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The Texas Lawbook

Free Speech, Due Process and Trial by Jury

  • Appellate
  • Bankruptcy
  • Commercial Litigation
  • Corp. Deal Tracker/M&A
  • GCs/Corp. Legal Depts.
  • Firm Management
  • White-Collar/Regulatory
  • Pro Bono/Public Service/D&I

CDT Roundup: 7 Deals, 8 Firms, 76 Lawyers, $5.3B

August 4, 2020 Allen Pusey

How bad has the Coronavirus Era been for deal-making? Depends on where you look.

Each week we log the deals reported to us. We’ve done this since 2017 as you can see in the live table we include each week just before we begin our descriptions of the week’s M&A deals.

In those tables we count each week’s transactions, the number of unique firms involved and the number of Texas lawyers named as part of those deals. These are deals reported to us, so they don’t include all of them. But from week to week we think they’re a pretty good surface indicator of the transactions taking place across the state.

So, when we ask ourselves how the Coronavirus Era has been for dealmaking, that’s where we looked.

From that live table we drew stats from the 20 weeks of March, April, May, June and July and compared them with the same weeks of 2019 and 2018.

The black horizontal line depicts the average deal count across the same weeks in 2018 and 2019. That average was 13.75 deals per week. There were actually six weeks when the 2020 deal count surpassed the 2018-19 average (Weeks 1, 4, 5, 7, 9, 10. But the second half of the 20-week period, deal counts have been stuck below that past average.

Note: Week 11 combines stats for two weeks (ending May 16 and May 23).

On to deal value. The combined March-July weekly average deal value for 2018-19 was $8.282 billion. In only five of those weeks (Weeks 3, 7, did values rise above that number. In four of the 2020 weeks (Week 11 represents two weeks of reporting), the total reported value never reached $1 billion and only the $13.6 billion Chevron purchase of Noble Energy last week allowed week 19 above the 2018-19 threshold.

Note: Week 11 combines stats for two weeks (ending May 16 and May 23).

Note: We’re ignoring 7-Eleven’s $21 billion blockbuster purchase of Speedway from Marathon Petroleum. The CDT Roundup cycles each Saturday, so the Speedway deal will be included in next week’s stats.

Last week there were seven transactions totaling $5.3 billion in reported value. They include five M&A and funding deals totaling $3.7 billion and two capital markets deals totaling $1.6 billion. There were seven firms involved in the deals and 73 Texas lawyers.

Weekly Corporate Deal Tracker Roundup Stats

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

Week Ending
Deal CountAmountFirmsLawyersM&A CountM&A Value $MCapM Count
CapM Value $M
10-May-202524$33,1751620619$30,7655$2,410
03-May-202511$4,249139011$2,226.52$2,022.5
26-Apr-202512$8,78791689$6,0113$2,776
19-Apr-202511$8,09771389$7,9852$112
12-Apr-202513$2,392815210$2,0653$327
05-Apr-202519$27,7621518816$25,4733$2,289
29-Mar-202521$8,1881025816$4,1255$4,064
22-Mar-202519$6,4851423115$4,1284$2,857
15-Mar-202513$13,7371315110$9,9324$3,805
8-Mar-20257$2,2345665$2242$2,100
1-Mar-202511$3,05087510$2,5501$500
24-Feb-2512$16,39771496$6,6356$9,862
17-Feb-2517$12,1361313410$9,4112$2,725
10-Feb-2514$7,15491799$4,9505$2,204
3-Feb-2516 $10,068720011$7,5535$2,515
25-Jan-2514$10,261101259$2,2075$8,054
18-Jan-2519$7,3821531612$2,3007$5,082
11-Jan-2521$33,5601618716$32,5215$1,039
4-Jan-259$6,8279809$6,82700
21-Dec-2411$2,79811928$2,2293$570
14-Dec-2415$5,3231218612$3,8123$1,511
07-Dec-2416$4,7661023111$2,32152,445
30-Nov-2410$10,29191034$8,2906$2.001
23-Nov-2415$4,5531515311$3,3794$1,174
16-Nov-2417$11,4881124513$10,1864$1,303
09-Nov-2414$2,1101213912$1,4102$700
02-Nov-2412 $52,788 1110711$52,7381$50
26-Oct-248$3,1608657$3,0651$75
19-Oct-2412$5,3041113611$4,5541$750
12-Oct-2417$8,4381215015$8,1162$322
05-Oct-2422$23,1811218915$19,9807$3,201
28-Sep-2411$2,35671447$534$2,303
21-Sep-2412$9,568101695$4,1017$5,467
14-Sep-2424$10,9881223516$7,1758$3,813
7-Sep-2412$20,4201616811$20,3071$112.9
31-Aug-2413$20,631913412$14,7751$5,856
24-Aug-2419$8,4522132516$7,1023$1,350
17-Aug-2425$49,1961630411$39,38614$9,810
10-Aug-2420$12,2641531216$9,7944$2,470
03-Aug-2426$16,4981633418$8,1378$8,361
27-Jul-2419$16,4422127115$13,8384$2,604
20-Jul-2415$16,0161418410$14,2325$1,784
13-Jul-2420$17,220 1426518$7,146 2$10,074
6-Jul-2411$3,941 11958$2,650 3$1,291
29-Jun-2414$6,296 152248$6,296 6$1,927
22-Jun-2412$5,679 81375$210 7$5,469
15-Jun-2413$9,895 1621410$5,280 3$4,615
8-Jun-2419$23,859 1323912$19,436 7$4,423
1-Jun-2412$34,510 111479$26,110 3$8,400
25-May-2413$9,684 1517110$4,434 3$5,250
18-May-2411$5,490 111738$3,129 3$2,361
11-May-2422$14,855 1422716$11,105 6$3,750
4-May-2413$3,139 98710$1,297 3$1,842
27-Apr-2410$6,684 62810$6,684 00
20-Apr-2419$15,989 111479$5,208 10$10,781
13-Apr-2413$8,952 97610$1,652 3$7,300
6-Apr-2423$26,616 1422214$13,501 8$13,116
30-Mar-2412$9,286 81368$4,299 4$4,987
23-Mar-2418$5,451 1726616$4,759 2$692
16-Mar-2421$11,437 1318614$9,316 6$2,070
9-Mar-2423$4,695 2121819$2,723 4$1,972
2-Mar-2420$9,108 1937214$4,558 6$4,550
24-Feb-2419$16,382 1224815$9,507 4$6,875
17-Feb-2416$29,932 1515712$29,216 4$716
10-Feb-2425$10,750 1719619$5,372 6$5,379
3-Feb-2412$8,416 181259$3,416 3$5,000
27-Jan-249$8,165 9878$7,815 1$800
20-Jan-2414$4,084 1210912$3,219 2$865
13-Jan-2417$33,588 1225612$26,765 5$6,823
6-Jan-248$7,915 8846$7,265 2$650
30-Dec-2317$14,599 129915$2,714 2$11,885
23-Dec-2323$4,182 1321916$1,813 7$2,370
16-Dec-2313$16,436 132807$15,150 5$1,286
9-Dec-2326$14,633.90 1724416$8,095 10$6,538.90
2-Dec-2313$6,720 95712$6,630 1$90
25-Nov-239$4,835 91316$1,785 3$3,050
18-Nov-2322$6,568.70 1718414$4,709.20 8$1,859.50
11-Nov-2315$9,825 1317912$6,581 3$3,244
4-Nov-2315$20,582.50 1419312$19,417.50 3$1,165
28-Oct-2318$68,419.10 1815215$66,646 3$1,773.10
21-Oct-2316$6,755.90 1616515$6,755.90 1$3
14-Oct-2314$67,851.20 131259$61,998.50 5$5,852.70
7-Oct-2317$6,595.50 1322816$5,995.50 1$600
30-Sep-2317$1,896.45 1318914$806.45 3$1,090
23-Sep-2323$6,432.70 1723016$1,402.80 7$5,029.90
16-Sep-2325$23,226.70 2335316$17,239 9$5,987.70
9-Sep-2312$6,369 81027$4,311 5$2,058
2-Sep-2314$2,522 69213$1,322 1$1,200
26-Aug-2317$12,160.25 1320215$6,573.25 2$5,587.00
19-Aug-2319$11,505 1321315$11,255 4$250
12-Aug-2319$9,698.80 131847$3,270 12$6,428.80
5-Aug-2313$5,201 1211812$5,051 1$150
29-Jul-2315$21,031.60 1319611$18,292.00 4$2,739.60
22-Jul-2318$3,992 1213013$2,808 5$1,184
15-Jul-2313$8,254.95 138113$8,254.95 00
8-Jul-2316$5,441.45 1217211$2,443 5$2,998.45
1-Jul-2316$6,872 1010512$5,474 4$1,398
24-Jun-2313$10,914 1620110$7,874 3$3,040
17-Jun-2317$5,880.70 1515115$4,705.70 2$1,175
10-Jun-2319$8,516.10 1311116$6,252.40 3$2,263.70
June 3 202312$6,104.42 121388$4,256.92 4$1,847.50
27-May-2317$12,200 106711$6,165 6$6,035
20-May-2311$22,458.10 81034$19,455 7$3,003
13-May-2312$7,034 101018$5,460 4$1,574
6-May-2320$3,297.60 1819617$2,985.60 3$312
29-Apr-2323$3,691.20 1813517$1,969.70 6$1,721.50
22-Apr-2316$5,570 1410414$4,750 2$1,000
15-Apr-2312$23,818.10 95910$21,618.10 2$2,200
8-Apr-2316$7,949 91739$5,472 7$3,477
1-Apr-2321$18,676.70 1217511$10,926.70 10$7,750
25-Mar-2315$8,779.50 101415$2,362 10$6,416.50
18-Mar-237$14,048.80 6695$13,345 2$703.80
11-Mar-2321$11,576 1616516$8,131 5$3,445
4-Mar-2320$9,668 1122816$8,209 4$1,459
25-Feb-2313$5,335 1313012$4,235 1$1,200
18-Feb-2314$5,743.70 131588$898.70 6$4,845
11-Feb-2316$12,088 1213712$9,965 4$2,123
4-Feb-2317$8,066 1514013$5,614 4$2,452
28-Jan-237$2,180 7755$1,692.75 2$488
21-Jan-2317$5,768 1617412$1,918 5$3,850
14-Jan-2311$2, 800101028$421 3$2,400
7-Jan-2318$8,296 1116714$6,461 3$1,835
31-Dec-2214$2,732 119912$2,092 2$640
17-Dec14$7,919 1311512$7,419 1$500
10-Dec-2214$10,093 128811$7,093 3$3,000
3-Dec-2226$12,800.90 1117220$4,141 6$8,659.90
26-Nov-228$2,266.70 853$76 5$2,190.70
19-Nov-2221$2,886 1521219$2,550 2$336
12-Nov-2213$15,093.70 9819$14,200 4$893.70
5-Nov-222519,337.201650922$8,267.20 3$11,070
29-Oct-2215$7,805.30 911614$7,180.30 1$625
22-Oct-2220$8,193.50 1325313$5,442 7$2,751.50
15-Oct-229$3,046.10 91397$2,588.30 2$457.80
8-Oct-2219$2,011.80 1211416$833.80 3$1,178
1-Oct-2223$5,532.90 1615618$4,952.30 5$580.60
24-Sep-2218$5,194 1421615$4,050 3$1,144
17-Sep-2221$8,352.30 1232015$4,759.60 6$3,592.70
10-Sep-2215$19,853.50 1012613$19,403.60 2$450
3-Sep-229$2,312 9629$2,312 00
27-Aug-2216$30,891.70 1013515$30,666.40 1227.7
20-Aug-2212$1,977 815299253$1,052
13-Aug-2218$8,004.70 1124211$2,844.70 7$5,160
6-Aug-2224$7,948.90 1224017$3,577 7$4,371.90
30-Jul-228$6,941 9787$6,839 1$102
23-Jul-2211$801 119210$801 10
16-Jul-2214$3,650 1012214$3,650 00
9-Jul-2210$3,557.70 7689$3,557.70 10
2-Jul-2218$8,609.40 1315215$2,754.40 3$5,855
25-Jun-2215$6,142 131469$2,017 6$4,125
18-Jun-2217$11,890.10 1422815$11,410 2479.7
11-Jun-2217$7,600 1212310$2,300 7$5,300
4-Jun-2212$2,937 101279$692 3$2,245
28-May-229$3,197.60 11869$3,197.60 00
21-May-2214$7,284.50 1218511$6,609 3$675.50
14-May-2211$306.60 98010$306.60 1$225
7-May-2216$10,451.75 1210812$1,827 4$8,624.75
30-Apr-2216$2,296.50 1615712$895.50 4$1,401
23-Apr-2210$2,241 11588$1,641 2$600
16-Apr-2211$6,643 71568$2,359 3$4,284
9-Apr-2217$4,429 1418411$1,690 6$2,739
2-Apr-2213$1,755 88410$1,145 3$610
26-Mar-2211$3,205 8656$200 5$3,005
19-Mar-2213$2,239.17 910613$2,239.17 00
12-Mar-2218$12,016 1123915$11,965 2$51.35
5-Mar-2217$6,786 1313713$5,161 4$1,625
26-Feb-2212$5,095 81499$4,437.50 3$658
19-Feb-2217$22,229 1717414$21,354 3$875
12-Feb-2212$2,344.70 10738$641.70 4$1,703
5-Feb-2211$2,503 89911$2,503 00
29-Jan-2211$3,872 1210112$3,872 00
22-Jan-2213$5,143.50 109912$4,842.50 1$301
15-Jan-2212$7,605 91559$6,480 3$1,025
8-Jan-2213$8,256.20 1110213$8,256.20 00
1-Jan-229$1,273.80 6509$1,273.80 00
25-Dec-2121$4,734.75 1117616$3,410 5$1,324.75
18-Dec-2126$7,325.20 1519318$3,640.20 8$3,685.20
11-Dec-2116$5,017 1010913$1,417 3$3,600
4-Dec-2114$2,310 8868$2,310 6$1,882.05
27-Nov-219$3.460.1101016$1,758 3$1,702.60
20-Nov-2120$22,792 1515712$18,864.50 8$3,928
13-Nov-2121$26,729 1217813$11,822 8$14,907
6-Nov-2112$8,303 1315710$6,682 3$1,621
30-Oct-2121$10,368 1521815$9,24.46$1,103.00
23-Oct-2121$18.783.11522211$12,314 10$6,468.60
16-Oct-2115$3,868 1111815$2,293 2$1,575
9-Oct-2120$8,610 1617516$7,795 4$815
2-Oct-2114$6,250 1113710$5,200 4$1,050
25-Sep-2111$11,460 9937$10,200 4$1,250
18-Sep-2111$16,603 8998$15,084 3$1,519
11-Sep-2117$10,653 1110313$8,503 4$2,150
4-Sep-2113$7,222 108911$6,715 2$507
28-Aug-2112$763 96311$663 1$100
21-Aug-2112$29,659 77911$29,579 1$80
14-Aug-2122$17,845 1119912$12,805 10$5,04
7-Aug-2117$13,670 1213915$11,766 2$1,904
31-Jul-2121$8,160 1113410$3,574 10$4,586
July 24,202121$6,367 1113915$3,712 6$2,655
17-Jul-2114$4,009 1112412$2,015 2$1,994
10-Jul-2116$3,997 1314311$1,597 4$2,4
3-Jul-2124$7,492 139416$3,769 8$3,722
26-Jun-2110$4,995 7858$3,847 2$1,148
19-Jun-2128$16,830 82289$1,861 19$14,968
12-Jun-2126$27,238 1520919$25,602 7$1,636
5-Jun-2115$15,539 1310013$14,709 2$600
29-May-2135$20,279 1114528$18,647$1,639
22-May-2124$53,208 1417417$51,047 7$2,161
15-May-2118$10,620 1322011$5,870 7$4,809
8-May-2117$10,400 1115615$8,386 2$2,500
1-May-2121$7,200 1611512$3,808 9$3,392
24-Apr-218$20,200 9318$20,200 00
17-Apr-2114$6,270 810211$40,180 3$2,260
10-Apr-2115$8,940 1312914$7,990 1$950
3-Apr-2118$19,513 1015112$16,923 6$2,590
27-Mar-2127$13,942 1524414$4,300 13$9,633.50
20-Mar-2111$2,046 41023$270 8$1,776
13-Mar-2115$3,270 91096$538 9$2,732
6-Mar-2124$13,617 1019613$10,395 11$3,222
27-Feb-2119$8,105 1213915$4,970 4$3,135
20-Feb-219$8,820 91538$8,520 1$300
13-Feb-2112$4,852.60 78172,7665$2,086.60
6-Feb-2118$9,752 1315314$5,222 4$4,530
30-Jan-2118$9,449 918215$8,753.80 3$695.30
23-Jan-2114$8,150 81186$4,000 8$4,150
16-Jan-2117$6,783 1313811$2,400 6$4,382.90
9-Jan-2122$6,829 1413518$3,139.30 4$3,690
2-Jan-217$1,466 7607$1,466 00
26-Dec-2018$15,900 1216316$5,300 1$600
19-Dec-2018$9,769 1411014$8,426 4$1,343
12-Dec-2010$7,200 91009$3,325 1$3,830
5-Dec-2015$4,261 91229$2,780 6$1,481
28-Nov-2019$7,758 1011013$4,003 6$3,755
14-Nov-2014$864.10 1415712$289.10 2$575
7-Nov-2013$6,332 91299$2,483.50 4$3,849
31-Oct-2010$3,995.80 81036$3,231.10 4$754.70
24-Oct-206$18,100 6585$17,709 1$350
17-Oct-208$351.90 5558$351.90 00
10-Oct-207$5,229 3504$735 3$4,494
3-Oct-2014$21,428 91739$17,535 5$3,893
26-Sep-2010$12,770 8935$10,300 5$2,470
19-Sep-2014$8,365 91016$1,020 8$7,345
12-Sep-206$4,406 8593$1,270 3$3,136
5-Sep-2011$5,191 81179$4,061 2$1,130
29-Aug-2011$2,531 9945$1,130 6$1,401
22-Aug-2018$6,574 121407$1,930 11$4,644
15-Aug-2013$4,991 10977$1,216 6$3,775
8-Aug-2012$32,092 111129$30,457 3$1,635
1-Aug-207$5,287 8765$3,687 2$1,600
25-Jul-209$18,751 6677$18,403 2$348
18-Jul-206$1,982.50 5504$1,407.50 2$575
11-Jul-2011$565.10 127510$65.10 1$500
4-Jul-2010$8,889 8989$8,788 1$100.30
27-Jun-208$6,874 10505$4,972.50 3$2,081.50
20-Jun-2012$4,444 91157$2,829 5$1,615
13-Jun-206$3,582 4372$350 4$3,232
6-Jun-2011$3,213.70 8657$470 4$2,743.70
30-May-208$7,335 7486$4,639 2$2,697
23-May-204$432.40 4343$432.40 10
16-May-206$310 6345$310 10
9-May-2018$5,630 1612414$3,180 4$2,450
2-May-201510,40010908$1,900 7$,8,500
25-Apr-208$3,400 9365$1,000 3$2,450
18-Apr-2019$9,500 14928$185.70 11$9,360
11-Apr-2012$6,000 9405$190 7$5,800
4-Apr-2014$8,200 116810$2,200 4$6,000
28-Mar-2016$6,500 139610$3,700 6$2,800
21-Mar-2011$11,910 7337$2,250 4$9,960
14-Mar-207809.86346684.81125
7-Mar-2016$2,500 157013$669 3$1,400
29-Feb-2013$15,260 1312811$11,760 2$3,500
22-Feb-2012$3,700 109210$2,560 2$1,130
15-Feb-2016$1,250 108412$35 4$1,222
8-Feb-2018$6,080 1412314$2,595 4$3,485
1-Feb-2021$20,900 1210114$17,860 7$3,060
25-Jan-2013$7,430 136212$6,430 1$1,000
18-Jan-2023$9,580 1512019$6,580 4$3,000
11-Jan-2021$14,200 1819916$1,020 5$13,200
4-Jan-2022$6,400 1111916$3,204 6$3,245
28-Dec-1922$7,150 1917518$6,800 4$327.40
14-Dec-1924$36,300 2316719$9,500 5$26,800
7-Dec-1911$10,400 11557$1,082 4$9,370
November 30. 201914$2,450 1212612$1,760 2$692.50
23-Nov-1916$1,995 104111$615 5$1,380
16-Nov-1915$3,820 1313511$2,500 4$1,271
9-Nov-1925$12,900 1718223$12,200 2$575
2-Nov-1910$2,470 126192,4503$22
26-Oct-1912$5,560 147011$3,860 1$1,700
19-Oct-198$6,600 81388$6,600 00
12-Oct-1919$4,300 145516$3,800 3$500
5-Oct-1918$14,500 1916615$11,100 3$3,400
28-Sep-1919$8,100 1813218$7,560 1$550
21-Sep-1914$6,300 166611$2,160 3$4,170
14-Sep-1915$23,800 125611$21,250 4$2,570
7-Sep-1917$3,500 159814$1,900 3$1,600
31-Aug-195$8,700 6505$8,700 00
24-Aug-1916$10,000 148215$4,250 1$5,750
16-Aug-1910$1,680 5527$650 3$950
9-Aug-1917$17,700 156814$3,900 3$13,800
2-Aug-1913$5,760 1210813$5,760 NANA
27-Jul-1911$7,300 13768$6,570 3$730
20-Jul-1913$11,800 1312511$5,300 2$6,500
13-Jul-1910$775 7468$542.50 2$233
6-Jul-197$2,500 9857$2,500 00
29-Jun-1923$8,290 1515417$2,300 6$5,970
22-Jun-1917$10,700 1013914$7,700 3$3,000
15-Jun-1911$13,500 1416011$13,500 NANA
8-Jun-1913$2,870 175511$1,570 2$1,300
1-Jun-1910$4,460 11608$4,140 2$315
25-May-1917$4,360 147914$3,700 3$612
18-May-1922$9,000 1715016$3,400 6$5,600
11-May-1918$19,800 1717715$18,300 3$1,500
4-May-1910$7,075 6328$6,900 2$175
27-Apr-1915$3,200 1411714$3,160 1$40
20-Apr-1913$13,500 10909$12,200 4$1,300
13-Apr-1916$38,900 149114$37,800 2$1,100
6-Apr-1912$6,870 119410$6,730 2$50
30-Mar-1915$6,470 128410$7,91.55$5,677
23-Mar-1918$6,450 149114$5,042 4$1,408
16-Mar-1914$10,180 1211511$8,800 3$1,300
9-Mar-199$1,800 6498$1,300 1$500
2-Mar-1920$3,033 1610714$1,817 6$1,262
23-Feb-1912$2,040 8699$614.60 3$1,430
16-Feb-1916$9,970 187716$9,970 00
9-Feb-1914$6,400 1011014$6,400 00
2-Feb-1918$6,740 159916$5,720 2$950
26-Jan-1913$2,770 116711$918.95 2$1,850
19-Jan-1915$3,819 167612$2,594 3$1,225
12-Jan-1918$7,283 149215$1,683 3$5,600
5-Jan-1910$529 125010$529 00
22-Dec-1817$2,570 138714$941 3$1,629
15-Dec-1810$2,860 8268$264 2$2,600
8-Dec-1815$1,819 166512$552 3$1,267
1-Dec-1812$7,500 10909$1,200 3$6,200
28-Nov-1815$4,500 1110714$4,000 1$500
19-Nov-1818$6,137 139813$2,142 5$3,995
14-Nov-1818$9,200 1315215$8,500 3$694
6-Nov-1816$17,300 1618314$16,361 2$950
29-Oct-1814$14,400 1812717$13,800 1$600
24-Oct-1813$6,140 1312611$5,122 2$1,018
17-Oct-1818$18,390 1512514$12,292 4$6,098
10-Oct-1829$3,149 1810420$1,647 9$819
2-Oct-1818$9,300 116714$7,300 4$2,000
25-Sep-1813$7,000 117510$6,000 3$995
18-Sep-189$3,570 7449$3,570 00
11-Sep-1813$5,900 1013213$5,900 00
7-Sep-1814$5,000 158611$4,000 3$1,000
29-Aug-1815$20,700 147913$4,700 2$16,000
20-Aug-1810$12,400 11538$11,380 3$1,057
14-Aug-1812$19,900 121329$18,889 3$1,011
7-Aug-1816$68,600 1110613$67,259 3$1,340
31-Jul-1815$15,100 159511$13,060 4$2,060
23-Jul-1813$2,130 156010$1,804 3$1,100
17-Jul-1814$5,370 17989$4,310 5$1,100
9-Jul-1816$11,200 157410$11,080 6$862
3-Jul-1813$7,000 78112$6,330 1$750
25-Jun-1815$8,800 13979$4,970 6$3,930
18-Jun-1813$14,200 14807$221 6$14,290
11-Jun-1812$6,300 8968$5,910 4$803
6-Jun-1813$14,500 10888$14,154 5$579
31-May-1811$4,890 10638$3,240 3$1,790
22-May-1815$20,400 11639$19,808 6$885
15-May-1815$4,700 1510610$3,900 5$643
9-May-1811$1,400 13889$1,300 2$560
1-May-188$14,250 7887$13,400 1$450
24-Apr-1812$5,300 66111$4,470 1$800
17-Apr-189$1,800 10447$2,330 2$1,434
11-Apr-1811$2,500 8326$1,690 5$809
3-Apr-1815$13,400 111219$12,020 6$1,090
28-Mar-1810$4,000 10927$3,870 3$215
19-Mar-1817$5,800 135110$590 7$5,165
12-Mar-1815$3,130 114311$2,360 4$788
6-Mar-1819$5,400 1311610$1,530 9$4,860
27-Feb-1820$6,600 136914$5,530 6$1,030
19-Feb-1815$5,500 1411110$3,990 6$1,980
12-Feb-1823$10,900 1715712$7,110 11$3,840
5-Feb-1816$8,600 131007$1,330 9$7,800
30-Jan-1811$12,600 11685$7,300 6$4,982
24-Jan-1819$9,400 151295$2,010 14$7,337
18-Jan-1810$6,280 8492$2,100 8$4,188
9-Jan-1812$16,500 12929$15,890 3$475
3-Jan-1810$2,500 9478$2,350 2$150
27-Dec-1715$9,000 151139$7,568 6$1,784
18-Dec-1715$13,800 161649$13,010 7$1,118
11-Dec-1714$9,700 1012612$2,940 4$8,500
4-Dec-176$1,800 6315$1,510 1$300
28-Nov-177$3,850 8764$3,260 3$285
16-Nov-1710$2,700 10486$1,840 4$856
8-Nov-1715$2,380 179110$1,860 5$516
1-Nov-1712$4,700 17949$3,400 4$1,300
23-Oct-1715$10,500 106710$9,780 4$1,530
18-Oct-176$2,000 373$225 3$1,820
10-Oct-1712$6,570 1009$3,880 3$3,360
2-Oct-178$3,100 11193$1,630 5$1,750
25-Sep-178$4,880 8795$2,660 5$2,070
18-Sep-179$4,770 3$300 6$4,470
12-Sep-1711$4,430 8$2,030 3$2,400
1-Sep-174$1,310 3$317 1$1,000
23-Aug-1711$13,640 98$11,840 3$1,800

For comparison, this time last year there were 13 deals valued at $5.8 billion. And last week, with the above-mentioned Chevron/Noble deal there were 9 deals worth $18.75 billion.

M&A/FUNDING

Baker Botts, Latham, Gibson Dunn Advise on CNX Resources’ $357M Transaction

CNX Resources Corp. announced July 27 that it will be acquiring all the 42.1 million outstanding shares of CNX Midstream it does not already own.

CNX already owns approximately 53.1% of CNX Midstream. Under the agreement remaining shareholders in CNX Midstream will receive .88 shares in CNX, in effect a 15% premium based on the average ratio determined over the 30 days ending July 24. The resulting, combined company expects to issue about 37 million shares in the transaction, representing about 17 percent of the newly combined company.

Baker Botts represented the conflicts committee for CNX Midstream’s general partner and Latham & Watkins advised CNX Resources. Gibson Dunn advised Intrepid Partners, the financial advisor in the deal.

The CNX Midstream conflicts committee negotiated, reviewed and approved the terms of the transaction, along with its board. The Baker Botts team that advised it was led from Houston by transactional partners Josh Davidson and A.J. Ericksen with support from Houston associate Lauren Richter.

The rest of the Baker Botts team from Houston included: partner Michael Bresson and special counsel Chuck Campbell (tax); partners David Sterling and Travis Sales, along with Senior Associate Tina Nguyen (litigation); special counsel Gerry Morton and associate Kyle Doherty (oil & gas); partner Scott Janoe and associate Austin Echols (environmental); partner Mark Bodron (employee benefits). Antitrust advice was provided from Washington D.C. by special counsel Michael Bodosky.

A mostly Houston-based team from Latham also advised CNX Resources, led by corporate partner Nick Dhesi, with associates Dan Harrist, Lexi Udeh, Kate Wang, Ricky Alvarado, Clayton Heery and Drew West. Advice was also provided on tax matters by Houston partners Tim Fenn and Jim Cole, with associate Marianne Standley; on benefits and compensation matters by Washington, D.C. partner Adam Kestenbaum, with associate Kirk Porter; and on environmental matters by Houston partner Joel Mack and Los Angeles counsel Joshua Marnitz. 

The Gibson Dunn team advising Intrepid included Houston partner Hillary Holmes and Houston associate Justine Robinson.  Houston partner James Chenoweth advised on tax aspects. 

This is not the first CNX transaction advised by Latham and Watkins. In April, Latham advised CNX on a $300 million private offering of 2026 convertible notes.

Based in Canonsburg, PA, 18 miles outside Pittsburgh, CNX Resources is one of the largest independent natural gas E&P companies operating in the Appalachian Basin. CNX Midstream is operates natural gas gathering pipelines, compression and dehydration facilities in Pennsylvania and West Virginia.

Baker Botts Advises Liberty Latin America’s $500M Purchase of Costa Rican Wireless Ops

Miami-based Liberty Latin America announced July 29 that it has agreed to purchase the Costa Rican wireless operations of Telefónica SA for $500 million.

Baker Botts advised Liberty on the transaction with a team led from New York, but it included some Texas lawyers, including transactions partner John Kaercher in Austin. Labor and benefits support was provided from Houston by partner Gail Stewart and special counsel Krisa Benskin, tax advice by Jon Lobb and litigation support by Amy Pharr Hefley in Houston, and Tom O’Brien from Dallas.

Telefónica Costa Rica is one of the Central American nation’s largest wireless providers. Liberty Latin America already owns 80% of Costa Rican cable provider Cabletica, and the company’s CEO expects the wireless investment to dovetail.

“Combined with Cabletica, we look forward to creating a leading integrated communications player providing customers in Costa Rica with high-quality value propositions and unparalleled customer service,” said Balan Nair. “This transaction comes at an attractive valuation, consistent with our disciplined approach towards M&A.”

Simpson Advises Morgan Stanley Unit on $2.3B Acquisition of Lightpath from Altice

Altice USA has agreed to sell Morgan Stanley Infrastructure Partners 49.99% of its fiber enterprise business Lightpath.

Lightpath provides broadband and Ethernet services to both commercial end-users and commercial services providers, primarily in New York.

Morgan Stanley Infrastructure was advised by a Simpson Thacher team led by New York partner David Lieberman and partner Ravi Purohit in Houston. They were supported by associates Justin Thekkekara, Zain Rifat and Oscar Hwang, all of Houston. Lawyers from New York, Washington, D.C. and Palo Alto made up the rest of the team.

The terms include gross cash proceeds of $2.3 billion, netting Altice $1.1 billion after tax and initial debt repayment by CSC Holdings, a subsidiary of Altice. The deal is based on an enterprise value of $3.2 billion. Altice will retain control of Lightpath as owners of the remaining 50.1% of the company.

Altice USA, headquartered in New York, is a leading provider of cable services to 4.9 million residences in 21 states, including Texas. Its parent company Altice N.V. is based in The Netherlands.

Morgan Stanley Infrastructure Partners is an active investment partnership that specializes in the capital structure of businesses that build content and service businesses that require it.

“Lightpath is an expansive and best-in-class enterprise fiber communications business with tremendous long-term potential,” said Dexter Goei, Chief Executive Officer of Altice USA. “Bringing in a strategic investor allows Altice USA to focus on operating our core businesses while infusing the capital needed to grow Lightpath and maximize shareholder value.”

Latham Advises Solaris Water Midstream in Concho JV Expansion

Solaris Water Midstream, an independent provider and manager of frac-water resources, announced that it is expanding the joint venture commitment it created last year with Concho Resources for fracking operations in New Mexico.

A Houston-based team from Latham & Watkins advised Solaris Water Midstream, led by corporate partner Chris Bennett and M&A partner Lauren Anderson, with associates Mike Sellner, Bo Rose and Rosey Jamail. The team provided advice on finance from partner Trevor Wommack and associate Ben Gelfand and on tax matters from partner Bryant Lee and associate Jared Grimley. 

In addition, Solaris received additional but undisclosed commitments from funds sponsored by Trilantic Capital Management, Yorktown Partners and HBC Investments to continue expansion of the Solaris infrastructure in New Mexico and Texas.

Under the terms of the original agreement, Solaris Water manages Concho’s produced water gathering, transportation, disposal and recycling over a 1.6 million acres located primarily in Eddy County, New Mexico. The new agreement expands the geographic boundaries of the joint venture to include New Mexico’s Lea County.

With the completion of the transaction, Solaris Water’s infrastructure in the northern Delaware Basin now includes more than 500 miles of high-capacity water pipelines in service or under construction, over 1 million barrels per day of disposal capacity, more than 2.2 million barrels per day of additional permitted disposal capacity and 500,000 barrels per day of water treatment and recycling capacity. The system serves 24 producers, including Concho.

Paul Hastings Advises in $230M DIP Funding Deal for Bruin E&P

On July 21, Houston-based Bruin E&P Partners announced that they had received $230 million in Debtor in Possession financing. The company filed for bankruptcy on July 17.

The Bank of Montreal, lead arranger and administrative agent for the lenders, was advised by a Paul Hastings team out of Houston.

The team was led by finance partner Paris Theofanidis and counsel Jason Busch. They were supported by associates Andrew Deas, Chanse Barnes and Brady Lambeth. Bankruptcy support was led from New York and supported by Houston partners Greg Nelson on tax issues and Will Burns on corporate matters.

Kirkland & Ellis advised Bruin.

The lending agreement has been approved by two-thirds of the existing lenders along with the company’s prepackaged plan for restructuring.

Bruin is an independent E&P company focused on the acquisition and development of producing properties in the Bakken Shale and Three Forks formations in the Williston Basin of North Dakota.

CAPITAL MARKETS

Jones Day Advises Lennox International in $600M Offering

Lennox International, the heating and air conditioning manufacturer, announced two public offerings that will total $600 million.

The Dallas-based company also announced an $895 million extension and restatement of its unsecured credit facilities. The deal closed July 30, and was priced on July 23.

Jones Day advised Lennox with a team led from Dallas by partners Jim O’Bannon and John Mazey. The Texas team also included Ferrell Keel, Sweta Gabhawala, Kelly Rubin and Paul Johnson.

The two offerings include $300 million of 1.350% Notes due 2025 and $300 million of 1.700% Notes due 2027.

In connection with the notes offering, Jones Day also represented Lennox with the extension and restatement of its senior unsecured credit facilities which provides for revolving credit commitments of $750 million and a term loan of $145 million.  The credit facility also provides for an uncommitted accordion of up to $350 million. 

The offering is being made under an automatic shelf registration statement filed with the Securities and Exchange Commission on October 21, 2019. Under that shelf registration, the offering may be made only by means of a supplemented prospectus.

Traded on the New York Stock Exchange under the symbol LII, the company was founded in 1895 as a maker of industrial furnaces.

V&E, Sidley Advise on Pricing of $1 Billion Southwest Airlines Add-On Notes

Southwest Airlines, the nation’s largest domestic air carrier, continued its aggressive reconfiguration of its debt structure with a new $1 billion round of add-ons to its previously announced offerings.

Vinson & Elkins advised Southwest with a team led by partners Robert Kimball in Dallas, Brenda Lenahan in New York and David Stone in Houston. They had assistance from senior associate Katherine Frank and associates Cameron Land, Elizabeth Janicki and Claire Wenholz, all from Dallas. Advising on tax matters were partner Wendy Salinas and associate Lauren Meyers, also in Dallas.

Sidley lawyers from New York and Houston advised the underwriters. Goldman Sachs and Wells Fargo Securities are joint lead book-running managers for the offering. Comerica Securities, Cowen and Company and Penserra Securities are acting as co-managers.

The Sidley team was co-led from Houston by partners Kevin Lewis and Jon Daly. Houston energy associates Kayleigh McNelis, Leslie Slaughter and Sabina Wahl assisted.

Southwest CLO Mark Shaw tapped Deputy GC Marilyn Post to manage the in-house effort. The team was rounded out by Assistant GC Tim Whistler, Assistant GC Jeff Novota and Senior Lawyer Austin Ke.

The new issues consist of $300,000,000 aggregate principal amount of 5.250% Notes due 2025 and $700,000,000 aggregate principal amount of 5.125% Notes due 2027. The 2025 Notes will be issued at 106.768% of par and the 2027 Notes will be issued at 105.170% of par, plus accrued interest, to yield 3.661% and 4.231% respectively.

Proceeds from the issue are intended for general corporate purposes, but a portion is aimed at retiring debts maturing in the next 12 months.

The two offerings come in addition to $1.25 billion debt offerings made in May and another $1.3 billion offering made in June. Both have identical terms as those earlier offerings.

Note: This post has been updated to include the participation of Gibson Dunn in the CNX transaction.

Allen Pusey

Allen Pusey is a senior editor and writer at The Texas Lawbook.

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