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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: A Week of Energy Deals, Suicide Drones, Cybercurrency PIPES and Another $20B

June 9, 2025 Allen Pusey

Yes, the streak is still alive: for five weeks in a row, transactions have totaled more than $20 billion.

Last week, there were 16 deals valued at $26.2 billion. And more than $24 billion of that was in M&A and fundings. Last week there were 19 transactions valued at $23 billion, but nearly $5 billion of that was in capital markets and credit transactions. Last year at this time there were 19 deals for $23 billion, same as last week.

The menu of deals reported last week was heavy on power and energy entrees. There was a $19 billion merger of fluid motion control products. A simpler $4 billion upstream deal. A midstream JV buyout. Another JV formed. And a whole new energy E&P funded with some familiar faces. A deal for emergency power grid infrastructure services. And another for a power plant rehab firm.

But there were some interesting side dishes. Those include deals for “suicide drone” technology, a wealth investment firm, a workflow allocation platform and, get this: a $425 million PIPE for a Nasdaq-listed “gambling marketing” platform — an investment provided in unspecified allocations of cash and Ethereum cybercurrency — creating, in effect, the first publicly traded firm built on blockchain.

Have a deal we should include next week?

The CDT Roundup is a regular feature from The Texas Lawbook highlighting the work Texas dealmakers are doing inside and outside the state.

Please let us know at CDTRoundup@texaslawbook.net by sharing a news release or a short blurb containing the date of the deal, a brief description, a link to any public announcement, the lead lawyers and their offices, as well as any Texas lawyers who advised on the deal.

Jason Philyaw contributed to this report.

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
14-Jun-20259$4788129603$478
07-Jun-202516$26,2101119611$24,7445$1,466
31-May-202519$23,3811116612$18,6657$4,717
24-May-202515$24,0331112113$23,6242$409
17-May-202516$21,7601214511$18,6155$3,145
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

M&A/Funding

Flowserve, Chart Industries Agree to $19B Merger

In a move to capitalize on the emerging demand for data and power infrastructure, Chart Industries and Texas-based Flowserve Corporation announced Wednesday an all-stock merger-of-equals that would result in a $19 billion enterprise. Headquartered in Ball Ground, Georgia, Chart specializes in the production of equipment and services related to LNG, hydrogen, biogas and carbon capture. Flowserve specializes in the manufacture of motion-control products — pumps, valves and seals — for the flow and management of industrial fluids. Flowserve is headquartered in suburban Dallas. Under terms of the deal, Chart stockholders would receive 3.165 shares of Flowserve for each share of Chart. Following close, Chart shareholders would own 53.5 percent of the combined company, Flowserve stockholders would own 46.5 percent. The estimated $19 billion enterprise value of the combined company is based on closing stock prices for the two companies on June 3. Cravath, Swain & Moore and Winston & Strawn advised. For additional details please see our daily deal coverage here.

Diamondback/Viper to Acquire Sitio Royalties for $4.1B

Diamondback subsidiary Viper Energy announced Tuesday its acquisition of Sitio Royalties in an all-stock deal valued at $4.1 billion, including $1.1 billion of Sitio debt. Both companies are publicly traded, Denver-based Sitio on the New York Stock Exchange, Midland-based Viper on the Nasdaq. The specific terms of the agreement imply a value of $19.41 per share of Sitio. Those terms in include an exchange of stock in a new holding company: 0.4855 shares of the new company for each share of Sitio Class A common stock, and 0.4855 shares of Viper Energy Partners, Viper’s operating subsidiary, for each unit of Sitio’s operating subsidiary. Holders of Sitio’s Class C common stock will receive a corresponding about of Viper’s Class B common stock. After closing, Diamondback is expected to own about 41 percent of Viper’s outstanding common stock. Wachtell and Vinson & Elkins advised on the deal. For more details please see our daily coverage here.

ONEOK acquires rest of Delaware G&P for $940M

Deal Description: ONEOK Inc. became sole owner of Delaware G&P by acquiring May 28 the remaining 49.9 percent that it didn’t already own from NGP XI Midstream Holdings for $940 million in cash and stock. Formed in August 2016 between NGP and EnLink Midstream, Delaware G&P owns and operates natural gas gathering and processing facilities in the Delaware Basin of West Texas and New Mexico. ONEOK completed its $4.3 billion acquisition of EnLink on January 30. The deal with NGP, as announced June 3, included $530 million in cash and $410 million in ONEOK common stock. ONEOK is headquartered in Tulsa. NGP Energy Capital Management is based in Dallas.

NGP Outside Legal Counsel: Vinson & Elkins

V&E Lead Lawyers: Matt Strock (Houston) and Caroline Kuehn (Houston)

Texas Lawyers: Jennifer Rainey Singh (Houston), Jackson O’Maley (Houston), Tate Shaw (Houston), Michael Gassman (Houston), Shelby Shearer (Houston), Brian Russell (Dallas), David Peck (Dallas)

Elsewhere: Kara Kuritz (Washington, D.C.), Ryan Will (Washington, D.C.)

Baker Hughes signs $530M JV with Cactus, Inc.

Deal Description: Baker Hughes, an energy technology company headquartered in Houston, announced June 2, its agreement to enter a joint venture with Cactus Inc., to which it will contribute its surface pressure control business for a 35 percent share of the operation. Cactus, in turn, will contribute $344.5 million, valuing the JV enterprise at $530 million. The two companies will also contribute an additional $70 million for operating cash on a pro rata basis, but the $24.5 million contributed by Baker Hughes will be repaid by Houston-headquartered Cactus over time. Though it will operate separately from Cactus’s existing SPC business, it will not compete significantly in the domestic market. About 85 percent of Baker Hughes’ SPC business is in the Middle East. Baker Hughes says the deal frees up capital for its other, more lucrative enterprises.

Baker Hughes CLO: Georgia Magno (Houston)

Cactus, Inc. CLO: William Marsh (Houston)

Cactus Inc. Outside Legal Counsel: Bracewell

Bracewell Lead Lawyers: Jason Jean (Houston) and W. Jared Berg (Houston)

Texas Lawyers: Constance Gall Rhebergen (Houston), Will Anderson (Houston), Dean Hinderliter (Dallas), Carlton D. Wilde (Houston), Lucy Porter (Houston), Seth R. Rosenberg (Houston), Gabbie Hindera (Houston), Sydney Kate Watkins (Houston)

Elsewhere: Amelia Bowring (Dubai), Kirsty Delaney (London), Stephen C. McNamara (New York), Georgina Coates (London), Parker A. Lee (New York), Christopher R. Williams (Dubai)

Terra Energy II gets $300M funds from Kayne Anderson

Deal Description: Terra Energy Partners II, a new Houston-headquartered energy company founded by BJ Reynolds and Wes Hobbs of Terra Energy Holdings, announced June 3 that it is launching with $300 million in equity commitments from Kayne Anderson’s Kayne Private Energy Income Fund III. Terra I, also backed by Kayne Anderson, focused on natural gas in the Piceance Basin in Colorado, but Terra II, according to the announcement, will explore acquisition and development more broadly for oil and gas in the Lower 48. Kayne Anderson, a private equity firm with more than $34 billion in AUM is headquartered in Los Angeles with a significant corporate presence in Houston.

Terra II Outside Legal Counsel: O’Melveny Meyers

O’Melveny Lead Lawyers: Jibin Luke (Houston) and Steven Torello (Houston)

Texas Lawyers: Will Becker (Houston), Silvia Smith (Houston), Eleanor Dunn (Houston)

Note: Last month Kayne announced the final, significantly upsized closing of KPEIF III with $2.25 billion in capital commitments.

Karman Space & Defense acquires ISP for $60M

Deal Description: Aerospace systems developer Karman Space & Defense announced May 28 its acquisition of Industrial Solid Propulsion, a manufacturer of proprietary propulsion applications for $60 million in cash and stock. Terms of the deal include $50 million in cash, $5 million in Karman stock and an additional $5 million in potential earnout payments based on production metrics. One day earlier Karman closed a $75 million increase to its existing $300 million long term loan to pay for the transaction. Based in Cedar City, Utah, designs, engineers, manufactures and tests small-diameter propellants for launch and deployment of explosive in “one-way loitering munitions” known colloquially as “kamikaze” or “suicide” drones — unmanned vehicles designed to detect and engage targets with minimum collateral damage. According to Navistrat Analytics the loitering munitions market reached $2.8 billion in 2024. The company was founded in 1983. Karman is headquartered in Huntington Beach, California.

Karmen Outside Legal Counsel: Willkie Farr & Gallagher

Willkie Lead Lawyer: Brandon McCoy (Dallas)

Texas Lawyers: Omar Shariff (Houston), Morgan Butkus (Dallas), Connor Brown (Houston), John Bain (Dallas), Payne Roberts (Dallas)

Elsewhere: Andres Mena (New York), Robert Mostek (Chicago)

Financial Advisors to Karman: Citi

Financial Advisors to ISP: KAL Capital

Bernhard Capital acquires grid services provider TechServ

Deal Description: Bernhard Capital Partners announced June 2 that it has acquired TechServ, a provider of on-demand utility emergency services based in Tyler. Terms of the acquisition were undisclosed. TechServ provides storm assessment, engineering, construction management and monitoring for overhead and underground transmission lines, substations and telecommunications infrastructure, as well as wind and solar farms. With 850 employees and a client pool across 21 states, the company is also positioned to support the increasing demand for comprehensive grid and behind-the-meter construction and management needed for the development of data center and storage infrastructure. With 850 employees and existing clients across 21 states makes the company BCP partner Mark Spender called TechServ “an ideal platform investment aligned with BCP’s blueprint for investing in essential infrastructure services.”

Bernhard Capital Outside Legal Advisors: Kirkland & Ellis

Kirkland Lead Lawyer: Bill Benitez (Houston)

Texas Lawyers: Alec Manzer (Austin), Brennon L. Nelson (Houston), Dakota Priest (Austin),  Mark Dundon (Houston), Lucas Spivey (Houston) Charles Martin (Houston), Kirby Swartz (Houston), Chris Ooley (Houston)

Elsewhere: Grace Nielsen (Salt Lake City)

Swiss firm acquires EnCap power plant rehab firm

Deal Description: Swiss investment firm Partners Group agreed on June 4 to acquire PowerTransitions from Houston-based EnCap Holdings. Terms of the deal were not disclosed. Partners Group said it plans to invest more than $450 million in the combined entity as the companies expand a strategy focused on acquiring and redeveloping aging power-generation facilities in the U.S. into clean-energy hubs. PowerTransitions plans to acquire natural gas plants with 226 megawatts of capacity in conjunction with the investment from Partners Group and said it’s identified a 3 gigawatt pipeline of potential acquisitions. PowerTransitions retrofits existing power plants with solar or battery energy storage systems to meet growing demand that the company said will “require 130 gigawatts of new power generation in the next five years” due, in part, to increased demand for data-storage.

PowerTransitions In-House Counsel: Justin Thekkekara (Houston)

EnCap and PowerTransitions Outside Counsel: Latham & Watkins  

Latham Lead Lawyers: James Garrett (Houston) and Matt de Bernardo (Washington)

Texas Lawyers: Kevin Donovan (Houston), Alex Cumberland (Houston), Krisa Benskin (Houston), Jim Cole (Houston), Bryce Kaufman (Houston)

Elsewhere: Josh Marnitz (Los Angeles/Houston), Brian McCall (Orange County, Calif.) and Natasha Gianvecchio (Washington)

Note: PowerTransitions is one of eight portfolio companies currently held by Encap’s Energy Transition Fund. It’s original investment in PowerTransitions was made in 2023.

Sammons Financial acquires Wealthcare from NewSpring

Deal Description: Sammons Financial Group announced June 3 its agreement to acquire Wealthcare, a Richmond, Virginia, Registered Investment Advisor. Terms of the agreement were undisclosed. The seller was NewSpring Holdings (Radnor, Pennsylvania), which acquired the company in 2013. Wealthcare includes nearly 200 independent advisors, 12,000 clients and an office in suburban Philadelphia. The firm features an investment management platform, ComfortZone and is comprised of three RIAs: Wealthcare Advisory Partners, Wealthcare Capital Management and Wealthcare Capital Partners. Sammons is headquartered in West Des Moines, Iowa.

Sammons Outside Legal Counsel: Gibson Dunn & Crutcher

Gibson Lead Lawyers: Michael Piazza (Houston) and Carlos Soto (Los Angeles)

Texas Lawyers: Steve Wright (Dallas), Mariana Lozano (Houston), Kayoko Fong (Dallas)

Elsewhere: George Hang (San Francisco), Yaz Kaveh (Los Angeles),  Matt Donnelly (New York), Matthew Schwartz (New York), Sean Feller (Century City), Cassandra Gaedt-Sheckter (Palo Alto), Courtney Wang (San Francisco), Mitchell Zia (Los Angeles)

NewSpring Outside Legal Counsel: Blank Rome

Sammons Financial Advisors: Berkshire Global Advisors

NewSpring Financial Advisors: Republic Capital Group

PSG-backed 2nd Wave acquires JAMS from Fortra

Deal Description: PSG-backed 2nd Wave Software announced June 3, its acquisition of the workload scheduling platform JAMS from network services and cybersecurity platform Fortra. Also acquired as part of the transaction, which closed on June 1, was Skybot, a complementary workload automation platform. The deal also included a rollup of the two acquisitions into a new company, JAMS Software, to be owned by PSG, 2nd Wave Software and employees.

PSG/2nd Wave Outside Legal Counsel: Weil, Gotshal, & Manges

Weil Lead Lawyers: Richard Frye (Dallas)

Texas Lawyers: Niko Lane (Dallas), Carson Parks (Dallas), Emily Conde (Dallas), Nneka Ukpaby (Dallas), Jonathan Macke (Dallas), Josh Schonfeld (Dallas)

Other Lawyers: Benton Lewis (New York), Jennifer Britz (New York)

Capital Markets/Credit

Waste Connections Prices $500M public offering of notes

Deal Description: Waste Connections, a solid waste services company based in Toronto, announced May 28, the pricing of its $500 million public offering of 5.25 percent senior notes due 2035 at 99.874 percent of face value. The offering closed on June 4. Waste Connections plans to use the proceeds to pay down its revolving credit facility. Waste Connections is traded on the Toronto (TSX) and New York (NYSE) stock exchanges.

Underwriters/Booking Runners: BofA Securities, J.P. Morgan, PNC Capital Markets, Truist Securities.

Waste Connections Outside Legal Counsel: Latham & Watkins

Latham Lead Lawyers: John Greer (Houston) and Ryan Lynch (Houston)

Texas Lawyers: Brian Bruzzo (Houston), Armaan Bhimani, (Houston), Riann Winget (Houston)

Elsewhere: Jocelyn Noll (New York), Bora Bozkurt (New York), Alice Chen (Washington, D.C.), Aron Potash (Los Angeles), Nick Eberhart (Los Angeles), Adam Kestenbaum (Washington, D.C.)

Sharplink Gaming closes $425M PIPE

Deal Description: Sharplink Gaming, a gambling marketing firm based in Minneapolis, announced June 2, the close of a $425 million private placement led by Consensys Software, the crypto capital firm behind the crypto currency known as Ethereum (ETH). The investment, a PIPE funded by an unannounced ratio of fiat and ETH currencies, is designed to make Sharplink the largest publicly traded company (SBET) with treasury assets are primarily in Ethereum. Other firms in the investor pool included other blockchain and digital asset firms: ParaFi Capital, Electric Capital, Pantera Capital, Arrington Capital, Galaxy Digital, Ondo, White Star Capital, GSR, Hivemind Capital, Hypersphere, Primitive Ventures, and Republic Digital, as well as two Sharplink officers — CEO Rob Phythian and CFO Robert DeLucia. — and Joseph Lubin, founder of Consensys. According to its SEC disclosures, Sharplink, in effect, provides individual online gambling portfolios geared to specific states, allowing gamblers and online gaming operations ease of access to each other.

Consensys Outside Legal Counsel: Baker Botts

BB Lead Lawyer: Brendan Dignan (Washington, D.C.)

Texas Lawyers: Carina Antweil (Houston), Parker Hinman (Houston), Shelby Brown (Houston), Tahla Chaudhry (Houston), John Lobb (Houston), Jordan Hahn (Dallas), Jason Loden (Dallas)

Elsewhere: Brendan Quigley (New York), Blake Haarstad (New York), Tyler Kendler (Washington, D.C.), Jason Wilcox (Washington, D.C.)

ParaFi (Investor) Outside Legal Counsel: Latham & Watkins

Latham Lead Lawyer: Ivana Rouse (Houston)

Elsewhere: Nima Movahedi (Orange County),  Haim Zaltzman (New York), Aaron Gilbride (Washington, D.C.)

Note: Sharplink is the latest iteration of an Israeli firm created in 1995 and was domesticated in the U.S. through a merger and began trading on the Nasdaq in February 2024. According to its current issue prospectus, by July 2024, the company received a bid price deficiency notice from Nasdaq, making the company subject to a suspension of trading. The private placement, according to the prospectus is part of the company’s ongoing recapitalization strategy to meet Nasdaq requirements. Nasdaq has allowed the company to continue trading while it pursues that strategy.

Eos Energy announces concurrent notes offering, equity offering

Deal Description: Utility grade zinc battery producers, Eos Energy Enterprises, announced the closing June 3 of an upsized private offering of $225 million of 6.75 percent convertible notes due 2030. The notes offering was upsized from $175 million and are senior, unsecured obligations. The notes are redeemable for 196.0784 shares of common stock for each $1,000 in notes — a conversion price of $5.10, a premium of 27.5 percent above the concurrent stock offering. That offering, of 21,562,500 shares of its common stock at $4.00 per share, was announced separately on June 2. Eos is headquartered in Edison, New Jersey.

Eos Outside Legal Counsel: Latham & Watkins

Latham Lead Lawyers: Greg Rodgers (Los Angeles), Ryan Maierson (Houston) and Arash Aminian Baghai (Los Angeles)

Texas Lawyers: Ziyad Barghouthy (Houston), Cooper Shear (Austin), Mary Kline (Austin), Harrison Little (Houston)

Elsewhere: Josh Marnitz (Los Angeles), Michelle Gross (Silicon Valley), Farrah Yan (New York), Aaron Bernstein (New York), Andrew Bentz (Los Angeles), Steve Hess (Los Angeles), Kiara E. Vaughn (Boston), Reilly Nelson (Los Angeles), Pelin Serpin (New York)

Worldwide Insurance Network adds $80M to its credit facility

Deal Description: Worldwide Insurance Network, an industry platform of 10K insurance agents and 100 carriers that operates in 45 states as Smart Choice, announced June 2 that it has secured an $80 million increase in its existing credit facility. The addition upsizes the company’s credit facility to $222 million. WIN is located in High Point, North Carolina.

WIN Outside Legal Counsel: Holland & Knight

HK Lead Lawyers: Arthur Lotz (Dallas)

Texas Lawyers: Amir Saboorian (Dallas), Ana Carvajal (Dallas)

Elsewhere: Austin Rockwood (Nashville)

Late Arrivals and other matters…

Circana, a marketing technology firm, announced June 2 the completion of its acquisition of NCSolutions, a joint venture by the market intelligence firms Nielsen and Catalina. Circana announced its acquisition in August 2024. NCSolutions was launched in 2010 as an enhancement to consumer preference models for retail outlets — to Nielsen’s panel sourcing and Catalina’s receipt monitoring. Since then, NCSolutions has expanded its sourcing to include cloud data modeling and AI. Simpson Thacher advised Circana with a team that included Houston associate Matias Botto, and Weil advised Catalina with a team that included Dallas partner Brendan Conley and Dallas associate Angela Estrada.

Allen Pusey

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

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