior counsels John Lilyestrom and Mary Anne Sullivan; in New York by associates Juan Moreno and Sara Posner; in Los Angeles by partner Bennett Spiegel; and in Denver by partner Scott Reisch and senior associate Marta Orpiszewska.

NRG’s In-House Counsel: M. Cleve Lancaster, assistant general counsel 

NRG’s Outside Counsel: Sidley including partners Robert Stephens in Houston and John T. Schaff in Chicago and counsel Josh E. Sutton and managing associate Mario Samos in Houston

CIM Group acquires MAS Energy’s RNG development platform

Deal Description: CIM Group announced Sept. 12 that it acquired the renewable natural gas development platform of MAS CanAm, an affiliate of MAS Energy, a developer, owner and operator of landfill gas-based RNG in the U.S. and Canada. Terms weren’t disclosed. The deal includes seven projects under construction or in development. The platform will be renamed Terreva Renewables and the development team will continue leading the company. Terreva is expected to produce RNG by year-end 2022. CIM plans to expand the Terreva platform in North America. CIM has waste-to-value experience as a partner with Bolder Industries, a producer of sustainable plastic and rubber products created from used tires.

CIM’s Outside Counsel: Baker Botts led by Mike Didriksen and Kyle Hayes in New York but including, from Texas, Scott Looper, Erica Youngstrom, Kyle Doherty, Taylor Christian Lopez, Ahmed Alrikhaimi, Megan Young and Andrew Crayden (projects); Natasha Khan and William Stutts (corporate); Bill Kroger (litigation); Emily Quiros (real estate); Jason Loden and Jennifer Trulock (labor/employment); Cullen Richardson (international trade); and Michael Bresson, Renn Neilson, Jared Meier, Bucky Brannen and Phillip Clifton (tax)

MAS Energy’s Outside Counsel: Kirkland & Ellis (Rhett Van Syoc and Cyril Jones) and Cantor Fitzgerald (Hari Chandra)

WM acquire controlling interest in Avangard’s U.S. business

Deal Description: WM announced Sept. 13 that it agreed to acquire a controlling interest in Avangard Innovative’s U.S. business, which will operate as Natura PCR. Terms weren’t disclosed. Natura PCR is an independent company expected to scale and grow recycling capacity to produce an estimated 400 million pounds per year of post-consumer resin in five years. It plans to expand recycling capabilities at Avangard’s plant in Waller, Texas, and build new plant capacity in the Midwest. Through Natura PCR, WM expects to deliver new recycling capabilities for its customers and provide circular solutions for films and clear plastic wrap used commercially, such as plastic stretch wrap for pallets, furniture film, grocery bags and potentially shrink wrap around food and beverage containers. Dow has been working with WM to help increase the recycling rate of plastics and create sustainable solutions in packaging, infrastructure and consumer applications. Dow has also been working with Avangard since early 2020, purchasing its PCR pellets to produce Revoloop, Dow’s product line with PCR content.

Expected Closing: Late 2022

WM’s Financial Advisor: Goldman Sachs & Co.

WM’s Outside Counsel: Locke Lord led by Rachel Fitzgerald and Mitch Tiras, both of Houston, and including Mechelle Smith, Eric Larson, Shannon Schroeder, Ashley Lopez, Jerry Higdon, Steve Boyd, Nick Dickerson, Gislar Donnenberg, Laura Ferguson, Brandon Lobb, Sara Longtain, Tammi Niven, Kevin Peter, Ed Razim, Bill Swanstrom, Jeannie Diep, Enrique Jaramillo, Jordan Rodriguez, Claire Armstrong, Rachael Beavers, Elizabeth Corey, Akilah Craig, Caleb Dunson, Andrew Nelson, Annaleigh Richardson, Lauren Richter and Russell Stockman (all of Houston), Mark Backofen, Van Jolas, Jani Lotz, Geoff Polma, Brad Weber, Frankie Cybulski and Angela Stockbridge (all of Dallas), Jason Ulezalka (New York), Peter Wynacht (Chicago), Alex Cox (Hartford) and Ziwen Zhu (Atlanta).

Avangard’s Financial Advisor: Seale & Associates

Avangard’s Outside Counsel: Vinson & Elkins with a corporate team led by partner Lande Spottswood and senior associate David Bumgardner with assistance from associates Matthew Fiorillo, Melissa Sanchez and Ryan Polk. Also advising were senior associate Caitlin Snelson and associate Natalie Harrison (finance); partner Michael Kurzer and associates Marcus Martinez and Ricky Legg (technology transactions/IP); partner Jason McIntosh, counsel Allyson Seger and associates Dan Henderson and Keleigh Carver (tax); partner David D’Alessandro and associates Hayden Rutledge and Keira Kuntz (executive compensation/benefits); partner Sean Becker and counsel Martin Luff (labor/employment); counsel Scot Dixon (real estate); partner Matthew Dobbins and associate Simon Willis (environmental); partner Robert Hughes and associates Bobbi Worbington and Jimmy Chalk (corporate); partner Hill Wellford, counsel David Smith and senior associate Ryan Will (HSR); senior associate Megan Menniti (energy transactions/projects); and partner Sarah Mitchell (insurance).

BP North America agrees to buy EDF Energy Services

Deal Description: BP North America said Sept. 12 it reached an agreement to purchase EDF Energy Services from French utility EDF, expanding BP North America’s presence in the U.S. commercial & industrial retail power and gas business. Terms weren’t disclosed. EDF ES is a supplier of power, natural gas and related services to C&I customers across the U.S. Its customers are primarily large corporations and public entities, including retailers, universities, manufacturers and producers, municipalities and power generators. BP said EDF ES has a wide geographical reach and a significant set of diverse C&I customers, expanding its capability to deliver energy solutions and additional services directly to large end-user customers in new and existing markets.

BP’s Outside Counsel: Baker Botts including, from global projects: Elaine Walsh (Partner, Washington, D.C.), Dan Mark (partner, Houston), Carlos Marquez (associate, Washington, D.C.), Alexandra Hemmings (associate, Washington, D.C.), Megan Lawhorne (associate, Washington, D.C.), Sean O’Neill (associate, Washington, D.C.), Alexander Reinert (associate, Washington, D.C.), Mark Saunders (associate, Washington, D.C.); from energy regulatory: Andrea Moore Stover (partner, Austin), Ryan Norfolk (special counsel, Washington, D.C.), Landon Lill (senior associate, Austin); on real estate: Emily Quiros (associate, Houston); on tax: Matthew Larsen (partner, Dallas), Jon Lobb (partner, Houston), Peter Farrell (special counsel, Washington, D.C.); and on intellectual property: Elizabeth Durham Flannery (partner, Houston), Justine Gozzi (special counsel, New York), Julie Albert (senior associate, New York), Brad Henkelman (associate, Houston)

Goldman Sachs, Cleanhill buy majority stake in EPC Power

Deal Description: Cleanhill Partners and the sustainable investing business of Goldman Sachs Asset Management acquired a majority stake in EPC Power Corp., a North American supplier of high-performance, utility-scale, smart inverters. Terms weren’t disclosed. The investment, along with a recapitalization, positions EPC Power to expand and deliver against growth in the renewable energy storage markets while helping facilitate the U.S. economy’s clean energy transition. The transaction closely follows the signing into law of the Inflation Reduction Act of 2022, which among other provisions extends a first-ever tax credit to stand-alone energy storage, creating a significant financial incentive for adopting EPC Power’s inverters and other technologies. EPC Power is the only U.S.-based, end-to-end power conversion solution provider, making its technology well-suited for grid-scale applications that require added layers of security.

Cleanhill Outside Counsel: Kirkland & Ellis led by corporate partner Shubi Arora and associate Zach Savrick

Goldman’s Outside Counsel: Vinson & Elkins led by Dallas partner Peter Marshall and senior associate Sang Lee with assistance from counsel Josh Heideman and associate Judy Park.  Others included partner David Peck and senior associate Lauren Meyers (tax); partner Shane Tucker and associates Keira Kuntz and Roxy Barbera (executive compensation/benefits); partner Sean Becker and associate Peter Goetschel (employment/labor); partner Michael Kurzer and associate Marcus Martinez (technology transactions/IP); partner Matthew Dobbins and associate Kelly Rondinelli (environmental); senior associate Courtney Hammond (real estate); and partners Hill Wellford and Palmina Fava, senior associate Ryan Will and associate Milan Sova (litigation).

Directional Aviation invests in clean tech developer Alder Fuels 

Deal Description: Private aviation investment firm Directional Aviation said Sept. 15 it made a financial investment in Alder Fuels, a clean tech developer and greencrude producer. Terms weren’t disclosed. As part of the agreement, the two companies will pilot a blockchain-powered transparency tool to document the production life cycle and industry adoption of low-carbon sustainable aviation fuel, or SAF. The tool will assist with transparency around SAF production and provide robust documentation for compliance with regulatory programs, environment, social and governance targets and carbon reduction milestones for the aviation sector. Alder Fuels uses sustainable biomass, such as regenerative grasses, forest residues and agricultural waste products, to create a low-carbon to carbon-negative greencrude that can be converted into SAF using existing bio and petroleum refinery infrastructure. In contrast to first-generation SAF, which was generated primarily from non-scalable supplies of fats, oils and grease, these biomass sources are abundantly available, and, when repurposed, can contribute to soil regeneration and wildfire mitigation. Alder Greencrude-derived SAF can achieve greenhouse gas reductions of over 80 percent compared with petroleum jet fuel. The process has been validated by the Department of Energy’s National Renewable Laboratory. As part of the agreement, Flexjet will become the first business aviation user of the SAF.

Alder Fuels’ Outside Counsel: Latham & Watkins led by Bay Area partner Jim Morrone and Houston partner Justin Stolte and Bay Area associates Ajay Sundar and Billy Wu. Advice was also provided on other transactional matters by New York partner Steven Betensky.

Notes: Latham & Watkins’ Stolte also advised Alder Fuels on its aviation biofuels venture with United and Honeywell and its investment from Avfuel Corp.

BenefitMall acquires Mutual Med

Deal Description: Dallas-based BenefitMall, a provider of next-generation broker services, announced Aug. 30 the acquisition of Mutual Med, a Davenport, Iowa, insurance distributor providing sales counseling and support for benefits agents serving large groups, small groups and individuals. With complementary carrier relationships and voluntary benefits offerings, the acquisition of Mutual Med allows employer clients of both companies to access a wider range of carriers and networks, BenefitMall said. The company added that he addition of Mutual Med to the BenefitMall footprint strengthens the company’s presence in the Midwest and furthers BenefitMall’s expansion goals for this year and next. On Sept. 1, CRC Group closed its acquisition of BenefitMall for undisclosed terms.

BenefitMall’s Outside Counsel: Jones Day led by of counsel Jim O’Bannon in Dallas

Latticework’s American Clinical Research buys Catalina Research

Deal Description: American Clinical Research Holdings, a clinical trial site management organization formed by Dallas-based Latticework Capital Management, announced Sept. 13 it acquired Montclair, Calif.-based Catalina Research Institute, an independent clinical trials center. Terms weren’t disclosed. CRI is focused on improving the quality of life for Americans through scientific research, specifically underrepresented populations. With the deal, ACRS aims to increase efficiencies given the clinical trial complexity and patient recruitment challenges. The partnership will allow CRI to expand as a full-service provider of trial needs from phase one through drug commercialization. LCM managing partner Kyle Bradford, managing partner Steve Neumann, VP Brett Lacher and associate Nina Saboorian worked on the transaction.

Latticework’s Outside Counsel: McGuireWoods led by Dallas partner Akash Sethi with support from Josh Powers (Dallas associate) and Kelsey Hitchcock (Pittsburgh associate)

Compass Group Equity acquires Mays & Schnapp Neurospine and Pain

Deal Description: Compass Group announced Sept. 13 a strategic partnership with Mays & Schnapp Neurospine and Pain, a Memphis-based interventional pain management practice serving patients in Tennessee and Mississippi. Mays & Schnapp was founded more than 35 years ago on the philosophy that the best treatment comes from a multidisciplinary approach to relieve pain, restore function and improve the quality of life. The practice offers interventional pain management services while focusing on minimally invasive techniques. The investment leverages Compass Group’s experience in building out an integrated network of specialty physician practice platforms, reducing their administrative burden, enhancing supplier purchasing leverage and providing capital to invest in new equipment and ancillary services. The platform is seeking add-on interventional pain management physicians and practices.

Compass’ Outside Counsel: McGuireWoods led by Jon Finger (Dallas partner), Bart Walker (Charlotte partner), Rebecca Brophy (Raleigh partner) with support from Annie Lindsley (Dallas associate), Chelsie Kidd (Dallas associate) and Chicago associates Amanda Ray and Diana Castro

Evocative to acquire 9 INAP data centers

Deal Description: Emeryville, Calif.-based internet infrastructure provider Evocative announced Sept. 14 its intent to acquire the majority of INAP’s data center facilities. Terms weren’t disclosed. The company has backing from Fort Worth-based Crestline Investors. The acquisition will consist of nine data centers, including colocation and related network services. The acquisition of INAP’s data centers adds to Evocative’s footprint with new facilities in Boston, New Jersey, Atlanta, Dallas, Los Angeles (2), Silicon Valley (2) and Seattle. Evocative’s portfolio increases to 20. The acquisition is expected to close within the next few weeks. Founded in 1997, Crestline is an institutional alternative investment management firm with about $13.8 billion in assets under management.

EVODC (dba Evocative) Outside Counsel: Jones Day led by partners Troy Lewis in Dallas and Zach Brecheisen in Pittsburgh

Mississippi Bank Acquired by BankFirst Capital

Deal Description: BankFirst Capital Corporation, the Mississippi-based parent of BankFirst Financial Services announced Sept. 1 that it is acquiring Mechanics Bank of Water Valley, MS, as well as its parent, Mechanics Banc Holding Company. Assuming regulatory approval of the deal — as well as the pending acquisition of Sycamore Bank — the deal would give BankFirst 47 financial offices throughout Mississippi and Alabama with combined assets of $2.7 billion. Terms of the deal, which was fashioned as a merger, were undisclosed. Mechanics Bank was founded in 1892.

BankFirst Financial Advisors: Southard Financial

Mechanics Financial Advisors: Olsen Palmer

BankFirst Outside Legal Counsel: Hunton Andrews Kurth led by Dallas partner Beth Whitaker, along with associate Nate Jones in Charlotte. Also on the team were partner Alexander McGeoch and associates Tyler Richardson and Taylor Williams, all of Dallas.

Mechanics Outside Legal Counsel: Jones Walker

CAPITAL MARKETS/FINANCINGS

Shearman Guides Underwriters on $2.5 billion Bank of Montreal Notes Issues

Deal Description: Shearman & Sterling announced Sept. 14 that it had advised the lead underwriters in two public offerings of senior notes by the Bank of Montreal totaling $2.5 billion. Shearman represented BMO Capital Markets, BofA Securities, Citigroup, Goldman Sachs and Morgan Stanley. The issues include $1.5 billion in 4.25% senior notes due 2024 and $1.0 billion of 4.7% senior notes due 2027.

Underwriters Outside Counsel: The deal was led from New York and Toronto by capital partner Jason Lehner supported by associates Ryan Robski and Corinna Pilon in New York and Caleb Vinson in Houston.

CNX announces pricing of $500M in senior notes

Deal Description: CNX Resources Corp. announced Sept. 12 the pricing of $500 million of its 7.375 percent senior notes due 2031 at a price to the public of 100 percent of their face value. The offering is expected to close Sept. 26. The notes will be guaranteed by all of CNX’s wholly owned restricted subsidiaries that guarantee its revolving credit facility. CNX intends to use the net proceeds with any borrowings under the CNX credit facility as necessary to purchase up to $350 million of its outstanding 7.250 percent senior notes due 2027 and to repay borrowings under its revolver. CNX is an independent natural gas development, production and midstream company with operations centered in the major shale formations of the Appalachian basin.

CNX’s Outside Counsel: Latham & Watkins with a corporate deal team led by Austin partner David Miller and Houston partner Monica White with Austin associate Pia Kaur and Houston associates Kathy Phan, Anthony Tan and Nathaniel Bass. Advice was provided on tax matters by Houston partners Bryant Lee and Jim Cole with associate Dominick Constantino and on environmental matters by Houston counsel Joshua Marnitz.

Initial Purchasers’ Outside Counsel: Vinson & Elkins led by partners Thomas Zentner and David Stone, counsel Raleigh Wolfe and senior associate Andrew Schulte with assistance from associates Johnathan Nixon, Zac Horne and Emily Kercheville. Also advising were partner Wendy Salinas and associate Jeff Slusher (tax); and partner Casey Hopkins and senior associate Lindsay Hall (environmental).

Crestwood Equity prices $306.7M secondary offering by Chord Energy

Deal Description: Crestwood Equity Partners announced Sept. 12 the pricing of the previously announced underwritten secondary offering by certain subsidiaries of Chord Energy Corp. of 11.4 million common units representing limited partner interests of Crestwood resulting in gross proceeds of $306.7 million. The selling unitholders will receive all the proceeds. Crestwood isn’t offering any of its common units in the offering and won’t receive any proceeds. Crestwood also entered into a common unit repurchase agreement with one of the selling unitholders in which it intends to repurchase up to $125 million of common units. Citigroup Global Markets Inc. was sole bookrunning manager for the offering.

Issuer’s Counsel: Vinson & Elkins led by partner Gillian Hobson and senior associate Lucy Liu, with assistance from associates Chandler Jones, Phil Greenfield and Autumn Simpson. Other key team members include partners Jim Meyer and Ryan Carney and senior associate Curt Wimberly (tax); counsel Larry Pechacek (environmental); partner Darin Schultz and associate Gigi Girling (finance); and partner Shane Tucker (executive compensation/benefits).

Citigroup’s Counsel: Baker Botts including, from corporate, Houston partners Josh Davidson and Doug Getten, senior associate Garrett Hughey and associates Marshall Heins and Chelsea Johnson; on tax Houston special counsel Chuck Campbell; and on environmental Houston partner Matthew Kuryla and senior associate Harrison Reback

Transocean gets $175M liquidity boost from bond exchange

Deal Description: White & Case said Sept. 13 it advised Transocean Ltd., an international provider of offshore contract drilling services for oil and gas wells, on its privately negotiated exchange and purchase agreements relating to certain of the 0.50 percent exchangeable senior bonds due 2023 and certain of the 7.25 percent senior notes due 2025 issued by Transocean Inc., Transocean’s wholly-owned subsidiary. These transactions provide Transocean with an incremental $175 million in liquidity, further improving the flexibility of the company’s balance sheet.

From White & Case: The team led by capital markets partners Rafael Roberti and Jonathan Michels (both in New York) and A.J. Ericksen (Houston) and included capital markets associates Elizabeth Mapelli (New York), Stephen Perry, Rachel Collier and Christopher Carreon (Houston) and debt finance associate Dougal Forrest (New York).

Crescent Energy prices $75M secondary public offering

Deal Description: Crescent Energy Co. announced Sept. 8 the pricing of an underwritten public offering of 5 million shares of its Class A common stock at $15 per share. The Class A common stock is being offered by Independence Energy Aggregator, the direct beneficial owner of the shares and the entity through which unaffiliated limited partners and affiliated entities hold their interests in the company and its unit Crescent Energy OpCo. The company won’t sell any Class A common stock in the offering and won’t receive any proceeds. The selling stockholder granted the underwriters a 30-day option to purchase up to 750,000 more shares at the same price less the underwriting discounts and commissions. The offering was expected to close on Sept. 13. Concurrently with the closing, the company agreed to purchase from PT Independence Energy Holdings 2.2 million units of Crescent Energy OpCo at the same price and cancel a corresponding number of shares of the company’s Class B common stock.

Joint Book-Running Managers: Credit Suisse Securities (USA), KKR Capital Markets, Wells Fargo Securities, J.P. Morgan Securities, BofA Securities Inc., RBC Capital Markets and Truist Securities Inc.

Co-Managers: Capital One Securities Inc., Fifth Third Securities Inc., KeyBanc Capital Markets Inc. and Mizuho Securities USA

Crescent’s Outside Counsel: Vinson & Elkins led by partner Doug McWilliams and senior associate Jackson O’Maley, with assistance from senior associate Alex Lewis and associates Nate Richards, Chase Browndorf and Autumn Simpson. Also advising were partner Lina Dimachkieh and associate Jeff Slusher (tax); partner Matt Dobbins (environmental); counsel Dario Mendoza (executive compensation/benefits); and associate Jordan Fossee (corporate).

Tuesday Morning secures $35M in convertible debt, inks licensing deal with Pier 1

Deal Description: Dallas-based closeout retailer Tuesday Morning announced Sept. 9 it secured $35 million in convertible debt from Retail Ecommerce Ventures and Ayon Capital. Another $3 million in financing is coming from Tuesday Morning management, including CEO Fred Hand. As part of the deal, Tuesday Morning will sell Pier 1 Imports products in its stores under a licensing agreement. Tuesday Morning was the brink of filing for bankruptcy protection for the second time in two years. Founded in 2019, Miami-based Retail Ecommerce owns several brands that no longer have brick-and-mortar stores, including Pier 1, RadioShack, DressBarn, Linen n’ Things and Stein Mart. Ayon is a family office based in Ocala, Fla.

Tuesday Morning’s Financial Advisor: Piper Sandler

Tuesday Morning’s Outside Counsel: Haynes and Boone on the deal/transaction (Sakina Foster), Troutman Pepper Hamilton Sanders on securities (Eric Koontz) and Wachtell, Lipton, Rosen & Katz as board counsel (David Silk)

Tuesday Morning’s In-House Counsel: Interim General Counsel Jenny Gray

Outside Counsel for Special Purpose Vehicle formed by Ayon and REV: Barnett Kirkwood Koche Long & Foster, Taft Stettinius & Hollister and Vinson & Elkins. The V&E team was led by Alan Bogdanow, Patrick Gadson and Brenda Lenahan and Tzvi Werzberger, with assistance from partner Michael Kurzer, senior associates Sang Lee, Desi Baca, Brett Peace and Jing Tong and associates Elisie Lee, Jack Peterson, Delery Perret and Jake Lubenow. Also advising were partner Brett Santoli, senior associates Randy Aman, Chase Cero and Carter Olson and associate Frank George (finance); partners Steve Abramowitz and George Howard and associate Sara Zoglman (restructuring); and partner Jim Meyer (tax).

OTHER MATTERS

A spokesperson for Winston & Strawn said Sept. 12 the firm represented WaterBridge, the largest pure play water solutions provider in the industry, on a long-term agreement with Texas Pacific Land Corp. focused on sustainable oil and gas development and water management solutions on 64,000 acres in core of the Delaware Basin. The Winston team included Houston partner Isaac Griesbaum and associates Anna Gryska and Chris Cottrell. The alliance, which was announced Sept. 9, will bring full-cycle water solutions to customers through TPL’s source water capabilities and WaterBridge’s produced water management and infrastructure operations. TPL and WaterBridge are also developing next-generation, sustainability-focused disposal and reuse solutions.