Despite historic inflation levels, increasing interest rates and recession fears, nearly two-thirds of business decision makers expect the U.S. M&A market will strengthen over the coming year, according to a recent survey by Dykema.
Penned in part by Jeff Gifford, a partner in the firm’s San Antonio office and leader of its corporate finance practice group, the report said seven out of ten M&A dealmakers believe a recession will occur in the next year, but over half expect a recession will positively impact deal volume.
“This mixed outlook suggests we are entering a market of haves and have-nots,” Gifford said in the press release accompanying the report. “Buyers with a large amount of liquidity — and consequently, no need to borrow at high interest rates — expect to take advantage of affordable buying opportunities, while those who have relied on banks to finance their acquisitions see significant obstacles ahead.”
This year’s survey polled more than 200 senior executives and advisors across the U.S., including CEOs, CFOs, business owners, managing directors, fund managers and other professionals who engage in M&A activity.
Although Dykema said the respondents concurred on many key issues, they disagree on how domestic politics are shaping M&A activity. Most view President Biden’s 2021 infrastructure bill as a net positive, but less than half believe his broader agenda bodes well for M&A activity. Similarly, respondents are nearly split on whether a Republican or Democrat-controlled congress is better for dealmakers.
Among the survey’s other findings: 62 percent of respondents expect that U.S. SPAC IPO activity will be strong through 2023; and most anticipate the financial services, energy, automotive, healthcare and cannabis sectors to see the most M&A activity in the next 12 months.
In fact, financial services jumped to first from third and healthcare rose to fourth from fifth, while energy stayed the same.
Cannabis was a new entrant to the top five, edging out technology, media and telecom, which dropped from fourth to eighth amid wide-scale layoffs (witness Twitter last week under its new owner Elon Musk) and tumbling share prices.
“Public markets have substantially turned away from young tech companies that have gone public before turning a profit, and in turn, these companies have lost substantial portions of their market capitalization relative to other industries,” the report said. “Concordantly, private equity and venture investors have been unable to sell or go public at the multiples they have seen in prior periods.”
The cannabis sector, meanwhile, is now projected to reach $33 billion in sales this year as investors and lenders become more comfortable engaging in deals within the industry, Dykema said.
Dealmaking for the week ending Nov. 5 proved frenetic in nearly every way. There were 25 deals reported with an aggregate value of $19.3 billion. There were 22 M&A transactions worth $8.3 billion and a modest three capital markets deals valued at a tad over $11 billion.
Compare those numbers to last week’s 15 deals for $7.8 billion and the 12 deals for $8.3 billion at this time last year.
But those aren’t even the most impressive numbers.
Last week deals involved 16 different firms and 509 lawyers, most of them from Texas. That is far and away the largest number of lawyers ever reported during a single week by the CDT Roundup. The previous high mark was 320 lawyers reported during the week ending Sept. 20 this year.
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 | ||
|---|---|---|---|---|---|---|---|---|
| 23-Nov-24 | 15 | $4,553 | 15 | 145 | 11 | $3,379 | 4 | $1,174 |
| 16-Nov-24 | 17 | $11,488 | 11 | 245 | 13 | $10,186 | 4 | $1,303 |
| 09-Nov-24 | 14 | $2,110 | 12 | 139 | 12 | $1,410 | 2 | $700 |
| 02-Nov-24 | 12 | $52,788 | 11 | 107 | 11 | $52,738 | 1 | $50 |
| 26-Oct-24 | 8 | $3,160 | 8 | 65 | 7 | $3,065 | 1 | $75 |
| 19-Oct-24 | 12 | $5,304 | 11 | 136 | 11 | $4,554 | 1 | $750 |
| 12-Oct-24 | 17 | $8,438 | 12 | 150 | 15 | $8,116 | 2 | $322 |
| 05-Oct-24 | 22 | $23,181 | 12 | 189 | 15 | $19,980 | 7 | $3,201 |
| 28-Sep-24 | 11 | $2,356 | 7 | 144 | 7 | $53 | 4 | $2,303 |
| 21-Sep-24 | 12 | $9,568 | 10 | 169 | 5 | $4,101 | 7 | $5,467 |
| 14-Sep-24 | 24 | $10,988 | 12 | 235 | 16 | $7,175 | 8 | $3,813 |
| 7-Sep-24 | 12 | $20,420 | 16 | 168 | 11 | $20,307 | 1 | $112.9 |
| 31-Aug-24 | 13 | $20,631 | 9 | 134 | 12 | $14,775 | 1 | $5,856 |
| 24-Aug-24 | 19 | $8,452 | 21 | 325 | 16 | $7,102 | 3 | $1,350 |
| 17-Aug-24 | 25 | $49,196 | 16 | 304 | 11 | $39,386 | 14 | $9,810 |
| 10-Aug-24 | 20 | $12,264 | 15 | 312 | 16 | $9,794 | 4 | $2,470 |
| 03-Aug-24 | 26 | $16,498 | 16 | 334 | 18 | $8,137 | 8 | $8,361 |
| 27-Jul-24 | 19 | $16,442 | 21 | 271 | 15 | $13,838 | 4 | $2,604 |
| 20-Jul-24 | 15 | $16,016 | 14 | 184 | 10 | $14,232 | 5 | $1,784 |
| 13-Jul-24 | 20 | $17,220 | 14 | 265 | 18 | $7,146 | 2 | $10,074 |
| 6-Jul-24 | 11 | $3,941 | 11 | 95 | 8 | $2,650 | 3 | $1,291 |
| 29-Jun-24 | 14 | $6,296 | 15 | 224 | 8 | $6,296 | 6 | $1,927 |
| 22-Jun-24 | 12 | $5,679 | 8 | 137 | 5 | $210 | 7 | $5,469 |
| 15-Jun-24 | 13 | $9,895 | 16 | 214 | 10 | $5,280 | 3 | $4,615 |
| 8-Jun-24 | 19 | $23,859 | 13 | 239 | 12 | $19,436 | 7 | $4,423 |
| 1-Jun-24 | 12 | $34,510 | 11 | 147 | 9 | $26,110 | 3 | $8,400 |
| 25-May-24 | 13 | $9,684 | 15 | 171 | 10 | $4,434 | 3 | $5,250 |
| 18-May-24 | 11 | $5,490 | 11 | 173 | 8 | $3,129 | 3 | $2,361 |
| 11-May-24 | 22 | $14,855 | 14 | 227 | 16 | $11,105 | 6 | $3,750 |
| 4-May-24 | 13 | $3,139 | 9 | 87 | 10 | $1,297 | 3 | $1,842 |
| 27-Apr-24 | 10 | $6,684 | 6 | 28 | 10 | $6,684 | 0 | 0 |
| 20-Apr-24 | 19 | $15,989 | 11 | 147 | 9 | $5,208 | 10 | $10,781 |
| 13-Apr-24 | 13 | $8,952 | 9 | 76 | 10 | $1,652 | 3 | $7,300 |
| 6-Apr-24 | 22 | $22,616 | 14 | 222 | 14 | $13,501 | 8 | $13,116 |
| 30-Mar-24 | 12 | $9,286 | 8 | 136 | 8 | $4,299 | 4 | $4,987 |
| 23-Mar-24 | 18 | $5,451 | 17 | 266 | 16 | $4,759 | 2 | $692 |
| 16-Mar-24 | 21 | $11,437 | 13 | 186 | 14 | $9,316 | 6 | $2,070 |
| 9-Mar-24 | 23 | $4,695 | 21 | 218 | 19 | $2,723 | 4 | $1,972 |
| 2-Mar-24 | 20 | $9,108 | 19 | 372 | 14 | $4,558 | 6 | $4,550 |
| 24-Feb-24 | 19 | $16,382 | 12 | 248 | 15 | $9,507 | 4 | $6,875 |
| 17-Feb-24 | 16 | $29,932 | 15 | 157 | 12 | $29,216 | 4 | $716 |
| 10-Feb-24 | 25 | $10,750 | 17 | 196 | 19 | $5,372 | 6 | $5,379 |
| 3-Feb-24 | 12 | $8,416 | 18 | 125 | 9 | $3,416 | 3 | $5,000 |
| 27-Jan-24 | 9 | $8,165 | 9 | 87 | 8 | $7,815 | 1 | $800 |
| 20-Jan-24 | 14 | $4,084 | 12 | 109 | 12 | $3,219 | 2 | $865 |
| 13-Jan-24 | 17 | $33,588 | 12 | 256 | 12 | $26,765 | 5 | $6,823 |
| 6-Jan-24 | 8 | $7,915 | 8 | 84 | 6 | $7,265 | 2 | $650 |
| 30-Dec-23 | 17 | $14,599 | 12 | 99 | 15 | $2,714 | 2 | $11,885 |
| 23-Dec-23 | 23 | $4,182 | 13 | 219 | 16 | $1,813 | 7 | $2,370 |
| 16-Dec-23 | 13 | $16,436 | 13 | 280 | 7 | $15,150 | 5 | $1,286 |
| 9-Dec-23 | 26 | $14,633.90 | 17 | 244 | 16 | $8,095 | 10 | $6,538.90 |
| 2-Dec-23 | 13 | $6,720 | 9 | 57 | 12 | $6,630 | 1 | $90 |
| 25-Nov-23 | 9 | $4,835 | 9 | 131 | 6 | $1,785 | 3 | $3,050 |
| 18-Nov-23 | 22 | $6,568.70 | 17 | 184 | 14 | $4,709.20 | 8 | $1,859.50 |
| 11-Nov-23 | 15 | $9,825 | 13 | 179 | 12 | $6,581 | 3 | $3,244 |
| 4-Nov-23 | 15 | $20,582.50 | 14 | 193 | 12 | $19,417.50 | 3 | $1,165 |
| 28-Oct-23 | 18 | $68,419.10 | 18 | 152 | 15 | $66,646 | 3 | $1,773.10 |
| 21-Oct-23 | 16 | $6,755.90 | 16 | 165 | 15 | $6,755.90 | 1 | $3 |
| 14-Oct-23 | 14 | $67,851.20 | 13 | 125 | 9 | $61,998.50 | 5 | $5,852.70 |
| 7-Oct-23 | 17 | $6,595.50 | 13 | 228 | 16 | $5,995.50 | 1 | $600 |
| 30-Sep-23 | 17 | $1,896.45 | 13 | 189 | 14 | $806.45 | 3 | $1,090 |
| 23-Sep-23 | 23 | $6,432.70 | 17 | 230 | 16 | $1,402.80 | 7 | $5,029.90 |
| 16-Sep-23 | 25 | $23,226.70 | 23 | 353 | 16 | $17,239 | 9 | $5,987.70 |
| 9-Sep-23 | 12 | $6,369 | 8 | 102 | 7 | $4,311 | 5 | $2,058 |
| 2-Sep-23 | 14 | $2,522 | 6 | 92 | 13 | $1,322 | 1 | $1,200 |
| 26-Aug-23 | 17 | $12,160.25 | 13 | 202 | 15 | $6,573.25 | 2 | $5,587.00 |
| 19-Aug-23 | 19 | $11,505 | 13 | 213 | 15 | $11,255 | 4 | $250 |
| 12-Aug-23 | 19 | $9,698.80 | 13 | 184 | 7 | $3,270 | 12 | $6,428.80 |
| 5-Aug-23 | 13 | $5,201 | 12 | 118 | 12 | $5,051 | 1 | $150 |
| 29-Jul-23 | 15 | $21,031.60 | 13 | 196 | 11 | $18,292.00 | 4 | $2,739.60 |
| 22-Jul-23 | 18 | $3,992 | 12 | 130 | 13 | $2,808 | 5 | $1,184 |
| 15-Jul-23 | 13 | $8,254.95 | 13 | 81 | 13 | $8,254.95 | 0 | 0 |
| 8-Jul-23 | 16 | $5,441.45 | 12 | 172 | 11 | $2,443 | 5 | $2,998.45 |
| 1-Jul-23 | 16 | $6,872 | 10 | 105 | 12 | $5,474 | 4 | $1,398 |
| 24-Jun-23 | 13 | $10,914 | 16 | 201 | 10 | $7,874 | 3 | $3,040 |
| 17-Jun-23 | 17 | $5,880.70 | 15 | 151 | 15 | $4,705.70 | 2 | $1,175 |
| 10-Jun-23 | 19 | $8,516.10 | 13 | 111 | 16 | $6,252.40 | 3 | $2,263.70 |
| June 3 2023 | 12 | $6,104.42 | 12 | 138 | 8 | $4,256.92 | 4 | $1,847.50 |
| 27-May-23 | 17 | $12,200 | 10 | 67 | 11 | $6,165 | 6 | $6,035 |
| 20-May-23 | 11 | $22,458.10 | 8 | 103 | 4 | $19,455 | 7 | $3,003 |
| 13-May-23 | 12 | $7,034 | 10 | 101 | 8 | $5,460 | 4 | $1,574 |
| 6-May-23 | 20 | $3,297.60 | 18 | 196 | 17 | $2,985.60 | 3 | $312 |
| 29-Apr-23 | 23 | $3,691.20 | 18 | 135 | 17 | $1,969.70 | 6 | $1,721.50 |
| 22-Apr-23 | 16 | $5,570 | 14 | 104 | 14 | $4,750 | 2 | $1,000 |
| 15-Apr-23 | 12 | $23,818.10 | 9 | 59 | 10 | $21,618.10 | 2 | $2,200 |
| 8-Apr-23 | 16 | $7,949 | 9 | 173 | 9 | $5,472 | 7 | $3,477 |
| 1-Apr-23 | 21 | $18,676.70 | 12 | 175 | 11 | $10,926.70 | 10 | $7,750 |
| 25-Mar-23 | 15 | $8,779.50 | 10 | 141 | 5 | $2,362 | 10 | $6,416.50 |
| 18-Mar-23 | 7 | $14,048.80 | 6 | 69 | 5 | $13,345 | 2 | $703.80 |
| 11-Mar-23 | 21 | $11,576 | 16 | 165 | 16 | $8,131 | 5 | $3,445 |
| 4-Mar-23 | 20 | $9,668 | 11 | 228 | 16 | $8,209 | 4 | $1,459 |
| 25-Feb-23 | 13 | $5,335 | 13 | 130 | 12 | $4,235 | 1 | $1,200 |
| 18-Feb-23 | 14 | $5,743.70 | 13 | 158 | 8 | $898.70 | 6 | $4,845 |
| 11-Feb-23 | 16 | $12,088 | 12 | 137 | 12 | $9,965 | 4 | $2,123 |
| 4-Feb-23 | 17 | $8,066 | 15 | 140 | 13 | $5,614 | 4 | $2,452 |
| 28-Jan-23 | 7 | $2,180 | 7 | 75 | 5 | $1,692.75 | 2 | $488 |
| 21-Jan-23 | 17 | $5,768 | 16 | 174 | 12 | $1,918 | 5 | $3,850 |
| 14-Jan-23 | 11 | $2, 800 | 10 | 102 | 8 | $421 | 3 | $2,400 |
| 7-Jan-23 | 18 | $8,296 | 11 | 167 | 14 | $6,461 | 3 | $1,835 |
| 31-Dec-22 | 14 | $2,732 | 11 | 99 | 12 | $2,092 | 2 | $640 |
| 17-Dec | 14 | $7,919 | 13 | 115 | 12 | $7,419 | 1 | $500 |
| 10-Dec-22 | 14 | $10,093 | 12 | 88 | 11 | $7,093 | 3 | $3,000 |
| 3-Dec-22 | 26 | $12,800.90 | 11 | 172 | 20 | $4,141 | 6 | $8,659.90 |
| 26-Nov-22 | 8 | $2,266.70 | 8 | 5 | 3 | $76 | 5 | $2,190.70 |
| 19-Nov-22 | 21 | $2,886 | 15 | 212 | 19 | $2,550 | 2 | $336 |
| 12-Nov-22 | 13 | $15,093.70 | 9 | 81 | 9 | $14,200 | 4 | $893.70 |
| 5-Nov-22 | 25 | 19,337.20 | 16 | 509 | 22 | $8,267.20 | 3 | $11,070 |
| 29-Oct-22 | 15 | $7,805.30 | 9 | 116 | 14 | $7,180.30 | 1 | $625 |
| 22-Oct-22 | 20 | $8,193.50 | 13 | 253 | 13 | $5,442 | 7 | $2,751.50 |
| 15-Oct-22 | 9 | $3,046.10 | 9 | 139 | 7 | $2,588.30 | 2 | $457.80 |
| 8-Oct-22 | 19 | $2,011.80 | 12 | 114 | 16 | $833.80 | 3 | $1,178 |
| 1-Oct-22 | 23 | $5,532.90 | 16 | 156 | 18 | $4,952.30 | 5 | $580.60 |
| 24-Sep-22 | 18 | $5,194 | 14 | 216 | 15 | $4,050 | 3 | $1,144 |
| 17-Sep-22 | 21 | $8,352.30 | 12 | 320 | 15 | $4,759.60 | 6 | $3,592.70 |
| 10-Sep-22 | 15 | $19,853.50 | 10 | 126 | 13 | $19,403.60 | 2 | $450 |
| 3-Sep-22 | 9 | $2,312 | 9 | 62 | 9 | $2,312 | 0 | 0 |
| 27-Aug-22 | 16 | $30,891.70 | 10 | 135 | 15 | $30,666.40 | 1 | 227.7 |
| 20-Aug-22 | 12 | $1,977 | 8 | 152 | 9 | 925 | 3 | $1,052 |
| 13-Aug-22 | 18 | $8,004.70 | 11 | 242 | 11 | $2,844.70 | 7 | $5,160 |
| 6-Aug-22 | 24 | $7,948.90 | 12 | 240 | 17 | $3,577 | 7 | $4,371.90 |
| 30-Jul-22 | 8 | $6,941 | 9 | 78 | 7 | $6,839 | 1 | $102 |
| 23-Jul-22 | 11 | $801 | 11 | 92 | 10 | $801 | 1 | 0 |
| 16-Jul-22 | 14 | $3,650 | 10 | 122 | 14 | $3,650 | 0 | 0 |
| 9-Jul-22 | 10 | $3,557.70 | 7 | 68 | 9 | $3,557.70 | 1 | 0 |
| 2-Jul-22 | 18 | $8,609.40 | 13 | 152 | 15 | $2,754.40 | 3 | $5,855 |
| 25-Jun-22 | 15 | $6,142 | 13 | 146 | 9 | $2,017 | 6 | $4,125 |
| 18-Jun-22 | 17 | $11,890.10 | 14 | 228 | 15 | $11,410 | 2 | 479.7 |
| 11-Jun-22 | 17 | $7,600 | 12 | 123 | 10 | $2,300 | 7 | $5,300 |
| 4-Jun-22 | 12 | $2,937 | 10 | 127 | 9 | $692 | 3 | $2,245 |
| 28-May-22 | 9 | $3,197.60 | 11 | 86 | 9 | $3,197.60 | 0 | 0 |
| 21-May-22 | 14 | $7,284.50 | 12 | 185 | 11 | $6,609 | 3 | $675.50 |
| 14-May-22 | 11 | $306.60 | 9 | 80 | 10 | $306.60 | 1 | $225 |
| 7-May-22 | 16 | $10,451.75 | 12 | 108 | 12 | $1,827 | 4 | $8,624.75 |
| 30-Apr-22 | 16 | $2,296.50 | 16 | 157 | 12 | $895.50 | 4 | $1,401 |
| 23-Apr-22 | 10 | $2,241 | 11 | 58 | 8 | $1,641 | 2 | $600 |
| 16-Apr-22 | 11 | $6,643 | 7 | 156 | 8 | $2,359 | 3 | $4,284 |
| 9-Apr-22 | 17 | $4,429 | 14 | 184 | 11 | $1,690 | 6 | $2,739 |
| 2-Apr-22 | 13 | $1,755 | 8 | 84 | 10 | $1,145 | 3 | $610 |
| 26-Mar-22 | 11 | $3,205 | 8 | 65 | 6 | $200 | 5 | $3,005 |
| 19-Mar-22 | 13 | $2,239.17 | 9 | 106 | 13 | $2,239.17 | 0 | 0 |
| 12-Mar-22 | 18 | $12,016 | 11 | 239 | 15 | $11,965 | 2 | $51.35 |
| 5-Mar-22 | 17 | $6,786 | 13 | 137 | 13 | $5,161 | 4 | $1,625 |
| 26-Feb-22 | 12 | $5,095 | 8 | 149 | 9 | $4,437.50 | 3 | $658 |
| 19-Feb-22 | 17 | $22,229 | 17 | 174 | 14 | $21,354 | 3 | $875 |
| 12-Feb-22 | 12 | $2,344.70 | 10 | 73 | 8 | $641.70 | 4 | $1,703 |
| 5-Feb-22 | 11 | $2,503 | 8 | 99 | 11 | $2,503 | 0 | 0 |
| 29-Jan-22 | 11 | $3,872 | 12 | 101 | 12 | $3,872 | 0 | 0 |
| 22-Jan-22 | 13 | $5,143.50 | 10 | 99 | 12 | $4,842.50 | 1 | $301 |
| 15-Jan-22 | 12 | $7,605 | 9 | 155 | 9 | $6,480 | 3 | $1,025 |
| 8-Jan-22 | 13 | $8,256.20 | 11 | 102 | 13 | $8,256.20 | 0 | 0 |
| 1-Jan-22 | 9 | $1,273.80 | 6 | 50 | 9 | $1,273.80 | 0 | 0 |
| 25-Dec-21 | 21 | $4,734.75 | 11 | 176 | 16 | $3,410 | 5 | $1,324.75 |
| 18-Dec-21 | 26 | $7,325.20 | 15 | 193 | 18 | $3,640.20 | 8 | $3,685.20 |
| 11-Dec-21 | 16 | $5,017 | 10 | 109 | 13 | $1,417 | 3 | $3,600 |
| 4-Dec-21 | 14 | $2,310 | 8 | 86 | 8 | $2,310 | 6 | $1,882.05 |
| 27-Nov-21 | 9 | $3.460.1 | 10 | 101 | 6 | $1,758 | 3 | $1,702.60 |
| 20-Nov-21 | 20 | $22,792 | 15 | 157 | 12 | $18,864.50 | 8 | $3,928 |
| 13-Nov-21 | 21 | $26,729 | 12 | 178 | 13 | $11,822 | 8 | $14,907 |
| 6-Nov-21 | 12 | $8,303 | 13 | 157 | 10 | $6,682 | 3 | $1,621 |
| 30-Oct-21 | 21 | $10,368 | 15 | 218 | 15 | $9,24.4 | 6 | $1,103.00 |
| 23-Oct-21 | 21 | $18.783.1 | 15 | 222 | 11 | $12,314 | 10 | $6,468.60 |
| 16-Oct-21 | 15 | $3,868 | 11 | 118 | 15 | $2,293 | 2 | $1,575 |
| 9-Oct-21 | 20 | $8,610 | 16 | 175 | 16 | $7,795 | 4 | $815 |
| 2-Oct-21 | 14 | $6,250 | 11 | 137 | 10 | $5,200 | 4 | $1,050 |
| 25-Sep-21 | 11 | $11,460 | 9 | 93 | 7 | $10,200 | 4 | $1,250 |
| 18-Sep-21 | 11 | $16,603 | 8 | 99 | 8 | $15,084 | 3 | $1,519 |
| 11-Sep-21 | 17 | $10,653 | 11 | 103 | 13 | $8,503 | 4 | $2,150 |
| 4-Sep-21 | 13 | $7,222 | 10 | 89 | 11 | $6,715 | 2 | $507 |
| 28-Aug-21 | 12 | $763 | 9 | 63 | 11 | $663 | 1 | $100 |
| 21-Aug-21 | 12 | $29,659 | 7 | 79 | 11 | $29,579 | 1 | $80 |
| 14-Aug-21 | 22 | $17,845 | 11 | 199 | 12 | $12,805 | 10 | $5,04 |
| 7-Aug-21 | 17 | $13,670 | 12 | 139 | 15 | $11,766 | 2 | $1,904 |
| 31-Jul-21 | 21 | $8,160 | 11 | 134 | 10 | $3,574 | 10 | $4,586 |
| July 24,2021 | 21 | $6,367 | 11 | 139 | 15 | $3,712 | 6 | $2,655 |
| 17-Jul-21 | 14 | $4,009 | 11 | 124 | 12 | $2,015 | 2 | $1,994 |
| 10-Jul-21 | 16 | $3,997 | 13 | 143 | 11 | $1,597 | 4 | $2,4 |
| 3-Jul-21 | 24 | $7,492 | 13 | 94 | 16 | $3,769 | 8 | $3,722 |
| 26-Jun-21 | 10 | $4,995 | 7 | 85 | 8 | $3,847 | 2 | $1,148 |
| 19-Jun-21 | 28 | $16,830 | 8 | 228 | 9 | $1,861 | 19 | $14,968 |
| 12-Jun-21 | 26 | $27,238 | 15 | 209 | 19 | $25,602 | 7 | $1,636 |
| 5-Jun-21 | 15 | $15,539 | 13 | 100 | 13 | $14,709 | 2 | $600 |
| 29-May-21 | 35 | $20,279 | 11 | 145 | 28 | $18,64 | 7 | $1,639 |
| 22-May-21 | 24 | $53,208 | 14 | 174 | 17 | $51,047 | 7 | $2,161 |
| 15-May-21 | 18 | $10,620 | 13 | 220 | 11 | $5,870 | 7 | $4,809 |
| 8-May-21 | 17 | $10,400 | 11 | 156 | 15 | $8,386 | 2 | $2,500 |
| 1-May-21 | 21 | $7,200 | 16 | 115 | 12 | $3,808 | 9 | $3,392 |
| 24-Apr-21 | 8 | $20,200 | 9 | 31 | 8 | $20,200 | 0 | 0 |
| 17-Apr-21 | 14 | $6,270 | 8 | 102 | 11 | $40,180 | 3 | $2,260 |
| 10-Apr-21 | 15 | $8,940 | 13 | 129 | 14 | $7,990 | 1 | $950 |
| 3-Apr-21 | 18 | $19,513 | 10 | 151 | 12 | $16,923 | 6 | $2,590 |
| 27-Mar-21 | 27 | $13,942 | 15 | 244 | 14 | $4,300 | 13 | $9,633.50 |
| 20-Mar-21 | 11 | $2,046 | 4 | 102 | 3 | $270 | 8 | $1,776 |
| 13-Mar-21 | 15 | $3,270 | 9 | 109 | 6 | $538 | 9 | $2,732 |
| 6-Mar-21 | 24 | $13,617 | 10 | 196 | 13 | $10,395 | 11 | $3,222 |
| 27-Feb-21 | 19 | $8,105 | 12 | 139 | 15 | $4,970 | 4 | $3,135 |
| 20-Feb-21 | 9 | $8,820 | 9 | 153 | 8 | $8,520 | 1 | $300 |
| 13-Feb-21 | 12 | $4,852.60 | 7 | 81 | 7 | 2,766 | 5 | $2,086.60 |
| 6-Feb-21 | 18 | $9,752 | 13 | 153 | 14 | $5,222 | 4 | $4,530 |
| 30-Jan-21 | 18 | $9,449 | 9 | 182 | 15 | $8,753.80 | 3 | $695.30 |
| 23-Jan-21 | 14 | $8,150 | 8 | 118 | 6 | $4,000 | 8 | $4,150 |
| 16-Jan-21 | 17 | $6,783 | 13 | 138 | 11 | $2,400 | 6 | $4,382.90 |
| 9-Jan-21 | 22 | $6,829 | 14 | 135 | 18 | $3,139.30 | 4 | $3,690 |
| 2-Jan-21 | 7 | $1,466 | 7 | 60 | 7 | $1,466 | 0 | 0 |
| 26-Dec-20 | 18 | $15,900 | 12 | 163 | 16 | $5,300 | 1 | $600 |
| 19-Dec-20 | 18 | $9,769 | 14 | 110 | 14 | $8,426 | 4 | $1,343 |
| 12-Dec-20 | 10 | $7,200 | 9 | 100 | 9 | $3,325 | 1 | $3,830 |
| 5-Dec-20 | 15 | $4,261 | 9 | 122 | 9 | $2,780 | 6 | $1,481 |
| 28-Nov-20 | 19 | $7,758 | 10 | 110 | 13 | $4,003 | 6 | $3,755 |
| 14-Nov-20 | 14 | $864.10 | 14 | 157 | 12 | $289.10 | 2 | $575 |
| 7-Nov-20 | 13 | $6,332 | 9 | 129 | 9 | $2,483.50 | 4 | $3,849 |
| 31-Oct-20 | 10 | $3,995.80 | 8 | 103 | 6 | $3,231.10 | 4 | $754.70 |
| 24-Oct-20 | 6 | $18,100 | 6 | 58 | 5 | $17,709 | 1 | $350 |
| 17-Oct-20 | 8 | $351.90 | 5 | 55 | 8 | $351.90 | 0 | 0 |
| 10-Oct-20 | 7 | $5,229 | 3 | 50 | 4 | $735 | 3 | $4,494 |
| 3-Oct-20 | 14 | $21,428 | 9 | 173 | 9 | $17,535 | 5 | $3,893 |
| 26-Sep-20 | 10 | $12,770 | 8 | 93 | 5 | $10,300 | 5 | $2,470 |
| 19-Sep-20 | 14 | $8,365 | 9 | 101 | 6 | $1,020 | 8 | $7,345 |
| 12-Sep-20 | 6 | $4,406 | 8 | 59 | 3 | $1,270 | 3 | $3,136 |
| 5-Sep-20 | 11 | $5,191 | 8 | 117 | 9 | $4,061 | 2 | $1,130 |
| 29-Aug-20 | 11 | $2,531 | 9 | 94 | 5 | $1,130 | 6 | $1,401 |
| 22-Aug-20 | 18 | $6,574 | 12 | 140 | 7 | $1,930 | 11 | $4,644 |
| 15-Aug-20 | 13 | $4,991 | 10 | 97 | 7 | $1,216 | 6 | $3,775 |
| 8-Aug-20 | 12 | $32,092 | 11 | 112 | 9 | $30,457 | 3 | $1,635 |
| 1-Aug-20 | 7 | $5,287 | 8 | 76 | 5 | $3,687 | 2 | $1,600 |
| 25-Jul-20 | 9 | $18,751 | 6 | 67 | 7 | $18,403 | 2 | $348 |
| 18-Jul-20 | 6 | $1,982.50 | 5 | 50 | 4 | $1,407.50 | 2 | $575 |
| 11-Jul-20 | 11 | $565.10 | 12 | 75 | 10 | $65.10 | 1 | $500 |
| 4-Jul-20 | 10 | $8,889 | 8 | 98 | 9 | $8,788 | 1 | $100.30 |
| 27-Jun-20 | 8 | $6,874 | 10 | 50 | 5 | $4,972.50 | 3 | $2,081.50 |
| 20-Jun-20 | 12 | $4,444 | 9 | 115 | 7 | $2,829 | 5 | $1,615 |
| 13-Jun-20 | 6 | $3,582 | 4 | 37 | 2 | $350 | 4 | $3,232 |
| 6-Jun-20 | 11 | $3,213.70 | 8 | 65 | 7 | $470 | 4 | $2,743.70 |
| 30-May-20 | 8 | $7,335 | 7 | 48 | 6 | $4,639 | 2 | $2,697 |
| 23-May-20 | 4 | $432.40 | 4 | 34 | 3 | $432.40 | 1 | 0 |
| 16-May-20 | 6 | $310 | 6 | 34 | 5 | $310 | 1 | 0 |
| 9-May-20 | 18 | $5,630 | 16 | 124 | 14 | $3,180 | 4 | $2,450 |
| 2-May-20 | 15 | 10,400 | 10 | 90 | 8 | $1,900 | 7 | $,8,500 |
| 25-Apr-20 | 8 | $3,400 | 9 | 36 | 5 | $1,000 | 3 | $2,450 |
| 18-Apr-20 | 19 | $9,500 | 14 | 92 | 8 | $185.70 | 11 | $9,360 |
| 11-Apr-20 | 12 | $6,000 | 9 | 40 | 5 | $190 | 7 | $5,800 |
| 4-Apr-20 | 14 | $8,200 | 11 | 68 | 10 | $2,200 | 4 | $6,000 |
| 28-Mar-20 | 16 | $6,500 | 13 | 96 | 10 | $3,700 | 6 | $2,800 |
| 21-Mar-20 | 11 | $11,910 | 7 | 33 | 7 | $2,250 | 4 | $9,960 |
| 14-Mar-20 | 7 | 809.8 | 6 | 34 | 6 | 684.8 | 1 | 125 |
| 7-Mar-20 | 16 | $2,500 | 15 | 70 | 13 | $669 | 3 | $1,400 |
| 29-Feb-20 | 13 | $15,260 | 13 | 128 | 11 | $11,760 | 2 | $3,500 |
| 22-Feb-20 | 12 | $3,700 | 10 | 92 | 10 | $2,560 | 2 | $1,130 |
| 15-Feb-20 | 16 | $1,250 | 10 | 84 | 12 | $35 | 4 | $1,222 |
| 8-Feb-20 | 18 | $6,080 | 14 | 123 | 14 | $2,595 | 4 | $3,485 |
| 1-Feb-20 | 21 | $20,900 | 12 | 101 | 14 | $17,860 | 7 | $3,060 |
| 25-Jan-20 | 13 | $7,430 | 13 | 62 | 12 | $6,430 | 1 | $1,000 |
| 18-Jan-20 | 23 | $9,580 | 15 | 120 | 19 | $6,580 | 4 | $3,000 |
| 11-Jan-20 | 21 | $14,200 | 18 | 199 | 16 | $1,020 | 5 | $13,200 |
| 4-Jan-20 | 22 | $6,400 | 11 | 119 | 16 | $3,204 | 6 | $3,245 |
| 28-Dec-19 | 22 | $7,150 | 19 | 175 | 18 | $6,800 | 4 | $327.40 |
| 14-Dec-19 | 24 | $36,300 | 23 | 167 | 19 | $9,500 | 5 | $26,800 |
| 7-Dec-19 | 11 | $10,400 | 11 | 55 | 7 | $1,082 | 4 | $9,370 |
| November 30. 2019 | 14 | $2,450 | 12 | 126 | 12 | $1,760 | 2 | $692.50 |
| 23-Nov-19 | 16 | $1,995 | 10 | 41 | 11 | $615 | 5 | $1,380 |
| 16-Nov-19 | 15 | $3,820 | 13 | 135 | 11 | $2,500 | 4 | $1,271 |
| 9-Nov-19 | 25 | $12,900 | 17 | 182 | 23 | $12,200 | 2 | $575 |
| 2-Nov-19 | 10 | $2,470 | 12 | 61 | 9 | 2,450 | 3 | $22 |
| 26-Oct-19 | 12 | $5,560 | 14 | 70 | 11 | $3,860 | 1 | $1,700 |
| 19-Oct-19 | 8 | $6,600 | 8 | 138 | 8 | $6,600 | 0 | 0 |
| 12-Oct-19 | 19 | $4,300 | 14 | 55 | 16 | $3,800 | 3 | $500 |
| 5-Oct-19 | 18 | $14,500 | 19 | 166 | 15 | $11,100 | 3 | $3,400 |
| 28-Sep-19 | 19 | $8,100 | 18 | 132 | 18 | $7,560 | 1 | $550 |
| 21-Sep-19 | 14 | $6,300 | 16 | 66 | 11 | $2,160 | 3 | $4,170 |
| 14-Sep-19 | 15 | $23,800 | 12 | 56 | 11 | $21,250 | 4 | $2,570 |
| 7-Sep-19 | 17 | $3,500 | 15 | 98 | 14 | $1,900 | 3 | $1,600 |
| 31-Aug-19 | 5 | $8,700 | 6 | 50 | 5 | $8,700 | 0 | 0 |
| 24-Aug-19 | 16 | $10,000 | 14 | 82 | 15 | $4,250 | 1 | $5,750 |
| 16-Aug-19 | 10 | $1,680 | 5 | 52 | 7 | $650 | 3 | $950 |
| 9-Aug-19 | 17 | $17,700 | 15 | 68 | 14 | $3,900 | 3 | $13,800 |
| 2-Aug-19 | 13 | $5,760 | 12 | 108 | 13 | $5,760 | NA | NA |
| 27-Jul-19 | 11 | $7,300 | 13 | 76 | 8 | $6,570 | 3 | $730 |
| 20-Jul-19 | 13 | $11,800 | 13 | 125 | 11 | $5,300 | 2 | $6,500 |
| 13-Jul-19 | 10 | $775 | 7 | 46 | 8 | $542.50 | 2 | $233 |
| 6-Jul-19 | 7 | $2,500 | 9 | 85 | 7 | $2,500 | 0 | 0 |
| 29-Jun-19 | 23 | $8,290 | 15 | 154 | 17 | $2,300 | 6 | $5,970 |
| 22-Jun-19 | 17 | $10,700 | 10 | 139 | 14 | $7,700 | 3 | $3,000 |
| 15-Jun-19 | 11 | $13,500 | 14 | 160 | 11 | $13,500 | NA | NA |
| 8-Jun-19 | 13 | $2,870 | 17 | 55 | 11 | $1,570 | 2 | $1,300 |
| 1-Jun-19 | 10 | $4,460 | 11 | 60 | 8 | $4,140 | 2 | $315 |
| 25-May-19 | 17 | $4,360 | 14 | 79 | 14 | $3,700 | 3 | $612 |
| 18-May-19 | 22 | $9,000 | 17 | 150 | 16 | $3,400 | 6 | $5,600 |
| 11-May-19 | 18 | $19,800 | 17 | 177 | 15 | $18,300 | 3 | $1,500 |
| 4-May-19 | 10 | $7,075 | 6 | 32 | 8 | $6,900 | 2 | $175 |
| 27-Apr-19 | 15 | $3,200 | 14 | 117 | 14 | $3,160 | 1 | $40 |
| 20-Apr-19 | 13 | $13,500 | 10 | 90 | 9 | $12,200 | 4 | $1,300 |
| 13-Apr-19 | 16 | $38,900 | 14 | 91 | 14 | $37,800 | 2 | $1,100 |
| 6-Apr-19 | 12 | $6,870 | 11 | 94 | 10 | $6,730 | 2 | $50 |
| 30-Mar-19 | 15 | $6,470 | 12 | 84 | 10 | $7,91.5 | 5 | $5,677 |
| 23-Mar-19 | 18 | $6,450 | 14 | 91 | 14 | $5,042 | 4 | $1,408 |
| 16-Mar-19 | 14 | $10,180 | 12 | 115 | 11 | $8,800 | 3 | $1,300 |
| 9-Mar-19 | 9 | $1,800 | 6 | 49 | 8 | $1,300 | 1 | $500 |
| 2-Mar-19 | 20 | $3,033 | 16 | 107 | 14 | $1,817 | 6 | $1,262 |
| 23-Feb-19 | 12 | $2,040 | 8 | 69 | 9 | $614.60 | 3 | $1,430 |
| 16-Feb-19 | 16 | $9,970 | 18 | 77 | 16 | $9,970 | 0 | 0 |
| 9-Feb-19 | 14 | $6,400 | 10 | 110 | 14 | $6,400 | 0 | 0 |
| 2-Feb-19 | 18 | $6,740 | 15 | 99 | 16 | $5,720 | 2 | $950 |
| 26-Jan-19 | 13 | $2,770 | 11 | 67 | 11 | $918.95 | 2 | $1,850 |
| 19-Jan-19 | 15 | $3,819 | 16 | 76 | 12 | $2,594 | 3 | $1,225 |
| 12-Jan-19 | 18 | $7,283 | 14 | 92 | 15 | $1,683 | 3 | $5,600 |
| 5-Jan-19 | 10 | $529 | 12 | 50 | 10 | $529 | 0 | 0 |
| 22-Dec-18 | 17 | $2,570 | 13 | 87 | 14 | $941 | 3 | $1,629 |
| 15-Dec-18 | 10 | $2,860 | 8 | 26 | 8 | $264 | 2 | $2,600 |
| 8-Dec-18 | 15 | $1,819 | 16 | 65 | 12 | $552 | 3 | $1,267 |
| 1-Dec-18 | 12 | $7,500 | 10 | 90 | 9 | $1,200 | 3 | $6,200 |
| 28-Nov-18 | 15 | $4,500 | 11 | 107 | 14 | $4,000 | 1 | $500 |
| 19-Nov-18 | 18 | $6,137 | 13 | 98 | 13 | $2,142 | 5 | $3,995 |
| 14-Nov-18 | 18 | $9,200 | 13 | 152 | 15 | $8,500 | 3 | $694 |
| 6-Nov-18 | 16 | $17,300 | 16 | 183 | 14 | $16,361 | 2 | $950 |
| 29-Oct-18 | 14 | $14,400 | 18 | 127 | 17 | $13,800 | 1 | $600 |
| 24-Oct-18 | 13 | $6,140 | 13 | 126 | 11 | $5,122 | 2 | $1,018 |
| 17-Oct-18 | 18 | $18,390 | 15 | 125 | 14 | $12,292 | 4 | $6,098 |
| 10-Oct-18 | 29 | $3,149 | 18 | 104 | 20 | $1,647 | 9 | $819 |
| 2-Oct-18 | 18 | $9,300 | 11 | 67 | 14 | $7,300 | 4 | $2,000 |
| 25-Sep-18 | 13 | $7,000 | 11 | 75 | 10 | $6,000 | 3 | $995 |
| 18-Sep-18 | 9 | $3,570 | 7 | 44 | 9 | $3,570 | 0 | 0 |
| 11-Sep-18 | 13 | $5,900 | 10 | 132 | 13 | $5,900 | 0 | 0 |
| 7-Sep-18 | 14 | $5,000 | 15 | 86 | 11 | $4,000 | 3 | $1,000 |
| 29-Aug-18 | 15 | $20,700 | 14 | 79 | 13 | $4,700 | 2 | $16,000 |
| 20-Aug-18 | 10 | $12,400 | 11 | 53 | 8 | $11,380 | 3 | $1,057 |
| 14-Aug-18 | 12 | $19,900 | 12 | 132 | 9 | $18,889 | 3 | $1,011 |
| 7-Aug-18 | 16 | $68,600 | 11 | 106 | 13 | $67,259 | 3 | $1,340 |
| 31-Jul-18 | 15 | $15,100 | 15 | 95 | 11 | $13,060 | 4 | $2,060 |
| 23-Jul-18 | 13 | $2,130 | 15 | 60 | 10 | $1,804 | 3 | $1,100 |
| 17-Jul-18 | 14 | $5,370 | 17 | 98 | 9 | $4,310 | 5 | $1,100 |
| 9-Jul-18 | 16 | $11,200 | 15 | 74 | 10 | $11,080 | 6 | $862 |
| 3-Jul-18 | 13 | $7,000 | 7 | 81 | 12 | $6,330 | 1 | $750 |
| 25-Jun-18 | 15 | $8,800 | 13 | 97 | 9 | $4,970 | 6 | $3,930 |
| 18-Jun-18 | 13 | $14,200 | 14 | 80 | 7 | $221 | 6 | $14,290 |
| 11-Jun-18 | 12 | $6,300 | 8 | 96 | 8 | $5,910 | 4 | $803 |
| 6-Jun-18 | 13 | $14,500 | 10 | 88 | 8 | $14,154 | 5 | $579 |
| 31-May-18 | 11 | $4,890 | 10 | 63 | 8 | $3,240 | 3 | $1,790 |
| 22-May-18 | 15 | $20,400 | 11 | 63 | 9 | $19,808 | 6 | $885 |
| 15-May-18 | 15 | $4,700 | 15 | 106 | 10 | $3,900 | 5 | $643 |
| 9-May-18 | 11 | $1,400 | 13 | 88 | 9 | $1,300 | 2 | $560 |
| 1-May-18 | 8 | $14,250 | 7 | 88 | 7 | $13,400 | 1 | $450 |
| 24-Apr-18 | 12 | $5,300 | 6 | 61 | 11 | $4,470 | 1 | $800 |
| 17-Apr-18 | 9 | $1,800 | 10 | 44 | 7 | $2,330 | 2 | $1,434 |
| 11-Apr-18 | 11 | $2,500 | 8 | 32 | 6 | $1,690 | 5 | $809 |
| 3-Apr-18 | 15 | $13,400 | 11 | 121 | 9 | $12,020 | 6 | $1,090 |
| 28-Mar-18 | 10 | $4,000 | 10 | 92 | 7 | $3,870 | 3 | $215 |
| 19-Mar-18 | 17 | $5,800 | 13 | 51 | 10 | $590 | 7 | $5,165 |
| 12-Mar-18 | 15 | $3,130 | 11 | 43 | 11 | $2,360 | 4 | $788 |
| 6-Mar-18 | 19 | $5,400 | 13 | 116 | 10 | $1,530 | 9 | $4,860 |
| 27-Feb-18 | 20 | $6,600 | 13 | 69 | 14 | $5,530 | 6 | $1,030 |
| 19-Feb-18 | 15 | $5,500 | 14 | 111 | 10 | $3,990 | 6 | $1,980 |
| 12-Feb-18 | 23 | $10,900 | 17 | 157 | 12 | $7,110 | 11 | $3,840 |
| 5-Feb-18 | 16 | $8,600 | 13 | 100 | 7 | $1,330 | 9 | $7,800 |
| 30-Jan-18 | 11 | $12,600 | 11 | 68 | 5 | $7,300 | 6 | $4,982 |
| 24-Jan-18 | 19 | $9,400 | 15 | 129 | 5 | $2,010 | 14 | $7,337 |
| 18-Jan-18 | 10 | $6,280 | 8 | 49 | 2 | $2,100 | 8 | $4,188 |
| 9-Jan-18 | 12 | $16,500 | 12 | 92 | 9 | $15,890 | 3 | $475 |
| 3-Jan-18 | 10 | $2,500 | 9 | 47 | 8 | $2,350 | 2 | $150 |
| 27-Dec-17 | 15 | $9,000 | 15 | 113 | 9 | $7,568 | 6 | $1,784 |
| 18-Dec-17 | 15 | $13,800 | 16 | 164 | 9 | $13,010 | 7 | $1,118 |
| 11-Dec-17 | 14 | $9,700 | 10 | 126 | 12 | $2,940 | 4 | $8,500 |
| 4-Dec-17 | 6 | $1,800 | 6 | 31 | 5 | $1,510 | 1 | $300 |
| 28-Nov-17 | 7 | $3,850 | 8 | 76 | 4 | $3,260 | 3 | $285 |
| 16-Nov-17 | 10 | $2,700 | 10 | 48 | 6 | $1,840 | 4 | $856 |
| 8-Nov-17 | 15 | $2,380 | 17 | 91 | 10 | $1,860 | 5 | $516 |
| 1-Nov-17 | 12 | $4,700 | 17 | 94 | 9 | $3,400 | 4 | $1,300 |
| 23-Oct-17 | 15 | $10,500 | 10 | 67 | 10 | $9,780 | 4 | $1,530 |
| 18-Oct-17 | 6 | $2,000 | 37 | 3 | $225 | 3 | $1,820 | |
| 10-Oct-17 | 12 | $6,570 | 100 | 9 | $3,880 | 3 | $3,360 | |
| 2-Oct-17 | 8 | $3,100 | 11 | 19 | 3 | $1,630 | 5 | $1,750 |
| 25-Sep-17 | 8 | $4,880 | 8 | 79 | 5 | $2,660 | 5 | $2,070 |
| 18-Sep-17 | 9 | $4,770 | 3 | $300 | 6 | $4,470 | ||
| 12-Sep-17 | 11 | $4,430 | 8 | $2,030 | 3 | $2,400 | ||
| 1-Sep-17 | 4 | $1,310 | 3 | $317 | 1 | $1,000 | ||
| 23-Aug-17 | 11 | $13,640 | 9 | 8 | $11,840 | 3 | $1,800 |
M&A/FUNDINGS
Warburg-backed Ensign Natural Resources sells to Marathon Oil for $3B
Deal Description: Ensign Natural Resources, a Warburg Pincus-backed oil and gas explorer and producer operating in South Texas’ Eagle Ford Shale, announced Nov. 2 the sale of its assets to Marathon Oil for $3 billion in cash, doubling the latter’s position in the basin. Sidley advised Ensign and White & Case counseled Marathon. For more, click here.
TPG’s Anew Climate acquires assets from Forestland for $1.8B
Deal Description: In one of the largest timberland conservation transactions in history, Anew Climate, a Houston energy credits management firm owned by TPG Rise, announced Nov. 2 the $1.8 billion acquisition of assets managed by the Forestland Group, a package that includes 1.7 million acres of sustainable forests. Kirkland, Eversheds, Paul Hastings and Latham counseled on the deal. For details, click here.
Blucora sheds TaxAct to Cinven for $720M
Deal Description: Irving, Texas-based Blucora Inc. announced Nov. 1 it agreed to sell its tax software business, TaxAct, to an affiliate of Cinven Ltd., a UK-based private equity fund, for $720 million. Blucora will rebrand as Avantax and focus on providing tax-focused wealth management through its independent broker dealer, Avantax Wealth Management, and its employee-based registered investment advisor, Avantax Planning Partners. Blucora is a provider of data and technology-driven solutions that allow people to improve their financial wellness. TaxAct has 3 million consumer users and 21,000 professional users in 2022.
Expected Closing: YE 2022
Blucora’s Financial Advisors: Centerview Partners and PJT Partners
Blucora’s In-House Counsel: Ann Bruder, chief legal, development and administration officer, and Tabitha Bailey, VP, legal affairs and SEC counsel, supported by Wendy Walton, Jacob Hodges, and Tyler Mordecai
Blucora’s Outside Counsel: Haynes and Boone led by Denver corporate partner Dan Malone and Tom Tippetts of Denver and Dallas supported by partners Melissa Goodman, Susan Wetzel, Sakina Foster and Gavin George in Dallas, counsel Scott Thompson and Jacqueline Shipchandler, associates Cameron Scales, Taylor Calvert, Bilal Sheriff, Lydia Dohvoma and Eric Benoliel in Dallas and associate Matthew Thompson in San Antonio; and Sidley Austin led out of Chicago (partner Beth Berg) but included finance partner Kelly Dybala in Dallas
Atlas to be acquired in take-private transaction worth $566M
Deal Description: Hong Kong-based Atlas Corp., which invests in maritime and energy interests, announced Nov. 1 that it agreed to be acquired and taken private by a group of investors that include its principal stockholders and members of its management. The deal comes with a transaction value of about $566 million and an implied enterprise value of $10.9 billion. Texas lawyers from Gibson Dunn advised Atlas’ special committee. For more, click here.
Ørsted sells half of solar and wind portfolio to ECP for $410M
Deal Description: Latham & Watkins said Oct. 31 that it counseled Ørsted on the sale of 50 percent of a solar and wind portfolio to Energy Capital Partners for $410 million. Ørsted announced the closing on Oct. 21. The portfolio consists of the onshore wind farms Lincoln Land Wind, Plum Creek Wind and Willow Creek Wind and the solar farm Muscle Shoals in Illinois, Nebraska, South Dakota and Alabama representing 862 megawatts. The projects are operational and have power purchase agreements for all or parts of the production capacity. Ørsted will be the managing member of the partnership and will continue to provide asset management services. The deal was funded via a fund-of-one partnership, Renewable Power Fund Plus, between ECP and Teachers Insurance and Annuity Association of America along with debt financing from Mitsubishi UFJ Financial Group. TIAA also owns Nuveen and its unit Glennmont Partners acquired 50 percent of Ørsted’s German offshore wind farm Borkum Riffgrund 3 earlier in 2022. The transaction recycles capital that will support Ørsted’s ambition to reach 50 gigawatts of installed renewable energy capacity globally by 2030. Its current portfolio is 5 gigawatts.
From Latham: The corporate team was led by New York partner David Owen with associate Alyssa Galinsky but included Houston partner Jim Cole
Aspen Power Partners snares $350M investment from Carlyle
Deal Description: Aspen Power Partners, a distributed generation platform with the mission of accelerating decarbonization, announced Nov. 3 a $350 million investment from funds managed by global investment firm Carlyle. The investment supports Aspen’s organic and acquisition-driven growth strategy targeting the community, multifamily and commercial & industrial solar and storage markets. To launch this strategy, Aspen has acquired Safari Energy from PPL Corp. Founded in 2008, Safari has acquired or developed more than 600 solar projects nationwide. Spanning 24 states and Washington, D.C., Safari’s projects have generated more than 893,000 megawatt hours of electricity, or the equivalent of avoiding more than 632,000 metric tons of CO2 emissions. Aspen acquired Safari’s complete development platform, including its 220 megawatt portfolio of operating and under-construction distributed generation solar assets. With Carlyle’s investment and the close of the Safari acquisition, Aspen is on track to achieve gigawatt scale by mid-decade.
Carlyle’s Outside Counsel: Vinson & Elkins led by partner Peter Marshall, senior associate Austin White and associates Carli Gish and Christina Wu. Also advising were partner David Peck and senior associate Megan James; partner Kaam Sahely, senior associate Stephanie Coco and associate Kene Obi; partner Sean Becker and counsel Martin Luff; partner Shane Tucker and associate Matt Green; partner Matt Dobbins and associate Alexis Boyd; partner Michael Kurzer and associate Warner Scott; partner Tzvi Werzberger, senior associate Carter Olson and associates Frank George and Lily Marrs; and partner John Decker and associate Reagan Lutter.
Kimbell Royalty acquires Permian Basin assets for $290M
Deal Description: Kimbell Royalty Partners, an owner of oil and gas mineral and royalty interests in 16 million gross acres in 28 states, announced Nov. 3 that it agreed to acquire mineral and royalty interests held by Austin-based Hatch Royalty in a cash and unit transaction valued at $290 million. The purchase price for the Acquisition is consists of $150 million in cash, about 52 percent of the total, and around 7.3 million common units of Kimbell Royalty Operating, which are valued at $140 million (48 percent of the total).
Kimbell’s Financial Advisor: Citi
Kimbell’s Outside Counsel: White & Case led by capital markets partner Jason Rocha and M&A partner Charlie Ofner (both in Houston) and including associates Chris Hebert (Miami) and Trace Hancock (Houston); partner Chad McCormick and associates Neil Clausen and Sadi Moradi (all in Houston); and associates Rachel Collier, Alexander Bischoff, Fatima Hassan Ali, Chris Carreon and Muhammad Hasan (all in Houston). Law clerk Jamie Scherbeh assisted on the matter.
Hatch’s Financial Advisor: TPH&Co., the energy business of Perella Weinberg Partners
Hatch’s Outside Counsel: Kirkland & Ellis led by real asset M&A partners Chris Heasley, RJ Malenfant and Patrick Corrigan with assistance from corporate partners John Kaercher and Martha Todd; capital markets partner Michael Rigdon; debt finance partner Lucas Spivey; tax partners Mark Dundon and Joe Tobias; executive compensation partner Rob Fowler; and antitrust partner Carla Hine.
Sable Offshore merges with SPAC Flame, acquires ExxonMobil field
Deal Description: Flame Acquisition Corp., a special purpose acquisition entity focused on the energy industry in North America, announced Nov. 2 an agreement to enter into a business combination with Sable Offshore Corp. Sable has separately agreed to acquire the Santa Ynez oil field off the coast of Santa Barbara, Calif., along with an on-shore processing facility from ExxonMobil. The merged company will be named Sable Offshore Corp. The deal puts the enterprise value at $883 million with an equity value of $689 million. Flame has $289 million in cash in trust. Flame went public in February 2021 raising $288 million.
Flame’s Outside Counsel: Latham & Watkins led by Houston partner Ryan Maierson with Austin associate Rachel Ratcliffe and Chicago associates Jake Wasserman, Grace Kim and Brian Baloun with assistance from Houston partner Stephen Szalkowski and Houston associate Thomas Verity. Also Chicago associate Ben Winnett, New York associate Shawn Quinn, Chicago associate Ryan Hudson and New York associate Jacob Weiner; Houston partner Matthew Jones with Houston associate Chris Wood; Houston partners Bryant Lee and Jim Cole with Houston associate Marianne Standley; Washington, D.C., partner Jason Cruise and Washington, D.C., counsel Peter Todaro; Washington, D.C., partner Adam Kestenbaum with Houston associate Dane Rebkowec; Washington, D.C., partner Janice Schneider and Orange County counsel Joshua Bledsoe with Washington, D.C., associate Nathaniel Glynn and Orange County associates Brian McCall and Kevin Homrighausen.
Cowen, Intrepid and Jefferies’ Outside Legal: Kirkland & Ellis
Sable’s Outside Counsel: Bracewell led by partners Jason Jean, Alan Rafte, Troy Harder, Molly Butkus and Heather Brown in Houston, Jason Hutt in Washington, D.C., Jonathan Hance in Houston, Steven Lorch in New York, Matthew Grunert in Houston, Elizabeth McGinley in New York and Robert Nichols in Houston; senior counsel Daniel Areshenko (Houston); counsel: Jacqueline Java (Washington, D.C.); and associates John Stavinoha, Nathan Guerra, Sarah Lytal and Chase Edmunds (Houston), Anna Miller (Austin), Robert Kaltenbach (Houston), Lauren Johnstone (Washington, D.C.), Janie Callaway (Houston), Kevin Voelkel (Washington, D.C.), W. Jared Berg, Luke Tanner and Michael Muszik (Houston) and Michael Recchia (New York)
Western Midstream sells stake in pipeline to Enbridge, Plains for $265M
Deal Description: Western Midstream Partners, Enbridge Inc. and Plains All American Pipeline and Plains GP Holdings announced Nov. 2 that certain of their subsidiaries closed a transaction in which Enbridge and Plains purchased Western Midstream’s 15 percent interest in Cactus II Pipeline for $265 million. Enbridge acquired 10 percent and Plains acquired 5 percent of Cactus II, with each paying a proportionate share of the purchase price. Plains and Enbridge are now the sole owners of Cactus II, with 70 percent and 30 percent respective ownership interests. Plains will continue to serve as operator. The Cactus II pipeline is a 26-inch diameter, 670,000 barrel-per-day oil pipeline that extends from the Delaware basin in West Texas to Corpus Christi, with further connectivity to the Ingleside area. Cactus II, in combination with Enbridge’s Ingleside Energy Center, delivers North American energy supplies to the U.S. Gulf Coast and global markets.
Plains’ Outside Counsel: Vinson & Elkins led by partner Doug Bland and senior associate Caroline Kuehn with assistance from partners Matt Falcone and Ryan Carney and associate Brian Broussard.
Western’s Outside Counsel: Willkie Farr & Gallagher led by partner Archie Fallon in Houston
CenterOak sells Wetzel’s Pretzels to MTY Food Group for $207M
Deal Description: CenterOak Partners, a Dallas-based private equity firm, announced Nov. 2 its portfolio company Wetzel’s Pretzels agreed to be acquired by MTY Franchising USA Inc., a subsidiary of MTY Food Group Inc., for $207 million in cash. Headquartered in Pasadena, Calif., Wetzel’s is the second largest franchisor and owner of quick service restaurants operating in the snack category. The company has 350 locations, 90 percent of which are franchised, across 25 states in the U.S. as well as Canada and Panama. The company’s menu includes fresh baked soft pretzels, Wetzel Dogs, Wetzel Bitz and beverages. During the last 12 months, sales reached $245 million, serving nearly 21 million customers. CenterOak acquired Wetzel’s in 2016.
CenterOak’s Outside Counsel: Gibson Dunn & Crutcher led by partner Robert Little and including associates Steve Wright, Kiel Sauerman and Benjamin Lefler; partner Michael Cannon and associates Josiah Bethards and Yara Mansour (tax), partner Krista Hanvey and associate John Curran (benefits) partner Joshua Lipton, counsel Andrew Cline and associate Alexander Merritt (antirust) and partner Karl Nelson (employment)
ProPetro acquires PE-backed Silvertip for $150M
Deal Description: Oilfield completions services company ProPetro Holding Corp. announced Nov. 1 it acquired Midland-based Silvertip Completion Services Operating, a provider of wireline perforating and pumpdown services solely in the Permian Basin. ProPetro claims the deal will create a leading completions-focused oilfield services company headquartered in the Permian Basin. The deal consisted of the issuance of 10.1 million shares of ProPetro common stock, $30 million in cash, the payoff of $7 million of assumed debt and other transaction costs, all of which implies a value of $150 million based upon a 15-day volume weighted average price of ProPetro’s stock as of Oct. 27. ProPetro management expects the acquisition of Silvertip to increase 2023 adjusted EBITDA expectations by $65 million to $75 million while converting 80 percent of that into free cash flow, significantly enhancing its free cash flow generation. Silvertip was founded and funded by management, CrownRock and Lime Rock Partners.
ProPetro’s Financial Advisor: PPHB, including Ray Brown and Connor Wehr
ProPetro’s Outside Counsel: Vinson & Elkins led by partner Alan Beck and senior associate Michael Marek with assistance from associates Chandler Jones and John Frey. Other team members included counsel Raleigh Wolfe and senior associate Alex Lewis; partner Lina Dimachkieh and associate Sarah McIntosh; partner David D’Alessandro, senior staff attorney Katherine Mull and associates Brian DeShannon and Matt Green; partner Sean Becker, counsel Alex Bluebond and associate Andrew Cox; counsel Scot Dixon; partner Hill Wellford, counsel David Smith and associate Rami Rashmawi; counsel Rajesh Patel; environmental partner Matthew Dobbins and associate Simon Willis; and capital markets partner Sarah Mitchell and associate Victoria Bahrami.
Silvertip’s Financial Advisor: TPH & Co., including BJ Walker
Silvertip’s Outside Counsel: Latham & Watkins led by Houston partners Bruce Herzog and Nick Dhesi with Austin associates Jase Burner, Cody Conwell, Gabi Hasson, Carol Bale and Cooper Shear; Houston partner Jared Grimley with Houston associate Christine Mainguy; Washington, D.C., partner Adam Kestenbaum with associate Joe Denker; Los Angeles/Houston counsel Joshua Marnitz with Los Angeles associate Cody Kermanian; and Washington, D.C., partner Jason Cruise and counsel Patrick English.
SPAC Breeze Holdings to merge with TV Ammo
Deal Description: Breeze Holdings Acquisition Corp., a Texas-headquartered publicly traded special purpose acquisition company, announced Nov. 1 it agreed to merge with Garland, Texas-based TV Ammo Inc., a technology manufacturing company focused on developing and producing lightweight composite-cased cartridges for military, law enforcement and commercial applications. The combined company, to be renamed True Velocity Inc., will have an estimated post-transaction enterprise value of $1.21 billion, consisting of an estimated equity value of $1.24 billion, $76.8 million in cash and $50 million in debt. Cash proceeds raised will consist of Breeze Holdings’ $17.7 million cash in trust and $100 million in anticipated new capital expected to be split between debt and equity. True Velocity intends to use the proceeds to help expansion into new markets and distribution channels, increase manufacturing capacity to 50 million to 60 million rounds in 2023 and fund general corporate and marketing expenses. The company said it entered into a three- to five-year strategic partnership to sell its ammunition through Bass Pro, the top outdoor retailer in the world.
Expected Closing: Q1 2023
True Velocity’s Financial Advisor: Stout Capital
True Velocity’s M&A Advisor: IB Capital
True Velocity’s Outside Counsel: Lathrop GPM; and Shearman & Sterling led by Alain Dermarkar and Bill Nelson and including John Menke, John Kurtz, Sara Prendergast and Samantha Favela
Breeze Holdings’ Financial Advisor: I-Bankers Securities Inc.
Breeze Holdings’ Outside Counsel: ArentFox Schiff and Woolery & Co.
Fairness Opinion to Breeze’s Board: Marshall & Stevens Transaction Advisory Services
Select buys Breakwater, assets from Cypress Environmental for $93.4M in stock
Deal Description: Select Energy Services Inc. and its unit SES Holdings announced Nov. 2 completing the acquisition of all of the equity interests in Breakwater Energy Services, a subsidiary of Break-Starr Holdings, which provides water transfer, infrastructure and advanced recycling solutions in the Permian Basin and Eagle Ford Shale, for 9.18 million shares of its Class A common stock and repaid or assumed $12.6 million of outstanding borrowings and other obligations. The company and unit Select Agua Libre Midstream also completed the acquisition of certain water gathering pipeline and disposal assets in the Bakken Shale from Cypress Environmental Solutions for 952,753 shares. The shares on Nov. 1 were worth $93.4 million.
Select’s Financial Advisor: BofA Securities Inc.
Select’s Outside Counsel: Vinson & Elkins led by partner Steve Gill and senior associate Mariam Boxwala with assistance from associates Carli Gish, Ryan Polk and Nate Richards; partner Lina Dimachkieh and associate Sarah Coe; partner Sarah Mitchell and associate Alex Turner; partner Matt Dobbins and associates Simon Willis and John Geilman; partner Guy Gribov, senior associate Caitlin Snelson and associate Tania Pinon-Venegas; partner David D’Alessandro and associate Matthew Green; partner Sean Becker and associate Peter Goetschel; counsel Rajesh Patel and associate Warner Scott; and counsel Scot Dixon
Breakwater’s Financial Advisor: Jefferies
Breakwater’s Outside Counsel: Locke Lord led by Joe Perillo in Houston and Henry Benton in Dallas and including Michael Bennett (Chicago), Nick Dickerson, Gislar Donnenberg, Jerry Higdon, Sara Longtain, Ed Razim, Buddy Sanders, Michelle Gutierrez-Begin, Jordan Rodriguez, Akilah Craig, Ashley Lopez and Jason McCloskey (all of Houston) and Floy Gaidarski (Dallas)
1Password acquires Passage Identity
Deal Description: 1Password, owned by AgileBits Inc., announced Nov. 3 the acquisition of Passage Identity Inc., a password-less authentication company. Terms weren’t disclosed. 1Password will use Passage’s technology to launch a password-less authentication platform for enterprises, enabling a safer, simpler and more secure end-user experience across any platform or device, 1Password said. Together the companies will enable developers, businesses and consumers to make progress toward a password-less future by accelerating adoption of passkeys, minimizing exposure to phishing attacks. For businesses, password-less authentication can improve top- and bottom-line revenue by eliminating forgotten customer passwords and reducing sign-up friction, 1Password added.
Passage’s Outside Counsel: Shearman led by Austin partner Carmelo Gordian and including Alex Steele, John Kurtz, and Julia Foley
Cardinal Midstream buys Medallion’s natural gas business in Delaware Basin
Deal Description: EnCap Flatrock Midstream-backed Cardinal Midstream Partners announced Nov. 2 it has signed definitive agreements with Medallion Midstream Services to acquire its natural gas gathering and processing business in the Delaware Basin in West Texas. Terms weren’t disclosed. The infrastructure includes natural gas gathering and processing solutions for producer customers in the heart of the Delaware Basin. The system spans Reeves and Loving counties and covers 80 miles of high- and low-pressure natural gas gathering pipelines and a 140 million cubic feet per day natural gas processing facility. Cardinal was the first management team EnCap Flatrock invested in when the private equity firm formed in 2008.
Expected Closing: early 2023
Cardinal’s Outside Counsel: Shearman & Sterling led by Nathan Meredith and including Andrew Heather and Brody Hinds
Medallion’s Outside Counsel: Locke Lord led by Bill Swanstrom and Jennie Simmons and including Lauren Richter, Laura L. Ferguson, Jerry Higdon, Jeff McPhaul, Tammi Niven, Ed Razim, Buddy Sanders, Mitch Tiras and Rachael Beavers, all of Houston, and Van Jolas in Dallas.
Medallion’s Financial Advisor: Greenhill & Co.
Kayne Anderson, 89 Energy III form Land Run Minerals V
Deal Description: Kayne Energy Private Equity and 89 Energy III announced Oct. 31 the formation of Land Run Minerals V, a royalties acquisition and management strategy launched from the 89 Energy platform. Kayne Energy and 89 Energy also said that LRM V’s acquired a large-scale, mature royalties asset in the core fairway of the Mid-Continent’s STACK play. Terms weren’t disclosed. The 55,000 net royalty acres are in Kingfisher, Canadian and Blaine Counties, Oklahoma, and produce 4,500 barrels of oil equivalent per day primarily operated by Coterra Energy, Devon Energy, Marathon Oil and Ovintiv.
Debt Financing/Credit Facility Providers: Wells Fargo Securities and TCBI Securities Inc.
LRM V’s Outside Counsel: Baker Botts including, from Texas, corporate attorneys Larry Hall, Jonathan Platt, Trevor LaBarge; on finance Shad Sumrow, Lyman Paden and Spencer Crawford; on tax: Stephen Marcus, Josh Mandell, Jordan Hahn; on employee benefits: Jason Loden; on litigation: Jason Newman; and Porter Hedges including partners Ray Lees in Oklahoma City and Joe Morrell in Houston
Kayne’s Outside Counsel: McDermott Will & Emery including Kevin Brophy, Jibin Luke, Sarah Nabors and Jack Langlois
Clearlake-backed Gravity sells production chemicals platform to Brenntag’s Coastal Chemical
Deal Description: Gravity, a water and power infrastructure company backed by affiliates of Clearlake Capital Group, announced Nov. 1 the sale of Tech Management, its production chemicals platform, to Coastal Chemical Co., which is owned by Germany’s Brenntag. Financial terms were not disclosed.
Gravity/Clearlake’s Financial Advisor: PPHB, including Joe Buchanan and Corey Corbit
Gravity/Clearlake’s Outside Counsel: Vinson & Elkins led by partner Matt Strock and senior associates Mike Marek and David Bumgardner with assistance from associates Mary Busse and Leah Powers. Other team members included partner Jason McIntosh and associate Sarah McIntosh; counsel Rajesh Patel and associate Warner Scott; partner Sarah Mitchell and associate Victoria Bahrami-Negad; partner Sean Becker and counsel Martin Luff; partner Shane Tucker and counsel Dario Mendoza; partner Darin Schultz, senior associate Alex Cross and associates Joe Higdon and Joe Kmak; and partner Matt Dobbins and senior associate Lindsay Hall.
AIP’s Brock Group buys Aegion’s energy services businesses
Deal Description: American Industrial Partners and the Brock Group announced Nov. 2 the acquisition of Aegion Energy Services headquartered in Rancho Dominquez, Calif. Terms weren’t disclosed. AES, with its brand names Schultz, Brinderson and AllSafe and 2,000-member workforce, is a provider of services for energy infrastructure in the maintenance, turnaround, construction and safety services in markets along the West Coast, Montana and Utah. AIP acquired Brock in 2017 and the next year Brock bought Advanced Thermal Corp. to strengthen its insulating business by adding removable blanket systems as a product offering. The addition of the Schultz, Brinderson and AllSafe brands brings to Brock a mechanical services capacity with long-term relationships with blue chip customers.
Brock’s Outside Counsel: Fredrikson & Byron
AES’ Outside Counsel: Shearman & Sterling led by partner Alain Dermarkar in Dallas and including Kyle Park, Efren Lemus, Emily Greenwood and Samantha Favela
King Ranch inks lease of Kleburg County, Texas, acreage for carbon dioxide projects
Deal Description: Bracewell said Nov. 3 the firm advised King Ranch Inc. in connection with its lease of 106,000 acres in Kleburg County, Texas, to support large-scale direct air capture projects for dedicated carbon dioxide sequestration for Occidental and its unit 1PointFive. The agreement, announced Oct. 31, provides access to land for the potential to remove up to 30 million metric tons of CO2 per year through DAC and pore space estimated to store up to 3 billion metric tons of CO2 in geologic reservoirs. The acreage is near industrial emitters in the Gulf Coast region, including Corpus Christi, where emissions can be captured, transported and sequestered in the pore space. Each DAC plant at the site is expected to be capable of removing up to 1 million metric tons of CO2 per year, yielding a capacity of up to 30 million metric tons per year when all facilities are operational. Occidental’s first DAC plant in the Texas Permian Basin is under construction and 1PointFive is working with Carbon Engineering to commercialize its technology and enable the global deployment of large-scale DAC projects. Worley is handling engineering, procurement and construction services for the first DAC plant.
From Bracewell: Partners James McAnelly (Houston), Elizabeth McGinley (New York), Aaron Roffwarg (Houston) and Timothy Wilkins (Austin); counsel Tamara McKinzie (Houston); and associates John Stavinoha, Nathan Guerra and William Moss, all in Houston.
Occidental /1Point Five’s Outside Counsel: White & Case led by partner Mingda Zhao in Houston
Voyager picks up Clearlake’s Knight Energy Services
Deal Description: Clearlake Capital Group announced Nov. 3 it sold Knight Energy Services to Houston-based Voyager Interests, a private equity firm specializing in the energy services and equipment sector. Terms weren’t disclosed. Knight, headquartered in Houston, is one of the largest rental tool companies serving the U.S. oil and gas industry. Voyager’s limited partner base is consists of primarily of Texas family offices and energy entrepreneurs. Clearlake is based in Santa Monica, Calif., with affiliates in Dallas, London and Dublin.
Clearlake’s Outside Counsel: Vinson & Elkins led by partner Matt Strock and senior associates Michael Marek and Todd Hartis with assistance from associate Libby Gerstner. Other key team members include partner David Wicklund, counsel Farah Paliwala and associate Taylor Daily; partners John Lynch and Linda Dimachkieh and associate Dan Henderson; associate Chandler Jones; counsel Rajesh Patel and associate Warner Scott; partner Sarah Mitchell and senior associate Alexander Baker; counsel Scot Dixon; partner Shane Tucker and associate Matt Green; partner Sean Becker and counsel Alex Bluebond; partner Matt Dobbins; and counsel Elizabeth Krabill McIntyre, senior associate Brian Howard and associate Pete Thomas.
Voyager’s Outside Counsel: McGuireWoods led by Ryan Mitchell (Dallas counsel) and David Krieghbaum (Dallas associate) with support from Kelsey Hitchcock (Pittsburgh associate)
Zhero attracts three climate investors to support first renewable energy projects
Deal Description: New green energy development Zhero announced Oct. 27 it closed its funding from climate investors Three Cairns Group, Galvanize Climate Solutions and Fortescue Future Industries. The amount wasn’t disclosed. The round will support the development of Zhero’s renewable energy, green hydrogen and storage projects. Marco Alverà, Paddy Padmanathan, Alessandra Pasini and Enrico Vitali founded the company at a time when a new generation of renewables are positioned for massive scale-up. Zhero is working toward a target of bringing to 5 gigawatts of projects by 2026. Zhero will develop, own and operate at-scale projects in renewable power generation, hydrogen and derivatives, interconnections and energy storage in the U.S., Europe Africa and Middle East and Australia. Zhero’s first investment was Tree Energy Solutions, which plans to develop a green energy import facility in Germany. Zhero’s team has delivered more than $100 billion in energy projects.
Three Cairns/Galvanize’s Outside Counsel: Vinson & Elkins led by Dan Komarek, Jason McIntosh, KJ Pedersen and Will White (now GC at Riverside Energy Group) with assistance from Spencer Withers and Sarah Coe; and Loyens & Loeff
Fengate acquires wind project in Texas, signs PPA with Meta
Deal Description: Fengate announced Nov. 3 the acquisition from Triple Oak Power of the ready-to-build 160-megawatt Prairie Switch Wind project outside of Houston. Terms weren’t disclosed. The Prairie Switch Wind project will use 48 of GE Renewable Energy’s 3.4 megawatt wind turbines and is expected to be fully up and running by the end of 2023. As part of this transaction, Fengate and Meta Platforms Inc. signed a long-term power purchase agreement for all of the project’s production. The project will provide new wind energy to support Meta’s operations. Located near the city of El Campo in Wharton County, Prairie Switch Wind, once built, will inject millions of dollars of tax and lease payments into the County while allowing ranching and farming operations to continue without material interruption or displacement. Fengate is managing this investment as part of the firm’s renewable energy strategy on behalf of its investors, including an investment fund owned by the LiUNA Pension Fund of Central and Eastern Canada. Fengate has offices in Toronto and Oakville, Ontario, and Houston.
Fengate’s Outside Counsel: Norton Rose Fulbright led by Becky Diffen in Austin and Megan Savage in Houston and including, from Texas, Madison Keeble and Emily Meier in Austin, Josh Morton in Houston. Kat Gamache in Houston led the PPA negotiations.
CAPITAL MARKETS/FINANCINGS
Latham aids on $10.6B in financings for Blackstone’s buy of Emerson’s Climate Technologies
Deal Description: Latham & Watkins said Nov. 2 the firm advised banks and direct lenders on ABL, term loan A and direct term loan B financings supporting Blackstone’s acquisition of a majority stake in Emerson Electric’s Climate Technologies business in a transaction valuing it at $14 billion. The deal, announced Oct. 31, involves Emerson getting upfront, pre-tax cash proceeds of $9.5 billion and a $2.25 billion note at close and keeping 45 percent common equity ownership of the standalone business, which will be structured as a joint venture between Emerson and Blackstone until its potential sale or IPO. The cash consideration will be funded by $5.5 billion of fully committed debt financing ($6.2 billion including an unfunded ABL facility) and $4.4 billion of equity contribution from Blackstone. Abu Dhabi Investment Authority and GIC will invest alongside Blackstone as part of the transaction.
Expected Closing: H1 2023 if the deal clears regulators
From Latham: A team led by New York partners Paul Bonewitz, Gene Mazzaro, Daniel Seale and Conray Tseng but including, from Texas, on the ABL revolver and term loan A: Houston partner Pamela Kellet; and on the private loan: Houston partner Trevor Wommack, counsel Bryce Kauffman and associate Michelle Synhorst
Emerson’s Financial Advisors: Centerview Partners and Goldman Sachs & Co.
Emerson’s Outside Counsel: Davis Polk & Wardwell
Blackstone’s Financial Advisors: Barclays with Guggenheim Securities and Evercore
Blackstone’s Outside Counsel: Simpson Thacher & Bartlett
Banks on ABL Revolver/TLA Part of Debt Financing: RBC Capital Markets, Wells Fargo and SMBC
Diversified closes $460M securitized financing
Deal Description: Diversified Energy Co. announced Oct. 31 that on Oct. 27 Diversified and Oaktree Capital Management jointly closed an ESG-aligned asset backed securitization of certain co-owned producing natural gas and oil assets located in Oklahoma. The note amounted to $460 million, $215 million net to Diversified representative of its 51.25 percent ownership interest in the collateral assets and net of certain fees, discount, and cash interest reserve. It has a fixed coupon of 7.50 percent. This fourth ESG-aligned financing in 2022 is linked to key performance indicators based on emissions reduction targets. Diversified previously pledged its portion of the assets as collateral under the company’s sustainability-linked loan, or SLL. Diversified will use its ABS proceeds to repay all outstanding borrowings under its SLL and for general corporate purposes, resulting in liquidity of $300 million, including the financing of the ConocoPhillips acquisition announced on July 28.
Investment Banks: Bank of America Securities Inc., Goldman Sachs & Co. and Donovan Ventures
Diversified’s Outside Counsel: Latham & Watkins led by Austin partner David Miller, Houston partner Stephen Szalkowski and Houston associate Alice Parker with assistance from Houston associates Ashley Nguyen, Zainab Hashmi, Austin Sheehy and Wole Oluborod and Austin associate Mason Taylor. On finance: Houston counsel Natalie McFarland with Houston associate Kirby Swartz; on derivatives: New York partner Yvette Valdez, Washington, D.C., counsel Brett Ackerman with New York associates Tiiu Lemsalu and Adam Fovent; on structured finance: New York partner Loren Finegold; on structuring: New York partner David Hammerman; on securities: Houston partner Trevor Lavelle; on tax: Houston partners Tim Fenn and Jim Cole with Houston associate Dylan White; and on environmental: Los Angeles/Houston counsel Josh Marnitz.
Oaktree’s Outside Counsel: Gibson Dunn including partners Michael Piazza and Gerald Spedale, of counsel Adam Whitehouse and associates Jake Volz, Harrison Tucker, Chris Atmar, Michael Holmes and Samantha Astrich. Partner Shalla Prichard advised on financing and partner Michael Cannon and associate Josiah Bethards advised on tax.
Investors’ Outside Counsel: Vinson & Elkins led by James Longhofer and John Grand with assistance from Tzvi Werzberger, Niels Jensen, Demi Hueth, Carter Olson and Elena Sauber.
Atlis Motor Vehicles closes initial $10M tranche of $30M private placement
Deal Description: Atlis Motor Vehicles Inc. announced Nov. 4 the closing of the initial $10 million tranche of an anticipated $30 million private placement with institutional investors. The investment is in the form of a senior secured original issue 10 percent discount convertible promissory note, resulting in proceeds before expenses of around $9 million. The company expects to use the proceeds to continue executing on its business plan, including funding planned capital expenditures and working capital. The note has a 24-month maturity. The note will be convertible into shares of Class A common stock. The note will be fully repayable in cash on maturity. The investors have the option of prepayment of up to 20 percent of the issuance amount of a subsequent financing. The investors were also granted a five-year warrant to purchase 231,312 more shares of common stock.
Placement Agent: Maxim Group
Atlis’ Outside Counsel: Winston & Strawn co-led by Mike Blankenship and James Brown in Houston and including Dean Hinderliter in Dallas, Kevin Smith in New York, Emily Barrera in Houston, Ashley Dumoff in New York, Hannah Gallagher in Chicago, Carly Ginley in Charlotte, Anna Gryska in Houston, Justin Linder in Washington, D.C., and Luisa Patoni and Alexandra Santana in Houston