CDT Roundup: 26 Deals, 11 Firms, 172 Lawyers, $12.7B

Almost none of this should come as a surprise; the key word here is: “almost.”

In a new report anticipating PE trends in 2023, Mergermarket notes that global PE buy-outs were down for Q1-Q3 by about 18 percent year-over-year. Total value of the deals over the same period fell even more dramatically, from $1.2 trillion to $685 billion over the same period. Quick math: that’s a drop in value of more than 40 percent in a market where more than half (51%) of Mergermarket survey respondents say they’ve increased their use of private credit financing in the past three years.

The element is surprise is limited, however, given the record levels of activity in 2021 and the well-documented strains of the current year: volatile oil & gas pricing, the war in Ukraine, inflation and the dramatic, and continuing increases in Federal Reserve rates in the U.S. — which grew from zero to more than 4 percent in its most recently announced hike, the fastest rate increase in Fed history.

So, there’s little wonder that Mergermarket survey respondents see the availability and cost of leverage as the greatest challenge for PE going forward. Or that they see 2023 looking much like 2022, with relatively greater activity in the middle-market as large-cap deals take a breather.

Perhaps more disturbing however is a less obvious structural trend noted by Mergermarket, one that PE managers describe as beginning before the disruptions of the pandemic: the firehose of capital is beginning to taper off. Mergermarket’s PEI index shows that Q1-Q3 fundraising dropped 16 percent in value and more than 30 percent in the number of funds closed.

“Inflation and lower appetites for risk are making investors far more discerning about where and to whom they allocate their capital,” the report notes. The result is longer fund-raising cycles and decision-making that favors existing relationships and long track records, a bane for LPs seeking new capital.

Aside from the obvious influences of geopolitical forces, Mergermarket notes that 28 percent of its respondents — regardless of region — say that the single greatest concern they have is the increased concentration of investment relationships between large LPs and a diminishing number of powerful funds.

Among North American Mergermarket respondents here are a few highlights (read concerns):

·          Monetary tightening and cost of leverage (42%)

·          Valuation uncertainties (42%)

·          Competition for deals and high multiples (38%)

·          Exiting investments at high hurdle rates (29%)

·          Inflation and/or slow economic growth (22%)

With 26 deals worth an aggregate $12.7 billion reported for the week ending Dec. 3, it’s hard to argue that the transactional market is weak. The 26 deals is the highest deal count since last December and higher in deal value than 17 of the last 27 weeks.

True, some of the firms are playing catch-up as the year ends for transaction reporting; but deals reported are deals reported and there are always anomalies. And the numbers for this week meant work for 11 different firms and 172 lawyers — most of them in Texas. Compare that to last week’s eight deals for $2.2 billion and last year’s 14 for $2.3 billion. That speaks for itself.

Weekly Corporate Deal Tracker Roundup Stats

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

Week Ending	Deal Count	Amount	Firms	Lawyers	M&A Count	M&A Value $M	CapM Count	CapM Value $M
23-Nov-24	15	$4,553	15	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

Norfolk Southern to acquire assets of Cincinnati Southern Railway for $1.62B

Deal Description: Norfolk Southern Railway Co., a unit of Norfolk Southern Corp., announced Nov. 21 it agreed with the City of Cincinnati to acquire substantially all of the assets of the Cincinnati Southern Railway, a 337-mile railroad starting in Cincinnati and ending in Chattanooga, Tennessee. The deal’s value is $1.62 billion. Norfolk Southern intends to finance the transaction through internal and external sources. Cincinnati plans to use the proceeds to form an infrastructure fund that will benefit the citizens of Cincinnati. The trust would fund the rehabilitation, modernization or replacement of infrastructure such as streets, bridges, municipal buildings, parks and green space. The closing must be approved by Cincinnati voters and the U.S. Surface Transportation Board.

Norfolk’s Outside Counsel: Sidley led by senior counsel Terence Hynes in Washington, D.C., and partner Tommer Yoked in Houston and including senior managing associate Samantha Seley, also in Houston

Stoller Group sells to Corteva Agriscience for $1.2B

Deal Description: Publicly traded Corteva Inc. announced Nov. 30 that Corteva agreed to acquire Houston-based Stoller Group for $1.2 billion in cash. Stoller Group, one of the largest independent biologicals company in the industry, has operations and sales in more than 60 countries and expects 2022 revenues of more than $400 million. Stoller is the second biologicals acquisition for Indianapolis-based Corteva this year, as the company recently announced it agreed to acquire Symborg, a developer of microbiological technologies in Murcia, Spain. 

Expected Closing: First half of 2023 following regulatory approvals

Stoller Trustees’ Outside Counsel: Baker Botts led by partner Dan Mark, special counsel Chuck Campbell and associate Juliann Krolick in Houston

Corteva’s Financial Advisor: Evercore

Stoller’s Financial Advisors: J.P. Morgan Securities and Piper Sandler

Stoller’s Outside Counsel: Latham & Watkins led by partners John Greer and Ryan Maierson with associates Bryan Ryan, Jordan Mack, Brent Wagner, Morgen Seim, Vera Bespalova and Jordan Armstrong. Advice was also provided on tax matters by Houston partner Jim Cole with associate Christine Mainguy and on environmental matters by Los Angeles/Houston counsel Joshua Marnitz with associate Andy Landolfi, among other non-Texas specialists

Tempo Automation in $391M merger with SPAC ACE Convergence

Deal Description: Tempo Automation Inc., a software-accelerated electronics manufacturer, announced Nov. 23 that it completed its business combination with ACE Convergence Acquisition Corp., a special purpose acquisition company traded on Nasdaq. Following the merger, the combined public company will operate under the name “Tempo Automation Holdings, Inc.” The deal has a $919 million estimated post-transaction equity value based on current assumptions, with up to $391 million in gross cash proceeds to the company consisting of $230 million from cash in trust by ACE, assuming no redemptions by shareholders of ACE, and $161 million from other financing sources.

Tempo’s Outside Counsel: Latham & Watkins with a Houston-based corporate team led by partners Ryan Maierson and Thomas Brandt with associates Bryan Ryan, Paul Robe, Ziyad Barghouthy, Chad Leiper, Morgen Seim, and Dalyn Dessaure.

Tempo’s financial advisor: Citigroup Global Markets Inc.

ACE’s financial advisor: Jefferies

ACE’s Outside Counsel: Skadden, Arps, Slate, Meagher & Flom

Placement Agents’ Outside Counsel: Paul Hastings

Rubicon Carbon attracts $300M from TPG Rise

Deal Description: Rubicon Carbon announced Nov. 29 its launch as a products and solutions platform to help lead the next generation of the carbon market. With an initial capital commitment of $300 million from TPG Rise Climate and TPG’s the Rise Fund, Rubicon was developed to deliver greater scale, confidence and innovation across all facets of the carbon market and meet demand for end-to-end emissions reduction solutions. Bank of America, JetBlue Ventures and NGP ETP, the energy transition investing platform of NGP, also are expected to participate in Rubicon’s initial equity financing and intend to close on their co-investment by the end of the four quarter. Including contributions from TPG Rise and co-investment, Rubicon is targeting capital commitments of $1 billion.

Rubicon Carbon’s Outside Counsel: Kirkland & Ellis led by corporate partners Kevin Crews in Dallas, John D. Furlow in Houston and Brian Wolfe in Chicago and included, from Texas, associates Blake Longoria and Jacqueline Scioli; investment funds partner Susan Eisenberg; capital markets partner Jennifer Wu; executive compensation partner Stephen Jacobson and associate Karsten Busby; and environmental transactions partner Jim Dolphin

SPAC Twin Ridge in $274M merger with Carbon Revolution

Deal Description: Twin Ridge Capital Acquisition Corp., a publicly traded special purpose acquisition company, announced Nov. 29 its combination with Carbon Revolution Ltd., a global manufacturer of lightweight advanced technology carbon fiber wheels. The combined company will have an estimated post-transaction equity valuation of around $461 million, including about $214 million of cash held in TRCA’s trust account, assuming no redemptions. Upon closing of the transaction, the ordinary shares and warrants of the merged company Poppetell Ltd., to be renamed Carbon Revolution, are expected to trade on a national exchange in the U.S., and Carbon Revolution’s shares will be delisted from the ASX.

Twin Ridge Outside Counsel: Kirkland & Ellis advised Twin Ridge with a team led from Texas by corporate partners Adam Larson and Rami Totari and associates Gabrielle Sumich, Bridget Hamway, Tommy Kagerer, Tyler Ambrose and Chris Leveroni; tax partners David Wheat and Joe Tobias; executive compensation partners Stephen Jacobson; labor & employment partner Christie Alcala; environmental transactions partner Jonathan Kidwell and associate Hannah Ebersole; and debt finance partners Lucas Spivey and Jordan Roberts and associates Steven Keithley

Carbon Revolution Board’s Advisor: E&P Corporate Advisory

Carbon Revolution’s Outside Counsel: Herbert Smith Freehills and Goodwin Procter

Twin Ridge’s Australian Outside Counsel: Ashurst

Transocean buys interest in new ultra-deepwater drillship for $200M

Deal Description: Transocean Ltd. announced Nov. 17 that one of its units, together with Perestroika and private equity funds managed by Lime Rock Management, formed a joint venture, Liquila Ventures Ltd., which agreed with Daewoo Shipbuilding & Marine Engineering Co. Ltd. to purchase Hull 3623, the ultra-deepwater newbuild drillship formerly known as West Aquila, for $200 million. Transocean made a $15 million non-controlling investment in Liquila Ventures and will have the exclusive right to market and manage the operations of the rig, which is expected to be delivered from DSME in the third quarter of 2023.

Transocean’s Outside Counsel: Baker Botts led by corporate partner Jim Marshall, senior associates Jamie Yarbrough and Garrett Hughey, associates Michael Mazidi and Chelsea Johnson and tax partner Jon Lobb, all of Houston

Swell Energy attracts $120M from investors

Deal Description: Swell Energy announced Nov. 22 it raised $120 million led by SoftBank Vision Fund 2 and Greenbacker Development Opportunities Fund I with participation from Ares Management Infrastructure Opportunities Fund and other investors. The funding will accelerate the deployment of additional energy storage systems in homes and businesses and further expand Swell’s virtual power plant program, which helps reduce utilities’ use of peaker plants and provides other grid services through the integration of solar, energy storage and EV charging with utilities.

Greenbacker’s Outside Counsel: Locke Lord led by Mike Malfettone in New York and Mike Serra in Providence with assistance provided by Buddy Sanders and Andrew Nelson (both of Houston), Jeff Jefferson and Gene McDermott (both of Providence), Rusty Perdew (Chicago) and Shane Early (Boston)

Gibson Dunn advised on two Keystone deals worth $32M

Deal Description: Gibson Dunn announced last week that it has advised on two Keystone Group deals:

Smart Wires Technology Ltd., a power grid optimization company, announced Nov. 16 that it closed on $5 million in funding from lead investor Smart Wires Investors, an affiliate of Keystone Group, under a facility that allows for up to $20 million of aggregate investment. The company plans to apply for delisting of its Swedish Depositary Receipts traded on Nasdaq First North Growth Market.

For Keystone on Smart Wires: The Gibson Dunn team was led by partner Robert Little and included Michael Cannon, Frederick Lee, Ian Lurie, Joseph Orien, Jonathan Sapp and David Sinak in Dallas

For Smart Wires: Morgan, Lewis & Bockius led by partners Janice Davis (Dallas) and David Sirignano (Washington, D.C.) with​ partners Andy Ray, Erin Martin, Carter Brod, Iain Wright, Jennifer Feldsher, Patricia Brennan, William Yonge and David Brenneman; of counsel Jason Alderson; and associates Chris Ronne, Andres Paciuc, Sammy Zand and Jasmine Badreddine.

The firm also advised Galatea Investors, an affiliate of Keystone Group, as lead investor in a preferred share financing of Galatea Bio Inc. on Nov. 18 for $12 million. Galatea Bio is a genetic ancestry laboratory, research and algorithm company.

For Keystone on Galatea: The team was also led by Robert Little and included Joseph Orien as well as Krista Hanvey, Lucy Hong and Cody Wilson in Dallas

Shell unit Pennzoil-Quaker State acquires 49% of Blue Tide Environmental 

Deal Description: Pennzoil-Quaker State Co., a subsidiary of Shell plc, announced Dec. 2 it acquired a 49 percent interest in Blue Tide Environmental, a company focused on building a global network of lubricant recycling facilities. Terms weren’t disclosed. Blue Tide is owned by Tailwater Capital, a private equity firm that takes an integrated approach to investing in energy and environmental infrastructure solutions. Blue Tide is making progress on a 5,000 barrel per day plant in Baytown, Texas, which the company will operate. The facility, which will process used lubricants into high-quality base oils and other co-products, such as gas oil and flux, is scheduled to start up in 2024.

Blue Tide’s Outside Counsel: Kirkland & Ellis led by corporate partners Kevin Crews, John Furlow and Catharine Hansard and including corporate associate Hunter Richey; tax partners David Wheat and Rebecca Fine; real asset M&A partners Chris Heasley and Patrick Corrigan; environmental transactions Jon Kidwell; executive compensation partners Stephen Jacobson and Karsten Busby; and labor & employment partner Christie Alcala.

Daikin Acquires Venstar

Deal Description: Daikin Comfort Technologies North America Inc. announced Dec. 2 it acquired Venstar Inc., a controls and energy management systems provider in the U.S., Canada and Mexico. Terms weren’t disclosed. The acquisition by Daikin, a unit of Daikin Industries Ltd., the largest manufacturer of HVAC systems worldwide, complements the growing market for Daikin’s environmentally friendly indoor comfort technologies, the company said. Venstar, founded in 1992 and based in Southern California, designs and builds a variety of thermostats with more than 10 million installed. The company’s Surveyor Product allows retailers, restaurant chains and other multi-location businesses to remotely monitor, manage and control energy consumption while reducing maintenance expenses. Surveyor is used to control 100,000 HVAC systems and building lighting in 30,000 locations throughout North America. Venstar’s Skyport Cloud service provides businesses a service for command and control of HVAC systems from anywhere. Venstar will continue to be led by Steve Dushane, founder, president and CEO, and Daikin plans to keep the Venstar brand. The acquisition is one of several Daikin has completed during the past few years as it works to transform the North American HVAC industry. The $500 million, 4 million-square-foot Daikin Texas Technology Park, northwest of Houston, employs more than 7,000 people.

Daikin’s Outside Counsel: Gibson, Dunn & Crutcher led by partner Stephen Olson and included associates Jonathan Sapp, Gerald Kimani and Josh Stout; and including, from Texas, partner Michael Cannon on tax and partner Krista Hanvey on benefits

IOG Resources II acquires Appalachia assets

Deal Description: Dallas-based IOG Resources II announced Nov. 22 that it acquired producing gas assets in Appalachia operated by Seneca Resources, an affiliate of National Fuel Gas, from an undisclosed buyer. Terms weren’t disclosed. The assets consist of non-operated wellbores primarily located in Clearfield, Elk and McKean counties, Pennsylvania. The acquisition represents the initial investment for IOGR II, the successor platform to IOG Resources. After the transaction, the IOG platform includes 13 discrete investments across 6 core basins in the U.S.

IOGR II’s Outside Counsel: Kirkland & Ellis led by real assets M&A partner Rahul Vashi and associates Isaac Bate and Curtis French with assistance from tax partner David Wheat and associate David Gilbert, debt finance partner Lucas Spivey and associate Brittany Taylor and corporate partner Shubi Arora

Smile Doctors buys Whitlock Orthodontics, Roanoke Valley Orthodontics

Deal Description: McGuireWoods said last week that it counseled Thomas H. Lee Partners-backed Smile Doctors on its acquisitions of Whitlock Orthodontics in Arkansas and Roanoke Valley Orthodontics in Virginia. The deals were announced Nov. 10 for undisclosed terms. There are now 27 states in the Smile Doctors network of orthodontic practices with 359 affiliated clinics.

On Whitlock: The team was led by led by Dallas-based partner Katie Hull

On Roanoke: The team was led by Chicago-based partner Anna Timmerman, but Houston associate Monique Pena played a significant role

Farragut Capital invests in Parry Labs

Deal Description: McGuireWoods announced Nov. 29 it advised Washington, D.C.-based Farragut Capital Partners on its investment in Parry Labs. Terms were not disclosed on the deal, which was announced Oct. 17. Founded in 2016 and headquartered in Alexandria, Virginia, Parry is an edge technology solutions provider to the defense and commercial aviation markets. Parry’s end-to-end solutions enable and accelerate mission system capabilities with hardware and software architectures through its Stellar Relay Family of Systems that give warfighters decisive advantage and continuous upgrades. As a digital systems integrator, the company delivers technologies that modernize current platforms. Parry joins Farragut’s portfolio of aerospace and defense-related investments, including GTA Containers and Atlas Executive Consulting. Farragut has nearly $300 million of assets under management across two funds and has invested in more than 50 companies since 2013.

From McGuireWoods: Partner David McLean in Dallas

Mill Creek sells equity interest in two JVs

Deal Description: Jones Day said Nov. 28 it advised Mill Creek on its sale of two joint ventures in Portland, Ore. Terms and the buyer weren’t disclosed. One was of its equity interest in a JV formed to develop a 295-unit multi-family mixed use project called Modera Akoya, which closed on Nov. 10, and another was of its equity interest in a JV formed to develop a 170-unit multi-family mixed use project called Modera Buckman Apartments, which closed on Sept. 27.

From Jones Day: Partner Mike Ording in Dallas

DLA Piper aids Q2 on purchase of Sensibill

Deal Description: DLA Piper revealed last week that it had counseled publicly traded Q2 Holdings Inc., an Austin provider of digital transformation solutions for banking and lending, on its $3 million acquisition of Sensibill. The deal was announced on Oct. 4. Sensibill, a privately held company founded in 2013 and based in Toronto, has a machine learning platform that enables financial institutions to capture and categorize spending details to better understand and serve their small business and consumer account holders.

From DLA: Austin partner John Gilluly led the deal team.

CapStreet sells OnPoint to MML Capital

Deal Description: Capstreet, a Houston-based lower middle market private equity firm, announced Nov. 28 that it sold OnPoint Industrial Services to MML Capital. Terms were not disclosed. OnPoint is a provider of safety, logistics and planning services to support maintenance projects in the refining and petrochemical sectors.

Capstreet’s Outside Counsel: Willkie Farr & Gallagher led by partners Rosalind Fahey Kruse and Ziyad Aziz in New York and associate Aaron Savella in Houston

Terra-Gen sells interest in solar storage facility

Deal Description: Axium Infrastructure and Terra-Gen announced Oct. 26 the completion of a transaction under which an Axium affiliate acquired an 80 percent interest in the Edwards Sanborn 1A co-located solar plus storage facility from Terra-Gen. Terms weren’t disclosed. Phase 1 of the Edwards Sanborn Solar Storage facility is made up of 397 megawatts of solar capacity and 1,505 megawatt hours of battery storage. In addition to the facility, Terra-Gen is also advancing development on the project’s future phases that will include more than 2,000 megawatts of incremental solar and energy storage to be interconnected to the CAISO grid. Subsequent phases will begin to come on-line later this year. When complete, the Edwards Sanborn Solar Storage franchise is expected to be the world’s largest integrated solar powered battery storage project.

TerraGen’s Financial Advisor: BofA Securities

Terra-Gen’s Outside Counsel: Latham & Watkins with a corporate deal team led by Houston partner Lauren Anderson, with associates Jameson Miller and John Daywalt

Axium’s Financial Advisor: Citi

Axium’s Outside Counsel: King & Spalding

Publicis acquires Retargetly

Deal Description: In a deal announced Nov. 3, Gibson Dunn advised Publicis Groupe on the acquisition of Retargetly, a data and technology company, by Epsilon, a global advertising and marketing technology company that is part of Publicis Groupe.

From Gibson: The team was led by partner Quinton Farrar in New York but included tax partner Michael Cannon in Dallas

Lee Equity sells K2 to Warburg

Deal Description: San Diego-based K2 Insurance Services, an independent specialty insurance program manager, announced Dec. 1 that New York private equity firm Warburg Pincus agreed to acquire the company from Lee Equity Partners, also of New York. Terms weren’t disclosed. The investment will support K2’s continued growth strategy, including M&A, Warburg said.

Warburg’s Financial Advisors: TigerRisk Capital Markets & Advisory, J.P. Morgan and Marsh Berry & Co.

Warburg’s Outside Counsel: Wachtell, Lipton, Rosen & Katz, Locke Lord on regulatory (including Moya McKenna in Austin) and Kirkland & Ellis on financing

Warburg’s Accounting Advisor: Ernst & Young

K2’s Financial Advisor: Morgan Stanley

K2/Lee Equity’s Outside Counsel: Ropes & Gray

K2’s Accounting Advisor: KPMG

CAPITAL MARKETS/FINANCINGS

Simpson Thacher represents underwriters in $6B Philip Morris debt offering

Deal Description: Simpson Thacher announced last week that the firm represented the underwriters in connection with a registered public offering by Philip Morris International Inc. of $6 billion in notes, consisting of $1 billion of its 5.125 percent notes due 2024, $750 million of its 5 percent notes due 2025, $1.5 billion of its 5.125 percent notes due 2027, $1.25 billion of its 5.625 percent notes due 2029 and $1.5 billion of its 5.750 percent notes due 2032. The offering closed on Nov. 17. Philip Morris is working to transform the tobacco industry and ultimately replace cigarettes with smoke-free products.

Underwriters: BofA Securities, Citigroup, Deutsche Bank Securities, Mizuho, SMBC Nikko, BBVA, Credit Suisse, HSBC, Santander, Standard Chartered Bank and Wells Fargo Securities.

From Simpson: Roxane Reardon, Richard Ragusa (in Houston) and Carlie Passes (capital markets); Jonathan Cantor and Kris Liu (tax); Jamin Koslowe (executive compensation and employee benefits); Vanessa Burrows and Tera Rule (healthcare); Michael Isby (environmental); Jessica Cohen and Kate Mirino (intellectual property); and Jennie Getsin (FINRA and Blue Sky).

Simpson Thacher aids underwriters in $800M Texas Instruments notes offering

Deal Description: Simpson Thacher represented the underwriters in connection with the recent public offering by Dallas-based Texas Instruments Inc. of $800 million worth of investment grade notes, consisting of $300 million of 4.7 percent senior notes due 2024 and $500 million of 4.6 percent senior notes due 2028. The company intends to use the net proceeds from the sale of the notes for general corporate purposes. TI designs and makes semiconductors for sale to electronics designers and manufacturers all over the world.

Underwriters: Mizuho and Morgan Stanley

From Simpson: Joseph Kaufman, Patrick Meson and Nicole Papsco (capital markets); Jonathan Cantor and Michael Slomovics (tax); Jeanne Annarumma (executive compensation and employee benefits); and Jennie Getsin (FINRA and Blue Sky).

Oneok prices $750M notes offering

Deal Description: Tulsa-based Oneok announced Nov. 15 it priced an offering to sell $750 million of 10-year senior notes at a coupon of 6.10 percent. The net proceeds from the offering, after deducting underwriting discounts, commissions and offering expenses, are expected to be $742 million. Oneok intends to use the net proceeds to repay amounts outstanding under its commercial paper program. To the extent the net proceeds exceed the amounts outstanding under its commercial paper program, Oneok intends to use the additional net proceeds to repay other indebtedness or for general corporate purposes.

Book-Running Managers: Barclays Capital Inc., Mizuho Securities USA, TD Securities (USA), Wells Fargo Securities, BofA Securities Inc., Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Goldman Sachs & Co., and Truist Securities Inc.; BOK Financial Securities Inc., Academy Securities Inc. and R. Seelaus & Co. are co-managers

Issuer’s Counsel: Latham & Watkins led by Trevor Lavelle and David J. Miller and including Caroline (Carol) Bale,  Jim Cole, Molly Elkins, C. Timothy Fenn, Joshua W. Marnitz, Kathy Le Phan and Stacy Hwang

Diamondback prices $650M senior notes offering

Deal Description: Diamondback Energy Inc., an independent oil and natural gas company, announced Nov. 29 that it priced an offering of $650 million in 6.250 percent senior notes due 2053 at a price to the public of 99.985 percent. Diamondback intends to use the net proceeds for general corporate purposes, including, without limitation, paying a portion of the cash consideration for the pending acquisition of all of the leasehold interest and related assets of Lario Permian upon closing, if it occurs.

Expected Closing: Dec. 13, 2022

Underwriters: TD Securities (USA), Citigroup Global Markets Inc. and Truist Securities Inc.

Underwriters’ Counsel: Latham & Watkins with a corporate deal team led by Austin partners David Miller and Michael Chambers with Austin associate Connor Adams, Houston associate Nat Bass and Austin associate Manu Vadlamudi. Advice was provided on tax matters by Houston partner Jim Cole with Houston associate Dylan White; and on environmental matters by Los Angeles/Houston counsel Josh Marnitz, with Washington, D.C. associate Jacqueline Zhang

Kirkland advises ORIX on $337.5M secondary offering of Ormat Technologies stock

Deal Description: Kirkland said Dec. 1 the firm advised ORIX Corp., as selling stockholder, in connection with Ormat Technologies Inc.’s underwritten secondary offering of 3.75 million shares of its common stock held by ORIX resulting in gross proceeds of $337.5 million.

From Kirkland: Led by capital markets partners Julian Seiguer and Atma Kabad and associates Sarah Ashley Byrd and Rizwan Popatia

Kimbell Royalty launches $122.4M public offering of common units

Deal Description: Fort Worth-based Kimbell Royalty Partners announced Nov. 3 that it began an underwritten public offering of 5 million common units representing limited partner interests, subject to market and other conditions. In connection with the offering, Kimbell intends to grant the underwriters an option to purchase up to 750,000 additional common units at the public offering price less the underwriting discount and commissions. Citigroup and Raymond James & Associates Inc. are lead book-running managers. Kimbell intends to use the net proceeds to fund a portion of the cash purchase price for the pending acquisition of oil and natural gas mineral and royalty interests held by Austin-based Hatch Royalty and to pay fees and expenses related to the acquisition.  Pending the closing of Hatch, Kimbell intends to use the net proceeds for the repayment of outstanding borrowings under its revolving credit facility.  Kimbell may use future amounts borrowed under its revolving credit facility for general partnership purposes.

Underwriter’s Counsel (Citigroup): Latham & Watkins led by John M. Greer and including Janhavi Das, Nick S. Dhesi, Clayton M. Heery, Natasha Runa Kalaouze, Bryant P. Lee, Joel H. Mack, Joshua W. Marnitz, Chelsea Muñoz-Patchen and Sydney Verner