Dykema released its 15th annual M&A outlook survey last week – and the results weren’t too encouraging.
Only a third of the respondents – including corporate executives and advisors – are bullish about the outlook for U.S. M&A activity over the next 12 months, down from almost two-thirds in last year’s survey when there was optimism in the wake of sweeping federal tax reform.
M&A optimism levels essentially reverted to pre-2018 results, the firm said.
Almost a third of respondents said the main driver of U.S. M&A activity in the next 12 months will be general U.S. economic conditions, displacing availability of capital (24%), which had been in the top spot for the past six years. But they were split on the possibility of an economic downturn, with about half saying a recession in the next 12 months was at least somewhat likely and a quarter saying they were either neutral or thought a recession was unlikely or somewhat unlikely.
Respondents said trade tensions with China (43%) and U.S. political uncertainty (35%) were the greatest threats to U.S. M&A activity over the next year. But they were once again split on whether the impact from next year’s presidential election would be positive (36%) or negative (38%).
Fifty-eight percent of respondents anticipate an increase in M&A activity involving privately owned businesses over the next 12 months, down from 82% last year.
Financial U.S. buyers are expected to be the biggest influencers on U.S. deal valuations, as they were in 2018. Foreign buyers are thought to have a greater influence compared with a year ago, as the U.S. is probably a relatively safe bet compared with other countries, the firm said.
Respondents predicted automotive, healthcare, energy, consumer products and technology would see the most deal activity, with healthcare moving up two spots from last year, Dykema reported.
Meanwhile, Texas lawyers experienced brisk deal activity last week, with 25 transactions valued at $12.9 billion compared with 10 deals worth $2.47 billion the week before. The activity was up in count but down in value from this time last year, which saw 16 transactions valued at $17.3 billion. Pre-holidays is clearly a busy time for dealmakers.
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)
| Week Ending | Deal Count | Amount | Firms | Lawyers | M&A Count | M&A Value $M | CapM Count | CapM Value $M |
|---|---|---|---|---|---|---|---|---|
| May 14, 2022 | 11 | $306.6 | 9 | 80 | 10 | $306.6 | 1 | $225 |
| May 7, 2022 | 16 | $10,451.75 | 12 | 108 | 12 | $1,827 | 4 | $8,624.75 |
| April 30, 2022 | 16 | $2,296.5 | 16 | 157 | 12 | $895.5 | 4 | $1,401 |
| April 23, 2022 | 10 | $2,241 | 11 | 58 | 8 | $1641 | 2 | $600 |
| April 16, 2022 | 11 | $6,643 | 7 | 156 | 8 | $2,359 | 3 | $4,284 |
| April 9, 2022 | 17 | $4,429 | 14 | 184 | 11 | $1,690 | 6 | $2,739 |
| April 2, 2022 | 13 | $1,755 | 8 | 84 | 10 | $1,145 | 3 | $610 |
| March 26, 2022 | 11 | $3,205 | 8 | 65 | 6 | $200 | 5 | $3,005 |
| March 19, 2022 | 13 | $2,239.17 | 9 | 106 | 13 | $2,239.17 | 0 | 0 |
| March 12, 2022 | 18 | $12,016 | 11 | 239 | 15 | $11,965 | 2 | $51.35 |
| March 5, 2022 | 17 | $6,786 | 13 | 137 | 13 | $5,161 | 4 | $1,625 |
| February 26, 2022 | 12 | $5,095 | 8 | 149 | 9 | $4,437.5 | 3 | $658 |
| February 19, 2022 | 17 | $22,229 | 17 | 174 | 14 | $21,354 | 3 | $875 |
| February 12, 2022 | 12 | $2,344.7 | 10 | 73 | 8 | $641.7 | 4 | $1,703 |
| February 5, 2022 | 11 | $2,503 | 8 | 99 | 11 | $2,503 | 0 | 0 |
| January 29, 2022 | 11 | $3,872 | 12 | 101 | 12 | $3,872 | 0 | 0 |
| January 22, 2022 | 13 | $5,143.5 | 10 | 99 | 12 | $4,842.5 | 1 | $301 |
| January 15, 2022 | 12 | $7,605 | 9 | 155 | 9 | $6,480 | 3 | $1,025 |
| January 8, 2022 | 13 | $8,256.2 | 11 | 102 | 13 | $8,256.2 | 0 | 0 |
| January 1, 2022 | 9 | $1,273.8 | 6 | 50 | 9 | $1,273.8 | 0 | 0 |
| December 25, 2021 | 21 | $4,734.75 | 11 | 176 | 16 | $3,410 | 5 | $1,324.75 |
| December 18, 2021 | 26 | $7,325.2 | 15 | 193 | 18 | $3,640.2 | 8 | $3,685.2 |
| December 11, 2021 | 16 | $5,017 | 10 | 109 | 13 | $1,417 | 3 | $3,600 |
| December 4, 2021 | 14 | $2,310 | 8 | 86 | 8 | $2,310 | 6 | $1,882.05 |
| November 27, 2021 | 9 | $3.460.1 | 10 | 101 | 6 | $1,758 | 3 | $1,702.6 |
| November 20, 2021 | 20 | $22,792 | 15 | 157 | 12 | $18,864.5 | 8 | $3,928 |
| November 13, 2021 | 21 | $26,729 | 12 | 178 | 13 | $11,822 | 8 | $14,907 |
| November 6, 2021 | 12 | $8,303 | 13 | 157 | 10 | $6,682 | 3 | $1,621 |
| October 30, 2021 | 21 | $10,368 | 15 | 218 | 15 | $9,24.4 | 6 | $1,103. |
| October 23, 2021 | 21 | $18.783.1 | 15 | 222 | 11 | $12,314 | 10 | $6,468.6 |
| October 16, 2021 | 15 | $3,868 | 11 | 118 | 15 | $2,293 | 2 | $1,575 |
| October 9, 2021 | 20 | $8,610 | 16 | 175 | 16 | $7,795 | 4 | $815 |
| October 2, 2021 | 14 | $6,250 | 11 | 137 | 10 | $5,200 | 4 | $1,050 |
| September 25, 2021 | 11 | $11,460 | 9 | 93 | 7 | $10,200 | 4 | $1,250 |
| September 18, 2021 | 11 | $16,603 | 8 | 99 | 8 | $15,084 | 3 | $1,519 |
| September 11, 2021 | 17 | $10,653 | 11 | 103 | 13 | $8,503 | 4 | $2,150 |
| September 4, 2021 | 13 | $7,222 | 10 | 89 | 11 | $6,715 | 2 | $507 |
| August 28, 2021 | 12 | $763 | 9 | 63 | 11 | $663 | 1 | $100 |
| August 21, 2021 | 12 | $29,659 | 7 | 79 | 11 | $29,579 | 1 | $80 |
| August 14, 2021 | 22 | $17,845 | 11 | 199 | 12 | $12,805 | 10 | $5,04 |
| August 7, 2021 | 17 | $13,670 | 12 | 139 | 15 | $11,766 | 2 | $1,904 |
| July 31, 2021 | 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 |
| July 17, 2021 | 14 | $4,009 | 11 | 124 | 12 | $2,015 | 2 | $1,994 |
| July 10, 2021 | 16 | $3,997 | 13 | 143 | 11 | $1,597 | 4 | $2,4 |
| July 3, 2021 | 24 | $7,492 | 13 | 94 | 16 | $3,769 | 8 | $3,722 |
| June 26, 2021 | 10 | $4,995 | 7 | 85 | 8 | $3,847 | 2 | $1,148 |
| June 19, 2021 | 28 | $16,830 | 8 | 228 | 9 | $1,861 | 19 | $14,968 |
| June 12, 2021 | 26 | $27,238 | 15 | 209 | 19 | $25,602 | 7 | $1,636 |
| June 5, 2021 | 15 | $15,539 | 13 | 100 | 13 | $14,709 | 2 | $600 |
| May 29, 2021 | 35 | $20,279 | 11 | 145 | 28 | $18,64 | 7 | $1,639 |
| May 22, 2021 | 24 | $53,208 | 14 | 174 | 17 | $51,047 | 7 | $2,161 |
| May 15, 2021 | 18 | $10,620 | 13 | 220 | 11 | $5,870 | 7 | $4,809 |
| May 8, 2021 | 17 | $10,400 | 11 | 156 | 15 | $8,386 | 2 | $2,500 |
| May 1, 2021 | 21 | $7,200 | 16 | 115 | 12 | $3,808 | 9 | $3,392 |
| April 24, 2021 | 8 | $20,200 | 9 | 31 | 8 | $20,200 | 0 | 0 |
| April 17, 2021 | 14 | $6,270 | 8 | 102 | 11 | $4,0180 | 3 | $2,260 |
| April 10, 2021 | 15 | $8,940 | 13 | 129 | 14 | $7,990 | 1 | $950 |
| April 3, 2021 | 18 | $19,513 | 10 | 151 | 12 | $16,923 | 6 | $2,590 |
| March 27, 2021 | 27 | $13,942 | 15 | 244 | 14 | $4,300 | 13 | $9,633.5 |
| March 20, 2021 | 11 | $2,046 | 4 | 102 | 3 | $270 | 8 | $1,776 |
| March 13, 2021 | 15 | $3,270 | 9 | 109 | 6 | $538 | 9 | $2,732 |
| March 6, 2021 | 24 | $13,617 | 10 | 196 | 13 | $10,395 | 11 | $3,222 |
| February 27, 2021 | 19 | $8,105 | 12 | 139 | 15 | $4,970 | 4 | $3,135 |
| February 20, 2021 | 9 | $8,820 | 9 | 153 | 8 | $8,520 | 1 | $300 |
| February 13, 2021 | 12 | $4,852.6 | 7 | 81 | 7 | 2,766 | 5 | $2,086.6 |
| February 6, 2021 | 18 | $9,752 | 13 | 153 | 14 | $5,222 | 4 | $4,530 |
| January 30, 2021 | 18 | $9,449 | 9 | 182 | 15 | $8753.8 | 3 | $695.3 |
| January 23, 2021 | 14 | $8,150 | 8 | 118 | 6 | $4,000 | 8 | $4,150 |
| January 16, 2021 | 17 | $6,783 | 13 | 138 | 11 | $2,400 | 6 | $4,382.9 |
| January 9, 2021 | 22 | $6,829 | 14 | 135 | 18 | $3,139.3 | 4 | $3,690 |
| January 2, 2021 | 7 | $1,466 | 7 | 60 | 7 | $1,466 | 0 | 0 |
| December 26, 2020 | 18 | $15,900 | 12 | 163 | 16 | $5,300 | 1 | $600 |
| December 19, 2020 | 18 | $9,769 | 14 | 110 | 14 | $8,426 | 4 | $1,343 |
| December 12, 2020 | 10 | $7,200 | 9 | 100 | 9 | $3,325 | 1 | $3,830 |
| December 5, 2020 | 15 | $4,261 | 9 | 122 | 9 | $2,780 | 6 | $1,481 |
| November 28, 2020 | 19 | $7,758 | 10 | 110 | 13 | $4,003 | 6 | $3,755 |
| November 14, 2020 | 14 | $864.1 | 14 | 157 | 12 | $289.1 | 2 | $575 |
| November 7, 2020 | 13 | $6,332 | 9 | 129 | 9 | $2,483.5 | 4 | $3,849 |
| October 31, 2020 | 10 | $3,995.8 | 8 | 103 | 6 | $3,231.1 | 4 | $754.7 |
| October 24, 2020 | 6 | $18,100 | 6 | 58 | 5 | $17,709 | 1 | $350 |
| October 17, 2020 | 8 | $351.9 | 5 | 55 | 8 | $351.9 | 0 | 0 |
| October 10, 2020 | 7 | $5,229 | 3 | 50 | 4 | $735 | 3 | $4,494 |
| October 3, 2020 | 14 | $21,428 | 9 | 173 | 9 | $17,535 | 5 | $3,893 |
| September 26, 2020 | 10 | $12,770 | 8 | 93 | 5 | $10,300 | 5 | $2,470 |
| September 19, 2020 | 14 | $8,365 | 9 | 101 | 6 | $1,020 | 8 | $7,345 |
| September 12, 2020 | 6 | $4,406 | 8 | 59 | 3 | $1,270 | 3 | $3,136 |
| September 5, 2020 | 11 | $5,191 | 8 | 117 | 9 | $4,061 | 2 | $1,130 |
| August 29, 2020 | 11 | $2,531 | 9 | 94 | 5 | $1,130 | 6 | $1,401 |
| August 22, 2020 | 18 | $6,574 | 12 | 140 | 7 | $1,930 | 11 | $4,644 |
| August 15, 2020 | 13 | $4,991 | 10 | 97 | 7 | $1,216 | 6 | $3,775 |
| August 8, 2020 | 12 | $32,092 | 11 | 112 | 9 | $30,457 | 3 | $1,635 |
| August 1, 2020 | 7 | $5,287 | 8 | 76 | 5 | $3,687 | 2 | $1,600 |
| July 25, 2020 | 9 | $18,751 | 6 | 67 | 7 | $18,403 | 2 | $348 |
| July 18, 2020 | 6 | $1,982.5 | 5 | 50 | 4 | $1,407.5 | 2 | $575 |
| July 11, 2020 | 11 | $565.1 | 12 | 75 | 10 | $65.1 | 1 | $500 |
| July 4, 2020 | 10 | $8,889 | 8 | 98 | 9 | $8,788 | 1 | $100.3 |
| June 27, 2020 | 8 | $6,874 | 10 | 50 | 5 | $4,972.5 | 3 | $2,081.5 |
| June 20, 2020 | 12 | $4,444 | 9 | 115 | 7 | $2,829 | 5 | $1,615 |
| June 13, 2020 | 6 | $3,582 | 4 | 37 | 2 | $350 | 4 | $3,232 |
| June 6, 2020 | 11 | $3,213.7 | 8 | 65 | 7 | $470 | 4 | $2,743.7 |
| May 30, 2020 | 8 | $7,335 | 7 | 48 | 6 | $4,639 | 2 | $2,697 |
| May 23, 2020 | 4 | $432.4 | 4 | 34 | 3 | $432.4 | 1 | 0 |
| May 16, 2020 | 6 | $310 | 6 | 34 | 5 | $310 | 1 | 0 |
| May 9, 2020 | 18 | $5,630 | 16 | 124 | 14 | $3,180 | 4 | $2,450 |
| May 2, 2020 | 15 | 10,400 | 10 | 90 | 8 | $1,900 | 7 | $,8,500 |
| April 25, 2020 | 8 | $3,400 | 9 | 36 | 5 | $1,000 | 3 | $2,450 |
| April 18, 2020 | 19 | $9,500 | 14 | 92 | 8 | $185.7 | 11 | $9,360 |
| April 11, 2020 | 12 | $6,000 | 9 | 40 | 5 | $190 | 7 | $5,800 |
| April 4, 2020 | 14 | $8,200 | 11 | 68 | 10 | $2,200 | 4 | $6,000 |
| March 28, 2020 | 16 | $6,500 | 13 | 96 | 10 | $3,700 | 6 | $2,800 |
| March 21, 2020 | 11 | $11,910 | 7 | 33 | 7 | $2,250 | 4 | $9,960 |
| March 14, 2020 | 7 | 809.8 | 6 | 34 | 6 | 684.8 | 1 | 125 |
| March 7, 2020 | 16 | $2,500 | 15 | 70 | 13 | $669 | 3 | $1,400 |
| February 29, 2020 | 13 | $15,260 | 13 | 128 | 11 | $11,760 | 2 | $3,500 |
| February 22, 2020 | 12 | $3,700 | 10 | 92 | 10 | $2,560 | 2 | $1,130 |
| February 15, 2020 | 16 | $1,250 | 10 | 84 | 12 | $35 | 4 | $1,222 |
| February 8, 2020 | 18 | $6,080 | 14 | 123 | 14 | $2,595 | 4 | $3,485 |
| February 1, 2020 | 21 | $20,900 | 12 | 101 | 14 | $17,860 | 7 | $3,060 |
| January 25, 2020 | 13 | $7,430 | 13 | 62 | 12 | $6,430 | 1 | $1,000 |
| January 18, 2020 | 23 | $9,580 | 15 | 120 | 19 | $6,580 | 4 | $3,000 |
| January 11, 2020 | 21 | $14,200 | 18 | 199 | 16 | $1,020 | 5 | $13,200 |
| January 4, 2020 | 22 | $6,400 | 11 | 119 | 16 | $3,204 | 6 | $3,245 |
| December 28, 2019 | 22 | $7,150 | 19 | 175 | 18 | $6,800 | 4 | $327.4 |
| December 14, 2019 | 24 | $36,300 | 23 | 167 | 19 | $9,500 | 5 | $26,800 |
| December 7, 2019 | 11 | $10,400 | 11 | 55 | 7 | $1,082 | 4 | $9,370 |
| November 30. 2019 | 14 | $2,450 | 12 | 126 | 12 | $1,760 | 2 | $692.5 |
| November 23, 2019 | 16 | $1,995 | 10 | 41 | 11 | $615 | 5 | $1,380 |
| November 16, 2019 | 15 | $3,820 | 13 | 135 | 11 | $2,500 | 4 | $1,271 |
| November 9, 2019 | 25 | $12,900 | 17 | 182 | 23 | $12,200 | 2 | $575 |
| November 2, 2019 | 10 | $2,470 | 12 | 61 | 9 | 2,450 | 3 | $22 |
| October 26, 2019 | 12 | $5,560 | 14 | 70 | 11 | $3,860 | 1 | $1,700 |
| October 19, 2019 | 8 | $6,600 | 8 | 138 | 8 | $6,600 | 0 | 0 |
| October 12, 2019 | 19 | $4,300 | 14 | 55 | 16 | $3,800 | 3 | $500 |
| October 5, 2019 | 18 | $14,500 | 19 | 166 | 15 | $11,100 | 3 | $3,400 |
| September 28, 2019 | 19 | $8,100 | 18 | 132 | 18 | $7,560 | 1 | $550 |
| September 21, 2019 | 14 | $6,300 | 16 | 66 | 11 | $2,160 | 3 | $4,170 |
| September 14, 2019 | 15 | $23,800 | 12 | 56 | 11 | $21,250 | 4 | $2,570 |
| September 7, 2019 | 17 | $3,500 | 15 | 98 | 14 | $1,900 | 3 | $1,600 |
| August 31, 2019 | 5 | $8,700 | 6 | 50 | 5 | $8,700 | 0 | 0 |
| August 24, 2019 | 16 | $10,000 | 14 | 82 | 15 | $4,250 | 1 | $5,750 |
| August 16, 2019 | 10 | $1,680 | 5 | 52 | 7 | $650 | 3 | $950 |
| August 9, 2019 | 17 | $17,700 | 15 | 68 | 14 | $3,900 | 3 | $13,800 |
| August 2, 2019 | 13 | $5,760 | 12 | 108 | 13 | $5,760 | NA | NA |
| July 27, 2019 | 11 | $7,300 | 13 | 76 | 8 | $6,570 | 3 | $730 |
| July 20, 2019 | 13 | $11,800 | 13 | 125 | 11 | $5,300 | 2 | $6,500 |
| July 13, 2019 | 10 | $775 | 7 | 46 | 8 | $542.5 | 2 | $233 |
| July 6, 2019 | 7 | $2,500 | 9 | 85 | 7 | $2,500 | 0 | 0 |
| June 29, 2019 | 23 | $8,290 | 15 | 154 | 17 | $2,300 | 6 | $5,970 |
| June 22, 2019 | 17 | $10,700 | 10 | 139 | 14 | $7,700 | 3 | $3,000 |
| June 15, 2019 | 11 | $13,500 | 14 | 160 | 11 | $13,500 | NA | NA |
| June 8, 2019 | 13 | $2,870 | 17 | 55 | 11 | $1,570 | 2 | $1,300 |
| June 1, 2019 | 10 | $4,460 | 11 | 60 | 8 | $4,140 | 2 | $315 |
| May 25, 2019 | 17 | $4,360 | 14 | 79 | 14 | $3,700 | 3 | $612 |
| May 18, 2019 | 22 | $9,000 | 17 | 150 | 16 | $3,400 | 6 | $5,600 |
| May 11, 2019 | 18 | $19,800 | 17 | 177 | 15 | $18,300 | 3 | $1,500 |
| May 4, 2019 | 10 | $7,075 | 6 | 32 | 8 | $6,900 | 2 | $175 |
| April 27, 2019 | 15 | $3,200 | 14 | 117 | 14 | $3,160 | 1 | $40 |
| April 20, 2019 | 13 | $13,500 | 10 | 90 | 9 | $12,200 | 4 | $1,300 |
| April 13, 2019 | 16 | $38,900 | 14 | 91 | 14 | $37,800 | 2 | $1,100 |
| April 6, 2019 | 12 | $6,870 | 11 | 94 | 10 | $6,730 | 2 | $50 |
| March 30, 2019 | 15 | $6,470 | 12 | 84 | 10 | $7,91.5 | 5 | $5,677 |
| March 23, 2019 | 18 | $6,450 | 14 | 91 | 14 | $5,042 | 4 | $1,408 |
| March 16, 2019 | 14 | $10,180 | 12 | 115 | 11 | $8,800 | 3 | $1,300 |
| March 9, 2019 | 9 | $1,800 | 6 | 49 | 8 | $1,300 | 1 | $500 |
| March 2, 2019 | 20 | $3,033 | 16 | 107 | 14 | $1,817 | 6 | $1,262 |
| February 23, 2019 | 12 | $2,040 | 8 | 69 | 9 | $614.6 | 3 | $1,430 |
| February 16, 2019 | 16 | $9,970 | 18 | 77 | 16 | $9,970 | 0 | 0 |
| February 9, 2019 | 14 | $6,400 | 10 | 110 | 14 | $6,400 | 0 | 0 |
| February 2, 2019 | 18 | $6,740 | 15 | 99 | 16 | $5,720 | 2 | $950 |
| January 26, 2019 | 13 | $2,770 | 11 | 67 | 11 | $918.95 | 2 | $1,850 |
| January 19, 2019 | 15 | $3,819 | 16 | 76 | 12 | $2,594 | 3 | $1,225 |
| January 12, 2019 | 18 | $7,283 | 14 | 92 | 15 | $1,683 | 3 | $5,600 |
| January 5, 2019 | 10 | $529 | 12 | 50 | 10 | $529 | 0 | 0 |
| December 22, 2018 | 17 | $2,570 | 13 | 87 | 14 | $941 | 3 | $1,629 |
| December 15, 2018 | 10 | $2,860 | 8 | 26 | 8 | $264 | 2 | $2,600 |
| December 8, 2018 | 15 | $1,819 | 16 | 65 | 12 | $552 | 3 | $1,267 |
| December 1, 2018 | 12 | $7,500 | 10 | 90 | 9 | $1,200 | 3 | $6,200 |
| November 28, 2018 | 15 | $4,500 | 11 | 107 | 14 | $4,000 | 1 | $500 |
| November 19, 2018 | 18 | $6,137 | 13 | 98 | 13 | $2,142 | 5 | $3,995 |
| November 14, 2018 | 18 | $9,200 | 13 | 152 | 15 | $8,500 | 3 | $694 |
| November 6, 2018 | 16 | $17,300 | 16 | 183 | 14 | $16,361 | 2 | $950 |
| October 29, 2018 | 14 | $14,400 | 18 | 127 | 17 | $13,800 | 1 | $600 |
| October 24, 2018 | 13 | $6,140 | 13 | 126 | 11 | $5,122 | 2 | $1,018 |
| October 17, 2018 | 18 | $18,390 | 15 | 125 | 14 | $12,292 | 4 | $6,098 |
| October 10, 2018 | 29 | $3,149 | 18 | 104 | 20 | $1,647 | 9 | $819 |
| October 2, 2018 | 18 | $9,300 | 11 | 67 | 14 | $7,300 | 4 | $2,000 |
| September 25, 2018 | 13 | $7,000 | 11 | 75 | 10 | $6,000 | 3 | $995 |
| September 18, 2018 | 9 | $3,570 | 7 | 44 | 9 | $3,570 | 0 | 0 |
| September 11, 2018 | 13 | $5,900 | 10 | 132 | 13 | $5,900 | 0 | 0 |
| September 7, 2018 | 14 | $5,000 | 15 | 86 | 11 | $4,000 | 3 | $1,000 |
| August 29, 2018 | 15 | $20,700 | 14 | 79 | 13 | $4,700 | 2 | $16,000 |
| August 20, 2018 | 10 | $12,400 | 11 | 53 | 8 | $11,380 | 3 | $1,057 |
| August 14, 2018 | 12 | $19,900 | 12 | 132 | 9 | $18,889 | 3 | $1,011 |
| August 7, 2018 | 16 | $68,600 | 11 | 106 | 13 | $67,259 | 3 | $1,340 |
| July 31, 2018 | 15 | $15,100 | 15 | 95 | 11 | $13,060 | 4 | $2,060 |
| July 23, 2018 | 13 | $2,130 | 15 | 60 | 10 | $1,804 | 3 | $1,100 |
| July 17, 2018 | 14 | $5,370 | 17 | 98 | 9 | $4,310 | 5 | $1,100 |
| July 9, 2018 | 16 | $11,200 | 15 | 74 | 10 | $11,080 | 6 | $862 |
| July 3, 2018 | 13 | $7,000 | 7 | 81 | 12 | $6,330 | 1 | $750 |
| June 25, 2018 | 15 | $8,800 | 13 | 97 | 9 | $4,970 | 6 | $3,930 |
| June 18, 2018 | 13 | $14,200 | 14 | 80 | 7 | $221 | 6 | $14,290 |
| June 11, 2018 | 12 | $6,300 | 8 | 96 | 8 | $5,910 | 4 | $803 |
| June 6, 2018 | 13 | $14,500 | 10 | 88 | 8 | $14,154 | 5 | $579 |
| May 31, 2018 | 11 | $4,890 | 10 | 63 | 8 | $3,240 | 3 | $1,790 |
| May 22, 2018 | 15 | $20,400 | 11 | 63 | 9 | $19,808 | 6 | $885 |
| May 15, 2018 | 15 | $4,700 | 15 | 106 | 10 | $3,900 | 5 | $643 |
| May 9, 2018 | 11 | $1,400 | 13 | 88 | 9 | $1,300 | 2 | $560 |
| May 1, 2018 | 8 | $14,250 | 7 | 88 | 7 | $13,400 | 1 | $450 |
| April 24, 2018 | 12 | $5,300 | 6 | 61 | 11 | $4,470 | 1 | $800 |
| April 17, 2018 | 9 | $1,800 | 10 | 44 | 7 | $2,330 | 2 | $1,434 |
| April 11, 2018 | 11 | $2,500 | 8 | 32 | 6 | $1,690 | 5 | $809 |
| April 3, 2018 | 15 | $13,400 | 11 | 121 | 9 | $12,020 | 6 | $1,090 |
| March 28, 2018 | 10 | $4,000 | 10 | 92 | 7 | $3,870 | 3 | $215 |
| March 19, 2018 | 17 | $5,800 | 13 | 51 | 10 | $590 | 7 | $5,165 |
| March 12, 2018 | 15 | $3,130 | 11 | 43 | 11 | $2,360 | 4 | $788 |
| March 6, 2018 | 19 | $5,400 | 13 | 116 | 10 | $1,530 | 9 | $4,860 |
| February 27, 2018 | 20 | $6,600 | 13 | 69 | 14 | $5,530 | 6 | $1,030 |
| February 19, 2018 | 15 | $5,500 | 14 | 111 | 10 | $3,990 | 6 | $1,980 |
| February 12, 2018 | 23 | $10,900 | 17 | 157 | 12 | $7,110 | 11 | $3,840 |
| February 5, 2018 | 16 | $8,600 | 13 | 100 | 7 | $1,330 | 9 | $7,800 |
| January 30, 2018 | 11 | $12,600 | 11 | 68 | 5 | $7,300 | 6 | $4,982 |
| January 24, 2018 | 19 | $9,400 | 15 | 129 | 5 | $2,010 | 14 | $7,337 |
| January 18, 2018 | 10 | $6,280 | 8 | 49 | 2 | $2,100 | 8 | $4,188 |
| January 9, 2018 | 12 | $16,500 | 12 | 92 | 9 | $15,890 | 3 | $475 |
| January 3, 2018 | 10 | $2,500 | 9 | 47 | 8 | $2,350 | 2 | $150 |
| December 27, 2017 | 15 | $9,000 | 15 | 113 | 9 | $7,568 | 6 | $1,784 |
| December 18, 2017 | 15 | $13,800 | 16 | 164 | 9 | $13,010 | 7 | $1,118 |
| December 11, 2017 | 14 | $9,700 | 10 | 126 | 12 | $2,940 | 4 | $8,500 |
| December 4, 2017 | 6 | $1,800 | 6 | 31 | 5 | $1,510 | 1 | $300 |
| November 28, 2017 | 7 | $3,850 | 8 | 76 | 4 | $3,260 | 3 | $285 |
| November 16, 2017 | 10 | $2,700 | 10 | 48 | 6 | $1,840 | 4 | $856 |
| November 8, 2017 | 15 | $2,380 | 17 | 91 | 10 | $1,860 | 5 | $516 |
| November 1, 2017 | 12 | $4,700 | 17 | 94 | 9 | $3,400 | 4 | $1,300 |
| October 23, 2017 | 15 | $10,500 | 10 | 67 | 10 | $9,780 | 4 | $1,530 |
| October 18, 2017 | 6 | $2,000 | 37 | 3 | $225 | 3 | $1,820 | |
| October 10, 2017 | 12 | $6,570 | 100 | 9 | $3,880 | 3 | $3,360 | |
| October 2, 2017 | 8 | $3,100 | 11 | 19 | 3 | $1,630 | 5 | $1,750 |
| September 25, 2017 | 8 | $4,880 | 8 | 79 | 5 | $2,660 | 5 | $2,070 |
| September 18, 2017 | 9 | $4,770 | 3 | $300 | 6 | $4,470 | ||
| September 12, 2017 | 11 | $4,430 | 8 | $2,030 | 3 | $2,400 | ||
| September 1, 2017 | 4 | $1,310 | 3 | $317 | 1 | $1,000 | ||
| August 23, 2017 | 11 | $13,640 | 9 | 8 | $11,840 | 3 | $1,800 |
M&A, private equity and venture capital transactions again dominated the activity with 23 deals valued at $12.2 billion and two capital markets/financing transaction worth $575 million. Seventeen firms and 182 Texas lawyers were involved in all the activity.
M&A/PRIVATE EQUITY/VENTURE CAPITAL
Shearman aids CPPIB on purchase of Pattern Energy for $6.1B
Wind and solar power plant operator Pattern Energy Group Inc. said Nov. 4 that it agreed to be sold to Canada Pension Plan Investment Board, known as CPPIB, for $26.75 per share in cash, or $2.63 billion, which will take the company private.
The deal gives Pattern Energy an enterprise value of around $6.1 billion, including net debt.
If the deal is completed, Pattern Energy will be combined with Riverstone Holdings-backed Pattern Development, which builds projects.
Shearman & Sterling advised CPPIB with a team led out of New York and Toronto that included associate Ryan Bray, who recently moved to the firm’s Houston office from Menlo Park.
Evercore and Goldman Sachs provided financial advice to Pattern Energy’s special committee and Paul, Weiss, Rifkind, Wharton & Garrison was the committee’s independent legal counsel.
The offer represented a 14.8% premium over Pattern Energy’s closing share price on Aug. 9, 2019, the last trading day before market rumors began to surface the company’s potential sale.
The deal is subject to a 35-day go-shop process but is expected to close in the second quarter of next year.
The Pattern Energy management team, led by Mike Garland, will lead the combined enterprise.
Pattern chairman Alan Batkin said in a statement that the deal delivers “significant, immediate and certain value to the company’s shareholders.”
Pension and infrastructure funds have been increasingly investing in renewable energy projects due to their steady returns.
Bruce Hogg led the transaction from CPPIB, whose fund reached C$400.6 billion in June, and Chris Hunt and Alfredo Marti from Riverstone, which has raised and invested $39 billion in 180 energy investments around the world.
Pattern Energy has 28 wind and solar power projects with an operating capacity of 4.4 gigawatts in the U.S., Canada and Japan. Pattern Development has developed, financed and placed into operation 4,000 megawatts of wind and solar power projects.
Blackstone invests in MagicLab, giving it a $3B valuation
Blackstone announced Nov. 8 that it’s taking a majority stake in MagicLab, which operates dating and social networking apps Bumble and Badoo, valuing the company at around $3 billion.
Elizabeth Monteleone, director of legal affairs at Bumble in Austin, told The Texas Lawbook that she was the only Texas lawyer on the deal.
Davis Polk & Wardwell counseled Whitney Wolfe Herd, the founder and CEO of Bumble. Baker McKenzie represented the majority shareholders of MagicLab, including Andrey Andreev, and Simpson Thacher & Bartlett was Blackstone’s legal advisor. Citi is MagicLab’s financial advisor and providing financing to Blackstone.
Founded in 2006 by Andreev, MagicLab has connected the lives of 500 million people around the world across dating, social and business activities. As part of the deal, Andreev will be selling his stake and stepping down from the business, replaced by Bumble founder and CEO Whitney Wolfe Herd, who will work with Blackstone to expand the business.
Jon Korngold, head of Blackstone Growth, said MagicLab was a pioneer in the fast-growing online dating industry. Martin Brand also worked on the deal from Blackstone.
Bracewell, Gibson Dunn, HuntonAK work on DCP’s $1.53B IDR cut
DCP Midstream announced a transaction last week to eliminate its general partner economic interests and incentive distribution rights in exchange for 65 million newly issued DCP common units valued at $1.53 billion.
DCP’s general partner is equally owned by Enbridge Inc. and Phillips 66.
Bracewell counseled DCP’s general partner, including partners William S. Anderson in Houston and Lance W. Behnke, who offices out of Seattle and Houston. The associates were Benjamin J. Martin, Andrew W. Monk, Sarah Ashley Byrd and Caroline E. Ellis, all of Houston.
Gibson Dunn & Crutcher represented Evercore, which advised DCP’s conflicts committee. The team included partner Hillary Holmes, associate Justine Robinson and tax partner James Chenoweth of Houston.
Hunton Andrews Kurth (partners Bob Jewell and Melinda Brunger in Houston) and Richards, Layton & Finger counseled the conflicts committee. JP Morgan was financial advisor to DCP’s general partner.
Denver-based DCP said the transaction will create alignment among all stakeholders and reduce future cost of capital. Wouter van Kempen is its chairman and CEO.
Jefferies analyst Christopher Sighinolfi said in a note that IDR eliminations lower the cost of issuing new limited partner units. But when done at a premium to cash parity (a 20% premium in this case), he said they immediately raise the amount of cash paid out without enhancing cash generation, “placing added strain on the business and its balance sheet.”
Weil represents RealPage on $580M Buildium acquisition
Weil Gotshal & Manges said it represented RealPage on its acquisition of Sumeru Equity Partners-backed Buildium for $580 million.
Partner Jim Griffin in Weil’s Dallas office led the team, which included associates Anne Moretti Langford, Heather McKinney, Wei Xu, Austin Freeman and Alex Farr (tax), all of Dallas.
The parties expect to close the deal by year-end.
Founded in 2004 and headed by CEO Chris Litster, Buildium is a SaaS real estate property management solution provider with 17,000 customers in 50 countries with 2 million residential units under management.
RealPage expects to combine its capabilities with Buildium to target smaller multifamily, single-family, associations and commercial real estate market segments, which the company estimates to represent 50 million units in the U.S. It also plans to expand and improve Buildium’s platform, boosting its revenue per unit.
RealPage CEO and chairman Steve Winn said the market segment represents a big growth opportunity in which technology is underutilized and served by many point products.
Buildium generated around $50 million in revenue for the 12 months ending Sept. 30 and is expected to have a run-rate of $60 million by year-end, representing 30% year-over-year growth.
Founded in 1998 and headquartered in Richardson, RealPage serves 16.8 million units worldwide (before the acquisition of Buildium) from offices in North America, Europe and Asia.
Orrick, Baker Botts aid on Equinor’s Eagle Ford sale to Repsol for $325M
Orrick said last week it advised Equinor on the sale of its 63% operated interest in Eagle Ford shale assets in South Texas to Spain’s Repsol for $325 million.
The team was led by partner Joe Roger, senior associate Adam Kowis and associate Ali Grace and included associate Ayla Vilander, partner Darrell Thomas and associate Michelle Pichardo, all of Houston.
Repsol was advised by Baker Botts, including partner Erin Hopkins and associates Robin Raasch and Justin Clune.
The transaction covers all of Equinor’s interests in its Eagle Ford joint venture with Repsol covering 69 000 net acres, bringing Repsol’s stake to 100%.
“This transaction supports Equinor’s strategy to optimize our onshore U.S. portfolio, enhancing our financial flexibility and focusing our capital on our core activities in the country,” Torgrim Reitan, Equinor’s executive VP of international development and production, said in a statement.
Reitan said the U.S. remains a core area for Equinor, demonstrated by recent acquisitions including assets in the Gulf of Mexico, onshore acreage in the Austin Chalk and the Empire Wind project offshore New York.
Equinor entered the Eagle Ford asset in 2010 through an acquisition from Enduring Resources with Talisman Energy USA, now owned by Repsol. In 2015, Equinor increased its interest in the asset from 50% to 63% and assumed full operatorship.
Repsol said it also acquired a 20% non-operated interest in Equinor’s Monument prospect in the Gulf of Mexico’s Northwest Walker Ridge area.
V&E, Kirkland advise on Devon’s $140M Delaware JV with QLCP
Vinson & Elkins said it advised Devon Energy Production Co. on its agreement to form a midstream partnership in the Delaware Basin with QL Capital Partners.
As part of the transaction, Devon will contribute gathering system and compression assets in the Cotton Draw area to the partnership in exchange for a $100 million special cash distribution funded by QLCP. Devon will continue to operate the assets as part of a management services agreement.
QLCP also is providing $40 million in expansion capital to help fund the build out the Cotton Draw midstream assets over the next several years.
V&E partners Mingda Zhao and John B. Connally led the deal team with assistance from associates John McEntire, Caroline Kuehn, Robert Vezina, Zachary Parker, Torie Berkowitz and Ryan Logan.
Others were counsel Suzanne Clevenger and associates R.J. Colwell and Alexandra Noll (energy regulatory); partner Todd Way and associates Brian Russell and Emily Fawcett (tax); partner Larry Nettles (environmental); senior associate Matt Falcone and associate Ayman Haq (corporate); and partner David D’Alessandro and counsel Regina Ibarra (executive compensation/benefits).
Kirkland & Ellis advised QLCP, including corporate partners John Pitts and Cyril Jones and associates Erik Shoemaker and Mark Kunzman; transactional partner Chad Smith and associate Isaac Bate; and tax partners David Wheat and Bill Dong.
V&E aids on First Reserve’s purchase of TriMas’ Lamons for $135M
First Reserve agreed to buy the Lamons business from Bloomfield Hills, Mich.-based TriMas for $135 million.
Vinson & Elkins represented First Reserve, including partner Shamus Crosby and senior associate Robert Hughes. Jones Day counseled TriMas out of Cleveland.
BofA Securities was Trimas’ financial advisor while Current Capital assisted First Reserve.
TriMas said it’s repositioning its portfolio of businesses by investing in innovation and acquiring businesses to accelerate long-term growth, predominantly in its packaging and aerospace segments.
“As Lamons moves into the next phase of growth and development, we believe this business will benefit from First Reserve’s focus and expertise in energy-related end markets,” CEO and president Thomas Amato said in a statement.
Lamons provides industrial sealing and fastener solutions used in the petrochemical, petroleum refining, midstream energy transportation, upstream oil and gas, metropolitan water and wastewater management markets. It generated $186 million in net sales for the 12 months ending Sept. 30.
First Reserve managing directors Gary Reaves and Neil Wizel said Lamons is positioned to benefit from long-term macro and secular trends, particularly an increasing focus on environmental, social and governance and preventative maintenance spending.
The parties expect to close the deal by the end of the first quarter if it clears regulators.
First Reserve has raised $32 billion in capital since inception, completing more than 650 transactions
Shearman, Sidley aid Stonepeak’s Oryx on $135M pickup from Targa
Shearman & Sterling said it advised Stonepeak Infrastructure Partners-backed Oryx Midstream on its agreement to acquire Targa Resources Corp.’s Permian Delaware crude business in a deal valued at $135 million.
The Texas team members included partners Sarah McLean and Omar Samji and associates Doug Goldstein and Erin Kaufman.
Sidley Austin was co-counsel to Oryx, including partners Tim Chandler and associates Adam Prestidge, Ashley Moulder and Tommer Yoked.
The transaction has to clear regulators but should close this quarter.
Analysts at Tudor, Pickering, Holt said disclosure of the potential sale of its Permian crude gathering could help offset Targa’s capital needs.
Sidley represents Laredo on $130M upstream asset purchase
Sidley Austin said it represented Tulsa-based Laredo Petroleum Inc. on its acquisition of largely undeveloped oil and gas properties in Howard County, Texas, for $130 million.
Sidley partner James L. Rice III led the mostly Houston deal team, which included partner Tim Chandler, associate Jeremy B. Pettit (Dallas), associate Dane Rupley, partner George Vlahakos and associate Tanner Groce. Partner Heather Palmer pitched in on environmental matters and partner Zack Pullin on tax.
Laredo didn’t name the seller, but according to a Securities and Exchange filing it was Cordero Energy Resources. Kirkland & Ellis partners Rahul Vashi and Shubi Arora counseled Cordero.
Cordero appears to be operating as part of Dallas-based Stronghold Resources Partners, which is led by former American Energy, Caelus and Kosmos executive Ryan Turner and Billy Fennebreque. Reid Swanson is its general counsel.
The properties cover 7,360 net acres and 750 net royalty acres. The deal should close late this quarter.
Laredo said in a statement that it believes the opportunistic acquisition of high-margin, tier-one acreage at values below historical averages in Howard County will transform its near-term development plan and return profile and establishes another operating area in which to leverage the company’s basin-low cost structure.
Raymond James analyst John Freeman said the purchase improves Laredo’s outlook, but Simmons Energy analysts said that the purchase – along with with Laredo’s desire to consolidate assets – suggests the path toward returning capital to shareholders is “a long ways away.”
The company expects to begin producing from the play beginning in the third quarter of next year, materially boosting its oil production and free cash flow generation, Freeman said.
Baker Botts aids Liberty LatAm on $104M Cable & Wireless Seychelles sale
Baker Botts said Nov. 5 it advised Denver-based Liberty Latin America on the sale of Cable & Wireless Seychelles to a group of local investors in a deal valued at $104 million.
The cross-border team included Houston partner Jon Lobb on tax.
Portman Global Partners was Liberty Latin America’s financial advisor on the transaction.
Founded in 1893, Cable & Wireless Seychelles is the top telecommunication services provider in the 115-island country. As of June 30, it served 23,500 fixed subscribers and 76,000 mobile subscribers.
Liberty Latin America said it plans to use the net proceeds for general corporate purposes.
Liberty Latin America, led by CEO and president Balan Nair and owned in part by billionaire John Malone, recently purchased wireless and wireline operations in Puerto Rico and the U.S. Virgin Islands from AT&T for $1.95 billion.
Gibson Dunn aids Magnolia on $76M purchase from Southcross
Bankrupt Dallas pipeline operator Southcross Energy Partners said Nov. 6 it received Delaware court approval for asset sales to Kinder Morgan and Magnolia Infrastructure Holdings.
Kinder Morgan Tejas Pipeline is buying Southcross’ natural gas pipeline network in Corpus Christi for $76 million and Magnolia is picking up pipelines and related assets in Mississippi and Alabama for $31.5 million.
The Kinder Morgan deal is expected to close in November and the Magnolia deal before year-end.
Gibson Dunn & Crutcher represented Magnolia, including partners Justin T. Stolte in Houston and Jonathan Whalen in Dallas. They had assistance from associates Monika Kluziak, Ashley J. Nguyen and Jordan Silverman, all of Houston.
Davis Polk & Wardwell and Morris, Nichols, Arsht & Tunnell are counseling Southcross (they also counseled the company on its bankruptcy). Alvarez & Marsal is its restructuring advisor and Evercore is its financial advisor.
After the asset sales are completed, Southcross will reorganize and focus on growing its Texas gathering and processing operations.
Southcross also said it recently acquired the Lancaster gathering and treating system from Southcross Holdings, including 650 miles of sweet and sour gas gathering pipeline with treating capacity, an acid gas injection well and associated compression and three segments of pipeline crossing Bee and Refugio counties in South Texas.
Southcross chairman, CEO and president James W. Swent III said in the release that the company has made progress in its court-supervised process toward maximizing the value of its assets and achieving the best outcome for its stakeholders.
Southcross filed for bankruptcy on April 1. Its confirmation hearing is scheduled for Dec. 9.
Vinson & Elkins partner William Wallander, counsel Brad Foxman and associate Matt Pyeatt in Dallas and Womble Bond Dickinson US advised Wells Fargo, which served as agent for a $145 million syndicated secured reserve-based facility in connection with Southcross’ workout and bankruptcy case.
Shearman counsels Landry’s on $56.2M restaurant acquisition
Shearman & Sterling said it advised Landry’s Inc. on its acquisition of 18 RUI Holding Corp. locations across the U.S. in a deal valued at $56.2 million, including the assumption of liabilities.
Partner Bill Nelson and counsel John Menke in Houston led the deal team. Landry’s general counsel is Steven L. Scheinthal. Klehr Harrison Harvey Branzburg counseled RUI out of Wilmington and Philadelphia.
In August Landry’s bid $37 million for the restaurants of Seattle-based RUI, the bankrupt parent of Palomino, Palisade and two dozen other restaurants in the Pacific Northwest and elsewhere.
RUI filed for Chapter 11 protection from creditors in early July shortly after closing six locations. Court filings indicated it hadn’t made any payments on $37 million in debts to secured creditors since January and was behind on rent and other obligations to suppliers and unsecured trade creditors.
Winston represents FTS on $32.7M sale of SinoFTS stake to Sinopec
Winston & Strawn said it represented FTS International Inc. on the sale of its 45% equity ownership of SinoFTS Petroleum Services Ltd. to China’s Sinopec Oilfield Service Corp. for $32.7 million.
The team included partner Charlie Haag and counsel Yang Wang in Dallas.
Fort Worth-based FTS International formed SinoFTS in 2014 as a joint venture with Sinopec to provide well-completion services to exploration and production companies in China.
Jackson Walker aids the Geekdom Fund on $2.3M fundraise for two startups
Jackson Walker said it advised the Geekdom Fund on raising more than $2.3 million in separate “sidecar” funding rounds for Austin-based startups One Model Inc. and Tenfold Corp.
Partner Stephanie Chandler and associate Alexine Zacarías Friedman in San Antonio handled the deals.
One Model provides human resources departments with a platform to help collect, access and use data. Tenfold claims to bring together the power of voice and intelligence of customer relationship management for better customer conversations.
The Geekdom Fund led a $3.7 million seed round for One Model in 2017. Tenfold raised $7.5 million last month, including from the Geekdom Fund, and brought on former Rackspace executive Jeff Cotten as CEO.
The San Antonio-based Geekdom Funds invest in early stage IT startups in South Texas and beyond and are managed by Riverwalk Capital. The firm was co-founded by Michael Girdley, who also founded Codeup, Dura Software and RealCo; Don Douglas, who founded Liquid Networx; Mike Troy, previously CEO of FlashScan3D; and Cole Wollak, managing director of RealCo.
Winston represents MML on investment in Stone Turn
Winston & Strawn said it represented MML Capital Partners on a minority equity investment in global advisory firm StoneTurn Group. Terms weren’t disclosed.
Houston partner Chris Ferazzi led the deal team, which included tax partner Andrew Betaque of Dallas and associates Anna Gryska of Houston, Danielle Marr of Dallas and David Thaxton of Houston.
MML said the investment in StoneTurn – the first from the firm’s recently closed Fund VII – was motivated by the need for advisory services in the market.
Founded 15 years ago as a forensic accounting boutique, StoneTurn said it advises corporations, their counsel and government agencies around the world without the conflicts often found at large public accounting firms.
Jackson Walker advises GLI on sale by Glazer’s Beer
Jackson Walker aided GLI Inc. on its sale to Dallas-based Glazer’s Beer and Beverage for an undisclosed sum.
The corporate team was led by Patrick Tobin and Shari Mao with support from Brian Dethrow, Ashley Withers, Rick Garza, Ann Leafstedt, Chuck Campbell, Alyca Riley, Julia Mann, Matt Swantner and Ruth Thomson.
The deal was first announced Aug. 14.
GLI is a craft and import-focused malt beverage distributor operating in San Antonio. The acquisition of GLI’s brands adds about 15% to Glazer’s case volume.
Founded in 1933 in Dallas, Glazer’s is a third-generation family business that operates in six states and is one of the country’s largest distributors of malt beverage products. Its chairman is Bennett Glazer, its CEO is Shelly Stein and its president and COO is Phil Meacham. John Gillis is owner of GLI, which was founded 37 years ago.
Jackson Walker, DMC assist on ICS’s sale to SitePro
Jackson Walker also assisted Integrated Control Solutions on its sale to SitePro for an undisclosed sum.
The Austin-based team was led by partner Cale McDowell and included partners Andee Hartig and Raman Dewan, senior counsel Argyrios Saccopoulos and associates Rony Kishinevsky and Cade Satterfield.
Dwyer Murphy Calvert advised SitePro, including Kelly Dwyer, Stephen Butter, Anna Denton, Adam Battani and Abigail Finch.
SitePro financed the deal through a debt facility provided by JP Morgan and SitePro’s existing shareholder group, including Cottonwood Venture Partners and several family offices. Alton McDowell led the financing from JP Morgan while Ryan Gurney did so from Cottonwood.
The deal, announced Nov. 4, brings together two oilfield automation providers.
The buyer claims to be the leading automation technology solutions and service provider to the energy industry. It said the acquisition combines two veteran leadership teams – including ICS founders Randy Greer and Dominic Whitworth – and increases service availability in its operating regions.
SitePro chairman and co-CEO David Bateman said in a statement that the deal is part of its corporate development strategy to expand the number of sites automated with its platform.
Fluid management operations in the oil and gas industry represent one of the largest logistical challenges and costs within the upstream and midstream sectors, especially upstream water sourcing and disposal, SitePro said, and operators are adopting automation technology to reduce costs, increase transparency, boost safety and enhance environmental responsibility.
Aaron Phillips, president and co-CEO of SitePro, said ICS’ digital solutions for fluid management will integrate nicely with SitePro’s existing platform.
Dykema advises Rackspace on Onica acquisition
San Antonio cloud services provider Rackspace, which is owned by Apollo Global Management, said Nov. 4 it agreed to purchase Sunstone Partners-backed cloud consulting company Onica for undisclosed terms. The parties expect to close the deal in a few months.
Rackspace’s deputy general counsel Stefanie Box led the deal in-house with help from chief legal officer Holly Windham.
Dykema Cox Smith partner, San Antonio-based Nick Monaghan, provided outside counsel and Morgan Lewis provided Hart-Scott-Rodino advice. Brazeau Seller was the company’s Canadian counsel.
Before Rackspace, Windham held senior positions at Axiom Global, where she advised Google on its cloud offerings, and at Hewlett Packard, where she was one of three women deputy general counsels. The Pepperdine-educated attorney began her career at Gibson Dunn & Crutcher.
Santa Monica, Calif.-based Onica is made up of 350 consultants throughout North America.
Rackspace CEO Kevin Jones, who joined the company in April, said in a statement that Onica is a cloud pioneer and one of the largest pure-play Amazon Web Services, or AWS, consultancies.
“This acquisition will strengthen our ability to meet all of our customer needs on AWS, and together, we will have the most complete set of professional services and managed service capabilities in the industry,” he said.
Rackspace helps customers manage their cloud services on AWS as well as Google, Microsoft Azure and other platforms.
Onica CEO Stephen Garden said by combining its capabilities with Rackspace’s global presence, resources and scale, the company will be better positioned to achieve its mission of helping customers innovate using AWS.
Garden and Onica chief technology officer Tolga Tarhan are staying on the board to lead the company after the acquisition.
Katten advises Trinity Hunt on the Lexitas sale to Apax
Apax Partners said Nov. 5 that it acquired Houston-based litigation services provider Lexitas from Trinity Hunt Partners for an undisclosed amount.
Katten Muchin Rosenman advised Trinity Hunt and Lexitas management, including partners Vic Zanetti and Wade Glover in Dallas. Kirkland & Ellis counseled the buyers with lawyers outside of Texas.
Deloitte Corporate Finance was Lexitas’ financial advisor while William Blair & Co. was Apax’s financial advisor and Ernst & Young was its accounting and tax advisor.
Apax’s investment is expected to support Lexitas in accelerating growth through geographic and salesforce expansion, technology differentiation and mergers and acquisitions.
Trinity Hunt acquired Houston-based Lexitas, formerly known as Deposition Solutions, in 2015. This past spring Lexitas bought Barrister Reporting Service and American Stenographic in New York and Eppley Court Reporting in Boston for an undisclosed sum.
Founded in 1987, Lexitas provides record retrieval, court reporting and legal videography. CEO Gary Buckland said in a statement that there’s opportunity to expand the depth and quality of the company’s offerings for clients while continuing to support growth in the business through strategic acquisitions.
Apax partner Ashish Karandikar said over the past few years the firm has prioritized the deposition services and record retrieval market as an attractive investment area due to its growth and resilience during economic downturns.
“We see numerous levers for growth available to Lexitas, including opportunities to expand into new markets,” he said.
London-based Apax has raised $50 billion over its 40-year history and invests in the tech/telco, services, healthcare and consumer industries. Trinity Hunt has raised funds with capital commitments of $775 million.
Locke Lord, V&E aid on Gravity’s purchase of On Point Oilfield
Clearlake Capital-based Gravity said Nov. 6 that it agreed to buy On Point Oilfield Holdings from White Deer Energy. Terms weren’t disclosed.
Austin-based On Point is a midstream company that acquires, develops and operates saltwater disposal wells and saltwater pipeline infrastructure in the Permian Basin.
Vinson & Elkins partner Matt Strock and associates Mike Marek and Farah Chranya advised Clearlake/Gravity.
Locke Lord partner Joe Perillo led the team advising White Deer. Others were partners Michael Blankenship, Jerry Higdon, Ed Razim, Mike Rose, Buddy Sanders and Hunter Summerford and associates Rachel Fitzgerald and Matt McKenna, all of Houston. Partner Van Jolas in Dallas also pitched in.
Tudor, Pickering, Holt provided financial advice to On Point and White Deer, including BJ Walker, Kirk Chatawanich, Klay Kovac, Michael Waldron, Alden Mutchnik and Cameron Bradley.
Formed in 2016 by management and White Deer, On Point has grown into the largest operator of produced water disposal by volumes in the Midland Basin with a focus in Howard, Martin and Midland counties.
Gravity CEO and president Rob Rice said the acquisition is transformational for Gravity and enables it to offer expanded water handling infrastructure for producers operating in the Midland Basin’s core.
José E. Feliciano and Colin Leonard led the deal from Clearlake, which has managed $10 billion of institutional capital since its 2006 inception. Its principals have led or co-led more than 100 investments.
Locke Lord represents Ashford on Remington combination
Locke Lord said Nov. 7 it represented Dallas-based real estate and hotel manager Ashford Inc. on its recently completed combination with Remington Holdings.
Locke Lord partner Will Becker in Dallas led the deal team, which included partners Chrissy Metcalf and Whit Roberts and associates Michelle Drake, Kelsey French and Stephanie McDermott, all of Dallas; partner Michelle Earley in Austin; and partners Buddy Sanders and Jeff Wallace in Houston.
Robert Haiman is general counsel of Ashford, which he joined in 2018 from Remington Hotels, where he was chief legal officer. From 1996 through 2004, the Duke-trained lawyer was a real estate attorney in the Dallas office of Gibson Dunn & Crutcher.
The buyer expects the combination to build operating scale, increase earnings potential and facilitate additional growth from the third-party hotel management business.
Ashford chairman and CEO Monty J. Bennett said in a statement that the transaction was compelling, as it adds high-margin, low-capex, fee-for-service hotel management business to the company’s platform.
V&E, Gibson Dunn work on Starwood’s Third Coast purchase
Vinson & Elkins said it advised energy infrastructure investor Starwood Energy Group Global Inc. on its agreement to acquire Third Coast Midstream’s gas gathering infrastructure around Lavaca County for an undisclosed sum.
The V&E corporate team included partner David Peck and associate Lauren Meyers on tax; partner Danielle Patterson and associates Jeremy Tripp and Kara Chung on projects; and partner Sean Becker and senior associate Christie Alcalá on labor/employment.
Others were partner Brian Bloom and senior associate Kristy Fields on executive compensation/benefits; counsel Suzanne Clevenger and associate Tray Smith on energy regulatory; and counsel Scot Dixon on real estate.
Gibson Dunn & Crutcher was Third Coast’s legal counsel, including Houston partner Gerry Spedale and associate Jordan Rex on the corporate side, partner Shalla Prichard on finance and partner James Chenoweth on tax.
Third Coast’s general counsel is Nadine Moustafa. She joined the company in September from American Midstream, where she was associate general counsel and senior counsel.
The Fordham-educated lawyer previously was senior counsel at TransCanada, counsel at Akin Gump Strauss Hauer & Feld and an associate at Baker Botts and Huber Lawrence and Abell.
The gathering business includes 260 miles of natural gas gathering pipes and associated infrastructure and provides gathering and artificial gas lift services to local upstream clients focused on oil and gas production in the Eagle Ford.
Starwood Energy CEO Himanshu Saxena said the Lavaca system is an opportunity to own a critical piece of Eagle Ford gathering infrastructure and the mix of gas gathering and artificial gas lift results in a more stable cash flow profile for the asset, which fits well with its strategy.
Third Coast CEO and president Matt Rowland said the Eagle Ford natural gas infrastructure platform has grown significantly since the company acquired it in 2014 and follows its previously announced divestitures as part of its strategic repositioning to focus on its core Gulf of Mexico infrastructure assets.
Starwood has raised equity commitments of $3 billion and has executed transactions totaling $7 billion in enterprise value.
Houston-based Third Coast owns or has an interest in 5,100 miles of interstate and intrastate pipelines as well as gas processing plants, fractionation facilities, an offshore semi-submersible floating production system and a terminal site.
Willkie advises Sterling-backed Time on BrandFX acquisition
Waco-based Time Manufacturing Co./Versalift, a portfolio company of the Sterling Group, has acquired BrandFX Body Co. of Forth Worth for undisclosed terms.
Willkie Farr & Gallagher advised Sterling and Time Manufacturing/Versalift, including partner Bruce Herzog, who offices out of Houston and New York. BrandFX used Parker Poe out of Charlotte.
Founded in 1984, BrandFX is a maker of advanced composite service bodies, line bodies, inserts, toppers and covers for specialty equipment, including trucks.
Established in 1965, Time Manufacturing designs aerial lifts for electric utility, telecommunications, infrastructure, forestry and sign, light and traffic fleets.
CAPITAL MARKETS/FINANCINGS
Gibson Dunn aids underwriters on NOV’s $500M notes offering
Gibson Dunn & Crutcher said it advised the underwriters on National Oilwell Varco Inc.’s $500 million public offering of 3.60% senior unsecured notes due 2029.
Houston partner Hillary Holmes led the deal team, which included associates Harrison Tucker, Melissa Pick, Evan Shepherd and Brian Downs. Houston partner James Chenoweth advised on the tax aspects.
Locke Lord advised National Oilwell Varco, or NOV, with a team led by partner Eric Johnson in Houston. Other contributors were partners Michael Blankenship, Laura L. Ferguson, Berne Kluber, Tammi Niven, Gerry Pels and Buddy Sanders and associates Matt McKenna, John Niedzwiecki and Ben Smolij.
The banks included Barclays, JP Morgan, Wells Fargo, ABN AMRO, Citigroup, DNB Markets, HSBC Securities, Scotia Capital, Skandinaviska Enskilda Banken, Standard Chartered Bank and UniCredit Capital Markets. Others were BNP Paribas and Fifth Third Securities.
National Oilwell Varco also said it issued a notice to redeem a portion of its 2.60% senior notes due December 2022 and the completion of an amendment that includes the extension of its credit agreement’s maturity date.
NOV chairman, CEO and president Clay Williams said in a statement that the transactions extend the maturities on $500 million in debt and allow for a near-term paydown of up to $500 million in debt. They also demonstrate a commitment to further cut leverage by $400 million by December 2022 and accelerate the company’s timeline to reach its goal of a gross debt-to-adjusted EBITDA leverage ratio of two times or less.
“The company’s financial condition remains solid,” he said, noting NOV’s investment grade ratings. “The actions we are taking serve to better align our capital structure with our ongoing efforts to right-size the organization, improve profitability and increase returns on invested capital.”
Bracewell advises placement agents on Veritex’s $75M notes offering
Bracewell said it represented placement agents Sandler O’Neil and Keefe, Bruyette & Woods on a $75 million offering of fixed-to-floating rate subordinated notes by Dallas bank Veritex Holdings Inc.
The team included partners William S. Anderson in Houston and Joshua T. McNulty in Dallas, counsel Ian R. Brown in Dallas and associates Shannon Baldwin in Houston.
Veritex intends to use the proceeds for general corporate purposes, including repaying outstanding subordinated debt and potential share repurchases.
The notes will initially bear interest at a fixed annual rate of 4.75% payable twice a year and Veritex is entitled to redeem the notes on any interest payment date on or after Nov. 15, 2024.
Veritex is a bank holding company that conducts banking activities through its unit Veritex Community Bank, which has locations in the Dallas-Fort Worth metroplex and in the Houston metropolitan area.
UPDATE/OTHER
Over the weekend Saudi Aramco released the prospectus for its trillion-dollar initial public offering, which is expected to be the largest ever, and White & Case is advising the company on the international offering while Latham & Watkins is assisting the banks. The two firms were tight-lipped as to whether there are any lawyers from its Houston offices involved. But sources say that no one locally from White & Case is working on it while there may be some Latham Houston involvement. Partner Marc Jaffe, global chair of Latham’s corporate department in New York, is part of the team, one source confirmed.
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Occidental Petroleum is looking to sell more assets to pay down the $40 billion debt load it took on with its $38 billion purchase of Anadarko Petroleum. According to Reuters, the company is soliciting bids for oil and gas properties in Wyoming and Colorado that it picked up as part of Anadarko with the hope of bringing in $700 million, citing people familiar with the matter. Occidental is offering 200,000 acres in the Denver-Julesburg Basin that produce $66 million a year in cash flow, mostly in mineral royalties, and RBC Capital Markets is handling the sale with bids due in December, Reuters said. Oxy already raised about $10 billion through asset sales, including a liquefied natural gas project in Mozambique and production in Africa. It recently put plans on hold to divest its Western Midstream Partners pipeline unit after failing to attract an attractive offer, Reuters reported. Analysts at Tudor Pickering Holt said smaller asset sales, like minerals, longer dated Permian acreage and real estate carve offs may help, but they believe additional color from management would help the market understand how the company plans to bring down leverage “in a meaningful way.” Activist investor Carl Icahn, who opposed the merger, recently cut his holdings in the oil and gas producer Occidental by nearly a third. Oxy’s general counsel is Marcia Backus, a Vinson & Elkins veteran.