CDT Roundup: 22 Deals, 10 Firms, 189 Lawyers, $23.2B

No ‘meh’ this week. Just a bit of math.

First, it would be hard to downplay the 22 reported transactions valued at more than $23 billion, especially when 15 of those are M&A and your capital markets deals include two IPOs.

Of course, more than $17 billion of this week’s $23 billion total arrives via AT&T’s twin DirecTV divestiture deals. There was also a $1.2 billion acquisition by PepsiCo of Austin-based Garza Food Ventures, makers of the Siete brand of heart-healthy Mexican foods.

But beyond those three deals, there was lots of activity worth your time to peruse, especially in the oil and gas business, and especially in the upstream sector, where 9 of the M&A deals involved E&Ps or oil field services.

Now, the math.

Last week also marked the end of Q3 2024, so it’s time to take our usual accounting of deals reported to the CDT Roundup. These are not to be confused with the CDT third quarter data — which is coming — but they are a good measure of the deals publicly acknowledged involving a Texas connection: deals involving Texas-based companies or Texas-based lawyering, which comprise the tabulations you find each week in the table below.

During the first three quarters of this year, there we reported 227 deals valued at $204.0 billion. That’s more than last quarter (193 transactions for $167.6 billion) and more than Q3 2023 (221 deals for $117.7 billion). That’s a 22 percent increase in reported value over last quarter, a 73 percent increase year-over-year.

So far this year, we’ve reported 634 transactions valued at $530.8 billion. That compares to 622 transactions for $352.3 billion during the first three quarters of 2023. For the math-challenged, that’s a 2 percent increase in volume and a 50.6 percent increase in value year-over-year.

The YTD data includes 458 M&A/Funding deals reported with a total value of $371.3 million. That represents nearly the same M&A volume as last year’s 451 deals but 46.4 percent higher in value.

But as we suggested above, last week proved a good start to Q4 as far as the numbers go. The week ending Oct. 5 saw 22 deals valued at $23.1 billion. That’s double the volume of the prior week (11 deals) and about 800 percent more in value ($2.4 billion).

For the record, there were 17 deals valued at $6.6 billion for the same week last year.

We’ll let you do the math on that.

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	153	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/FUNDING

AT&T agrees to sell controlling stake in DirecTV to TPG for $7.6B

Deal Description: Dallas-based AT&T announced Sept. 30 that TPG has agreed to purchase AT&T’s controlling interest in DirecTV for $7.6 billion. Added to the stake already sold to TPG in 2021, the deal would make the home satellite network a wholly owned facility of San Francisco-based TPG. The deal was part of two separate but related transactions valued at more than $17 billion that included DirecTV’s agreement to acquire residential satellite provider EchoStar for $1 and the assumption of $9.75 billion in debt. A Texas-based team from Gibson Dunn & Crutcher advised AT&T on the TPG transaction. For more information about both deals, see daily coverage from The Texas Lawbook here.

DirecTV to acquire rival EchoStar’s Dish DBS for $1 and $9.75B in debt

Deal Description: DirecTV agreed with EchoStar to acquire Dish DBS, which includes rival video distributors Dish TV and Sling TV, for $1 in nominal consideration and the assumption of its estimated $9.75 billion in debt. Dish DBS and DirecTV have already commenced an exchange offer for five different series of notes with that face value, along with consents to facilitate the acquisition. The deal was part of two separate, but related transactions valued at more than $17 billion that included TPG’s $7.6 billion acquisition of DirecTV from AT&T. Ropes & Gray, Crowell & Moring and HWG are acting as legal counsel to DIRECTV. Ropes & Gray also advised TPG along with Cleary Gottlieb Steen & Hamilton and Mintz, Levin. And EchoStar’s outside counsel included White & Case and Steptoe & Johnson. For more information about both deals, click here.

PepsiCo acquires Austin-based Siete Foods for $1.2B

Deal Description: Garza Food Ventures, an Austin-headquartered maker of the Siete brand of Mexican foods, announced Oct. 1 its acquisition by PepsiCo for $1.2 billion. Founded by the family of company president Veronica Garza in 2014, the Siete brand is named for the seven (“siete”) family members who helped create its Mexican-inflected line of prepared foods from ingredients compatible with the low-inflammation, elimination diets recommended for those with immune deficiencies. The Siete line of chips, grain-free tortillas, sauces, salsas and sweets are sold in 40,000 retail food stores. The deal is expected to close during the first half of 2025. PepsiCo is headquartered in Purchase, New York.

Financial Advisors to PepsiCo: CenterView Partners

PepsiCo Outside Legal Counsel: Gibson Dunn & Crutcher

Financial Advisors to Siete: Lazard

Siete Outside Legal Counsel: Armbrust & Brown (in Austin) and Weil, Gotshal & Manges with a team (mainly in New York, Silicon Valley, and Washington, D.C.) that included Dallas banking partner Vynessa Nemunaitis and Dallas tax associate Josh Schonfeld.

Gogo Inc. acquires Satcom Direct for $630M

Deal Description: Gogo Inc. announced Sept. 30 that it has agreed to acquire Satcom Direct for cash, stock and threshold payments of up to an estimated $630 million. The merger would create a single provider of Geostationary satellite (GEO) and Low Earth Orbit satellite communications and in-flight internet for the business aviation and military/government markets. While GEO systems are in widespread use in aviation, the emergence of LEO satellite networks will allow the use of smaller antennas and lower latency for a broader range of private and commercial aircraft. Under the terms of the agreement, Satcom Direct, based in Melbourne, Fla., will receive $375 million in cash and five million shares of Gogo stock at closing (it closed at $6.36 per share on Friday), and up to an additional $225 million in payments tied to performance thresholds over the next four years. Satcom, which generates 80 percent of its revenue from the BA market, is expected to generate approximately $485 million for 2024 with EBITDA margins of approximately 17% on a pro forma adjusted basis. Gogo is headquartered in Broomfield, Colo.

Financial Advisors to Gogo: BofA Securities and Morgan Stanley are serving as financial advisors to Gogo. Morgan Stanley Senior Funding, BofA Securities and Deutsche Bank Securities provided financing commitments for the acquisition.

Gogo Outside Legal Counsel: Hogan & Lovells and Kirkland & Ellis

The Kirkland team was led by corporate partners Ben Hardison in Dallas, Doug Bacon and John Pitts in Houston with Dallas associate Kersten Kober; debt finance partners Rachael Lichman and Osaro Aifuwa in Houston; capital markets partner Matt Pacey in Houston; and tax partners David Wheat and Joe Tobias in Dallas.

Financial Advisors to Satcom: J.P. Morgan

Satcom Outside Counsel: Haynes Boone, led by partners Brent Beckert in Dallas and Kenric Kattner in Houston with support from senior counsel Steven Buxbaum in Houston, corporate counsel Kourtney Lyda in Houston and associates Joshua Reisman in Denver, as well as Spencer Bateman, Ryan Ward and Janet Wyse in Dallas.

Summit Midstream to acquire Tailwater-backed Tall Oak Midstream for $450M

Deal Description: Summit Midstream Partners announced Oct. that it has agreed to purchase Tall Oak Midstream from Tailwater Capital. Based in Edmond, Okla., Tall Oak is a large-scale gas gathering and processing system operating in the Arkoma Basin with assets that include 244 miles of low-pressure natural gas gathering lines, 167 miles of high-pressure natural gas gathering lines and 65,000 horsepower of field and compression at its two operating compression plants. Under terms of the agreement, Summit will pay $155 million in cash and 7.5 million shares of its Class B common stock and common units of the partnership. With a resulting 40 percent stake upon closing, anticipated later this year, Dallas-based Tailwater will also be represented on the Summit board.

Financial Advisor to Tailwater: TPH&Co., the energy business of Perella Weinberg Partners, served as exclusive financial advisor.

Financial Advisor to Summit: Guggenheim Securities

Legal Counsel to Guggenheim: Gibson Dunn & Crutcher led by partner Hillary Holmes with associates Ashley Whittington and Caroline Bakewell.

Tailwater/Tall Oak Outside Legal Advisors: Kirkland & Ellis with a team led by partners Kevin Crews and Adam Garmezy with partner Jacki Scioli and support from corporate associate Carter Johnston; capital markets partners Matt Pacey and Sara Lampert; tax partners David Wheat and Joe Tobias; executive compensation partner Rob Fowler; employment & labor partner Christie Alcala; and environmental transactions partner Jon Kidwell.

Summit Outside Legal Advisors: Locke Lord with a team led from Houston by partners Bill Swanstrom and Jennie Simmons. The LL team also included Lauren Richter, Gislar Donnenberg, Jon Daly, Eric Larson, Laura L. Ferguson, Sara Longtain, Jeremy Petersen, Niha Ali, Ben Cowan, Elizabeth Corey and Akilah Craig (all of Houston), along with Van Jolas and Mark Backofen (both of Dallas).

Note: In addition to Tall Oak’s southeastern Oklahoma assets, the acquisition allows the company straight-line access to natural gas from the Arkoma Basin to the Texas Gulf Coast.

Martin Midstream makes $132M upgraded offer for partnership shares

Deal Description: In a major corporate simplification Martin Midstream Partners announced that Martin Resource Management Corporation has agreed to acquire all of the outstanding common units of MMLP not already owned by MRMC. The merger agreement, an enhancement of an earlier proposal, provides for an all-cash acquisition under which each holder would receive $4.02 per common unit owned, a 34 percent premium to the market closing price prior to the announcement of MRMC’s initial proposal in May, and an 11.33 percent premium to the trailing 30-trading day volume-weighted average price. The upgraded premium is in response to an offer made in June by Caspian Capital and Nut Tree Capital Management of $4.00 per unit. The Kilgore-headquartered company expects to fund the estimated $132 million cost of the unit purchases from existing cash on hand, cash flow prior to the closing of the transaction, borrowings under MRMC’s existing credit facility, a term loan to be added with the closing of the transaction, and from $5 million in loans from several members of MRMC’s management team.

Financial Advisors for MRMC: Wells Fargo Securities

MRMC Outside Legal Counsel: A Baker Botts team led from Dallas by partner Preston Bernhisel with senior associate Nic O’Brien (Dallas) and associates Chelsea Johnson (Houston) and Maddie Boezinger (Dallas), along with finance partner Luke Weedon (Dallas) with associate Morgan Copher (Dallas) along with tax partner Steve Marcus (Dallas) and senior associate (Houston); benefits partner Jason Loden (Dallas) and associate Katie Birnhak (Washington, D.C.) and antitrust special counsel Michael Bodosky (Washington, D.C.)

Conflicts Committee Financial Advisors: Houlihan Lokey

Houlihan Lokey Legal Advisors: Gibson Dunn & Crutcher led by Hillary Holmes with associates Stella Tang and Mariana Lozano

Conflicts Committee Outside Legal Counsel: Munsch Hardt Kopf & Harr (Texas) and Potter Anderson & Corroon (Delaware)

Talen acquires remaining stake in Pennsylvania bitcoin miner for $85M

Deal Description: Houston independent power producer Talen Energy Corporation announced Oct. 3 its $85 million acquisition of Nautilus Cryptomine from TeraWulf Inc. With its acquisition of TeraWulf’s 25 percent stake in the Berwick, Penn., bitcoin mining operation, Talen now owns 100 percent of Nautilus. Nautilus is located adjacent to and powered by Berwick’s Susquehanna Steam Electric Station, a nuclear-powered facility. Said Cole Muller, Talen EVP of Strategic Ventures. “The transaction allows Talen the ability to reset a legacy below-market power purchase agreement and provides us with increased flexibility as we explore strategic alternatives in order to maximize the value per megawatt for our Susquehanna nuclear generation facility.”

Talen Outside Legal Counsel: A Kirkland team led by Houston partners Josh Teahen, Bill Benitez and Jacob Volz; technology & IP transactions partners Jeff Norman and Scottie Shermetaro in Chicago; and tax lawyer Mark Dundon in Houston.

Prairie Operating acquires $84.5M in oil assets from Vortus-backed Nickel Road

Deal Description: Prairie Operating, a publicly traded independent E&P headquartered in Houston, announced Oct. 2 the completion of its $84.5 million acquisition of oil-weighted assets from Nickel Road Operating. Prairie Operating (PROP) was created as an E&P in 2023 after operating as a cryptocurrency miner under the name Creek Road Miners, Inc. Prairie’s assets and operations are concentrated in the Denver-Julesburg (DJ) Basin, with a primary focus on the Niobrara and Codell formations. The newly-acquired assets, located in Weld County, Colo., add 5,592 net leasehold acres, 89 approved well permits, and 26 operated horizontal wells providing accretive cashflow to Prairie’s existing DJ Basin operations.

Prairie Outside Legal Counsel: The Vinson & Elkins team was led by partner Mark Kelly and Counsel Joanna Enns, with assistance from associates Jake Lubenow, Matthew Rando, Waleed Vohra and Ronnie Braxton. The finance team was led by partner Mike Bielby, with assistance from associates Natalie Harrison, Jalee Blackwell and Syed Rizvi.

Note: V&E partner Mark Kelly advised Prairie, both on the merger with Creek Road Miners that created the company in its current form, and on its subsequent first purchase: a $28.8 million acquisition of producing assets in Weld County from Exok, Inc.  

Specialty chemical provider Mstack announces $40M capital raise

Deal Description: Mstack, a self-professed “disruptor” in the supply chain of specialty chemicals, announced Oct. 3 a $40 million raise to double down on its cross-border capacity to do so. The Houston-based company founded by Shreyans Chopra says its developing global platform of specialty chemical producers provides a ” full-stack solution for sourcing specialty chemicals through a reliable supply chain that is secure against geopolitical disruptions.” Investors in the raise include Lightspeed Ventures, Alphawave Global, and HSBC Venture. The company currently offers products in four categories: oil and gas, coatings, water treatment, and home and personal care. With this round of funding, Mstack plans to expand into agrochemicals and pharmaceuticals.  

AI contract review platform DocJuris gains $8M to close Series A

Deal Description: DocJuris, a Houston-headquartered legal services AI platform specializing in document review, announced Oct. 1 the close of its Series A funding round with $8 million in new capital. Leading the funding was Austin-based Silverton Partners, with previous investors Watertower Ventures, Surface Ventures, and Seed Round Capital. The DocJuris platform automates such traditional entry-level legal tasks as review, redlining, contract screening and even negotiation. The platform has been used for contract management on a pilot basis by the in-house legal departments of a number of Fortune 500 companies, including Siemens, Dell, FedEx, Toyota and Duke Energy.

Tailwater acquires Permian assets from Pine Brook Partners portfolio

Deal Description: Tailwater Capital announced Oct. 1 its acquisition of an off-market non-operated working interest asset package in the Permian Basin from Accelerate Resources Operating. Both companies are Dallas-based, but Accelerate — which specializes in real property acquisitions, investments and management — is a portfolio company of Pine Brook Partners. The Permian package includes more than 5,000 net leasehold acres in the Midland and Delaware basins, which are currently producing 5,000 net barrels of oil equivalent per day. As predominately held by production, they also possess meaningful future inventory under such premier Permian operators as ExxonMobil, ConocoPhillips and Diamondback Energy. Terms of the agreement were undisclosed.

Outside Legal Counsel for Tailwater: Kirkland & Ellis, Winston & Strawn and Foley & Lardner

The Kirkland team was led by corporate partners Kevin Crews, Thomas Laughlin and Jacki Scioli; investment funds partners Matt Nadworny and Brian Delaney; and tax partner Steve Butler.

Outside Legal Counsel for Accelerate: Vinson & Elkins led by Houston partners Danielle Patterson and Crosby Scofield

Axis Energy Services, Brigade Energy Services agree to merger

Deal Description: Axis Energy Services and Midland-headquartered Brigade Energy Services announced Oct. 1 the closing of their agreement to merge. The combined company will be known as Axis Energy Services and located in Dallas, where Axis, a portfolio company of B-29 Investments, currently resides. Upon completion of the merger, Axis will boast more than 1,700 employees and one of the largest fleets in the OFS industry, with 200 active and marketable workover rigs. The company is currently active in the Permian, Haynesville, Eagle Ford, Utica/Marcellus, Bakken and the broader Rockies. Axis was formed in 2018 in a merger of three companies — TEC Well Service, Momentum Pressure Control, and M6 Energy Services — in partnership with B-29 and Lime Rock Partners. Terms of the merger were undisclosed.

Outside Legal Counsel for Axis: Latham & Watkins with a corporate deal team led by Houston partners Bruce Herzog and James Garrett, with associate Jase Burner. Advice was also provided on tax matters by Houston partner Tim Fenn, with associate Christine Mainguy; and on labor and employment matters by Chicago partner Nineveh Alkhas.

Note: Axis GC Christine Stroud is a 2005 graduate of Tech Tech University School of Law and former GC at Riata Corporate Group.

Post Oak Energy Capital bankrolls formation of Ichthys Energy Partners

Deal Description: Post Oak Energy Capital announced Oct. 3 the closing of an equity commitment to Ichthys Energy Partners. Terms of the commitment from investment funds managed by Houston-based Post Oak were undisclosed. Ichthys, formed just a few months ago, is a Dallas-based E&P focused on the acquisition and development of assets in the Permian Basin. It’s led by co-founders Michael Poynter and Will Weidig. Both have extensive experience in the Permian: Poynter with Colgate Energy and Permian Resources; Weidig with J.P. Morgan and Permian Resources.

Ichthys Outside Legal Counsel: Kirkland & Ellis led by corporate partners Stephen Noh and Jack Chadderdon with executive compensation partners Katherine Nemeth and Stephen Jacobson; tax partner Bill Dong and associate Grace Nielsen; and employment & labor partner Christie Alcala.

Post Oak Outside Legal Counsel: Latham & Watkins served as legal advisor to Post Oak in connection to the formation of Ichthys. The Houston-based Latham team was led by partner James Garrett, with associate Kevin Donovan. Advice was also provided on tax matters by Houston partner Jim Cole, with associate Dylan White; and on benefits and compensation matters by Houston counsel Krisa Benskin.

Quantum Capital, former Tug Hill execs, commit to Vickery Energy

Deal Description: Quantum Capital Group and former executives of its former portfolio asset, Tug Hill Operating, announced Sept. 24 the formation of Vickery Energy Partners with equity capital commitments from both. Terms of those commitments were not disclosed. Based in Fort Worth, Vickery will pursue the acquisition and development of North American oil and gas assets, beginning with a focus on the Appalachian Basin. Vickery is led by Sean Willis and Daniel Rowe, former executives of Tug Hill, which was sold, along with XcL Midstream’s Appalachian Basin assets, for $5 billion in August 2023 to EQT Corporation.

Vickery Outside Legal Counsel: Latham & Watkins advised on the formation of Vickery with a corporate deal team led by Houston partner James Garrett. The team also included associates John Daywalt and  David Lee. Advice was also provided on tax matters by Houston partner Jim Cole, with associate Dylan White; and on compensation and benefits matters by Washington, D.C. partner Adam Kestenbaum.

TotalEnergies acquires South Texas assets from Lewis Energy Group

Deal Description: European energy giant TotalEnergies, which holds a major interest in the Cameron, La., LNG export facility, announced Sept. 27 its agreement to acquire a 45 percent interest in dry gas-producing assets in the Eagle Ford Shale of South Texas owned by Lewis Energy Group. Terms of the acquisition were undisclosed. The deal follows the purchase in April of a 20 percent interest of Lewis Energy assets in the Dorado field of the Eagle Ford. The acquisitions give TotalEnergies, which owns a 16.6 percent interest in the Cameron facility, a substantial upstream supply of natural gas feed, allowing the Paris-headquartered company a claim to be the largest U.S.-based exporter of LNG. The company says it expects its U.S. LNG export capacity to reach 15 million tons per year by 2030 when the Rio Grande LNG plant in Brownsville is expected to go online.

TotalEnergies Outside Legal Counsel: Clifford Chance with a team led from Houston by energy partner David Sweeney and counsel Joclynn Marsh, with support from partners Todd Lowther (tax) and Ty’Meka Reeves-Sobers (environmental) and associates Melissa Sanchez and Thomas Shattuck.

CAPITAL MARKETS

Hilcorp issues $1B of 7.25% senior notes

Deal Description: Houston’s Hilcorp announced Oct. 2 the pricing of a $1 billion offering of 7.25 percent senior notes for Hilcorp Energy I due 2035. The offering was set to close Oct. 7.

Underwriters: J.P. Morgan Securities

Underwriters’ Outside Counsel: Vinson & Elkins led by partners Thomas Zentner and David Stone and senior associate Ximena Kuri, with assistance from associates Matt Fiorillo, Cole Leveque, Rivers Stephens, Ashley Osborne and Rylie Goldwait. Also advising were partners John Decker and associate Ryan Hoeffner (energy regulation), partner Wendy Salinas and associate Jeff Slusher (tax), and partner Matthew Dobbins and associate Alexis Boyd (environmental).

Millennium Pipeline places $800M in senior notes

Deal Description: Millennium Pipeline issued $800 million in senior notes due between 2029 and 2036 with a weighted average coupon rate of 5.88 percent in a private placement that closed Sept. 24. Based in Pearl River, N.Y., the midstream distributes natural gas over a 263-mile network of compression facilities to markets across several northeastern states jointly owned by a joint venture of DT Midstream (52.5%), and the system’s operator, Houston-based TC Energy Corporation (47.5%).

Outside Legal Counsel for Purchasers: Baker Botts with a team led by Austin finance partner Clint Culpepper with senior associate Dela Peimani (Austin) and associates Morgan Copher (Dallas) and Steven Langert (Dallas). They were supported by securities associate Amy Jiang (Austin) and senior associate Garrett Hughey (Houston).

First American Financial issues $450M in notes

Deal Description: First American Financial Corp., a major real estate title and insurance company based in California, issued a public offering of $450 million in 5.4 percent senior notes due 2034 that closed on Sept. 30.

First American Outside Legal Counsel: Gibson Dunn & Crutcher with a team led from Houston by partner Doug Rayburn that included counsel Justine Robinson and associates Alexis Levine and Mariana Lozano. Partner Michael Cannon and associate Emily Risher Brooks are advised on tax.

Underwriters: J.P. Morgan Securities, Goldman Sachs and PNC Capital Markets are acting as the joint book-running managers.

New Fortress Energy offers $400M in common stock

Deal Description: Global energy infrastructure investor New Fortress Energy announced Oct. 1 the pricing of its underwritten public offering of 46,349,942 shares of its Class A common stock at $8.63 per share. The offering closed Oct. 2. No discount from the public price was offered to the underwriters or to New Fortress chair and CEO Wesley Edens who agreed to purchase 5,793,742 shares of the offering. Headquartered in Ireland, New Fortress operates in Brazil and the U.S., where it owns and operates natural gas and LNG infrastructure and an integrated fleet of ships and logistics assets to rapidly deliver turnkey energy solutions to global markets. 

Underwriters: Morgan Stanley & Co. is acting as joint book-running manager for the offering together with other members of a syndicate.

Underwriters Counsel: Vinson & Elkins with a corporate team led by partners David Oelman and Ben Heriaud, with assistance from partner Jackson O’Maley, senior associate Ximena Kuri and associates Walt Baker, Chase Browndorf, Jessica Rosenwasser, Nick Priebe and Maggie Sternberg (corporate). Also advising were partner Lucy Jenkins, senior associate Jill O’Driscoll, associate Robin Wallich and trainee solicitor Max Marshall (finance); partners Wendy Salinas and Natan Leyva and associate Jeff Slusher (tax); partner Ron Tenpas and associate Simon Willis (environmental); counsel Rajesh Patel and associate Haley Titcomb (intellectual property); partner Palmina Fava and associate Bo Gilbertson (litigation); and partner Suzanne Clevenger and associate Ryan Hoeffner (energy regulatory). 

Frontview REIT raises $250.8M in IPO

Deal Description: Dallas-based Frontview REIT debuted its initial public offering on the NYSE Oct. 2, opening at $18.52 per share, below the offering price of $19. The issue of 13.2 million shares raised $250.8 million for Frontview. The company says its name reflects its business philosophy of investing in highly-visible outparcel properties at prominent locations with direct frontage on high-traffic roads. As of June 30, the company claimed a portfolio of 2.1 million square feet in 278 U.S. properties and an occupancy rate of about 99 percent.

Bookrunners/Underwriters: Morgan Stanley, J.P. Morgan, Wells Fargo and BofA Securities acted as joint book-running managers. Capital One Securities and CIBC Capital Markets are co-managers

Frontview Outside Legal Counsel: Fried, Frank, Harris, Shriver & Jacobson

Underwriters Legal Counsel: DLA Piper

Battery Storage provider Powin acquires $200M Credit Facility from KKR

Deal Description: Powin, a Portland-based provider of utility grade battery storage announced Oct. 2 that it had secured a revolving credit facility of up to $200 million primarily from funds associated with KKR. The company intends to use its strengthened capital position to meet energy grid market demands. Equity investors in the company include Greenbelt Capital Partners, Trilantic and Energy Impact Partners.

Financial Advisor to Powin: Guggenheim Securities

Powin Outside Legal Counsel: Kirkland & Ellis led by Houston finance partner Lucas Spivey and Alex Moosariparambil, along with corporate partners Jhett Nelson and Josh Teahen; with assistance from debt finance partner James Bedotto and associates Brock Baker and Daly Brower; corporate associate Colleen Haile; and tax partners Vincent Thorn and Liam Murphy.

Infinity Natural Resources files for $100M IPO

Deal Description: Infinity Natural Resources, a West Virginia E&P backed by two Texas-based energy investors, announced Oct. 4 that it hopes to raise $100 million in an initial public offering. According to the company’s registration filed with the SEC, Pearl Energy Investments and NGP Capital, both based in Dallas, will control the firm, a highly active producer and midstream operator on 90,000 surface acres across Appalachia’s Utica Shale oil, Marcellus Shale dry gas and Utica Shale deep dry gas plays. In its public filings with the SEC, Infinity has set no price or volume of shares it expects to trade. However, published reports suggest that the company is hoping to net at least $100 million from the offering. Under the company’s proposed reorganization, current beneficial ownership by Pearl Energy and NGP Capital of Infinity Natural Resources LLC would be shared with the public through issues of Class A and Class B voting stock for Infinity Natural Resources, Inc. The company reported revenues of $120.7 million for the first six months of 2024, nearly double the $61.4 million logged during the first half of 2023.

Infinity Outside Legal Counsel: Kirkland & Ellis led from Houston by partners Matt Pacey and Michael Rigdon

Underwriters: Citigroup, Raymond James and RBC Capital Markets

Underwriters Outside Legal Counsel: Latham & Watkins led by Austin partners David Miller and Monica White