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The Texas Lawbook

Free Speech, Due Process and Trial by Jury

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

CDT Roundup: 22 Deals; 17 Firms; 174 Lawyers; $22.2B

February 22, 2022 Claire Poole & Allen Pusey

In response to imminent threat of invasion of the Ukraine, Germany has announced a halt to its certification of the Nord Stream 2 pipeline, a vital artery in Russia’s plan to capitalize on shifts in Europe’s energy needs. Since Germany is, by far, the largest buyer of Russian natural gas, the move is significant.

Russia’s supply of natural gas to Europe has been down in recent years, according to analysts at Wood Mackenzie, dropping from 191 billion cubic meters in 2019 to 168 Bcm last year. That has led to depleted inventories and a cause for energy anxiety, not only for what is left of this winter on The Continent, but for the next.

“Even if Russian pipeline gas continues to flow through spring and summer, winter 2022/23 will begin much as this one did – with inventories at a record low,” said the Wood Mackenzie report. “Were all gas flows were to stop today, existing gas storage would run out in six weeks.”

What does this have to do with Texas? Well, consider LNG.

Long before the Ukraine crisis, the need in Europe for a broader energy base helped prompt a pretty dramatic change in the North American LNG market — shifting a number of its massive terminal operations from import/buyers to export/sellers.

Where pipelines are fast, they are inflexible; and therein lies the primary advantage of LNG: the ability to deliver energy where there is a demand.

Nowhere is that change more apparent than the Texas-Louisiana coast.

In the Continental U.S., there are nine existing IMPORT terminals for LNG. Behold a map of those terminals below:

Existing U.S. LNG Import Terminals

Source: Federal Energy Regulatory Commission

Onshore U.S. LNG import terminals are in red. (C1 is in Canada; M3 is in Mexico). Five of the import terminals, including three on the Gulf Coast have been converted to allow LNG Export.

Of the nine existing IMPORT terminals, five are on the Texas-Louisiana Coast. Three of those five have been converted to allow liquefaction and LNG export and two of those three are approved to re-export LNG brought in from elsewhere.

Beyond that, there are six existing EXPORT terminals in the Continental U.S. (excluding Alaska), two of them in Louisiana (Cheniere/Sabine Pass, Sempra/Cameron) and two in Texas (Cheniere/Corpus Christi, Freeport).

Existing U.S. LNG Export Terminals

Source: Federal Energy Regulatory Commission

Four of seven U.S. LNG terminals are on the Texas-Louisiana Coast (Alaska not shown)

Beyond even those, however, there are 15 LNG plants already approved by the Federal Energy Regulatory Commission and 12 of them (including two already under construction — Venture Global Calcasieu Pass and Exxon Mobil Golden Pass) are on or around the Texas-Louisiana Coast.

FERC-Approved U.S. LNG Export Terminals

Source: Federal Energy Regulatory Commission

Of 15 approved LNG export terminals, 12 (including two under construction) are on the Texas-Louisiana Coast. Of the others, one is in Mississippi, one in Florida and one is offshore in the Gulf of Mexico.

These are, for the most part, multi-billion dollar projects that are years from completion. But while many have their eyes on the renewable energy sources, in Europe there are more than a few eyes on the Texas Coast.

In December, according to a report by Reuters, about half the U.S. export of LNG found its way to Europe.

The week ending Feb. 19 was explosive, the first big week of the year for M&A with 17 deals valued at more than $22 billion. Fueled by four deals worth more than $1 billion, including an $11 billion purchase by Celanese of a DuPont chemical materials asset, the weekly deal count is the best since Christmas week (believe it or not) and the best week by deal value since a nearly $30 billion week last August.

As you can see from the table below, last week’s deal count included 12 transactions for $2.3 billion and last year at this time there were 9 deals for $8.8 billion.

Weekly Corporate Deal Tracker Roundup Stats

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

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

M&A/FUNDINGS

Celanese picks up materials business from DuPont for $11B

Dallas-based chemical company Celanese Corp. announced Feb. 18 it was buying a majority of the mobility and materials, or M&M, business of DuPont for $11 billion. Texas lawyers from Kirkland and Gibson Dunn advised the buyer on acquiring the business, which represented $3.5 billion of net sales and $800 million in operating earnings last year. For more on this deal, including in-house counsel at Celanese, click here.

Blackstone REIT acquires apartment communities for $5.8B

Deal Description: In an all-cash transaction valued at $5.8 billion, Blackstone Real Estate Income Trust announced Feb. 16 that it has reached an agreement to acquire all the outstanding shares of Atlanta-based Preferred Apartment Communities for $25 per share. The deal includes 44 multi-family communities concentrated primarily in Atlanta, Orlando, Jacksonville, Nashville, Charlotte and Tampa. The deal also includes 54 grocery-centered retail assets as well as properties under development.

BREIT Financial Advisors: Jones Lang LaSalle Limited, BofA Securities, Lazard Frères & Co.and Wells Fargo Securities

BREIT Outside Counsel: Simpson Thacher & Bartlett

PAC Financial Advisors: Goldman Sachs; KeyBank Capital Markets

PAC Outside Counsel: King & Spalding; Vinson & Elkins

The V& E team was led by partners Greg Cope and Steve Gill and senior associate Mariam Boxwala, with assistance from associates Elizabeth Shetty, Bekah Briggs, Ryan Polk and Terrence Ogren. Also advising were partner David D’Alessandro, counsel Regina Ibarra and associate Brian DeShannon (executive compensation/benefits); partner Wally Schwartz and senior associate Genta Stafaj (real estate); partners Christopher Mangin and Paige Anderson and associates Christina McLeod and Maddie Brown (tax); and partner Sean Becker and associate Peter Goetschel (labor/employment).

Madison Dearborn Agrees to Dole Out $1.8B in Cash for MoneyGram

Dallas-based MoneyGram International Inc. agreed Feb. 15 to be sold to Madison Dearborn Partners for $1.8 billion in cash, taking the company private. Vinson & Elkins advised the seller after its $1.2 billion sale to Hong Kong-based Ant Financial in 2018 was blocked by U.S. regulators (the firm counseled on that deal, too). For details about this deal, click here.

Water ventures combine to create Zurn Elkay Water Solutions in $1.56B deal

Deal Description: Milwaukee-based Zurn Water Solutions and faucet manufacturer Elkay Manufacturing announced Feb. 15 that they are combining to form Zurn Elkay Water Solutions Corporation. Zurn provides customized and sustainable water systems for non-residential buildings. Elkay is a manufacturer of water delivery products. Under the all-stock transaction, Zurn shareholders will own 71% of the newly created entity with Elkay shareholders holding 29%. Based on Zurn common stock pricing as of Feb. 11, the deal values Elkay at $1.56 billion, representing 14.2x the company’s forecasted 2022 EBITDA.

Zurn Financial Advisor: Evercore

Evercore Counsel: Baker Botts advised Evercore with a team led by partners Clint Rancher and Josh Davidson, both of Houston, along with Dallas partner Samantha Crispin and Houston senior associate Lakshmi Ramathan.

Zurn Outside Counsel: Morgan Lewis & Bockius advised Zurn with a team that included New York partners Alec Dawson, Allison Gargano, and Andrew Milano.

Elkay Financial Advisors: Citi; JP Morgan

Elkay Outside Legal Counsel: Mayer Brown

Akamai buys Linode for $900M

Deal Description: Cambridge, Mass.-based cybersecurity provider Akamai Technologies Inc. announced Feb. 15 that it agreed to pay $900 million for Linode, an infrastructure-as-a-service platform provider. As a result of structuring the transaction as an asset purchase, Akamai expects to achieve cash income tax savings over the next 15 years that have an estimated net present value of about $120 million. The deal is expected to close in the first quarter. The acquisition is anticipated to add around $100 million in revenue and be slightly accretive to non-GAAP earnings per share by about 5 to 6 cents in fiscal 2022. Akamai CEO and co-founder Tom Leighton said the opportunity to combine Linode’s developer-friendly cloud computing capabilities with Akamai’s market-leading edge platform and security services was “transformational.”

Akamai’s Financial Advisor: PJT Partners

Akamai’s Outside Counsel: WilmerHale

Linode’s Financial Advisor: DH Capital

Linode’s Outside Counsel: Latham & Watkins led by Century City/Los Angeles partner Jason Silvera as well as Houston partner James Garrett with Houston associates Jonathan Villa, Carlyle Reid and Zek Zhang. Advice was also provided on tax matters by Los Angeles partner Larry Stein but also Houston partner Jim Cole with Houston associate Christine Mainguy. Other offices pitched in with support.

Crescent buys Uinta Basin assets once owned by EP Energy for $815M

Deal Description: Houston-based Crescent Energy Co. announced Feb. 16 that it agreed with EnCap Investments-backed Verdun Oil Co. II to acquire Uinta Basin assets formerly owned by EP Energy for $815 million. The all-cash transaction, expected to close in the first half of 2022, requires regulatory approval and will be funded through the company’s revolving credit facility and cash on hand. Crescent said the acquisition is consistent with its strategy to acquire high-value and accretive, cash flowing assets while maintaining financial strength. Crescent was created last year by merging Independence Energy, controlled by KKR, with Contango Oil & Gas Co. in a $5.7 billion deal.

Crescent’s Outside Counsel: Kirkland & Ellis led by corporate partners David Castro Jr., Chris Heasley and Kyle Watson and associates Jordan Silverman, Catharine Hansard, Skyler Sikes, Sam Roberts, Clayton Hart, Carl Stenberg and Robbie Dillard; antitrust & competition partners Chuck Boyars and Ian John; debt finance partners Lucas Spivey and Jordan Roberts and associates Michelle Williamson, Osaro Aifuwa and Keegan Bobholz; derivatives partner Jaime Madell; capital markets partners Matt Pacey and Anne Peetz and associate Sean Aguirre; tax partner David Wheat and associate Ryan Phelps; environmental transactions partner Jim Dolphin and associate Alex Noll; employee benefits partner Alexandra Mihalas and associate Chris Chase; and labor and employment partners R.D. Kohut and Madeline Klebanov and associate Charles Kassir.

MedProperties recapitalizes assets in $350M joint venture

Deal Description: Dallas-based MedProperties Realty Advisors announced Feb. 10 that it is entering a $350 million joint venture with Kayne Anderson and Remedy Medical Properties that will recapitalize 23 medical properties in 11 states owned by MedProp. The properties, 94% occupied and 71% leased are mostly medical office buildings but include an ambulatory surgery center in Texas and a rehabilitation hospital in Ohio. Tenants include such healthcare tenants as Baylor Scott & White, Children’s Hospital of Los Angeles and the U.S. Department of Veteran’s Affairs. Remedy is based in Chicago and Kayne Anderson in Boca Raton.

MedProperties Outside Counsel: Winston & Strawn advised MedProp with a team led from Dallas by shareholder Andy Dow along with Cole Gearhart, Justin Hoover, Jarrod Azopardi, Ginger Epstein, Nick Gerner, and Brad Kuntz .

Solek signs deal with BlackRock’s fund to build solar power plants

Deal Description: Prague-based solar power plant developer Solek Group, through its Chilean unit Solek Latam Holding, announced Feb. 14 it agreed to develop, build and sell solar projects in Chile to BlackRock’s Global Renewable Power Fund III. Terms weren’t disclosed. Solek will oversee the operation and maintenance services for the projects and Aediles Capital Inc. will oversee asset management on behalf of BlackRock Global Renewable Power Fund III. The deal enables Solek to develop up to 28 individual photovoltaic power plant projects with a capacity of up to 200 megawatts. Solar power plant projects with an installed capacity of 90.5 megawatts are under preparation phase of construction. The projects serve regions with high demand for electricity due to growing populations and a developed mining industry. Chile has a strategy to become carbon neutral by 2050.

Solek’s Outside Counsel: White & Case led by partners Thomas Pate in New York and Rodrigo Dominguez in Houston and associate Luisa Muskus in Houston.

Renovo Capital invests in Reynolds Lift

Deal Description: Renovo Capital announced Feb. 9 its recently closed growth equity investment in Reynolds Lift Technologies. Terms weren’t disclosed. Headquartered in Missouri City, Texas,Reynolds Lift is a technology company focused on engineering and manufacturing Permanent Magnet Motor solutions. Reynolds Lift’s products are sold primarily to oil and gas operators and oilfield service companies. Renovo is a Dallas-based lower middle market private equity firm makes control investments in technical businesses that have the potential to generate value through operational improvements and strategic initiatives. Since its founding in 2009, Renovo has completed more than 30 transactions and raised over $400 million of committed capital.

Renovo’s Outside Counsel: Baker Botts represented Renovo including, from corporate, partners Jon Platt and Grant Everett and associates Trevor Labarge and Derek Gabriel; on intellectual property senior associate Michael Silliman; on tax partners Jason Loden and Steve Marcus; and on labor and employment partner Jennifer Trulock.

Murata to buy Texas 5G developer for $300M

Deal Description: Murata Manufacturing, a Japanese electronics manufacturer and a major supplier to Apple, has agreed to purchase all the outstanding stock of Resonant, an Austin-based developer of advanced technology for mobile and wireless devices. Resonant has been instrumental in the development of bulk acoustic wave filters which are being refined and adapted to 5G to allow higher-grade filtering of higher-frequency signals. The technology — which Resonant has trademarked as XBAR — allows upgrades of existing 4G fabrication processes to accommodate faster production of 5G devices. Murata bought a 4% stake in Resonant in 2019 to help in the development of the proprietary technology. The acquisition by Murata includes the cash purchase of all Resonant stock it doesn’t already own at a price of $4.50 per share, or an estimated $300 million.

Resonant Financial Advisor: Centerview Partners and Stifel

Resonant Outside Counsel: Stubbs Alderton & Markiles; Proskauer Rose

Murata Financial Advisor: Mizuho Securities

Murata Outside Counsel: Gibson Dunn & Crutcher; Covington & Burling; Akin Gump Strauss Hauer & Feld

The Gibson Dunn team was led by Dallas partners Robert Little and Jonathan Whalen, who were assisted by associates Steve Wright, Susie Choi and Tukeni Obasi, also in Dallas, along with Sarah Ediger in Denver and Andrew Hartman, in New York. Tax advice was provided from Dallas by partner Michael Cannon and associate Josiah Bethards. Dallas partner Krista Hanvey advised on benefits. Partner Adam Di Vincenzo and counsel Andrew Cline are advising on antitrust matters from Washington, D.C. Partner Carrie LeRoy in Palo Alto and associate Elizabeth Pica in New York are advising on IP issues.

Nogin goes public with de-SPAC merger

Deal Description: Ecommerce provider Nogin announced Feb. 14 its agreement to merge with Software Acquisition Group III, a blank check company. Nogin will receive $211 million from SWAG II’s trust account, funds generated by the SPAC’s IPO in July. Based in Tustin, California, Nogin provides scalable sales and analytics services for internet sales, primarily in the fashion, beauty, wellness and consumer packaged goods spaces.

Nogin Outside Counsel: Latham & Watkins advised Nogin in the merger with a team led by Houston partners Ryan Maierson and John Greer. The corporate team also included partner Ryan Lynch with Houston associates Clayton Heery, Jessica Sherman, Austin Sheehy and Ziyad Barghouthy. Advising on tax issues were Houston partners Tim Fenn and Bryant Lee, along with associate Emily Fawcett. Advice on environmental issues was provided by partner Joel Mack in Houston and counsel Josh Marnitz in Los Angeles. The team was rounded out with lawyers from the firm’s offices in the Bay Area, Los Angeles, Frankfurt and Washington DC.

Notes: This is the third de-SPAC merger for SWAG which is headed from Las Vegas by former Bass organization executive Jonathan Huberman, a Princeton/Wharton grad.

Payroll platform Payrix sold to FIS

Deal Description: FIS, a Florida-based Fortune 500 Fintech provider, announced Feb. 14 that it is acquiring Payrix, the Atlanta-headquartered SaaS payroll platform. Formed in 2015, Payrix is a portfolio company of growth equity firm Providence Strategic Growth (PSG) and Blue Star Innovation Partners, the growth equity family office of Rob Wechsler and Jerry Jones, owner of the Dallas Cowboys. Terms of the deal were undisclosed.

Payrix Outside Counsel: Payrix was advised by Weil Gotshal with a team led from Boston by Kevin Sullivan and from Dallas by partner David Gail. Assisting were associates Benjamin Rowe and Luke Harley in Dallas and Jeff Lord in New York. The team also included tax partner Hillel Jacobson and benefits partner Jennifer Britz, also in New York.

Notes: Gail and Sullivan have represented PSG in a variety of deals over the past few years. Last year the two helped PSG recapitalize Lumaverse, a SaaS platform for education and nonprofit operations, as well as a $425 million growth investment in Formstack, yet another business software provider, led by Silversmith Capital Partners. PSG was an existing investor in Formstack.

Infrastructure contractor acquires Idaho fiber firm

Deal Description: Atlanta-based Revive Infrastructure Group announced Feb. 1 that it has purchased the Elite Utilities and Trenching an Idaho fiber optics-to-home installation contractor. Terms of the deal were not disclosed. The add-on deal was done in partnership with Sileo Capital and Brightwood Capital and is the fourth acquisition since Sileo formed Revive as part of its July 2021 acquisition of Excel Utility Contractors last year.

Revive Outside Counsel: McGuireWoods advised Revive with a team led from Dallas by partner Jeffrey Brooker, along with associates William Matthews and Leslie DeGonia, also in Dallas.

Elite Outside Counsel: Todd Rossman Law

Iowa fiber provider imOn acquired by Goldman Sachs

Deal Description: In another infrastructure acquisition, Goldman Sachs Asset Management announced Feb. 17 the acquisition of an Iowa fiber-to-the-residence provider. ImOn Communications is hoping to expand its high-speed fiber network beyond its regional operations in the Cedar Rapids area. The company currently owns and operates more than 2,000 miles of fiber optic networking routed to homes and businesses for video, voice and data.

Goldman Sachs Outside Counsel: Simpson Thacher & Bartlett advised Goldman Sachs with a team led by partners Katherine Krause from New York and Breen Haire from Houston. Other Texas lawyers included associates Tyler Cox, Zain Rifat and Austin Hubbert, also of Houston.

Note: Last year, Haire led a Simpson team advising KKR in its major investment with Indiana-based ISP MetroNet.

CAPITAL MARKETS/FINANCINGS

Valero prices $650M public offering of senior notes

Deal Description: Valero Energy Corp. announced Feb. 2 the pricing of its public offering of $650 million of 4% senior notes due 2052. The offering closed Feb. 7. Valero used all of the net proceeds and cash on hand to finance its cash tender offers to repurchase its outstanding 3.650% senior notes due 2025, 2.850% senior notes due 2025, 3.400% senior notes due 2026, 2.150% senior notes due 2027 and 4.350% senior notes due 2028 and the 4.375% senior notes due 2026 and 4.500% senior notes due 2028 issued by Valero Energy Partners and guaranteed by Valero. The early settlement date with respect to the tender offers was Feb, 17.

Banks Involved: J.P. Morgan Securities, BofA Securities Inc., Scotia Capital (USA) Inc. and Wells Fargo Securities were joint book-running managers and SMBC Nikko Securities America Inc., J.P. Morgan Securities, Mizuho Securities USA, Citigroup Global Markets Inc. and MUFG Securities Americas Inc. were dealer managers in the tender offers.

Valero’s Outside Counsel: Baker Botts including, from corporate, Ted Paris (senior counsel), Jamie Yarbrough (senior associate), Parker Hinman (associate) and Rob Cowan (associate) and from tax Derek Green (partner), Jon Lobb (partner) and Phillip Clifton (associate), all from Houston.

HighPeak prices $225M private placement of senior unsecured notes

Deal Description: HighPeak Energy, Inc. announced Feb. 9 the pricing of a private placement of $225 million principal amount of 10.0% senior unsecured notes due 2024. The offering was expected to close on Feb. 16. HighPeak intends to use the proceeds to fund its 2022 development drilling program, pay off the outstanding debt under its revolving credit agreement and pay related fees and expenses. HighPeak is a publicly traded independent oil and natural gas company, headquartered in Fort Worth, focused on the acquisition, development, exploration and exploitation of unconventional oil and natural gas reserves in the Midland Basin in West Texas.

HighPeak’s Outside Counsel: Vinson & Elkins led by partners Sarah Morgan and David Wicklund, senior associates Caitlin Snelson and Jackson O’Maley and associate Ximena Kuri.

Venterra counts First Reserve as investor in third funding round

Deal Description: Venterra Group, an offshore wind energy services business, announced Feb. 18 that First Reserve participated as a strategic investor in its third funding round since its formation in early 2021. Terms were not disclosed. Venterra was created to support the offshore wind industry’s expansion as part of the energy transition. It is building a service offering across the wind-farm lifecycle through acquisition and investment to generate accelerated growth. First Reserve CEO Alex Krueger was appointed to Venterra’s board as a non-executive director. First Reserve is a global private equity investment firm focused on industrial, infrastructure and energy businesses.

Venterra’s Outside Counsel: Vinson & Elkins advised in its private placement of ordinary shares with corporate team was led by partners David Oelman and Michael Gibson with assistance from associate Christina Wu. Also advising was partner Palmina Fava (litigation).

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