We talk about the energy industry a lot in these pages. And sometimes it feels like we are saying the same thing over and over. Please place that in the bucket marked “Observation” and not the oversized bin marked “Complaint.”
In the news business, we sometimes undervalue the sameness of stability because, well, it’s not “new.” But here at the CDT Roundup, we do recognize stability as a good thing, especially in a business sector that has been the core of the Texas economy for more than a century.
In that spirit, forgive us a drumroll (instead of an eye roll) as we summarize the latest energy survey from the Federal Reserve Bank of Dallas: Expect more of 2023 in 2024.
The Fed’s 11th District (Texas plus swaths of northern Louisiana and southern New Mexico) regularly solicits opinions of active energy executives on their observations and expectations, and the latest of both aren’t exactly scintillating. Business activity in the oil and gas sector for the final quarter of 2023 was “essentially unchanged.” And expectations for 2024, though slightly more pessimistic, are more of the same.
In coming weeks, the story of 2023 dealmaking in Texas will be laid out in detail, but it will amount to this: consolidation in the upstream and midstream markets characterized by risk-averse buying and a few megadeals. And now, according to the Dallas Fed, 2024 looks to be identical — at least as measured by business activity.
Whether that is a good thing apparently depends on the size of your company and your plans for capital expenditures. Survey respondents included executives from 94 exploration and production firms and 47 oil and gas service providers. Viewed together, nearly 60 percent said they expect their own spending to remain close to 2023 levels or increase slightly.
But size seems to matter in these things. Among the large E&P firms, 35 percent said they expect their capital expenditures to remain close to that of 2023; among the smaller E&Ps, the number fell to 22 percent.
But smaller E&Ps were/are bullish. About 35 percent of the large E&Ps see their capex increasing next year — 30 percent suggesting a slight increase and 5 percent predicting a “significant” increase. Among the small E&Ps, however, 47 percent predicted their capital spending will increase, with 15 percent predicting their spend will be “significantly higher” than last year.
The outlook among oil and gas services respondents was decidedly less sanguine. More than 60 percent in that vulnerable sector see their 2024 capex at or below 2023 levels. In a telling comment focused on the recent string of upstream consolidations, one services executive predicted bluntly: “Major oil companies’ passion for consolidating purchasing and procurement of major services to one or two vendors (drilling contractors) will eventually cost them dearly.”
While respondent comments were veined with concerns about OPEC+, labor prices and the political targeting of fossil fuels, one glaring prediction of stability was oil pricing. Nearly 80 percent of respondents, regardless of size, say their planning for next year is based on WTI oil prices stabilized at or above $70 per barrel.
What will that do for M&A? Maybe a lot.
About 30 percent of the large E&Ps said their primary goal in 2024 is to “acquire assets.” In a neatly dovetailed statistic, nearly 45 percent of the small E&Ps said their goal is to “grow production.” And 77 percent said they expect more megadeals (combinations valued at $50 billion or more) like those that characterized 2023.
So maybe there will be no “shock and awe” during the year before us. But maybe that will prove to be a good thing.
You’ll need to read each of the below summaries carefully to find them all, but Texas lawyers reported 23 individual deals valued at $4.2 billion for the penultimate week of 2023. However, only six of 16 M&A deals had a disclosed transaction value, leaving the M&A subtotal to linger at only $1.8 billion. Last week there were 13 deals for a reported $16.4 billion. This time last year were reported 14 deals for $7.9 billion, but that included two weeks worth of pre-holiday deals.
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 | ||
|---|---|---|---|---|---|---|---|---|
| 10-May-2025 | 24 | $33,175 | 16 | 206 | 19 | $30,765 | 5 | $2,410 |
| 03-May-2025 | 11 | $4,249 | 13 | 90 | 11 | $2,226.5 | 2 | $2,022.5 |
| 26-Apr-2025 | 12 | $8,787 | 9 | 168 | 9 | $6,011 | 3 | $2,776 |
| 19-Apr-2025 | 11 | $8,097 | 7 | 138 | 9 | $7,985 | 2 | $112 |
| 12-Apr-2025 | 13 | $2,392 | 8 | 152 | 10 | $2,065 | 3 | $327 |
| 05-Apr-2025 | 19 | $27,762 | 15 | 188 | 16 | $25,473 | 3 | $2,289 |
| 29-Mar-2025 | 21 | $8,188 | 10 | 258 | 16 | $4,125 | 5 | $4,064 |
| 22-Mar-2025 | 19 | $6,485 | 14 | 231 | 15 | $4,128 | 4 | $2,857 |
| 15-Mar-2025 | 13 | $13,737 | 13 | 151 | 10 | $9,932 | 4 | $3,805 |
| 8-Mar-2025 | 7 | $2,234 | 5 | 66 | 5 | $224 | 2 | $2,100 |
| 1-Mar-2025 | 11 | $3,050 | 8 | 75 | 10 | $2,550 | 1 | $500 |
| 24-Feb-25 | 12 | $16,397 | 7 | 149 | 6 | $6,635 | 6 | $9,862 |
| 17-Feb-25 | 17 | $12,136 | 13 | 134 | 10 | $9,411 | 2 | $2,725 |
| 10-Feb-25 | 14 | $7,154 | 9 | 179 | 9 | $4,950 | 5 | $2,204 |
| 3-Feb-25 | 16 | $10,068 | 7 | 200 | 11 | $7,553 | 5 | $2,515 |
| 25-Jan-25 | 14 | $10,261 | 10 | 125 | 9 | $2,207 | 5 | $8,054 |
| 18-Jan-25 | 19 | $7,382 | 15 | 316 | 12 | $2,300 | 7 | $5,082 |
| 11-Jan-25 | 21 | $33,560 | 16 | 187 | 16 | $32,521 | 5 | $1,039 |
| 4-Jan-25 | 9 | $6,827 | 9 | 80 | 9 | $6,827 | 0 | 0 |
| 21-Dec-24 | 11 | $2,798 | 11 | 92 | 8 | $2,229 | 3 | $570 |
| 14-Dec-24 | 15 | $5,323 | 12 | 186 | 12 | $3,812 | 3 | $1,511 |
| 07-Dec-24 | 16 | $4,766 | 10 | 231 | 11 | $2,321 | 5 | 2,445 |
| 30-Nov-24 | 10 | $10,291 | 9 | 103 | 4 | $8,290 | 6 | $2.001 |
| 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 | 23 | $26,616 | 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
Kodiak acquires CSI Compressco in $854M deal
Deal Description: Kodiak Gas Services Inc. and CSI Compressco announced Dec. 19 that they executed a definitive merger agreement in which Kodiak will acquire CSI Compressco in an all-equity transaction valued at around $854 million, including $619 million in net debt assumption, based on the closing price of Kodiak’s stock on Dec. 18. CSI Compressco unitholders will receive 0.086 shares of Kodiak common stock for each CSI Compressco common unit owned. The combined company will have an “Up-C” structure at closing and CSI Compressco unitholders meeting certain requirements can elect to receive 0.086 limited liability company units representing economic interests in Kodiak’s operating subsidiary, along with an equal number of shares of non-economic voting preferred stock of Kodiak, for each CSI Compressco common unit held. Each such unit will be redeemable at the option of the holder for one share of Kodiak common stock, along with cancellation of a corresponding share of preferred stock, after a six month post-closing lock-up. After closing, CSI Compressco unitholders will own 14 percent of the combined company.
The addition of CSI Compressco will give Kodiak the largest contract compression fleet in the industry with 4.3 million revenue-generating horsepower while also extending its service offerings deeper into the natural gas value chain through CSI Compressco’s treating, gas cooling and aftermarket services businesses. The enhanced scale will deepen Kodiak’s industry-leading footprint in key operating areas such as the Permian Basin and Eagle Ford Shale.
Like Kodiak, CSI Compressco’s natural gas compression revenues are supported by fixed-revenue contracts with inflation-protection mechanisms intended to drive stable cash flows through commodity price cycles. Using Wall Street consensus estimates for both companies, the combined entity is expected to generate $630 million in 2024 adjusted EBITDA after the expected annual run-rate cost synergies of at least $20 million. The transaction is expected to be immediately accretive to Kodiak’s cash flows. Kodiak continues to expect to achieve its long-term leverage target of 3 to 3.5 times by year-end 2025. Certain unitholders of CSI Compressco, including Spartan Energy Partners, which controls the CSI Compressco GP, Merced Capital and Orvieto Fund which collectively own more than 50 percent of CSI Compressco’s outstanding units, support the deal. Kodiak expects to launch a senior notes offering in the first quarter of 2024, the proceeds of which would be used to refinance CSI Compressco’s debt at the acquisition closing.
Expected Closing: Q2 2024 if it clears regulators
Kodiak’s Financial Advisor: Barclays
Kodiak’s Outside Counsel: King & Spalding led by Keith Townsend and Robert Leclerc in Atlanta
CSI Compressco’s Financial Advisor: Jefferies
CSI Compressco’s Outside Counsel: Vinson & Elkins led by partners David Oelman and Lande Spottswood, counsel Raleigh Wolfe and senior associate David Bumgardner, with assistance from associates Tushar Parashar, Patrick Reintjes, Matthew Rando and Nick Priebe. Also advising on the deal were partner Ryan Carney, counsel Allyson Seger, senior associate Curt Wimberly and associate Paige Rapp (tax); partner David D’Alessandro, counsel Missy Spohn and associates Kenneth Strain and Morgan Whittlesey (executive compensation/benefits); senior associate Alex Lewis and associate Travis Ewing (capital markets); partners Hill Wellford and Kara Kuritz, and counsel Evan Miller and senior associate Ryan Will (antitrust); partner Sean Becker and associate Ashley Plunk (employment/labor); partner David Wicklund and associates Arthur Munoz and Ariel Guerrero-Stewart (finance); partner Matt Dobbins and associate Ryan Vanderlip (environmental); counsel Rajesh Patel and associates Alexa Chally (technology transactions/IP); and partner David Johnson and counsel Brian Howard (sanctions).
Ebix files Chapter 11, sells life insurer to Zinnia for $400M
Deal Description: Sidley Austin said Dec. 18 it represents Ebix Inc. on its Chapter 11 case filed in the U.S. Bankruptcy Court for the Northern District of Texas and its “stalking horse” agreement to sell its North American Life and Annuity assets to Zinnia for $400 million to strengthen its balance sheet and position it for sustainable growth. Zinnia, which has backing from Eldridge and KKR, is a life insurance and annuity technology and service company. Ebix is an international supplier of on-demand software and e-commerce services industries.
Ebix’s Financial Advisor: AlixPartners
Ebix’s Investment Banker: Jefferies
From Sidley: Thomas R. Califano, Rakhee Patel, Ameneh Bordi and Jeri Leigh Miller
Lenders’ Outside Counsel: Brian Trust at Mayer Brown and Sam Khalil at Milbank
Stonepeak invests $200M in Guam’s digital infrastructure provider GTA
Deal Description: TeleGuam Holdings (GTA), Guam’s digital infrastructure provider of broadband, wireless, data center and subsea cable landing services, announced Dec. 18 that New York-based alternative investment firm Stonepeak will plow up to $200 million into GTA. The investment will be structured as primary capital and Huntsman Family Investments (HFI) and its affiliates will continue to be the majority owner of GTA and operate the asset. Huntsman partner Benjamin Wu will assume the role of CEO of Forager Holdings, the parent company of GTA, as it continues to invest in other digital infrastructure opportunities on Guam, the Pacific Islands and in the Asia-Pacific region. With Stonepeak’s investment, GTA will be able to strengthen its presence throughout Guam through the development of additional data centers and the accelerated buildout of its fiber network to provide island-wide fiber-to-the-home service.
Expected Closing: Within the next month
HFI and GTA’s Financial Advisor: Lazard
HFI and GTA’s Outside Counsel: Bryan Cave Leighton Paisner including Aaron M. Lang, Erica Augustine, Brandon Gershowitz and Jonathan Nesher
Stonepeak’s Outside Counsel: Sidley Austin including Tim Chandler, Angela Richards, Jeremy Pettit, Courtney Luster and Molly Byman
Marathon Digital acquires bitcoin mining sites for $179M
Deal Description: Marathon Digital Holdings Inc. said Dec. 19 it entered into a definitive purchase agreement to acquire two operating bitcoin mining sites totaling 390 megawatts of capacity from subsidiaries of Generate Capital PBC for $178.6 million in cash, or $458,000 per megawatt. Marathon will fund the sum from its balance sheet. The transaction represents Marathon’s first fully owned sites and marks its transition from an asset-light organization to one that manages Bitcoin mining operations. Marathon’s Bitcoin mining portfolio consists of 584 megawatts of capacity, 3 percent of which are sites owned and/or operated by the company, and 97 percent hosted by third parties. Following the close of the transaction, Marathon’s Bitcoin mining portfolio will consist of 910 megawatts of capacity, 45 percent of which are on sites directly owned by the company and 55 percent hosted by third parties. The expansion opportunities at the sites increase Marathon’s Bitcoin mining pipeline and provide the company with the potential to double its current operational hash rate over the next 18 to 24 months. The data centers in Granbury, Texas, and Kearney, Nebraska, both of which have third-party operators.
Expected Closing: Q1 2024
Marathon’s Outside Counsel: Paul, Weiss, Rifkind, Wharton & Garrison
Generate’s Outside Counsel: Kirkland & Ellis led by corporate partners Rob Goodin and Daniel Cadis and associates Austin Johnson and Selin Ozaltun; debt finance partner Brian Greene; tax partner William Dong and associate Nicole Martin; energy regulatory partner Marcia Hook; and real estate partners Kevin Ehrhart and Jenny Warfield.
Insight invests $92M in EDH
Deal Description: Employer Direct Healthcare, a specialty healthcare network solution, announced Dec. 19 a $92 million secondary investment from global software investor Insight Partners, bringing the company’s valuation to $1 billion. EDH’s existing institutional investors, Serent Capital, Redmile Group and Dundon Capital, will maintain their ownership interest in the business. EDH has grown to become one of the largest participants in the specialty networks, centers of excellence and bundled payments categories for employers who self-fund healthcare coverage for their employees. EDH serves hundreds of self-funded plan sponsors across 1,000-plus employers, including two dozen Fortune 500 employers and three dozen public sector entities representing 4 million people across the U.S. The EDH network includes 3,000 surgeons and oncologists and 500 facility partners spanning 157 metropolitan regions across the country. Over the past 12 years, EDH has facilitated 43,000 surgeries, including 15,000 in 2023, reducing members’ financial burdens by an average of $4,000. While doing so, EDH has lowered overall healthcare costs for employer clients by $700 million since inception and will reduce overall healthcare costs for clients by 2 percent in 2023.
Insight’s Outside Counsel: Willkie Farr & Gallagher led by partner Matthew Haddad in New York and associate Joe Laurel in Houston
Conn’s buys retailer W.S. Badcock for stock worth $87.5M
The Woodlands, Texas-based Conn’s Inc., a retailer of home goods, including furniture and mattresses, appliances and consumer electronics, announced Dec. 18 that it consummated a transaction that has resulted in W.S. Badcock, a home furnishings company in the southeastern U.S., becoming a wholly-owned subsidiary of the company. Terms weren’t disclosed in the press release, but in a SEC filing, the company issued 1 million shares of preferred stock to Franchise Group Newco BHF and Freedom VCM Interco Holdings Inc. that are convertible into 24.5 million shares of non-voting common stock recently worth $87.5 million. The shares represent 49.99 percent of Conn’s common stock. Conn’s also announced that Norman Miller has been named president and CEO of Conn’s, having served as a board member since September 2015 and interim president and CEO since October 2022. Founded in 1904, Badcock operates nearly 380 stores in eight southeastern states comprised of 65 corporate locations and 310 independent dealer owned stores providing customers with furniture, appliances, bedding, electronics, home office equipment, accessories and seasonal items. Mitchell Stiles, president and COO of Badcock, will lead Badcock and report to Conn’s CEO.
Franchise Group/W.S. Badcock’s Outside Counsel: Willkie Farr & Gallagher with a New York team led by corporate partners Russell Leaf and Jared Fertman and counsel Jeff Daniel and finance partners Andres Mena and Charlotta Chung
Franchise Group/W.S. Badcock’s Financial Advisors: JP Morgan Securities
Conn’s Outside Counsel: Sidley Austin was led by partners Kevin Lewis (Houston) and William Howell (Dallas)
Conn’s Financial Advisors: Stephens Inc. and Deutsche Bank Securities Inc.
Coupang saves Farfetch from bankruptcy
Deal Description: Global retailer Coupang Inc. announced Dec. 18 plans to acquire the business and assets of Farfetch Holdings, a London-based online luxury company. Terms weren’t disclosed, but the deal gives Farfetch access to $500 million of capital to continue providing exclusive brands and boutiques with bespoke, cutting-edge technology and giving leading designers access to consumers. Greenoaks, a global investment firm, brought financial expertise to the transaction and is Coupang’s investment partner in the deal. Coupang claims the acquisition positions it as a leader in the $400 billion global personal luxury goods segment. Founded by CEO José Neves, a 49-year-old Portuguese entrepreneur, Farfetch was teetering on the brink of bankruptcy, according to The New York Times. Coupang said it’s positioned to unlock Farfetch’s value for the vast personal luxury goods segment in South Korea, which has the world’s highest per-capita spending on personal luxury goods. Coupang is South Korea’s answer to Amazon.
Coupang’s Outside Counsel: Sidley Austin including Martin Wellington (M&A, Palo Alto), Mark Knight (restructuring, London), Karen Goldstein (global finance, Dallas), Ken Daly (Antitrust and Competition, Brussels), Ryan Scofield (M&A, Dallas), Jifree Cader (Restructuring/London), Dhevine Chandrapala (restructuring/London) and Courtney Gilberg (M&A/Dallas)
Farfetch’s Outside Counsel: Latham & Watkins
Senior Lender’s Outside Counsel: Milbank
Highlander merges Benestar Brands with Wind Point-backed Palmex
Deal Description: Katten said Dec. 18 it represented Highlander Partners, a Dallas-based private investment firm, on the recent merger of its Chicago-based portfolio company Benestar Brands with Palmex S. de R.L. de C.V. (Palmex), a portfolio company of Wind Point Partners. Terms weren’t disclosed on the deal, which was announced Dec. 11. Wind Point will become the majority shareholder of the combined business while Highlander will keep a significant minority position. Chicago-based Benestar operates as a holding company for brands of snack products, including Mac’s, 4505, Pretzilla, Turkey Creek, Cazo de Oro, PORQ and Chicas Tortilla Chips, and manufactures pork rinds and tortilla chips for global markets. Monterrey, Mexico-based Palmex is a manufacturer of “better-for-you” and Hispanic snack pellets, an intermediate component in various salty snack products such as veggie sticks and straws and wavy snacks. The transaction includes a plan to separately spin out the Pretzilla division, manufacturer of pretzel bread and snacks, of Benestar as a standalone business entity to be held by Highlander and Pretzilla management.
From Katten: The team was led by corporate partners Mark Solomon, Peter Bogdanow and Christopher Isaacs
Highlander’s Other Counsel: Creel, Garcia-Cuellar, Aiza y Enriquez
Transaction Advisory Services Provider: Alvarez and Marsal
Accounting/Tax Services Provider: RSM
Financing Facilities Provider: Antares Capital in support of the merger and Capital One for Pretzilla
GI Partners buys DQE Communications
Deal Description: GI Partners, an investor in data infrastructure businesses, announced Dec. 19 that it signed an agreement to acquire DQE Communications from its parent company, Pittsburgh-based Duquesne Light Holdings Inc. Terms weren’t disclosed. Duquesne Light is owned by GIC Pte. Ltd. (44.4%), Manulife Investment Management/PGGM Infrastructure Fund (30.4%) and APG Americas Infrastructure/CalSTRS/Argo Infrastructure Partners (25.2%). The transaction provides DQE with resources to expand as it offers connectivity services as a standalone fiber infrastructure provider. Formed in 1997 as a subsidiary of DLH, DQE Communications has extended its geographic reach beyond its core Pittsburgh footprint and evolved into the region’s largest independent fiber provider offering infrastructure-oriented communication services, including a 4,700-route mile fiber network that connects more than 3,000 on-net businesses, towers and data centers with expansion projects underway in strategically adjacent markets. The transaction will bolster DQE’s expansion of its fiber network operations to capitalize on the demand for high-capacity, carrier-class bandwidth services by its customers in the enterprise, carrier, wireless, education, municipal and government sectors. GI has raised more than $42 billion in capital.
Expected Closing: H1 2024 if the transaction clears regulators
DLH’s Financial Advisor: J.P. Morgan
DLH’s Outside Counsel: Taft Stettinius & Hollister
GI’s Financial Advisor: TD Securities
GI’s Outside Counsel: Simpson Thacher & Bartlett led by Houston-based M&A partner Christopher May
mPulse acquires HealthTrio, Decision Point Healthcare
Deal Description: mPulse, a provider of conversational AI and digital engagement solutions for the healthcare industry, announced Dec. 19 the acquisition of HealthTrio and Decision Point Healthcare Solutions. The purchases position mPulse as a full-service member engagement, analytics and activation platform for healthcare organizations. The transactions were supported by PSG, mPulse’s current majority investor, along with investments from other shareholders and current management from all three companies.
mPulse’s Outside Counsel: Weil, Gotshal & Manges including partners David Gail (Dallas), Benton Lewis (New York) and Jonathan Macke (Dallas)
mPulse’s Other Advisors: CBIZ Inc. and KPMG
HealthTrio’s Advisors: TripleTree and Cooley
Decision Point Health’s Outside Counsel: TCF Law
Shell sells wind, solar projects to InfraRed
Deal Description: Norton Rose Fulbright said Dec. 20 it advised Shell Wind Energy Inc. on the sale of its 60 percent interest in the Brazos Wind Project and Savion Equity in its 50 percent interest in the Madison Fields Solar Project. Both clients are Shell subsidiaries and will sell their stakes to InfraRed Capital Partners. Brazos is an onshore wind farm in Fluvanna, Texas, that is being repowered and expected to generate 182 megawatts when complete early next year. Shell will retain complete power offtake of the project through Shell Energy North America. Madison Fields, a solar development in Madison County, Ohio, is under construction and is expected to generate 180 megawatts when complete at the end of this year. The project will keep an existing corporate power purchase agreement in place with a third party. Norton Rose Fulbright is also representing Savion in the tax equity financing of the Madison Fields project. As the asset manager of both projects, Shell will benefit from Inflation Reduction Act tax credits. Both sales are expected to be completed by early 2024.
From Norton Rose Fulbright: The deal team was led by Becky H. Diffen (Austin) and Benjamin Koenigsberg (New York) and included Madison Keeble and Geetika Jerath (Austin), Christine Fernandez Owen (Chicago), Liz O’Connell (Denver), Caileen Kateri Gamache and Ibrahim Basit (Houston), David Burton and Namratha Minupuri (New York), Justin S. Davenport (San Antonio) and Andrew Eklund (Washington, D.C.).
Fengate reaches financial close on cogeneration facility near Chicago
Deal Description: Sidley Austin said Dec. 20 it represented Atlantic Power & Utilities on its sale to Fengate Asset Management of 100 percent of the equity interests in Morris Cogeneration, a project company that owns a 177-megawatt combined heat and power facility in Morris, Illinois. Fengate acquired ownership of the facility under its strategic operating partnership with energy generation investor and asset manager Ironclad Energy. The deal was announced Dec. 19 for an undisclosed sum.
From Sidley: The team was led by partner Noreen Phelan and senior managing associate Mario R. Samos (both energy and infrastructure). Additional assistance was provided by partners Terence T. Healey (energy and infrastructure), Robert L. Golub (real estate), Hagai Zaifman (tax) and Tara Higgins (energy and infrastructure); counsel Scott J.F. Goldstein (insurance); and associates Kiana N. Shin (energy and infrastructure) and Daniel Henry (tax).
Fengate’s Outside Counsel: Davies Ward Phillips & Vineberg
Apex sells assets to ERG
Deal Description: Apex Clean Energy announced Dec. 21 an agreement with ERG, a European renewable energy producer, for the partial sale of a portfolio of operating clean energy assets in the U.S. Terms weren’t disclosed. Apex will continue to own a 25 percent stake and manage the operations of the facilities with ERG acquiring a 75 percent stake. The portfolio, the first in a series that will support Apex’s capital recycling program, includes 224.4 megawatt Great Pathfinder Wind in Iowa and 92.4 megawatt Mulligan Solar in Illinois. The projects began commercial operations in February 2023 and July 2022, respectively. The assets benefit from tax equity investments and long-term power purchase agreements with market-leading counterparts.
Expected Closing: H1 2024 if it clears regulators (including CFIUS, HSR Commission and DG Comp) and change of control consent from third parties (including tax equity investors and PPA counterparts)
Apex’s Financial Advisors: J.P. Morgan Securities and Santander
Apex’s Outside Counsel: Kirkland & Ellis with a team led by corporate partners Robert Goodin and Alec Manzer and debt finance partners Rohit Chaudhry and Leila Ravi along with corporate associates Austin Johnson and Mohammad Alkadhem; tax partners Michael Masri and William Dong and associate Julia Ye; debt finance partner William Nicholson; and energy regulatory partner Drew Stuyvenberg.
Houlihan Lokey acquires Triago
Deal Description: Private equity advisory firm Triago signed a definitive agreement Dec. 20 to be acquired by global investment bank Houlihan Lokey Inc. Terms weren’t disclosed. Founded in Paris in 1992 as one of the world’s first private equity placement agents, Triago has a 50-person staff operating out of New York, San Diego, London, Paris and Dubai. The firm will join with Houlihan Lokey’s private funds group (PFG). Triago founder and chairman Antoine Drean will become chairman emeritus and Triago’s global CEO Matt Swain will become head of direct placements and secondaries of the PFG unit operating under the Houlihan Lokey name. Founded in Los Angeles in 1972, Houlihan Lokey ranked as the top investment banking advisor for all global M&A transactions under $1 billion in 2022, according to Refinitiv based on deal volume. Direct private equity transactions focus on an identified asset and are organized outside of traditional blind-pool funds or co-investment programs, offering greater influence and agency to investors than traditional funds or passively structured co-investments.
Expected Closing: H1 2024 if the deal clears regulators
Triago’s Financial Advisor: Keefe, Bruyette & Woods, part of Stifel
Triago’s Outside Counsel: Willkie Farr & Gallagher, including partner Fabrice Veverka in Paris and partner Ryan Giggs in Houston, and Mayer Brown
Unilever expands into hair bonding with acquisition of K18 Brand
Deal Description: Retail consumer giant Unilever announced Dec. 22 its acquisition of K18, an up-and-coming biotechnology brand used in hair repair and bonding. Founded in 2020 by Britta Cox and Suveen Sahib, K18 has based its rapid growth on intense social media marketing, especially through Tik Tok. Terms were undisclosed.
Outside Counsel for K18: Sidley Austin advised K18 with a team led from Houston by partner Mark Metts, assisted by managing associate Ashley Moulder, as well as associates Evan Grosch and Katy Yu (M&A). The team also included San Francisco partner Rachelle Soderstrom and associate Ida Ebeid (Technology and Life Sciences Transactions); Chicago partner Teresa Reuter and managing associate Katie Sreenan (Labor and Employment); Chicago partner Greg Marrs, senior managing associate Elizabeth T. Burns, and Madeline Clasen (Employee Benefits and Executive Compensation); Houston partner Zackary Pullin and New York managing associate Alvin Wang (Tax); Counsel Ash Nagdev in London, associate Ernesto R. Claeyssen in New York, partner Francesca Blythe in London, and London senior managing associate Denise Kara (Privacy and Cybersecurity); partner Diane McEnroe and regulatory counsel Susan Stolzer (Food, Drug, and Medical Device) weighed in from New York; senior managing associate Jamie M. Sadler and Michael Weinberg (Antitrust and Competition) advised from New York and Washington D.C.; New York partner Michael D. Mann (White Collar: Government Litigation and Investigations); Houston partner Heather M. Palmer and Houston associate Greta T. Carlson (Environmental); counsel Scott J.F. Goldstein (Insurance) from Chicago; partner Jen Fernandez and associate Lindsey Ricchi (Global Arbitration from Washington, Trade and Advocacy); and partner Samuel N. Tiu (IP Litigation) from Los Angeles.
CAPITAL MARKETS/FINANCINGS
Vistra launches 3 capital markets deals worth $1.5B
Deal Description: Sidley said Dec. 21 it represented Vistra Corp in three capital markets deals. In the first, Vistra issued $400 million in 6.950 percent senior secured notes due 2033, which form part of the same series. In the second, Vistra issued $350 million in 7.750 percent senior notes due 2031, which also form part of the same series. Both deals are expected to close Dec. 22. And in the third, Vistra opened offers to purchase for cash a portion of its outstanding 3.55 percent senior secured notes due 2024, 4.875 percent in senior secured notes due 2024 and 5.125 percent in senior secured notes due 2025 up to $750 million, which the company can opt to increase or decrease. Vistra is an integrated retail electricity and power generation company based in Irving, Texas.
From Sidley: Bill Howell, Jocelyne Kelly, J.D. Swancoat and Kelly Dybala worked on the first one, Howell, Kelly, Swancoat and Molly Byman on the second and third transaction.
Permian Resources prices $509.6M secondary offering of Class A common
Deal Description: Vinson & Elkins said Dec. 21 it advised Permian Resources Corp. and certain affiliates of NGP Energy Capital Management, Riverstone Investment Group and EnCap Investments as selling stockholders in connection with an underwritten public offering of 39.4 million shares of the company’s Class A common stock by such selling stockholders, resulting in $509.6 million of proceeds before expenses. Concurrently with the closing of the offering, the company repurchased 2.25 milion common units in Permian Resources Operating at a price per common unit equal to the price per share at which the underwriter purchased shares of Class A common stock in the offering. The offering closed Dec. 21.
From V&E: The team was led by partners Doug McWilliams and Jackson O’Maley, with assistance from senior associate Alex Lewis and associates Nate Richards, Delery Perret, John Frey, Patience Li and Farzin Khoshravan. Also advising were partner Wendy Salinas and associate Jeff Slusher (tax); and partner Dario Mendoza and associates Cassandra Zarate and Eric Hechler (executive compensation/benefits).
Kinetik prices upsized $300M placement of more sustainability-linked notes
Deal Description: Vinson & Elkins said Dec. 20 it served as issuer’s counsel in connection with Kinetik Holdings’ offering of $300 million sustainability-linked senior notes due 2028. The size of the offering was increased from the previously announced $200 million. The offering closed on Dec. 19.
From V&E: The corporate team was led by partners Scott Rubinsky, David Stone and Doug McWilliams and senior associate Alex Lewis with assistance from associates Travis Ewing, Autumn Simpson, Hope Kaady and Ashley Osborne. Also advising was partner Darin Schultz and counsel Zach Rider with assistance from associates Taylor Daily, Joe Kmak, James Payne and Sydni Daniels (finance); partners Wendy Salinas, Lina Dimachkieh and Brian Russell and associates Adam Bateman and Jeff Slusher (tax); and partner Dario Mendoza and associates Mary Daniel Morgan and Cassandra Zarate (executive compensation/benefits).
Initial Purchasers’ Outside Counsel: Latham & Watkins with a capital markets team led by Austin/Houston partner Michael Chambers and Houston associate Om Pandya with Austin associate Connor Adams and Houston associates Chris Fanick and Braydon Jones. Advice was also provided on ESG matters by Washington D.C./Austin partner Sarah Fortt with Houston associate Austin Pierce; on tax matters by Houston partner Tim Fenn with Houston associates Christine Mainguy and Dominick Constantino; and on environmental matters by Los Angeles/Houston partner Josh Marnitz.
SPAC Bayview Acquisition closes upsized $60M IPO
Deal Description: Bayview Acquisition Corp. announced Dec. 19 that it closed its upsized initial public offering of 6 milion units at a price of $10 per unit. The units are listed on the Nasdaq Stock Market and began trading under the ticker symbol “BAYAU” on Dec. 15. Each unit consists of one ordinary share and one right, with each right entitling the holder to receive one-tenth of one ordinary share at the consummation of an initial business combination. After the securities comprising the units begin separate trading, the ordinary shares and rights are expected to be listed on Nasdaq under the symbols “BAYA” and “BAYAR,” respectively. The company granted the underwriters a 45-day option to purchase up to an additional 900,000 units at the IPO price to cover any over-allotments. Bayview Acquisition Corp is a blank check company whose business purpose is to effect a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. Bayview intends to focus its search on businesses in Asia.
Book-running Manager: Chardan Capital Markets
Bayview’s Outside Counsel: Winston & Strawn led by Mike Blankenship and including David Sakowitz, Jesse Dowdle, Allan Jeanjaquet, Alexandra Santana and Emily Semon
Diversified Energy lists on Big Board
Deal Description: Birmingham, Ala.-based Diversified Energy Co. said trading of its ordinary shares will begin at U.S. market open Dec. 18 on the New York Stock Exchange under the ticker symbol “DEC.” It recently had a market capitalization of $682.47 million. As previously announced, the company used a direct listing process. It will continue to trade on the main market of the London Stock Exchange and expects that it will continue to be a constituent of the FTSE 250 index in the U.K. No ordinary shares are being offered or sold in connection with the NYSE listing. The company had a recent market capitalization of $511 million on the LSE. Diversified’s board believes that the U.S. listing will be beneficial for the company and its shareholders for multiple reasons, including raising its profile in the U.S., broadening its access to equity investors, including domestic funds, increasing its ability to attract a broader group of equity research analysts, enhancing its daily trading liquidity and potentially providing it access to more financing options, which can be used for acquisitions.
Diversified’s Outside Counsel: Latham & Watkins with a corporate deal team led by Austin partner David Miller, London partner James Inness, Houston partner Ryan Lynch, and associate Koushik Prasad with additional assistance from associates Connor Adams, Darby Dietrich, Jonathan Lin, Rachel Moore and Haley Sandoval. Advice was also provided on U.S. securities matters by Washington, D.C., partner Paul Dudek and New York counsel Gail Neely; on UK tax matters by London partner Karl Mah with associates Aoife McCabe and Richard Liu; on U.S. tax matters by Houston partners Tim Fenn and Jim Cole with associate Christine Mainguy; on UK benefits matters by London partner Sarah Gadd; on U.S. benefits matters by Los Angeles/Orange County partner Michelle Carpenter with associate Iryna Onyshchenko; and on environmental matters by Los Angeles/Houston partner Josh Marnitz.
OTHER MATTERS
Sidley Austin said Dec. 20 it represented Impel Pharmaceuticals Inc. on its Chapter 11 case filed in the U.S. Bankruptcy Court for the Northern District of Texas. Sidley also represents Impel in connection with its “stalking horse” agreement to sell the company to JN Bidco. The announcement date was Dec. 19 and the deal value was $100 million in debt. The team included Sam Newman, Rakhee V. Patel, Jackson Garvey, Chelsea McManus, Nathan Elner, Parker Embry and Andreas Rauch. Opposing counsel was Fenwick & West. Impel is a commercial-stage biopharmaceutical company with a mission to develop transformative therapies for people suffering from diseases with high unmet medical needs.
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Kirkland & Ellis said Dec. 20 it advised Chestnut Carbon on a multi-year offtake agreement to provide Microsoft with nature-based carbon removal derived entirely from an afforestation project based in the U.S. The team was led by corporate partners Shubi Arora and Will Eiland and associate Jarrod Gamble; environmental partner Jim Dolphin; and debt finance partner Lucas Spivey. Chestnut Carbon was founded by private investment firm Kimmeridge Energy Management Co. Through a first-of-its-kind 15-year offtake agreement for nature-based credits, Chestnut will deliver 362,000 tons of projected carbon removal from its Sustainable Restoration Project Phase I and up to 2.7 million tons in aggregate across subsequent phases. The transaction was announced Dec. 20.