The big transaction last week leading up to the Thanksgiving holiday was Dallas-based Tenet Healthcare Corp.’s announcement on Friday that it was shedding three hospitals in South Carolina to Novant Health of North Carolina for $2.4 billion.
The deal points to a larger trend. According to consulting firm Kaufman Hall, M&A activity among hospitals and health systems has come back this year after falling to historic lows in 2021, with 18 deals announced nationwide in the third quarter compared with only 7 in the same period in 2021 and 10 in Q3 2022.
The challenges of the last two years were clear in one striking metric for Q3, Kaufman Hall said: More than a third of the announced transactions involved a party who cited financial distress as a driver for the transaction, also well above historical benchmarks.
In the case of Tenet, the for-profit company said it would use the proceeds from nonprofit Novant to pay down its debt load, which had become much too heavy. Indeed, in March, Fitch Ratings called the operator’s outlook stable, noting its leverage has declined “meaningfully” in recent years, “albeit still at high levels.”
Tenet tapped Alston & Bird for outside counsel while Novant called on Sidley Austin (see below).
The week concluding November 18 saw 22 deals reported with an aggregate value of $6.6 billion, slightly lower in value than the 15 transactions for $9.8 billion the week prior. For the same week last year, there were 21 deals. But if you’re hunting for optimism, they bore a reported total value of only $2.9 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 |
M&A/FUNDINGS
Novant Health buys three hospitals from Dallas-based Tenet for $2.4B
Deal Description: North Carolina-based Novant Health announced Nov. 17 that it agreed to buy three hospitals and affiliated operations in South Carolina from Tenet Healthcare Corp. of Dallas for $2.4 billion. Tenet said it expected to receive after-tax proceeds of $1.750 billion, which it will use to pay off debt. Tenet estimates to book a pre-tax gain of $1.6 billion. The deal includes Hilton Head Hospital in Beaufort County, Coastal Carolina Hospital in Jasper County and East Cooper Medical Center in Charleston County. Tenet’s Conifer Health Solutions unit will provide expanded revenue cycle management services to the three hospitals after the transaction closes. Tenet will keep its local ambulatory facilities, operated by subsidiary United Surgical Partners International, with Tenet and Novant “enhancing” their ambulatory surgery partnership. For the last 12 months ending Sept. 30, the hospitals generated revenues of $552 million, pre-tax income of $126 million and adjusted EBITDA of $150 million, excluding interest expense of $1 million, litigation and investigation costs of $3 million and depreciation and amortization expense of $20 million.
Expected Closing: Q1 2024 if it clears regulators
Novant’s Financial Advisor: RBC Capital Markets
Novant’s In-House Counsel: Frank Emory is chief legal officer in Charlotte, N.C.
Novant’s Outside Counsel: Sidley Austin including partners Samuel Wales in Washington, D.C., and Chris Abbinante in Chicago as well as Marcos Alvarez in Miami and Rebekah Maloney, Amanda M. Patterson and Ashley S. Rogers in Dallas
Tenet’s In-House Counsel: Thomas Arnst is general counsel in Dallas
Tenet’s Outside Counsel: Alston & Bird partner Mark Ray in Atlanta
Paloma Partners sells $815M in oil, gas assets to Mach Natural
Deal Description: Mach Natural Resources announced Nov. 13 it signed an agreement with Paloma Partners IV, a privately held Delaware limited liability company backed by EnCap Investments and its affiliated companies, to acquire interests in oil and gas properties, rights and related assets in Oklahoma for $815 million in cash. Mach plans to fund the purchase price with new debt financing from a group led by Chambers Energy Management and EOC Partners and including Mercuria Investments US Inc., funds managed by Farallon Capital Management and Macquarie Group, among others. The $825 million senior secured term loan will close in conjunction with the closing of the acquisition.
Expected Closing: Dec. 29
Paloma’s Financial Advisor: RBC Richardson Barr
Paloma’s Outside Counsel: Vinson & Elkins with a team led by partner Bryan Loocke with assistance from counsel Joclynn Marsh, senior associate Michael Zarcaro and associates Ben Zeter and Hoo Ray. Other key team members included partner Matt Dobbins and associate Kelly Rondinelli (environmental); partner Hill Wellford and counsel Evan Miller (antitrust); partner Sarah Mitchell and associate Alex Turner (insurance); partners David D’Alessandro and Becky Baker and associates Melissa Spohn and Cassandra Zarate (employment/labor); partners Mike Marek and Jackson O’Maley and associate Terrence Ogren (corporate); partners Todd Way and John Lynch and associates Dan Henderson and Jeff Slusher (tax); and partner James Longhofer (finance).
Mach’s Outside Counsel: Kirkland & Ellis including corporate partners Chris Heasley and Lindsey Jaquillard with assistance from corporate partner Cy Jones; debt finance partner Andy Veit; capital markets partners Michael Rigdon and Julian Seiguer; and tax partner Mark Dundon.
Term Loan Participants’ Outside Counsel: Latham & Watkins
Sio Silica merges with SPAC Pyrophyte in $708M deal
Deal Description: Sio Silica Corp., a Canadian-based company that seeks to become a global leader in producing and supplying environmentally and ethically produced high-purity quartz silica, and Pyrophyte Acquisition Corp., a special purpose acquisition company, announced Nov. 13 that they entered into a definitive agreement for a business combination. The terms reflect an implied enterprise value of $708 million and equity value of $758 million for the combined company, an 80 percent discount to the net present value, and includes $150 million of gross capital including equity, debt, royalties and Sio’s cash on hand and additional $10 million expected flow-through equity from institutional and individual accredited investors, including a credit facility provided by Riverstone Credit Partners. Following closing, the proceeds are expected to be used to fully fund the construction of the first phase of Sio’s extraction and processing facility in Winnipeg, Manitoba. The name of the combined company will be Sio Silica Inc. and its common shares and warrants are expected to be listed on the New York Stock Exchange under the tickers “SIOS” and “SIOS WS,” respectively.
Expected Closing: in less than 18 months
Sio’s Financial Advisors: BMO Nesbitt Burns Inc. and Integral Wealth Securities Ltd.
Pyrophyte’s Capital Markets Advisor: UBS Securities
PIPE Placement Agents: BMO Capital Markets Corp., UBS Securities and Integral Wealth Securities Ltd.
Sio’s Outside Counsel: DLA Piper (Canada) and DLA Piper (US) led by Stephen Alicanti and Daniel Kenney
Pyrophyte’s Outside Counsel: White & Case led by Elliott Smith, Morgan Hollins and Jordan Leon
BMO/UBS’ Outside Counsel: Skadden, Arps, Slate, Meagher & Flom led by capital markets partner David Goldschmidt (New York) and counsel Jenna Godfrey (Washington, D.C.) and corporate associates Andrianna Frinzi (Los Angeles), Thomas Daechsel (Toronto) and Tom Wheeler (New York).
Riverstone Credit’s Outside Counsel: Kramer Levin led by Mark Ramsey and Richard Farley
Teradyne invests $516M in Technoprobe, which buys Teradyne unit for $85M
Deal Description: Teradyne Inc., a publicly traded supplier of automated test solutions, and Italy’s Technoprobe, a designer and producer of probe cards, announced Nov. 7 they entered into a series of agreements establishing a strategic partnership that is expected to accelerate growth for both companies and enable them to offer higher performance semiconductor test interfaces to their customers worldwide. As part of the partnership, Teradyne will make an $516 million equity investment, based on foreign exchange rates, in Technoprobe and Technoprobe will acquire Teradyne’s Device Interface Solutions business for $85 million. The companies will also engage in joint development projects. While working on such projects, both companies remain committed to an “open ecosystem” so customers can choose the interface/tester supplier of their choice but both companies will continue to operate independently in their respective market segments.
Teradyne’s Financial Advisors: J.P. Morgan Securities and Lazard
Teradyne’s Outside Counsel: Shearman & Sterling and Chiomenti. From Shearman: Alain Dermarkar, Efren Lemus, Emily Kelly, Samantha Favela, Jonathan Cheng, Benjamin Gris, Krista Koskivirta, Jade Tinslay, Mike Walsh, JB Betker, Todd Lowther, Ira Aghai, Matthew Behrens and Eva Wang.
Academic Partnerships buys Wiley University Services for $110M
Deal Description: Academic Partnerships, a Dallas company that assists primarily regional public universities in expanding access and impact by supporting their online programs, announced Nov. 14 that it entered into a definitive agreement to acquire Wiley University Services, a line of business owned by publicly traded Wiley. Terms weren’t disclosed in the release, but according to a SEC filing, the base sum was $110 million, up to $40 million in earnouts and 10 percent of the common units of
TVG-Academic Partnerships Holdings, the parent company of Academic Partnerships. The deal includes a seller note. The combined company will support more than 125 colleges and universities in 40 U.S. states and internationally.
Academic Partnerships’ In-House Counsel: Marcel Valenta is chief legal and compliance officer
Academic Partnerships’ Outside Counsel: Winston & Strawn with a team led by partner Timothy Kincaid and Peter Clarke in Chicago
Wiley’s Financial Advisor: Centerview Partners
Wiley’s Outside Counsel: Weil, Gotshal & Manges led by M&A partners Michael J. Aiello and Michelle Sargent in New York
WhiteHawk Energy buys $54M of Marcellus shale assets
Deal Description: WhiteHawk Energy announced Nov. 15 the acquisition of additional Marcellus Shale natural gas mineral and royalty assets for $54 million. The seller was not disclosed. The deal increases WhiteHawk’s mineral and royalty ownership in its existing 475,000 gross acre position by 100 percent. WhiteHawk’s Marcellus assets are primarily in Washington and Greene counties, Pennsylvania, which the company claims represents some of the highest quality natural gas reserves in the U.S. As a result of the acquisition, WhiteHawk will double its net revenue interest in each well across its Marcellus assets. Around 95 percent of production, cash flow and present value associated with the Marcellus assets are operated by EQT Corp., Range Resources Corp. and CNX Resources Corp. Earlier in 2023, WhiteHawk bought natural gas mineral and royalty assets in the Haynesville Shale covering 375,000 gross unit acres.
WhiteHawk’s Outside Counsel: Weil, Gotshal & Manges including private equity partner Omar Samji and associate Sarah George in Houston and banking and finance partner Vynessa Nemunaitis in Dallas
Undisclosed Seller’s Counsel: Gibson, Dunn & Crutcher including Michael Piazza
Notes: Weil’s Samji counseled WhiteHawk on several deals while at Shearman & Sterling, including its Marcellus and Haynesville transactions.
Virdee raises $12.4M
Deal Description: Virdee, a provider of guest experience technology and check-in automation, announced Nov. 15 that it raised $12.4 million in an oversubscribed Series A funding round led by Austin- and Folsom, Calif.-based Moneta Ventures with participation from Silverton Partners, Koch Real Estate Investments, Alumni Ventures, DJR Advisors, Capital Factory and other strategic partners. Virdee will use this funding to further the company’s technological innovation with expanded product features and functionality while growing its workforce and deepening its presence in the hospitality sector. The investment follows previous series seed financing led by Austin-based Silverton Partners in February 2022 as well as a 2020 angel investment led by Rajiv Trivedi, former president of La Quinta Inns & Suites. Virdee’s total funding has surpassed $21 million. Founded in 2020 by Nadav Cornberg and Branigan Mulcahy, Virdee has seen 600 percent revenue growth in 2022 with similar expectations for 2023. Virdee’s platform connects guests and hotels via digital applications and AI, automating front desk transactions. Virdee’s installation base includes four of the largest casino hotels in Las Vegas and several other major hotel brands.
Virdee’s Outside Counsel: Kastner Gravelle’s Evan Kastner
Investors’ Outside Counsel: Witan Law Group’s Douglas Bodley
Handraise snares $6.4M in funding
Deal Description: Handraise, an Austin-based AI company poised to help brands increase the impact of their press coverage, announced Nov. 12 it secured $6.4 million in funding to develop a platform that will improve the ability of PR and communications professionals to understand and drive business impact from their earned media. Handraise is backed by Silverton Partners, Floodgate, Bill Wood Ventures, Firebrand VC, Aperiam Ventures, Active Capital, Sputnik ATX VC, Capital Factory and angel investors. Matt Allison, the company’s founder & CEO, previously started and built TrendKite, which was acquired by Cision in 2019 for $225 million.
Handraise’s Outside Counsel: Kastner Gravelle led by Ryan Gravelle, Earl Henderson and Hunter Hampton
Betterleave attracts $2.4M
Deal Description: Betterleave, a platform that partners with organizations to improve access, experience and outcomes while lowering the cost of bereavement care, announced Nov. 9 it raised $2.4 million in funding. The round was led by Chingona Ventures with participation from Bread and Butter Ventures, Vitalize VC, Wisdom Ventures Fund, Coyote Ventures and AARP. Betterleave offers a digital and clinical care solution that addresses the challenges individuals face when preparing for and navigating bereavement. Betterleave said the need for bereavement services is evident, with 30 million working Americans caring for an adult, making caregivers the fastest-growing employee population. Seventy-five percent of members engaging with the Betterleave platform and providers see an improvement in their systems with access to licensed therapists, grief support groups, family counseling and wellness, doula and spiritual services. Betterleave was launched by Cara McCarty Abbott in 2022 after she spent more than a decade in human relations and organizational psychology. She previously co-founded Code Pilot, a training and recruitment platform for hiring teams, which was acquired by AngelList. It is in-network with Humana, Aetna, Cigna, United and BCBSTX.
Betterleave’s Outside Counsel: Kastner Gravelle led by Evan Kastner, Clara Chalk and Dana Dettmer
White & Case advises Orbia on JV with Solvay
Deal Description: White & Case said Nov. 3 it advised Orbia’s Fluorinated Solutions business on its joint venture arrangements with Solvay to create the largest polyvinylidene fluoride production facilities for battery materials in North America. terms weren’t disclosed. The project is partially supported from a grant from the U.S. Department of Energy. PVDF is a lithium-ion binder and separator coating for electric vehicle batteries that allows electric vehicles to go further on each charge, extends battery life and improves battery safety. Orbia and Solvay intend to use two production sites: one in Augusta, Ga., for finished products and one in St. Gabriel, La., for raw material conversion to needed intermediates. Both plants are expected to be operational in 2026.
From White & Case: The team was led by energy and infrastructure projects partner Chris Richardson in Houston with partner Jamie Franklin (Houston) and partner Sean Goldstein (Miami) with support from counsel Ketan Pastakia (New York) and associates Samer Mahjoub, Yuxi Wang, Anil Tanyildiz, Josh VonTrapp, Ana Louise O’Sullivan and Jack Moxon (Houston) and Raffaele Turco (New York). Competition law, tax, construction, real property, environmental and other specialist support was provided by partners Strati Sakellariou-Witt (Brussels), David Suggs (New York), Chad McCormick, Taylor Pullins, Jason McCoy, David Strickland, Andrew Zeve and Charlie Koster (Houston), Katarzyna Czapracka (Brussels), Orion Berg (Paris), local partner Mathis Rust (Düsseldorf) and associates Iakovos Sarmas (Brussels), Sadi Moradi and Neil Clausen (Houston) and Maciej Gac (Warsaw).
Apollo, CATEC launch Hydria through acquisition of Kelley Leasing
Deal Description: Apollo and Composite Advanced Technologies, a provider of compressed natural gas, renewable natural gas and hydrogen transportation and storage solutions in the U.S., announced Nov. 14 that CATEC, an affiliate of Apollo-managed funds, has acquired Kelley Leasing Partners. terms weren’t disclosed. Kelley is a compressed gas and cryogenic liquid transportation equipment leasing company serving hydrogen, helium and CNG customers across industrial gas, utility and virtual pipeline end markets. In connection with the acquisition, Apollo Funds and CATEC have launched Hydria, a high-growth compressed gas platform providing equipment and services supporting the CNG, RNG, helium and hydrogen value chain with over-the-road transport, storage and leasing. Apollo is the majority owner of Hydria. The acquisition of Kelley provides Hydria with equipment scale and diversification, along with additional manufacturing capabilities, re-testing and maintenance services and industry expertise through the Kelley family’s 75 plus years serving the compressed gas space. Ken Kelley, Bryan Kelley and Wes Knapp will join Hydria’s leadership team from Kelley. Apollo operating partner Scott Prince has been appointed CEO of Hydria. Last year, Apollo launched its sustainable investing platform, which targets $50 billion in clean energy and climate capital by 2027 and seeks to deploy $100 billion by 2030. Over the last five years, Apollo has deployed $23 billion.
Apollo’s Outside Counsel: Vinson & Elkins with a team led by Dan Komarek, Abby Branigan and Tara Tegeleci with key assistance from Jason McIntosh and Omri Ambalo.
Kelley’s Outside Counsel: Sprouse Shrader Smith
Operio acquires Elizabeth family of companies
Deal Description: Operio Group, a holding company building a body of brands supplying and supporting the solid dose manufacturing industry, announced Nov. 15 its acquisition of Elizabeth Carbide Die Co. Inc., Elizabeth HATA and Scheu & Kniss, manufacturers of tablet tooling, tableting presses, turrets and press parts. Founded in 1954, Elizabeth and its tablet press products will complement Operio Group’s product offerings. It is Operio third acquisition in 14 months. Launched in 2022, Operio started from the seeds of LFA Machines and Vivion Inc.
Operio’s Financial Advisor: The DVS Group
Elizabeth’s Financial Advisor: Stone Pier Capital Advisors
Operio’s Outside Counsel: Chad Barton of the Dallas office of Holland & Knight. He was assisted by partners Kerry Halpern, Brandon Bloom, Marcy Hart, Daniel Barsky and Arthur Lotz and associates Trysten Henderson and Rachel Nipper.
Elizabeth’s Outside Counsel: Jim McLean and Joe McDonough of the Pittsburgh office of Buchanan Ingersoll & Rooney
Greater Sum Ventures makes majority investment in Utility
Deal Description: Entrepreneurial family office and growth equity firm Greater Sum Ventures announced Nov. 13 its majority investment in Utility Associates Inc. for undisclosed terms. Utility provides digital systems tailored for law enforcement officers and first responders. The company was previously backed by Hicks Holdings of Dallas, which will continue as a minority investor, alongside new minority investor PSG Equity, a growth equity firm with a history of partnering with software and technology-enabled services companies to help accelerate their growth. The company will continue to be led by president and CEO Michael Nark and the leadership team based in Decatur, Georgia. Founded in 2000, Utility provides digital evidence management, in-car video and body cameras. Greater Sum is based in Knoxville, Tenn.
Utility’s Financial Advisor: Shea & Co.
Greater Sum’s Outside Counsel: Weil, Gotshal & Manges including Dallas private equity partner Richard Frye and associate Niko Lane and Spencer Finney in Dallas and Eric Fischerkeller in Boston, tax partner Hillel Jacobson in New York, executive compensation & benefits partner Jennifer Britz in New York and technology & IP transactions partner Olivia Greer and Jeffrey Osterman in New York
New Mountain-backed 3E buys Chemycal
Deal Description: 3E and New Mountain Capital teamed on 3E’s strategic acquisition of Chemycal, a provider of news, intelligence and regulatory insights for product safety professionals managing chemicals. Terms weren’t disclosed. Founded in 2015, Chemycal pairs software and technology with domain expertise to aggregate chemical and product compliance data. Leveraging its worldwide network of 1,500 sources, the company maintains a library of 35,000 news summaries and 150,000 substances and materials.
3E/New Mountain’s Outside Counsel: Shearman & Sterling including Alain Dermarkar, Brody Hinds, Timothy Doyle, Dillon Tan, Melisa Brower and JB Betker.
Chemycal’s Outside Counsel: Cambrian
Notes: Shearman’s Dermarkar also led the team advising 3E last year when it bought Toxnot for undisclosed terms.
CAPITAL MARKETS/FINANCINGS
Nova Chemicals offers $400M in notes
Deal Description: Nova Chemicals Corp. priced an offering of $400 million in 8.5 percent senior secured notes. The offering is being made in connection with a concurrent tender offer for Nova’s senior notes due 2024. The tender offer will be financed by the amounts raised in the notes offering, net of transaction fees and expenses, along with cash on hand.
Initial Purchasers’ Outside Counsel: Latham & Watkins was the lead with a corporate deal team headed by Austin partners David Miller and Michael Chambers and Houston partner Monica White with associates Zainab Hashmi, Mason Taylor and Rachel Moore. Advice was also provided on finance by Houston partner Pamela Kellet; on tax by Houston partner Bryant Lee with associate Dylan White; and on environmental matters by Los Angeles/Houston partner Josh Marnitz. Norton Rose Fulbright Canada and Torys also acted for the underwriters. RBC Capital Markets was the sole dealer manager for the tender.
Nova’s In-House Counsel: General Counsel Byron Romain, former partner at White & Case and Simpson Thacher & Bartlett
Nova’s Outside Counsel: Simpson Thacher was the lead with a team including Brian E. Rosenzweig, Matt Hart, Ryan Poche and Christine Robb. Osler, Hoskin & Harcourt (John MacFarlane, Richard Borins and Malcom Peck-McQueen ) and Stewart McKelvey (Alanna Waberski) also advised the company.
Highwoods Realty prices $350M in notes
Deal Description: On Nov. 14, Highwoods Properties Inc. announced that Highwoods Realty Limited Partnership, the operating partnership through which the company conducts its operations, priced a public offering of $350 million in 7.65 percent unsecured notes due 2034. The offering was expected to close on Nov. 21. Highwoods intends to use the net proceeds from the sale of the notes to repay outstanding debt, including the amounts outstanding under its $750 million unsecured revolving credit facility and a $200 million unsecured bank term loan, and for general corporate purposes. PNC Capital Markets, BofA Securities Inc., J.P. Morgan Securities, TD Securities (USA) and Wells Fargo Securities were book-running managers.
Underwriters’ Outside Counsel: Baker Botts including corporate partner Catherine Gallagher in Washington, D.C. and associates Marshall Heins II and Sarah Dyer in Houston. On tax: special counsel Peter Farrell in Washington, D.C.
Outside Counsel to Highwoods: DLA Piper
Agriculture & Natural Solutions inks $300M IPO
Deal Description: Agriculture & Natural Solutions Acquisition Corp. announced Nov. 8 the pricing of its initial public offering of 30 million units at a price of $10 per unit. The units are listed on the NASDAQ Global Market and trade under the ticker symbol “ANSCU” beginning on Nov. 9. Each unit consists of one Class A ordinary share and one-half of one redeemable warrant, with each whole warrant entitling the holder to purchase one of the company’s Class A ordinary shares at an exercise price of $11.50 per share. Once the securities comprising the units were to begin separate trading, the Class A ordinary shares and warrants were expected to be listed on NASDAQ under the symbols “ANSC” and “ANSCW,” respectively. Citigroup is acting as the sole book running manager for the proposed offering. The company has granted the underwriter a 45-day option to purchase up to an additional 4.5 million units at the IPO price. The company is backed by Agriculture & Natural Solutions Acquisition Sponsor, which is an affiliate of Riverstone Investment Group and of Impact Ag Partners. The offering closed on Nov. 13.
Agriculture & Natural Solutions’ Outside Counsel: Vinson & Elkins with a team led by partner Stancell Haigwood in New York with assistance from associates Elisie Lee, Waid Barfield, Nick Gonzalez and Joe Milano. Also advising were partner Ramey Layne, partner Jason McIntosh, counsel Allyson Seger, associate Lauren Nieman, partner Jeff Crough, senior associate Will Stripling, counsel Missy Spohn and counsel Carter Olson.
Helix Energy Solutions offers $300M in senior notes
Deal Description: Helix Energy Solutions Group Inc. announced Nov. 16 the pricing of an offering of $300 million in 9.750 percent senior notes due 2029. Helix intends to use the net proceeds from the offering, together with cash on hand and shares of its common stock, as necessary, to pay the cost of extinguishing its obligations with respect to its outstanding 6.75 percent convertible senior notes due 2026, which may include privately negotiated transactions and payments in settlement of redemptions or conversion. Helix intends to use the remainder of the net proceeds from the offering, if any, for general corporate purposes, which may include repayment of other indebtedness. Helix reserves the right to settle and extinguish the 2026 Convertible Notes in cash, shares of its common stock, or any combination. Helix expected to close the offering by Dec. 1.
Helix’s Outside Counsel: Baker Botts including Houston corporate partners Travis Wofford and Douglas Getten and associates Parker Hinman, Chelsea Johnson and Cade Luedde. On finance: Luke Weedon (partner, Dallas), Caitlin Lawrence (partner, Houston) and Brittany Simington (senior associate, Dallas). On Tax: Derek Green (partner, Houston) and Katie McEvilly (senior associate, Houston)
Summit Midstream refinances $209.5M in unsecured notes
Deal Description: Summit Midstream Partners announced Nov. 16 the execution of an opportunistic refinancing of its senior notes due 2025. SMLP entered into a privately negotiated agreement to issue a total of $209.5 million in unsecured notes in exchange for $180 million in existing 2025 unsecured notes, which will be cancelled, and $29.5 million in cash. The new money raised will be used to redeem or repurchase existing 2025 unsecured notes that are not exchanged. The new notes will bear interest at 12 percent and mature on Oct. 15, 2026.
SMLP’s Outside Counsel: Baker Botts including corporate partners Josh Davidson and Clint Rancher, senior associate Garrett Hughey and associate Austin Lee. On finance: Clint Culpepper (partner, Austin) and Regan Vicknair (associate, Houston). On tax: Michael Bresson (partner, Houston) and Jared Meier (senior associate, Houston)
Altus Power closes new $200M construction facility from Blackstone
Deal Description: Kirkland & Ellis said Nov. 13 it advised a subsidiary of Stamford, Conn.-based Altus Power Inc. in connection with the negotiation and closing of a $200 million credit facility from Blackstone. The facility is designed for the construction of commercial solar assets and includes capacity to fund costs including equipment, labor, interconnection and development fees. It’s a first-of-its-kind facility that leverages the strong appetite of insurance capital in providing long-term financing of solar assets, Kirkland and Altus said. The transaction closed on Nov. 10 and was announced on Nov. 13.
From Kirkland: The team was led by debt finance partner Roald Nashi and associates Charles Martin, Miriam Domer and Dan Dyring.
Hess Midstream Partners repurchases sponsor units for $100M
Deal Description: Hess Midstream Partners (HESM) announced Nov. 14 the execution of a definitive agreement providing for the $100 million repurchase of Class B units of HESM by its subsidiary, Hess Midstream Operations, from affiliates of Hess Corp. and Global Infrastructure Partners, HESM’s sponsors. The purchase price per Class B unit is $29.67, the closing price of the Class A shares on Nov. 13. As a result of the unit repurchase transaction, public ownership of HESM on a consolidated basis will be about 29.8 percent. The unit repurchase was anticipated to close on Nov. 16. HESM expects to fund the unit repurchase through borrowings under its existing revolving credit facility. The terms of the proposed unit repurchase transaction were unanimously approved by the board of HESM’s general partner, based on the unanimous approval and recommendation of its conflicts committee composed of independent directors.
Counsel to Conflicts Committee of Hess Midstream’s Board: Gibson, Dunn & Crutcher with a corporate team led by partner Hillary Holmes and including associates Stella Tang and To Nhu Huynh.
Counsel to Financial Advisor to the conflicts committee: Baker Botts including corporate partner Josh Davidson and associate Catherine Baker Ellis in Houston
Apollo, Vitol form WattEV financing partnership
Deal Description: Vinson & Elkins said Nov. 13 it advised funds managed by Apollo Global Management in connection with Apollo Funds and Vitol providing a structured debt and equity financing to WattEV. Based in Long Beach, Calif., the company operates the largest heavy-duty public access electric charging site by capacity in the U.S. at the Port of Long Beach. WattEV will seek to provide a solution for the 30,000 heavy-duty drayage trucks in California that must comply with near-term regulations to eliminate emissions while facilitating the electrification of heavy-duty vehicles across the country. New financing will help WattEV fund the development of its near-term truck charging depots throughout California, including warehouse districts in nearby Gardena, San Bernadino and Bakersfield. Vitol has 1.2 gigawatts of operational renewable generation capacity and $2.2 billion committed to renewable and sustainable investments. Last year, Apollo launched its sustainable investing platform, which targets the deployment of $50 billion in clean energy and climate capital by 2027 and seeks to deploy $100 billion by 2030. Over the last five years, Apollo has sunk $23 billion into energy transition and sustainability-related investments. Apollo has $631 billion of assets under management.
From V&E: The finance team was led by Guy Gribov, Zach Rider and Jill Bradley with assistance from Kevin St. George. The corporate team was led by Dan Komarek, Abby Branigan and Ted Belden with help from Katherine Coric.
OTHER MATTERS
Kirkland & Ellis said Nov. 14 it served as special tax counsel to Intersect Power, a clean energy company bringing low-carbon solutions to its customers in global energy markets, on its Oberon Solar + Storage project in Riverside County, California. The Kirkland tax team was led by partners Michael Masri and Sophia Han in New York and associate Griffin Peeples in Houston. Commercial operation was announced on Nov. 14 and the Oberon project generates 679 megawatts of solar energy, enough to power over 207,000 homes a year, and features 250 megawatts of co-located storage. The Oberon project aligns with the priorities of the Inflation Reduction Act by using American-made equipment and paying prevailing wages. It is also the first project to achieve operation through the streamlined approach under the Bureau of Land Management Desert Renewable Energy Conservation Plan. Energy, renewable energy credits and resource adequacy generated by the Oberon project will be purchased by a combination of offtakers including Calpine Energy Solutions, Constellation, Ava Community Energy (formerly East Bay Community Energy), Microsoft and San Diego Community Power. Intersect secured funding for the project’s construction as part of the broader portfolio financing announced last September, when the company closed on portfolio level term debt, tax equity and construction financing commitments from financial institutions and investors.