We at the Corporate Deal Tracker couldn’t help but notice an uptick in deals involving oil and gas explorers and producers, mostly in the Permian Basin and also outside of it (see several of them below). Enverus M&A Analytics put a number to it.
According to the firm, the second quarter saw $30.2 billion of U.S. upstream deal activity, putting 2024 on track to top last year’s 19 $1 billion-plus deals. The quarter included the $22.5 billion combination of ConocoPhillips and Marathon Oil, which Enverus said continued a remarkable wave of E&P consolidation and highlighted the trend’s expansion beyond the Permian core.
While both ConocoPhillips and Marathon are active in the Delaware Basin, the transaction opens considerably more running room for Conoco elsewhere, particularly in the Eagle Ford, Enverus said. The combination also will give the two companies a meaningful position in the Bakken Basin of the Northern Rockies.
There are also more $1 billion-plus deals across sectors as well – 58 to be exact in the first half – as Allen Pusey noted in this story. The performance was the fourth-best of billion-dollar activity since 2020 in volume and value. Add another four $1 billion-plus deals listed below.
Last week we declared this summer a busy one; and busy it remained. With 26 deals valued at $16.5 billion, the week ended Aug. 3 was the fourth week in a row to register $16 billion or more in value. The $16 billion price tags were split between M&A and CapM deals at more than $8 billion each, but the work was heavy on M&A, with 18 of the 26 transactions involving mergers/acquisitions/fundings.
The week prior saw 19 deals for $16.4 billion; this time last year it was much, much slower: 13 transactions for a reported $5.2 billion.
Like we said last week: it appears to be a busy summer.
Weekly Corporate Deal Tracker Roundup Stats
A compilation of weekly stats from The Lawbook's CDT Weekly Roundup
(Deal Values in Millions)
(Deal Values in Millions)
| Deal Count | Amount | Firms | Lawyers | M&A Count | M&A Value $M | CapM Count | ||
|---|---|---|---|---|---|---|---|---|
| 21-Dec-24 | 11 | $2,798 | 11 | 92 | 8 | $2,229 | 3 | $570 |
| 14-Dec-24 | 15 | $5,323 | 12 | 186 | 12 | $3,812 | 3 | $1,511 |
| 07-Dec-24 | 16 | $4,766 | 10 | 231 | 11 | $2,321 | 5 | 2,445 |
| 30-Nov-24 | 10 | $10,291 | 9 | 103 | 4 | $8,290 | 6 | $2.001 |
| 23-Nov-24 | 15 | $4,553 | 15 | 153 | 11 | $3,379 | 4 | $1,174 |
| 16-Nov-24 | 17 | $11,488 | 11 | 245 | 13 | $10,186 | 4 | $1,303 |
| 09-Nov-24 | 14 | $2,110 | 12 | 139 | 12 | $1,410 | 2 | $700 |
| 02-Nov-24 | 12 | $52,788 | 11 | 107 | 11 | $52,738 | 1 | $50 |
| 26-Oct-24 | 8 | $3,160 | 8 | 65 | 7 | $3,065 | 1 | $75 |
| 19-Oct-24 | 12 | $5,304 | 11 | 136 | 11 | $4,554 | 1 | $750 |
| 12-Oct-24 | 17 | $8,438 | 12 | 150 | 15 | $8,116 | 2 | $322 |
| 05-Oct-24 | 22 | $23,181 | 12 | 189 | 15 | $19,980 | 7 | $3,201 |
| 28-Sep-24 | 11 | $2,356 | 7 | 144 | 7 | $53 | 4 | $2,303 |
| 21-Sep-24 | 12 | $9,568 | 10 | 169 | 5 | $4,101 | 7 | $5,467 |
| 14-Sep-24 | 24 | $10,988 | 12 | 235 | 16 | $7,175 | 8 | $3,813 |
| 7-Sep-24 | 12 | $20,420 | 16 | 168 | 11 | $20,307 | 1 | $112.9 |
| 31-Aug-24 | 13 | $20,631 | 9 | 134 | 12 | $14,775 | 1 | $5,856 |
| 24-Aug-24 | 19 | $8,452 | 21 | 325 | 16 | $7,102 | 3 | $1,350 |
| 17-Aug-24 | 25 | $49,196 | 16 | 304 | 11 | $39,386 | 14 | $9,810 |
| 10-Aug-24 | 20 | $12,264 | 15 | 312 | 16 | $9,794 | 4 | $2,470 |
| 03-Aug-24 | 26 | $16,498 | 16 | 334 | 18 | $8,137 | 8 | $8,361 |
| 27-Jul-24 | 19 | $16,442 | 21 | 271 | 15 | $13,838 | 4 | $2,604 |
| 20-Jul-24 | 15 | $16,016 | 14 | 184 | 10 | $14,232 | 5 | $1,784 |
| 13-Jul-24 | 20 | $17,220 | 14 | 265 | 18 | $7,146 | 2 | $10,074 |
| 6-Jul-24 | 11 | $3,941 | 11 | 95 | 8 | $2,650 | 3 | $1,291 |
| 29-Jun-24 | 14 | $6,296 | 15 | 224 | 8 | $6,296 | 6 | $1,927 |
| 22-Jun-24 | 12 | $5,679 | 8 | 137 | 5 | $210 | 7 | $5,469 |
| 15-Jun-24 | 13 | $9,895 | 16 | 214 | 10 | $5,280 | 3 | $4,615 |
| 8-Jun-24 | 19 | $23,859 | 13 | 239 | 12 | $19,436 | 7 | $4,423 |
| 1-Jun-24 | 12 | $34,510 | 11 | 147 | 9 | $26,110 | 3 | $8,400 |
| 25-May-24 | 13 | $9,684 | 15 | 171 | 10 | $4,434 | 3 | $5,250 |
| 18-May-24 | 11 | $5,490 | 11 | 173 | 8 | $3,129 | 3 | $2,361 |
| 11-May-24 | 22 | $14,855 | 14 | 227 | 16 | $11,105 | 6 | $3,750 |
| 4-May-24 | 13 | $3,139 | 9 | 87 | 10 | $1,297 | 3 | $1,842 |
| 27-Apr-24 | 10 | $6,684 | 6 | 28 | 10 | $6,684 | 0 | 0 |
| 20-Apr-24 | 19 | $15,989 | 11 | 147 | 9 | $5,208 | 10 | $10,781 |
| 13-Apr-24 | 13 | $8,952 | 9 | 76 | 10 | $1,652 | 3 | $7,300 |
| 6-Apr-24 | 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
Brookfield buys thermal management unit of nVent Electric for $1.7B
Deal Description: Brookfield Asset Management announced Aug. 1 the acquisition of the thermal management business of London-based nVent Electric plc in an all-cash transaction valued at $1.7 billion. nVent expects net after-tax proceeds from the transaction to be $1.4 billion, which intends to use for acquisitions and share repurchases. nVent is a global provider of electrical connection and protection solutions. Its thermal management business includes the Raychem and Tracer brands, generated 2023 sales of $595 million and has 1,700 employees around the world. Brookfield is an alternative asset manager with a 120-year history and operations across a broad portfolio of real estate, infrastructure, renewable power, private equity and credit assets.
Expected Closing: early 2025 if it clears regulators
Brookfield’s Outside Counsel: Simpson Thacher led by partners Elizabeth Cooper, Keegan Lopez and Matt Rogers in New York but including tax partner Adam Arikat in Houston
nVent’s Financial Advisor: Goldman Sachs & Co.
nVent’s Outside Counsel: Foley & Lardner
Arcosa acquires Stavola for $1.2B; Divests Steel Components Firm
Deal Description: Dallas-based Arcosa Inc. announced Aug. 1 that it agreed to purchase the construction materials business of Stavola Holding Corp. and its affiliated entities for $1.2 billion. The deal, Arcosa’s largest in a string of acquisitions, is backed by a $1.2 billion bridge loan secured by Arcosa, along with a backstop to its existing $600 million revolving credit facility. The company says it intends to tap long-term credit debt capital markets for more permanent financing sometime before a fourth-quarter closing. The announcement also included a separate divestiture of Arcosa’s steel components business to New York-headquartered Stellex Capital Management, signaling a move by Arcosa toward a focus on aggregates and building materials. Kirkland & Ellis counseled Arcosa on the acquisition and Baker Botts advised on the financing. Gibson Dunn & Crutcher advised Arcosa on the steel unit divestiture. Sills Cummis & Gross partners Robert Schiappacasse and Frederic Tudor in Newark, N.J., represented Stavola, which tapped the Orr Group as investment bank/sellside advisor. Arcosa used Evercore and Barclays. For more on the story, click here.
Renasant acquires the First Bancshares for $1.2B
Deal Description: Renasant Corp. and the First Bancshares Inc. announced July 29 that they entered into a definitive agreement in which the First Bancshares will merge with and into Renasant in an all-stock transaction valued at $1.2 billion, based on Renasant’s closing stock price as of July 26. Shareholders of “The First” will receive one share of Renasant common stock for each share of The First common stock. All options of The First will be cashed out at their in-the-money value at closing. The merger has been approved unanimously by each company’s board. Headquartered in Hattiesburg, Miss., The First operates 111 branches across Mississippi, Louisiana, Alabama, Florida and Georgia. As of June 30, it had $8 billion in assets, $5.3 billion in loans and $6.6 billion in deposits. The merger will create a six-state Southeastern banking franchise with $25 billion in assets, $18 billion in loans and $21 billion in deposits based on financial data as of June 30. M. Ray “Hoppy” Cole, president and CEO of The First, will become a senior executive vice president and join Renasant and Renasant Bank boards. Three more independent directors of The First will be appointed to both the Renasant and Renasant Bank boards and two more independent directors of The First will be appointed to the Renasant Bank board. Excluding one-time transaction costs, the merger is expected to be immediately accretive to Renasant’s estimated earnings per share and have a positive long-term impact on Renasant’s key profitability and operating ratios.
Expected Closing: First half of 2025 if it clears regulators and both sets of shareholders
Renasant’s Financial Advisor: Stephens Inc.
Renasant’s Outside Counsel: Covington & Burling
First Bancshares’ Board’s Financial Advisor: Keefe, Bruyette & Woods, a Stifel company
First Bancshares’ Board’s Outside Counsel: Alston & Bird led by Dallas partner Mark Kanaly and including Will Hooper, Janelle Owusu, Nathan Tyre, Zachary Newquist, Cremeithius Riggins, Kerry Wenzel, Meredith Gage and Cliff Stanford.
Silver Hill Energy closes oversubscribed $1.13B fund
Deal Description: Dallas-based Silver Hill Energy Partners announced July 31 the closing of its fourth partnership and second institutional private equity fund, Silver Hill Energy Partners IV. Silver Hill IV was oversubscribed at closing, with capital commitments of $1.13 billion from institutional investors comprised of endowments, pension funds, medical and family foundations and family offices, the majority of which are repeat investors. The formation of Silver Hill IV represents a continuation of the company’s founding focus on the direct ownership, operation and control of onshore oil, natural gas and related infrastructure assets in premier basins across the U.S. Since its inception in 2011, the company has raised $2.875 billion of cumulative capital commitments. Since August 2021, the company has completed seven large-scale upstream transactions, two midstream development projects supporting its upstream operations and dozens of complementary mineral and royalty acquisitions. The company also realized a full-cycle investment of its Eagle Ford assets located in South Texas.
Silver Hill’s Placement Agent: Aviditi Advisors
Silver Hill’s Outside Counsel: Willkie Farr & Gallagher with a team led by partner Sarah McLean
Vital, NOG buy assets owned by Vortus-backed Point Energy for $1.1B
Deal Description: Tulsa, Okla.-based Vital Energy Inc. announced July 28 it agreed with Northern Oil and Gas Inc. to acquire the assets of Vortus Investments-backed Point Energy Partners for $1.1 billion, boosting its operational scale and footprint in the Delaware Basin and adding oil-weighted inventory. Separately, Minnesota-based NOG said its share of the purchase price is $220 million for a 20 percent undivided stake. Vital will own the other 80 percent. Gibson, Dunn & Crutcher counseled Vital and Akin Gump Strauss Hauer & Feld assisted Point and Vortus. Kirkland & Ellis said it advised NOG. For more on the story, see our daily coverage here.
Permian Resources acquires Delaware Basin assets from Oxy for $817.5M
Deal Description: Midland-based Permian Resources Corp. announced July 29 that it entered into a definitive agreement with Occidental to purchase around acreage predominantly directly offset the company’s existing position in Reeves County, Texas, for $817.5 million. Permian Resources said the transaction is attractively valued at approximately 3.4 times 2025E EBITDAX. The acquisition is expected to be accretive to all key per share metrics, including cash flow, free cash flow and net asset value per share. The company expects the transaction to deliver accretion to free cash flow per share of more than 5 percent per year during the next two, five and ten-year periods. This is consistent with its disciplined acquisition strategy, pursuing transactions which provide significant accretion to all relevant per share metrics over the long-term. The company intends to fund the acquisition through proceeds from one or more capital markets transactions.
Expected Closing: Q3 2024
Permian’s Outside Counsel: Kirkland & Ellis wiith a team led by corporate partners Chad Smith and Will Eiland and associates Luke Strother and Lyle Paul; tax partners David Wheat and Joe Tobias and associate Brooke Schafer; and environmental transactions partner Paul Tanaka and associate Max Anderson.
Oxy’s Outside Counsel: White & Case with Houston-based partners Mingda Zhao, Emery Choi, Taylor Pullins and Chad McCormick and associates Anil Tanyildiz, Helen Xiang, Daniel Miller and Neil Clausen leading the team. The group also included Washington, D.C.-based partner Rebecca Farrington and counsel Douglas Jasinski and New York-based partner Victoria Rosamond and associate Peter Shelburne.
BrightNight attracts $440M investment from Goldman Sachs
Deal Description: BrightNight, a renewable power company, announced a $440 million strategic investment from the Infrastructure business at Goldman Sachs Alternatives. The investment, together with existing capital commitments, is expected to fully fund BrightNight’s five-year business plan and advance execution of its 31-gigawatt renewable power project portfolio enhanced by its proprietary AI software platform, PowerAlpha. The investment further strengthens the company’s balance sheet.
Expected Closing: September 2024
BrightNight’s Financial Advisors: BofA Securities Inc. and PJT Partners
Goldman’s Financial Advisor: Jefferies
Goldman’s Legal Advisor: Weil, Gotshal & Manges led by private equity partner Omar Samji in Houston and including partner Irina Tsveklova (Houston), partner Jacqui Bogucki (Houston) and U.S. private equity co-head Christopher Machera (New York); tax partner Steven Lorch (New York); and executive compensation and benefits partner Amanda Rotkel (New York)
FEMSA buys retail assets from Delek US for $385M
Deal Description: FEMSA and Delek US Holdings Inc. said Aug. 1 they entered into a definitive agreement in which a subsidiary of FEMSA will acquire 100% of the equity interests in the Delek subsidiaries that operate Delek’s retail business for $385 million in cash, including the purchase of inventories. Delek US Retail is a convenience store chain with 249 corporate stores operating primarily in the southwestern U.S., including locations in Texas and New Mexico. Delek operates company stores under the DK brand. FEMSA is one of the largest conglomerates in Mexico with operations in more than 17 countries. It operates OXXO, the largest small-format proximity store operator in the Americas with more than 22,800 stores in five countries, including Mexico, Colombia, Chile, Peru and Brazil. Avigal Soreq, president, and CEO of Delek, said the sale is an incremental step in our commitment to unlock the sum of the parts value inherent in its system and expect to execute on additional steps to unlock value for its stakeholders.
Anticipated Closing: late in Q3 or Q4 2024
Delek’s Financial Advisor: Raymond James & Associates Inc.
Delek’s Legal Advisor: Baker Botts including, from global projects: Dan Mark (partner, Houston), Carlos Solé (partner, Houston), Kyle Doherty (senior associate, Houston), Gabbi Feldman (associate, Houston) and Louise Stephens (associate, Houston); Intellectual Property: Julie Albert (partner, New York); Employee Benefits: Robin Melman (partner, New York); Antitrust: Jeff Oliver (partner, Washington, D.C.); Employment: Cynthia Washington (special counsel, Dallas); Environmental: Elizabeth Singleton (special counsel, Houston); Tax: Mike Bresson (partner, Houston) and Jared Meier (senior associate, Houston); and Real Estate: Chris Wilson (partner, Houston) and Sarah Hendrix (associate, Dallas)
FEMSA’s Legal Advisor: Morgan Lewis including partners Conor Larkin and Sameer Mohan, along with partners Humberto Padilla Gonzalez, Anita Polott and Stephen Fitzgerald, of counsel Melissa Brown and associates Matt Sherman, Grace Alburger, Laura Williams and Kiran Jassal.
SandRidge buys assets in Anadarko Basin’s Cherokee play for $144M
Deal Description: Oklahoma City-based SandRidge Energy Inc. announced July 29 the entry into a definitive agreement to acquire producing assets and leasehold interests in the Cherokee play of the Western Anadarko Basin for $144 million in cash. The seller was not named. SandRidge also entered into a joint development agreement with an undisclosed partner that governs it participation in future development of the acquired leasehold interests. The transaction expands Sandridge’s footprint in the Mid-Continent region and bolsters its production capabilities.
SandRidge’s Outside Counsel: Winston with a team led by partner Mike Blankenship and including Scott Bailey, Ben Smolij, Matthew Regens, Jon Bodle, Steve Taylor and Nnamdi Ezenwa
Haus snares $20M in additional financing from 01 Advisors
Deal Description: Haus announced July 30 $20 million in additional financing led by 01 Advisors, an investor group helmed by former Facebook CRO David Fischer, former Twitter CEO Dick Costolo and former Twitter COO Adam Bain. Rahul Mehta, co-founder and managing partner at DST Global, and Gokul Rajaram participated in the raise, alongside existing Haus investor Insight Partners, which furthered its position in the company. Baseline Ventures, Haystack Ventures, Octave, and Mantis Venture Capital also participated. Haus provides access to causal inference tools, empowering businesses to make data-driven decisions rooted in scientific rigor. Its marketing science suite provides brands such as Sonos, Jones Road Beauty and Pernod Ricard USA.
Insight’s Outside Counsel: Willkie Farr & Gallagher with a team led by partner Matthew Haddad in New York and associate Joe Laurel in Houston
Amberjack exits Best Trash
Deal Description: Amberjack Capital Partners, a Houston-based private equity investment firm focused on the industrial, infrastructure and environmental sectors, announced July 18 the exit of its investment in Best Trash for undisclosed terms. The buyer was H.I.G. Capital. Headquartered in Richmond, Texas, Best Trash is a municipal solid waste platform serving the residential waste and recycling collection needs of the greater Houston metro region. Best Trash’s customers include municipal utility districts, homeowner associations, selected cities and individual residences. During the course of Amberjack’s partnership with Best Trash, the company expanded its operating area and customer base and now provides its service to more than 450,000 homes. The transaction marks the second successful exit in the last 12 months from Amberjack’s environmental services and waste strategy, having sold Milestone Environmental Services in 2023. The firm has raised $2.1 billion of committed capital since its inception in 2006 and has invested in more than 50 companies.
Amberjack’s Financial Advisor: Raymond James
Amberjack’s Outside Counsel: White & Case with a team led by M&A partners Steven Tredennick and Taylor Pullins and including associates Alex Lippert, Sam Spiers, Philip Reyneke, Maren Flood and Sam McCombs (all in Houston) and Chris Hebert (Miami). Others included tax partner Chad McCormick (Houston) and associate Nir Fishbien (New York); project development and finance partner Fern Han (Houston); debt finance partner Brett Pallin (New York) and associate Ryan Talbott (Houston); employment, compensation and benefits partner Victoria Rosamond and counsel Aaron Feuer (both in New York) and associate Lucee Laursen (Chicago); real estate partner Steven Lutt and associate Julianne Prisco (both in New York); technology transactions partner Arlene Arin Hahn and counsel Ketan Pastakia (both in New York); antitrust partner Rebecca Farrington and associates Allain Andry and Gabriela Baca (all in Washington, D.C.); and data, privacy and cybersecurity partner F. Paul Pittman (Washington, D.C.).
Charles Thayne Capital acquires Bluescape
Deal Description: Winston said July 30 it represented Chicago-based private equity firm Charles Thayne Capital on its acquisition of Bluescape, a provider of virtual collaboration platforms for businesses. Terms weren’t disclosed on the deal, which was announced June 17. CTC said its ownership will accelerate Bluescape’s product development plans, benefiting commercial enterprises, the public sector and federal customers.
From Winston: The team was led by Chicago partner Brian Schafer and included Andrew Betaque (Dallas), Maria Kenny (New York), Becky Troutman (San Francisco), Justin Trapp (Chicago), Paul Huddle (Chicago), Christine Ko (Los Angeles), Ari Levy (Chicago) and Eric Shinabarger (Chicago).
Stonepeak forms JV with American Tower unit CoreSite
Deal Description: Sidley Austin said July 31 it represented Stonepeak on its definitive documentation with American Tower subsidiary CoreSite to form a joint venture to develop, construct and operate a new 18 megawatt data center campus in Denver with CoreSite operating DE3. DE3 is a new, 18 megawatt purpose-built data center to be constructed on a modular basis over three 6 megawatt phases, for a estimated development cost of more than $250 million. Stonepeak is an alternative investment firm specializing in infrastructure and real assets with $71.2 billion of assets under management.
From Sidley: Tim Chandler, Samantha Seley, Chanse Barnes, Mark Poole, Angela Richards and David Ryan
American Tower’s Outside Counsel: Cleary Gottlieb Steen & Hamilton with Sullivan & Worcester on REIT and tax matters
SPB Hospitality buys Amada & Village Whiskey
Deal Description: 3BM1, operating as Ideation Hospitality, announced July 31 that its Amada and Village Whiskey brands have been acquired by SPB Hospitality, a company owned by Fortress Investment Group that operates and franchises casual and upscale restaurants. Amada and Village Whiskey will add to SPB’s portfolio of more than 500 restaurants across 37 states. SPB gains ownership of Amada’s three locations in Philadelphia, Radnor and Atlantic City and Village Whiskey’s location in Philadelphia. Chef Jose Garces will continue to serve as the face of the brands and Scott Campanella, COO of Ideation Hospitality, will become SVP at SPB. SPB plans to open two to three Amada restaurants per year with a focus on the Sun Belt region of the U.S.
SBC’s Counsel: Hunton Andrews Kurth with a team led by Demitrianna Grekos in Miami, Steven Haas in Richmond, Va., and John Schneider in Atlanta but including Anthony Eppert in Austin and Will Freeman and Caitlin Scipioni in Dallas
Counsel to the Other Parties: Chehardy, Sherman, Williams, Recile & Hayes
Liberty Latin America combines Costa Rica operations with Millicom’s
Deal description: Liberty Latin America Ltd. and Millicom International Cellular announced Aug. 1 that the parties agreed to combine the companies’ respective operations in Costa Rica. Under the terms of the all-stock agreement, Liberty Latin America and its minority partner in Costa Rica will hold an 86 percent interest and Millicom 14 percent in the joint operations, with the final ownership percentage confirmed at closing. As of Dec. 31, the combined operations had s operating income before depreciation and amortization of $255 million, more than 440,000 broadband subscribers and net debt of $533 million.
Liberty Latin America’s Financial Advisor: JP Morgan
Millicom’s Financial Advisor: Aldo J. Polak and FTI Consulting
Liberty Latin America’s Outside Counsel: Baker Botts including, from corporate, Jonathan Gordon, James Marshall, Jamie Yarbrough, Carlos Marquez, Nikolai Gryzunov, Henry Klimowicz, Charlie Gili and Peter Frintzilas; on tax Jon Lobb; and on antitrust Matt Adler.
Stanley Capital invests in environmental restoration company SePRO
Deal description: Sidley Austin said Aug. 1 it represented Stanley Capital Partners, the specialist healthcare and resource efficiency private equity investor, on its majority investment in SePRO Corp., a environmental restoration company. Terms weren’t disclosed on the deal, which was announced July 29. The investment, made with Goldman Sachs Alternatives as a minority co-investor, will further accelerate SePRO’s ability to provide the best-in-class solutions, emerging technologies and technical support to customers in water management
From Sidley: The team led by private equity partners Brittany J. Harrison in New York and Paul Dunbar in London and included Sam Hulsey and Kyle Patel, also in NYC (M&A and Private Equity), supported by Steven Rutkovsky/New York, Shayona Schiely/Century City, Caroline Roberts/Dallas and James Blanchard/Dallas (Global Finance); Lauren A. Gallagher/Chicago and Gregory Matisoff/Washington, D.C. (Employee Benefits and Executive Compensation); Rachel Kleinberg/Palo Alto and Andy Lau/New York (Tax); Heather Palmer/Houston (Environmental); Kara McCall/Chicago (Products Liability); Cathryn Le Regulski/Washington, D.C. (Labor and Employment); Glenn Nash/Palo Alto and Valerie Truong/Palo Alto (Intellectual Property), Vadim Brusser/Washington, D.C., and Edward Sharon/Washington, D.C. (Antitrust).
SePRO’s Outside Counsel: Winston & Strawn
SCP’s Financial Advisor: Barclays
SePRO’s Financial Advisor: Raymond James and Piper Sandler
Germany’s OKE buys U.S. automotive plastics maker Global Enterprises
Deal description: Jackson Walker said July 24 it represented Germany-based OKE Group GmbH and its U.S. subsidiary OKE USA Holding Inc. on its acquisition of Polymerica Ltd. Co. (d/b/a Global Enterprises). Terms weren’t disclosed on the deal, which closed July 1. With the transaction, OKE has secured a footprint in North America and more capacities in eastern Europe. Based in Detroit, Global Enterprises operates facilities in El Paso, Ploiesti, Romania, and Juarez, Mexico, where the company makes extruded, die-cut and formed automotive interior parts sold directly to automotive manufacturers throughout North America and Europe.
From JW: The team was led by Kevin Jones (corporate and securities) and Manny Schoenhuber (international) and included Carlos Treviño (corporate and securities, Mexico counsel), Nathan Smithson (tax), David Schlottman (labor and employment), Greta Cowart
(employee benefits and executive compensation), Dawn Holiday (labor and employment), Sang Shin (business immigration and compliance), Mark McMullen (corporate and securities), Paisley Park (corporate and securities), Yenmi Tang (business immigration and compliance) and Holly Hughes (business immigration and compliance).
Global’s Investment Banking Advisor: Donnelly Penman & Partners (led by Jeremy Lamb)
CAPITAL MARKETS/FINANCINGS
Lineage launches $4.4B IPO
Deal Description: Lineage Inc., which claims to be the world’s largest global temperature-controlled warehouse REIT, announced the pricing of its underwritten initial public offering of 56.8 million shares at $78 per share. The underwriters were granted a 30-day option to purchase from the company up to 8.5 million more shares at the IPO price minus underwriting discounts and commissions. The company intends to use the net proceeds to repay borrowings outstanding under its delayed draw term loan, repay borrowings outstanding under its revolving credit facility, fund one-time cash grants to some employees and estimated cash to pay tax withholding obligations associated with stock grants and redeem its Series A preferred stock. The company expects to use the remaining net proceeds for general corporate purposes, which may include the repayment of additional borrowings outstanding under its revolving credit facility. The company’s common stock began trading on the Nasdaq Global Select Market on July 25 under the ticker symbol “LINE.” The offering was expected to close on July 26.
Lineage’s Outside Counsel: Latham & Watkins with a corporate team led by partners Nadia Sager, Lewis Kneib, Julian Kleindorfer and David Meckler with key assistance from counsel and senior lawyers Amber Franklin, Angelee Bouchard and Regina Schlatter and associates Devon MacLaughlin, Lexi Santa Ana (Houston), Grace Garcea, Eric Finkelberg, Tristan Schmoor, Sarah Dunn (Houston), Natasha Kalaouze (Houston), Shreya Patel (Houston), Ryan Kazemaini, Celia Mishra and Steve Hess. Advice was provided on tax matters by partner Pardis Zomorodi and counsel William Kessler; on benefits matters by partner David Taub with associates Jordan Barnes and Morgan Wesner; and on regulatory matters by partners Bob Koenig and Gaily Neely and associate Shira Mendelsohn.
Kinder Morgan offers $1.25B in notes
Deal Description: Bracewell said Aug. 1 it represented Kinder Morgan Inc. on its recent public offering of $500 million of 5.100% senior notes due 2029 and $750 million of 5.950% senior notes due 2054. The offerings closed July 31. The net proceeds are being used for general corporate purposes, including repayment of commercial paper borrowings and refinancing upcoming debt maturities.
Book-Running Managers: BofA Securities, BMO Capital Markets, MUFG and RBC Capital Markets
In-house Counsel: Angela S. Teer, managing counsel of Kinder Morgan, led the transaction.
From Bracewell: Partners Troy L. Harder (Houston), Will Anderson (Houston) and J. Dean Hinderliter (Dallas) and associates Caroline E. Ellis (Houston) and Ben Meredith (Houston)
Underwriters’ Counsel: A&O Shearman led by partners Taylor Landry and Bill Nelson in Houston and including associate Daniel Kim, also in Houston
Group 1 Automotive offers $500M in notes
Deal Description: Vinson & Elkins said July 30 it advised Houston-based Group 1 Automotive Inc., a Fortune 250 automotive retailer, on its private placement of $500 million in 6.375% senior unsecured notes due 2030. The offering priced on July 25 and closed on July 30. The company expects to use the net proceeds of to repay borrowings under its revolving credit facility and for general corporate purposes.
From V&E: The corporate team was led by partners Scott Rubinsky and David Stone with assistance from senior associate Layton Suchma and associates Chase Browndorf, Shelby Shearer and Nick Priebe. Other key team members included partners Niels Jensen and David Wicklund, senior associate Jennifer Bassett and associates David Albano and Hayley Johnson (finance); partner Wendy Salinas and associate Jeff Slusher (tax); partner Shane Tucker, counsels Regina Ibarra and Missy Spohn and associate Cassandra Zarate (executive compensation); counsel Corinne Snow and associate Simon Willis (environmental); counsel Elizabeth McIntyre (trade/sanctions); and counsel Brian Howard (FCPA/anticorruption).
Group 1’s In-House Counsel: Chief Legal Officer Gillian Hobson, a former partner at V&E, a member of the firm’s management committee and Group 1’s primary relationship attorney.
Permian Resources prices $405.4M stock offering, offers $750M in notes
Deal Description: Vinson & Elkins said July 30 it advised Permian Resources Corp. in connection with an underwritten public offering of 26.5 million shares of its Class A common stock at a price to the public of $15.30 per share, or $405.45 million. Goldman Sachs & Co. and Morgan Stanley were underwriters for the equity offering, which closed on July 30. Concurrently, Permian Resources Operating, a subsidiary of Permian Resources, intended to offer for sale in a private placement $750 million of senior unsecured notes due 2033.
From V&E: The team was led by partners Doug McWilliams and Jackson O’Maley and senior associate Alex Lewis with assistance from associates Nate Richards, Travis Ewing, John Frey, Cole Leveque, Patience Li and Farzin Khoshravan. Also advising were partner Wendy Salinas and associate Jeff Slusher (tax).
Outside Counsel to Initial Purchasers on Notes/Dealer Manager in the Tender Offer: Latham & Watkins with a corporate team led by Houston partner John Greer, Austin partner David Miller, and Houston counsel Thomas Verity, with associates Sydney Verner, Brian Bruzzo, Caitlyn Fiebrich, Carol Bale and Armaan Bhimani. Advice was also provided on tax matters by Houston partner Jim Cole, with associate Dylan White; and on environmental matters by Los Angeles/Houston partner Josh Marnitz, with associate Jacqueline Zhang.
Underwriters’ Outside Counsel on Stock Offering: Latham & Watkins (same team)
Kraken Resources offers inaugural $500M in senior unsecured notes
Deal Description: Vinson & Elkins said July 29 it advised Kraken Resources, an independent oil and natural gas company focused in the Williston Basin, on its inaugural offering of $500 million in 7.625% senior unsecured notes due 2029. The offering closed on July 26.
From V&E: The corporate team was led by partners Jackson O’Maley, David Stone and Doug McWilliams, with assistance from senior associate Layton Suchma and associates Nick Wetzeler, Lauren Perillo, and Ronnie Braxton (corporate). Other key team members included partner Wendy Salinas and associate Steve Campbell (tax); partner Dario Mendoza and associate Morgan Whittlesey (benefits); partner Matt Dobbins and associates Kelly Rondinelli and Alyssa Sieja (environmental); partner Tzvi Werzberger and counsel Zach Rider (finance); counsel Elizabeth McIntyre (trade/sanctions); and counsel Brian Howard (FCPA/anti-corruption).
SPAC AA Mission Acquisition raises $300M in IPO
Deal Description: Winston & Strawn said Aug. 1 it represented AA Mission Acquisition, a special purpose acquisition company, on its initial public offering. The company raised $300 million by offering 30 million units at $10 per unit. Each unit comprises one share of common stock and one-half of a warrant. Although the SPAC has not yet identified a specific target industry, it intends to focus on companies within Asia with enterprise values ranging between $500 million and $3 billion. The units began trading on the New York Stock Exchange under the ticker symbol AAMU.
Bookrunner: Clear Street
From W&S: The team was led by Mike Blankenship and included Ben Smolij, Jon Bodle, Robbie Oakes, Matthew Regens and Alexandra Santana
Archrock offers common stock expected to net $256M
Deal Description: Archrock Inc. announced July 23 the pricing of its underwritten public offering of 12.65 million shares of its common stock at a public offering price of $21 per share. The total estimated net proceeds of the offering, after deducting the underwriting discount and estimated offering expenses, are about $256 million. The offering was expected to close on July 24. The underwriters have a 30-day option to purchase up to an additional 1.65 million shares of common stock from Archrock. Archrock intends to use the net proceeds to fund a portion of the cash purchase price for the previously announced acquisition of 100% of the issued and outstanding membership interests of Total Operations and Production Services, along with cash on hand, borrowings under Archrock’s revolving credit facility and, opportunistically to the extent market conditions warrant, other debt financings.
Underwriters/Bookrunners: J.P. Morgan, Evercore ISI, Wells Fargo Securities and Citigroup
Passive Bookrunners: Raymond James, RBC Capital Markets, Regions Securities, Scotiabank, First Citizens Capital Securities and Stifel
Archrock’s Outside Counsel: Latham & Watkins with a team led by Houston partners Ryan Maierson and Nick Dhesi with associates Paul Robe, Sydney Verner and Tasbiha Batool. Advice was also provided on tax matters by Houston partner Jim Cole with associate Dominick Constantino; on environmental matters by Los Angeles/Houston partner Joshua Marnitz with associate Brandon Kerns and on employee benefits matters by Washington, D.C., partner Adam Kestenbaum and Houston counsel Krisa Benskin with associate Christina Schrantz.
OTHER MATTERS
Kirkland & Ellis said July 30 it counseled Aypa Power I, a portfolio company of Blackstone Energy Partners, on a $650 million senior secured multi-tranche hybrid credit facility, the largest in the energy storage industry. The transaction closed on July 19. The Kirkland team was led by debt finance partners Tatiana Monastyrskaya and Linda Zang and associates Christopher Hargett and Cem Albayrak with support from corporate associate Dan Dyring; tax partners Sophia Han and Michael Masri; derivatives partner Drue Santora; and energy regulatory partner Drew Stuyvenberg and associate Chad Richards. The new corporate facility consists of a $350 million letter of credit facility, a $200 million term loan facility and a $100 million revolving credit facility. The proceeds of the new senior secured facility will be used to finance the development of Aypa’s renewable energy portfolio in the U.S. and Canada, refinance obligations of Aypa and provide additional liquidity and credit support for Aypa’s renewable energy assets. Aypa has more than 22 gigawatts in development across North America.
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Akin said July 31 the firm advised Minnesota-based Excelsior Energy Capital on its multiyear agreement with Fluence Energy Inc. of Arlington, Va., to develop 2.2 gigawatt hours of battery energy storage system infrastructure in strategic markets across the U.S. The team was led by partner Hayden Harms and included partners Sam Guthrie and Dan Lynch; and associates Alison Rondon and Kam McPike. Anne Marie Denman, co-Founder and partner of Excelsior, said the Akin team stood “arm-in-arm” with the firm as it tackled the complex agreement with efficiency. Excelsior said July 30 that the projects will begin in 2025 and promote American grid stability and sustainable energy development while supporting domestic manufacturing. Siemens and AES launched Fluence in 2018 to deploy and operate energy storage. In 2021 it closed its initial public offering raising nearly $1 billion.
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Kirkland & Ellis said July 31 it advised I Squared Capital, owner of WhiteWater’s stake in the Whistler Pipeline, on WhiteWater, MPLX LP and Enbridge Inc.’s partnership with Targa Resources Corp. through the WPC joint venture, which that owns the Whistler Pipeline, to reach final investment decision to move forward with the construction of the Blackcomb Pipeline after having secured sufficient firm transportation agreements with predominantly investment grade shippers, including Devon Energy Corp., Diamondback Energy Inc., Marathon Petroleum Corp. and Targa Resources Corp. The Kirkland team was led by corporate partners Kyle Watson and Josh Teahen and associates Colleen Haile and Alexa Grealis. Morgan Lewis said Aug. 1 it counseled MPLX, an affiliate of Marathon Petroleum Corp. including partner Sameer Mohan and associate Tara McElhiney along with partner Conor Larkin and associate Matt Oakley. Morgan Lewis previously advised MPLX in other matters, including this and this. Vinson & Elkins assisted Targa with a team led by partners Benji Barron and Mike Telle, counsel Caroline Kuehn and senior associate Charlie Fitzpatrick with assistance from associates Tushar Parashar and Nick Ashipa. Also advising were partner Mark Brasher, counsel Megan Menniti, senior associate Ryan Logan and associates Jake Silver and Joseph Balhoff (corporate). Simpson Thacher said Aug. 2 it advising WhiteWater led by corporate partners Katy Lukaszewski, Shamus Crosby and Breen Haire and associates Andrew Kingsbury and Jack Davis; and tax partner Adam Arikat and associates Andrew Mandelbaum and Elizabeth Trask.