What a difference a week makes. Texas attorneys worked on three billion-plus M&A deals last week, all in different sectors: Pharmaceuticals, airlines and energy, albeit it a clean one. Let’s take apart one by one to see if we can spot any trends.
Roche’s $3.1 billion purchase of Carmot Therapeutics in California signifies the quest of finding a magic pill for obesity, which 42 percent of Americans suffer from, according to the Centers for Disease Control and Prevention.
Roche wants to play the game dominated by Novo Nordisk and Eli Lilly in the weight-loss market, which some analysts claim could reach as much as $100 billion. Join the club: AstraZeneca agreed in November to pay up to $2 billion for the rights to an experimental diet pill from China’s Eccogene.
In the second billion-dollar deal, Alaska Air Group Inc. announced it plans to acquire Hawaiian Airlines for $1.9 billion, an astounding 270 percent over Hawaiian Airlines’ closing stock price the previous trading period.
Why such a crazy premium? While Alaska Air may have not wanted a competing bidder, it wants to capture meaningful economies of scale in ticketing and scheduling as well as the value of Hawaiian Airlines’ trans-Pacific network. Federal and state regulators (namely Hawaii) may fight it.
Finally, there’s EnergyRe’s announcement that it raised a $1.2 billion capital package from Glentra Capital, Novo Holdings and Denmark-based pension fund PKA.
EnergyRe wants to develop more large renewable energy projects, including utility-scale transmission and storage, onshore wind and solar generation and offshore wind. EnergyRe CEO Miguel Prado said the company is focusing on decarbonizing U.S. cities and “hard-to-abate” energy load centers with state-of-the-art electric grids that unlock new sources of clean power across the country.
These big projects require big money. For example, EnergyRe is a partner on Clean Path NY, a public-private collaboration to develop 3,800 megawatts of new wind and solar power and a 175-mile, underground 1,300 megawatt high-voltage direct current transmission line. Cost: $11 billion.
The through line on all three deals? Broadly speaking, these companies are wanting to gain an edge over their competitors while making the world a better place. Isn’t that what we all want?
With the end of 2023 clearly in sight, deal volume rose for the week ending Dec. 9 to 26 transactions worth $14.6 billion. While M&A action remained healthy with 16 deals valued at $8 billion, year-end capital markets transactions reached double digits for the first time since XXX with 10 transactions valued at $6.5 billion, including a rare IPO.
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
Roche acquires Carmot for $3.1B
Deal Description: Roche announced Dec. 4 it agreed to acquire privately held obesity drug developer Carmot Therapeutics in Berkeley, Calif., for $3.1 billion, preempting Carmot’s plans to go public. The price includes $2.7 billion in cash at the closing and up to $400 million depending on the achievement of certain milestones. Upon closing, Roche will get access to Carmot’s R&D portfolio, including all clinical and pre-clinical assets, with Carmot and its employees joining Roche as part of its pharmaceuticals division. Roche will also have exclusive access to Carmot’s Chemotype Evolution discovery platform in metabolism to further strengthen Roche’s R&D efforts and portfolio across cardiovascular and metabolic diseases. Carmot’s R&D portfolio includes clinical stage subcutaneous and oral incretins with potential to treat obesity in patients with and without diabetes and preclinical programs.
Expected Closing: Q1 2024
Roche’s Outside Counsel: Sidley on the tech, IP and commercial aspects of the acquisition with a team led by Sharon Flanagan and Sally Wagner Partin in San Francisco and including Heather Palmer in Houston and Lauren Grau and Dina Kang in Dallas.
Carmot’s Financial Advisors: Centerview Partners and J.P. Morgan Securities
Carmot’s Outside Counsel: Cooley
Alaska Airlines, Hawaiian Airlines merge in $1.9B deal
Deal Description: Alaska Air Group Inc. and Hawaiian Holdings Inc. announced Dec. 3 that Alaska Airlines will acquire Hawaiian Airlines for $18 per share in cash for a transaction value of $1.9 billion, including $900 million of Hawaiian Airlines net debt. The parties expect at least $235 million of run-rate synergies. The combined organization will be based in Seattle under Alaska Airlines CEO Ben Minicucci. Alaska Air said the combined company will unlock more destinations for consumers and expand choice of critical air service options and access throughout the Pacific region, Continental United States and globally. The transaction is also expected to enable a stronger platform for growth and competition in the U.S. and long-term job opportunities for employees, continued investment in local communities and environmental stewardship.
Expected Closing: 12-18 months if the deal clears Hawaiian Holdings shareholders (which is expected to be sought in the first quarter) and regulators
Alaska Airlines’ Financial Advisors: BofA Securities and PJT Partners
Alaska Airlines’ Outside Counsel: O’Melveny & Myers with a team led by Andor Terner (Newport Beach) and including Ashley Thurman, Kelsey French, Sean Horan and Sally Cook (Dallas)
Hawaiian Airlines’ Financial Advisor: Barclays
Hawaiian Airlines’ Outside Counsel: Wilson Sonsini Goodrich & Rosati
EnergyRe raises $1.2B from Glentra, Novo, PKA
Deal Description: EnergyRe, a Houston-based clean energy developer and affiliate of real estate concern Related Cos., announced Dec. 4 that it raised a $1.2 billion capital package to support the expansion of its large-scale renewable energy portfolio, including utility-scale transmission and storage, onshore wind and solar generation and offshore wind. The monies came from Glentra Capital alongside co-investors Novo Holdings and Denmark-based pension fund PKA. EnergyRe plans to use the funding to advance its mission of decarbonizing American cities with clean power and modern electric grids. In addition, a firm agreement has been reached with Elia Group for acquiring a stake in EnergyRe subsidiary EnergyRe Giga. The European transmission specialist will offer its expertise and experience in the development, construction, operation and maintenance of offshore transmission infrastructure, HVDC technology, transmission planning and congestion management. The capital package also includes a mandated corporate debt facility to be arranged by Santander and Deutsche Bank. EnergyRe’s portfolio includes a development pipeline in 17 states made up of 500 miles of high-voltage direct current transmission, 10.5 gigawatts of solar, wind and storage and 155 megawatts of distributed generation. In 2022, EnergyRe acquired Southern Current, a developer of solar and energy storage assets, and launched Radial Power, a large-scale developer, owner and operator of distributed clean energy systems.
EnergyRe’s Placement Agent: BofA Securities
EnergyRe’s Financial Advisor: Lazard Frères & Co.
EnergyRe’s Outside Counsel: Gibson, Dunn & Crutcher with a corporate team that included partners John Gaffney, Daniel Alterbaum and Nicholas Politan and associate Jonathan Sapp. Partner Michael Cannon and associate Josiah Bethards advised on tax aspects, partner Attila Borsos on antitrust, partner Bill Hollaway on regulatory, partner Darius Mehraban on financing and partner Michael Collins on benefits.
EnergyRe’s In-House Counsel: Cynthia Martinez is general counsel
Glentra’s Outside Counsel: Kirkland & Ellis led by corporate partners Kristin Mendoza, Ahmed Sidik, Austin Uhm and Qasim Rasool and associate Marie-Joe Abi-Nassif with debt finance partner Robert Eberhardt, ESG and impact partner Alexandra Farmer and tax partners Bill Dong, Michael Masri, Sophia Han and Rebecca Fine.
Karoon buys assets from LLOC for $720M
Deal Description: Clifford Chance said Dec. 3 it is advising Australia’s Karoon Energy on its $720 million entry into the Gulf of Mexico via the acquisition of interests in oil and gas assets from LLOG Exploration. The deal comes with an additional $27 million of associated costs. Karoon’s purchase includes a 30 percent interest in the Who Dat and Dome Patrol and a 16 percent stake in Abilene oil and gas fields as well as in adjacent exploration and appraisal opportunities. Karoon said it would raise $312.43 million in an equity raise to fund the stake purchases. It will issue shares at A$2.05 apiece, a 14.6 percent discount to the stock’s recent close. Macquarie is underwriting the offering, with Gresham the financial advisor and Ashurst the outside counsel. The company will draw down $274 million from a new $340 million debt facility that it signed with banks including Macquarie and Deutsche Bank to fund the rest. Deepwater oil and gas operation field Who Dat is expected to add 4 million to 4.5 million barrels of oil equivalent to Karoon’s 2024 output. LLOG has been looking to sell its Gulf of Mexico oil exploration joint venture, according to Reuters. Karoon said the Who Dat field would help offset a natural production decline from its Bauna offshore operations, which it acquired from Brazil’s state-controlled Petrobras in 2020.
From Clifford Chance: The team was led by Houston-based partner David Sweeney with assistance from associates Hailey Hennessey, Matthew Mouer and Thomas Shattuck. The team also included Washington, D.C.-based partner Renee Latour, senior counsel David Evans, Hart-Scott-Rodino attorney David Michnal and associates Holly Bauer, Serena Seaman, and Elyssa Wenzel
LLOG’s Outside Counsel: Jones Walker (Rivers Lelong)
Karoon’s Regulatory Counsel: Liskow (Kathleen Doody)
Ineos acquires LyondellBasell’s Bayport ethylene oxide business for $700M
Deal Description: Ineos announced Dec. 8 an agreement with LyondellBasell to buy its ethylene oxide and derivatives business, including the Bayport Underwood site in Texas. The deal includes the two ethylene oxide plants and a glycol ethers plant together with all associated third-party business on the site. Ineos said ethylene Oxide plays a role in the day-to-day life of millions of people, as it’s a raw material used in large-scale chemical production around the world. It is necessary for the production of pharmaceuticals, cosmetics, semiconductors, polyester, food packaging, construction materials, antifreeze, brake fluids, solvents, paints, soap and detergents. Ineos bought its first facility in 1998 at Zwijndrecht Belgium. Tobias Hannemann, CEO Ineos Oxide, said the company is a leading producer in Europe and this step expands its business into the U.S., which is the world’s largest market. It also complements its ethanolamines production facility in Plaquemine, La. The LyondellBasell plant has access to cost advantaged U.S. energy, feedstocks and logistics networks. Peter Vanacker, LyondellBasell CEO, said the transaction is evidence of its focus on value creation through the execution of growing and upgrading its core.
Expected Closing: Q2 2024 if it clears regulators and other third-party approvals
Ineos’ Outside Counsel: O’Melveny with a team led by partners Phillip Oldham and Eric Zabinski, counsel Austin Elder and associates Luke Ohnmeis, Sahil Nooruddin, Brooke Alger, and Alex Witschey
LyondellBasell’s Outside Counsel: King & Spalding with a team including Jonathan Newton, Heath Trisdale, Andrew Ketner and Erin Mendez
Notes: The deal is the second big transaction O’Melveny’s Oldham has done for Ineos recently, following the $500 million acquisition of Eastman Chemical’s Texas City site in September.
Granite buys Lehman-Roberts, Memphis Stone & Gravel for $278M
Deal Description: Watsonville, Calif.-based Granite Construction Inc. announced Dec. 5 it acquired Lehman-Roberts Co. and Memphis Stone & Gravel Co., asphalt paving and asphalt and aggregates producers and suppliers. Terms weren’t disclosed in the press release, but an SEC filing said the price was $278 million. The deal was financed through a new $150 million term loan maturing in 2027 with the rest funded through Granite’s revolver and cash on hand. Granite CEO and president Kyle Larkin said the company is increasing its 2024 revenue target to a range of $3.8 billion to $4 billion and expects the acquisition to be accretive to EBITDA while maintaining its 2024 adjusted EBITDA margin range of 9 percent to 11 percent. The move expands Granite’s footprint and creates a new growth platform in Memphis. LRC operates seven asphalt plants serving greater Memphis and northern Mississippi while MSG operates three sand and gravel mines with an additional mine under construction. MSG has rights to an estimated 57 million tons of proven and probable reserves and 24 million tons of measured and indicated reserves. The companies’ senior leadership team, led by Pat Nelson, will remain to manage and develop the business.
Granite’s Outside Counsel: Shearman & Sterling including Alain Dermarkar, Kyle Park, Domenic Frappolli, Dillon Tan, Todd Lowther, Jonathan Cheng and Matthew Weston, among others
NGP provides $150M commitment to Segue Renewables
Deal Description: An affiliate of NGP, a Dallas-based energy private equity firm with $20 billion in cumulative equity commitments, announced Dec. 6 that it provided a $150 million capital commitment to Segue Renewables II. San Francisco-based Segue will use the monies to fund development capital for clean energy and storage projects. Sam Stoutner, a partner at NGP, focuses on the sector. Segue has made two venture-like seed-stage investments in EV Realty, a commercial EV charging depot developer, and Reunion Infrastructure, a tax credit transfer marketplace.
NGP’s Outside Counsel: King & Spalding with a team led by Mitch Tiras (Houston) and including James Larkin Smith (Houston) and Matthew Krimski (New York)
Ashford hands four hotels to Stirling in exchange for equity in $35M deal
Deal Description: On Dec. 6, Ashford Hospitality Trust Inc.’s subsidiaries, Ashford Hospitality Ltd. Partnership and Ashford TRS Corp., entered into a contribution agreement with Stirling REIT OP, a unit of Stirling Hotels & Resorts Inc., in which Ashford contributed its equity interests and the associated debt and other obligations in four hotel assets to the Stirling Operating Partnership in exchange for 1.4 million Class I Stirling units. The net contribution value was $35 million, which represents the appraised value of $56.2 million, the assumption of $30.2 million of debt and $9 million of net working capital and reserves. Ashford entered into various lock-up agreements.
Stirling’s Outside Counsel: O’Melveny & Myers with a team led by Will Becker and Whit Roberts and including Austin Elder, Sahil Nooruddin, Eleanor Gilbert, Sean Horan and Brennan Wong
Ladder raises $12M from Tapestry VC, LivWell
Deal Description: Austin-based strength training app Ladder announced Dec. 6 that it closed a $12 million series A round led by Tapestry VC and family office LivWell Ventures. Ladder claims it has had 500 percent growth in its membership this year, now exceeding 50,000 paying members and 4 million completed workouts. While most products offer a content library of cardio workouts, Ladder provides progressive, structured programming across various strength training modalities. Ladder is available to iOS users for $29.99 per month with a seven-day free trial without using a credit card.
Blackstone acquires Power Grid Components
Deal Description: Blackstone announced Dec. 5 that its affiliated private equity funds closed the acquisition of Power Grid Components Inc. from Shorehill Capital. Terms weren’t disclosed. PGC is a U.S. designer and manufacturer of a components for protection, monitoring and safety applications in electrical substations, a segment of the electrical grid responsible for managing and monitoring power flows and converting electricity into different voltages. As a supplier to many of the nation’s largest electrical utilities, PGC advances the global energy transition by improving the reliability, capacity, and safety of the grid by enabling the deployment of new renewable generation and by supporting broad electrification trends. PGC was founded in 2017 by CEO Rick McClure and Shorehill. McClure and the other senior leaders will remain with the business in their positions after the transaction closes. David Foley, global head of Blackstone Energy Transition Partners, said the acquisition fits within one of its favorite investment themes: the U.S. electrical grid, joining its other recent grid-related investments, including Champlain Hudson Power Express, Sabre and Energy Exemplar. Blackstone Energy Transition Partners has invested $21 billion of equity globally across the energy sector.
Blackstone’s Outside Counsel: Kirkland & Ellis led by corporate partners Rhett Van Syoc and Zach Savrick, debt finance partner Yuli Wang and tax partner Mark Dundon. The team included corporate associates Mike Bassi, Evan Chavez, Markus Wang, Josh Stout, Kersten Kober and Jordan Martin; executive compensation partners Stephen Jacobson and Jabir Yusoff and associate Dillon Jones; tax partner David Morris and associate Grace Nielsen; and debt finance associates Annie Zhao and Yinan Guo.
Shorehill’s Outside Counsel: Wade Glover from Katten Muchin in Dallas
Ares buys Burnham RNG from PE firm Edge
Deal Description: Burnham RNG, a developer and owner of organic waste management and anaerobic digestion biogas assets across the U.S., announced Dec. 4 that a fund managed by Ares Management’s Infrastructure Opportunities strategy made an investment to acquire the company from private equity firm Edge Natural Resources. Terms weren’t disclosed. The investment from Ares will support Burnham in the further development and construction of its broader pipeline of renewable natural gas assets throughout the U.S. The acquisition follows Ares’ announcement of a investment in Dynamic Renewables earlier this year and represents its continued commitment to building scale in the waste-to-value space across feedstocks. Burnham is led by founder and CEO Chris Tynan, who has two decades of experience in financing and developing infrastructure projects. Ares has $15.1 billion in infrastructure equity and debt assets under management.
Edge’s Outside Counsel: Akin Gump Strauss Hauer & Feld with a team led by private equity partner Jesse Betts and included counsel Dasha Hodge and Kevin Tsai and associate Andrew Coleman. They were joined by tax partners Julia Pashin and Shariff Barakat; real estate partner John Bain; projects & energy transition counsel Hayden Harms; intellectual property partner David Vondle; environment & natural resources practice head David Quigley and senior counsel Andrew Oelz; executive compensation and benefits counsel Aaron Farovitch; labor and employment counsel Dustin Stark and associate Jenny Bobbitt; and complex litigation counsel Matthew Lloyd.
Ares’ Outside Counsel: Latham & Watkins led by partner David Owen in New York with associates Catie English and Aubrey Steiger. Advice was also provided on tax matters by Houston partner Jim Cole and Washington, D.C., counsel Isaac Maron; on benefits and compensation matters by Washington, D.C., partner Adam Kestenbaum with associate Courtney Thomson; on finance matters by New York partner Matt Henegar with associates Kailash Gupta, Lauren Lozada and Jack Klein; on environmental matters by Los Angeles/Houston partner Joshua Marnitz and Orange County counsel Joshua Bledsoe with associate Brian McCall; on real estate matters by San Diego counsel Aaron Friberg; on data and technology transactions matters by New York counsel Carrie Girgenti; on energy regulatory matters by Washington, D.C., partner Patrick Nevins; and on insurance matters by Los Angeles partner Drew Levin with associate Harrison White.
ProPetro acquires Par Five Energy Services
Deal Description: ProPetro Holding Corp. announced Dec. 4 the acquisition of the assets and business operations of Par Five Energy Services. Terms weren’t disclosed. Specializing in cementing services in the Delaware Basin, Par Five’s business complements ProPetro’s cementing business that operates predominantly in the Midland Basin region of the Permian Basin. The business will be integrated within ProPetro’s cementing operating team and brand. The transaction forms a comprehensive cementing business to better serve Permian operators and is complementary to ProPetro’s hydraulic fracturing and wireline completions businesses. ProPetro CEO Sam Sledge said the acquisition will allow the company to serve both the Midland and Delaware Basin areas of the Permian. ProPetro is expected to capitalize on potential revenue synergies. ProPetro management anticipates the acquisition of Par Five will increase ProPetro’s 2024 Adjusted EBITDA expectations by $10 million while converting 80 to 90 percent of that adjusted EBITDA into free cash flow. Established in 2011 by Curtis Tolle and the Chase family, Artesia, N.M.-based Par Five owns and manages more than 14 cementing spreads servicing oil and gas producers in southeastern New Mexico. ProPetro is a Midland-based provider of completion services to upstream oil and gas companies engaged in the exploration and production of North American unconventional oil and natural gas resources.
ProPetro’s Financial Advisor: PPHB led by Ray Brown
ProPetro’s Outside Counsel: Vinson & Elkins with a team led by partner Mike Marek and associate Chandler Jones with assistance from Lauren Perillo, Mike Telle, Raleigh Wolfe, Scot Dixon, Lina Dimachkieh, Lauren Nieman, David D’Alessandro, Katherine Mull, Keira Kuntz, Matthew Dobbins, Kelly Rondinelli and Alex Bluebond.
Par Five’s Outside Counsel: Fort Worth-based Murphy Mahon Keffler & Farrier
LyondellBasell buys minority stake in Source One
Deal Description: LyondellBasell, which has one of its headquarters in Houston, announced Dec. 4 it acquired a minority share in Source One GmbH of Leiferde, Germany, a plastic waste sourcing and engineering company specializing in developing technical solutions for hard-to-recycle post-consumer plastic waste. Both LyondellBasell and Landbell will be shareholders in Source One. Landbell is a global service provider who operates a network of extended producer responsibility and take-back organizations worldwide. The investment provides LyondellBasell access to Source One’s engineering and plastic waste sourcing services. It also establishes a relationship with Landbell to provide plastic packaging waste volumes for LyondellBasell’s advanced recycling operations. Half of the shares in Source One will be held by 23 Oaks Investments, which together with LyondellBasell formed the joint venture Source One Plastics in 2022. Source One Plastics builds an plastic waste sorting and recycling facility in Germany.
LyondellBasell’s Outside Counsel: Jones Day led by Christian Krebs
LyondellBasell’s In-House Counsel: Jeffrey Kaplan is its general counsel in Houston
Hudson Hill invests in MarketTime
Deal Description: New York-based Hudson Hill Capital, a private investment firm founded by Eric Rosen, announced Dec. 5 a “significant” majority investment in MarketTime, a SaaS platform that offers a features to facilitate wholesale retail commerce between brands, manufacturer representatives, agents and retailers. Terms weren’t disclosed. Founded in 2008, MarketTime’s software platform provides tools to sales representatives and agencies to automate the wholesale transaction process and has expanded to offer a similar platform to manufacturers. The order management products automate the repeated interactions of buyers and sellers within wholesale retail commerce, replacing paper, pencil, email and Excel processes. The company also offers configurable branded websites to brands and analytics tools to brands, agencies and retailers. MarketTime CEO Chris Happ said the platform facilitates $6 billion of wholesale retail commerce. Eric Rosen, managing partner of Hudson Hill, said the transaction fits well with its approach to investing, helping founder-led businesses inflect their growth through the targeted application of the HHC playbook.
MarketTime’s Financial Advisor: Canaccord Genuity
MarketTime’s Outside Counsel: Sidley Austin including S. Scott Parel, Courtney Gilberg, Jon Litsey, Lauren Grau, Adrienn T. Portnoy, Zach Johnston, Tara Lancaster, Andy J. Lau, Eric M. Winwood, Akshay Soman, Margaret Allen, Sophie Green, Stephen McInerney, Carly R. Owens, Heather Palmer, Greta T. Carlson, Elizabeth K. McCloy and Will Otter
Hudson Hill’s Outside Counsel: Winston & Strawn
Willkie counsels Benefit Resource, SBI
Deal Description: Willkie Farr & Gallagher said Dec. 7 it represented SBI on its acquisition of Sales Readiness Group, a sales training company, and Benefit Resource on its purchase of Pro-Flex Administrators, a third-party benefits administrator with a focus on consumer-driven benefits, benefit continuation and compliance services. Terms on both of the deals were undisclosed. This marks Benefit Resource’s first acquisition since Millennium Trust Co. purchased it in July. The SBI deal was announced on July 10 and the Benefit Resource deal was announced on Aug. 30. Both SBI and Benefit Resource were backed by New York-based CIP Capital.
From Willkie: Partners Jessica Sheridan (New York/Houston) and Matthew Rizzo (New York)
Platinum Dermatology expands Into Florida
Deal Description: Dallas-based Platinum Dermatology Partners announced Dec. 5 a new market expansion through its partnership with Skin & Cancer Associates of Florida. Terms were undisclosed. Platinum, which is backed by Sun Capital, said the merger advances both companies’ objectives by joining forces to create an even greater network of physicians and providers dedicated to dermatology. The combination increases Platinum’s reach to nearly 400 providers serving patients across over 130 clinics in Arizona, California, Florida, Nevada and Texas.
CAPITAL MARKETS/FINANCINGS
PG&E offers $2.15B in notes
Deal Description: Hunton Andrews Kurth said Dec. 4 it advised PG&E Corp. on its inaugural offering of $2.15 billion in 4.25 percent convertible senior secured Notes due 2027, which included an additional $250 million of notes purchased in accordance with the exercise in full of the over-allotment option. The transaction closed on Dec. 4. PG&E is a holding company whose primary operating subsidiary is Pacific Gas and Electric Co., a public utility operating in northern and central California.
From HAK: The team included Michael F. Fitzpatrick, Patrick C. Jamieson, Reuben H. Pearlman and Jingyi “Alice” Yao. Eric Nedell and Vince D’Amico provided credit facility advice, Robert McNamara and William Freeman tax advice and Leslie Okinaka ERISA advice.
Evergy issues $1.4B in notes
Deal Description: Hunton Andrews Kurth said Dec. 7 it represented Evergy Inc. on its inaugural offering of $1.4 billion of equity-linked 4.5 percent convertible notes due 2027, which included an additional $200 million in notes purchased pursuant to the full exercise of the option granted to the initial purchasers. The notes may be converted into shares of Evergy’s common stock at an initial conversion rate tied to the price of Evergy’s common stock. Evergy is a public utility holding company incorporated in 2017 and headquartered in Kansas City, Mo.
From HAK: The team included Peter K. O’Brien, Brendan P. Harney, Reuben H. Pearlman and Jingyi “Alice” Yao. Robert McNamara and Will Freeman provided tax advice and Leslie Okinaka ERISA advice.
Initial Purchasers’ Outside Counsel: Bracewell including partners Todd W. Eckland (New York), Elizabeth L. McGinley (New York) and Matthew B. Grunert (Houston) and associates Shannon Baldwin (Houston), Ben Meredith (Houston) and Benjamin S. Cantor (New York)
HF Sinclair, Holly Energy Partners, Holly Energy Finance exchange $898.7M in notes
Deal Description: Vinson & Elkins said Dec. 5 it advised Dallas-based HF Sinclair Corp., Holly Energy Partners and Holly Energy Finance Corp. in connection with private offers to exchange outstanding 6.375 percent senior notes due 2027 (valued at $399.8 million) and 5 percent senior notes due 2028 (valued at $498.8 million) previously issued by Holly Energy Partners and Holly Energy Finance for new notes to be issued by HF Sinclair and cash. The total value came to about $898.6 million.
From V&E: The team was led by partners Katherine Frank and David Stone and senior associate Amy Deroo with assistance from associates Walt Baker and Michelle Yang. Also advising were partners Jim Meyer and Wendy Salinas and associate Katie Dillard (tax) and partner Bailey Pham and associate Will Biesel (finance).
CVR Energy places $600M of senior notes
Deal Description: CVR Energy Inc. announced Dec. 8 the pricing of its private placement of $600 million of 8.5 percent senior unsecured notes due 2029. The offering is expected to close Dec. 21. The company intends to use the net proceeds from the offering, together with cash on hand, to redeem all of its outstanding 5.25 percent senior notes due 2025. The company expects to redeem the notes on or after Feb. 15, 2024.
CVR Energy’s Outside Counsel: Baker Botts including, from corporate, Clint Rancher, Eileen Boyce, Lakshmi Ramanathan, Chandler Block and Blake Vick; on finance: Caitlin Lawrence, Regan Vicknair and Madeline McCune; on tax: Jon Lobb, Katie McEvilly and Michael Kovacich; on employee benefits: Jason Loden; and environmental: Aileen Hooks and Katie Windle
Genesis Energy offers $600M in senior notes
Deal Description: Hunton Andrews Kurth said Dec. 8 it represented the underwriters of Genesis Energy’s registered offering of $600 million in 8.25 senior notes due 2029 and the dealer manager in the concurrent issuer tender offer for Genesis’ outstanding 6.5 percent senior notes due 2025. The transactions closed on Dec. 7. Genesis is a diversified midstream energy master limited partnership based in Houston.
From HAK: The team included partners Mike O’Leary and Henry Havre with the assistance of associates Erin Jennings, Casey Shaw and Kathleen Dill. E. Carter Chandler Clements handled environmental matters and partners Robert McNamara and Will Freeman advised on tax matters.
Kinetik prices $500M sustainability-linked senior notes offering
Deal Description: Kinetik Holdings Inc. announced Dec. 4 that its subsidiary, Kinetik Holdings, priced its previously announced offering of $500 million sustainability-linked senior notes due 2028. The Senior Notes were priced at par. The senior notes mature on Dec. 15, 2028, pay interest at the rate of 6.625 percent per year and are payable on June 15 and December 15 of each year. The first interest payment will be made on June 15, 2024. The senior notes will be fully and unconditionally guaranteed by Kinetik. The issuer intends to use the net proceeds from the offering, together with cash on hand and borrowings under its revolving credit facility, to repay a portion of the outstanding borrowings under its existing term loan credit facility. The offering was expected to close on Dec. 6. The interest rate on the senior notes will be linked to Kinetik’s performance against sustainability performance targets related to greenhouse gas and methane emissions reduction targets and the representation of women in corporate officer positions. Kinetik is a Permian-to-Gulf Coast midstream corporation operating in the Delaware Basin headquartered in Midland with a significant presence in Houston. Kinetik provides gathering, transportation, compression, processing and treating services for companies that produce natural gas, natural gas liquids, crude oil and water.
Kinetik’s Outside Counsel: Vinson & Elkins with a corporate team was led by partners Scott Rubinsky, David Stone and Doug McWilliams and senior associate Alex Lewis with assistance from associates Autumn Simpson, Hope Kaady and Ashley Osborne. The finance team was led by partner Darin Schultz and counsel Zach Rider with assistance from associates Taylor Daily, Joe Kmak, James Payne and Sydni Daniels. Also advising were partners Wendy Salinas, Lina Dimachkieh and Brian Russell and associates Adam Bateman and Jeff Slusher (tax); partner Dario Mendoza and associates Mary Daniel Morgan and Cassandra Zarate (executive compensation/benefits); partner Matt Dobbins and associate Kelly Rondinelli (environmental); and partner Damien Lyster and associate Ryan Hoeffner (energy regulatory).
Rush adopts $150M stock repurchase program
Deal Description: Rush Enterprises Inc. announced Dec. 6 that its board approved a new stock repurchase program authorizing the company to repurchase, from time to time, up to $150 million of its shares of Class A common stock. The company also announced that it purchased 1.5 million shares for $65.3 million from W.M. “Rusty” Rush, its chairman, CEO and president. The transaction was funded with cash on hand. Rush advised the company that the shares are being sold, in part, to repay a $40 million personal loan incurred by Rush with a balance of $37 million secured by shares of the Class A and Class B common tock owned by Rush as well as for financial diversification and tax planning purposes. The shares repurchased from Rush represent 16.7 percent of the shares of Class B Common Stock beneficially owned by Rush. After the transaction, Rush will continue to beneficially own 180,339 shares of Class A and nearly 7.5 million shares of Class B common stock.
Board Independent Committee’s Financial Advisor: Houlihan Lokey Capital Inc.
Board Independent Committee’s Outside Counsel: Baker Botts with a team led by Dallas partner Neel Lemon and including Grant Everett and Zach Fedorko
Crescent Energy prices $150M private placement of more senior notes
Deal Description: Vinson & Elkins said Dec. 8 it served as issuer’s counsel in connection with the private placement of $150 million of 9.25 percent senior notes due 2028 by Crescent Energy Finance, an indirect subsidiary of Houston-based Crescent Energy Co. The notes pay interest at 9.25 percent per year on Feb. 15 and August 15 of each year, with interest payments beginning on Feb. 15, 2024. Crescent intends to use the net proceeds from the offering to repay a portion of the amounts outstanding under its revolving credit facility. Crescent Energy is a U.S. independent energy company with assets in basins across the lower 48 states.
From V&E: The corporate team was led by partners Doug McWilliams, Jackson O’Maley and David Wicklund with assistance from senior associate Alex Lewis and associates Nate Richards, Chase Browndorf, Autumn Simpson and Chris Chiavaroli. Also advising were partner Wendy Salinas and associate Jeff Slusher (tax) and partners David D’Alessandro and Dario Mendoza and associate Cassandra Zarate (executive compensation/benefits).
Applied Optoelectronics offers $80.2M in convertible senior notes
Deal Description: Haynes and Boone said Dec. 6 it represented Applied Optoelectronics Inc., which provides optical and laser technology, as issuer’s counsel on its offering of $80.2 million of 5.25 percent convertible senior notes due in 2026. The offering closed on Dec. 5 and generated net proceeds of an estimated $76 million after deducting the initial purchasers’ discounts and estimated offering expenses. AOI plans to use the net proceeds to pay the cash portion of the consideration in exchange transactions with respect to its existing 5 percent convertible senior notes due in 2024.
From Haynes Boone: Partners Frank Wu, Stephen Grant and Monika Sanford led the deal team assisted by partners Bruce Newsome and Sam Lichtman and associates Taylor West, Kierra Jones and Sawyer Smith.
Notes: Haynes Boone also served as issuer’s counsel to establish the offering in 2019.
Inno prices $10M IPO
Deal Description: Brookshire, Texas-based Inno Holdings Inc., a company that provides the construction industry with cold-formed steel-framing technology and other building innovations, announced Dec. 5 the pricing of its initial public offering on Dec. 4. The offering consists of 2.5 million shares of common stock priced at $4 per share for gross proceeds of $10 million before deducting underwriting discounts and offering expenses. The shares have been approved for listing on the Nasdaq Capital Market and were expected to begin trading on Dec. 12 under the ticker symbol “INHD.” The company granted the underwriters an option, within 45 days from the closing date of the offering, to purchase up to an additional 375,000 shares of common stock at the public offering price, less underwriting discounts, to cover any over-allotments. Inno intends to use the proceeds to increase its marketing, increase production, expand research and development, evaluate strategic opportunities and other working capital and general corporate purposes.
Underwriter Representative: AC Sunshine Securities
Underwriters’ Outside Counsel: Ortoli Rosenstadt
Inno’s Outside Counsel: Winston & Strawn with a team led by partner Mike Blankenship in Houston and including David Sakowitz, Jennifer Stadler, Emily Barrera, Cassandra Izaguirre, Mary Johnson, John Niedzwiecki, Marissa Sims, Ben Smolij and Jeremy Spankowski
OTHER MATTERS
Baker Botts said Dec. 8 it represented Sunnova on an amended, restated and upsized back-leverage credit facility for residential solar assets and residential solar asset owner member interests with Atlas Securitized Products Holdings as administrative agent and a syndicate of lenders. The lawyers involved were, on finance: Frank X. Schoen, Caitlin Lawrence, Jonathan Goldstein, Lyman Paden, Nikolai Gryzunov, Bishr Ajlouni, Charlie Gili, Ushma Mehta, Demi Kampakis, Dermot Bree, Peter Frintzilas, Madeline McCune and Eleana Kartali; on tax: Michael Bresson and Derek L. Young; on ERISA: Robin Melman; and on advisory: Danny David. The facility provides for $1.309 billion and an uncommitted maximum facility amount of $1.575 billion. It supports Sunnova’s continued development of distributed generation residential solar projects in the U.S. and its territories by providing financing to the borrower for purchasing solar assets that are originated by Sunnova and related solar asset owner member interests from Sunnova affiliates.