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The Texas Lawbook

Free Speech, Due Process and Trial by Jury

  • Appellate
  • Bankruptcy
  • Commercial Litigation
  • Corp. Deal Tracker/M&A
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CDT Roundup: AI’s Energy Appetite Continues to Fuel Tech, O&G Deals

August 3, 2025 Allen Pusey

The week ending Aug. 2 (it’s really August already?) saw 17 transactions reporting values of $19 billion. You can compare that to last week’s 15 deals for $3 billion or the 26 deals for $16 billion we reported this time last year.

The news this week is the same news last week: It’s all about AI infrastructure. The good news is that even those deals cut a healthy swath across emerging data-related business sectors.

First and foremost are the data centers themselves. The past week saw a new CyrusOne data campus in Bosque County and a strategic investment in a Dallas-based Prime Data Centers. But there are also those data-related investments down the food chain: on “chip to cloud” management of data lake architecture for information assets; on HVAC and plumbing for sensitive infrastructures like food manufacturing and hospitals (and data centers); on microgrids to power data centers; on software to secure and monitor AI development; on natural gas carbon capture to generate power (for data centers), not to mention yet another crypto currency treasury in the making.

There was a time when we thought of “technology” as an emerging but separate business sector of the economy, particularly here in Texas where oil & gas was king. And even this week, the largest deal reported is a $13 billion acquisition by oil services giant Baker Hughes.

But O&G remains vital, but because the voracious energy appetite of AI and digital technology has kept it so. Even Baker Hughes argues that its business is “enriched by digitalization, artificial intelligence and automation capabilities that enable remote operations, reduce risk, and drive decarbonization efforts.”

Just take a long look at the swath of deals below and you can see for yourself how much we’ve changed.

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
02-Aug-202517$19,4801110413$18,0024$1,478
26-Jul-202515$3,164129612$3,00233$162
19-Jul-202514$6,08014979$4,1655$1,915
12-Jul-202515$13,0121420812$10,9023$2,110
05-Jul-20259$15,7788914$7,2805$8,498
28-Jun-202513$7,77781547$2,0316$5,746
21-Jun-202516$5,9841011311$3,0875$2,897
14-Jun-20259$4788133603$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/Fundings

Baker Hughes to Buy Chart Industries in $13.6B All-Cash Deal

Baker Hughes said on July 27 it has agreed to acquire Chart Industries for $210 a share in cash, or about $13.6 billion, as the Houston energy technology company furthers its expansion in liquified natural gas and data centers. Irving-based Flowserve Corp. concurrently announced the termination of its offer to acquire Chart acknowledging the Baker Hughes offer as a “superior proposal” under the terms of the agreement. Flowserve said it will receive a $266 million termination payment. Flowserve’s offer of 3.165 shares for each Chart common share was worth roughly $175 a share. Cleary Gottlieb Steen & Hamilton and WilmerHale served as Baker Hughes’ outside counsel, while Winston & Strawn served as legal advisor to Chart Industries. Baker Hughes’ Houston-based Chief Legal Officer is Georgia Magno, who has been with the company’s in-house legal department for more than eight years. For more detail and names of the lawyers involved, please see our daily coverage here.

MPLX Acquires Sour Gas Operator from Five Point for $2.375B

MPLX said Friday it has agreed to pay $2.375 billion in cash to Houston-based Five Point Infrastructure for Northwind Delaware Holdings, a New Mexico sour gas gathering, treatment and processing service operating in the Permian Basin. Northwind assets include more than 200,000 dedicated acres, 200+ miles of gathering pipelines, two in-service carbon sequestration and acid gas injection (AGI) wells mostly located in the Lea County above the Delaware Basin. A third well scheduled for completion in 2026 would bring the system’s total capacity up to 37MMcf/day. Latham & Watkins advised Five Point For more details see our daily coverage here.

Quanta Services acquires Dynamic Systems for $1.35B

Seeking to expand its presence in the surge of data center development, Quanta Services, a Houston-based platform for industrial energy and power services, announced July 31 the completion of its acquisition of mechanical and plumbing specialists Dynamics Services Inc. for $1.35 billion. The amount consists of $1.15 billion in cash and about $200 million in Quanta stock. The deal also includes a potential earnout that could add as much as $216 million to the purchase price if certain performance metrics are met. King & Spalding advised Quanta; the San Antonio firm of Elder Bray & Bankler advised DSI. For further detail see our daily coverage here.

Anaconda nails $150M in Series C funding

Deal Description: The open-source data and AI development platform Anaconda announced July 31, that is raised more than $150 million in its Series C round of funding. The round was led by Insight Partners and Abu Dhabi-based Mubadala Capital. The Austin-based company reports annual recurring revenue of $150 million with a newly launched AI platform and a recently announced partnership with Databricks. Together they are cobbling a platform that uses “lakehouse” architecture to integrate data warehouses together with and “data lakes” of freestanding data sets accessed by Python coding language and structured through SQL, the preferred language of relational databases. Anaconda plans to use the infusion of capital to transition to a broad-based ecosystem for AI enterprises.

Insight Outside Legal Counsel: Willkie Farr & Gallagher

Willkie Lawyers: Matthew Haddad (New York) and Joe Laurel (Houston)

Promptfoo nets $18.4M in Series A funds from Insight, a16z

Deal Description: Open-source AI security platform Promptfoo announced July 29 that it had received $18.4M in its Series A funding round from Insight Partners and a16z, the nom de transaction of software investors Andreesen Horowitz. According to their release Promptfoo seeks to address some commonly undetected security challenges faced by AI developers of large language models (LLMs): prompt injection, data leakage and policy evasion. The company was co-founded by Ian Webster, a former product manager at Discord and a Google alumnus, and Michael D’Angelo, the former VP of engineering at SmileID, a global due diligence and authentication platform.

Insight Outside Legal Counsel: Willkie Farr & Gallagher

Willkie Lawyers: Matthew Haddad (New York) and Joe Laurel (Houston)

Bonus Note: For those interested, “a16z” represents the first and last letters of “Andreesen Horowitz” and the 16 letters between them.

FloVision naps $8.4M Series A Funding

Deal Description: FloVision, an AI startup manufacturing system that monitors food quality, production specs and labor productivity in real time, announced July 30 an $8.7 million Series A fund raise led by software investment specialists Insight Capital. Also investing were Serra Ventures, SOSV and Rockstart. The company says it plans to use the funds to support a rapid global expansion and the hiring of engineering and sales personnel. The system uses compact vision, depth and load cell sensors attached to conveyor belts to monitor and analyze such far-flung production elements as anticipated product yield, product defect and foreign materials detection, along with the industrial engineering elements of labor performance and productivity. FloVision is headquartered in South Bend, Ind. Insight is based in New York City.

Insight Outside Legal Counsel: Willkie Farr & Gallagher

Willkie Lawyers: Matthew Haddad (New York) and Joe Laurel (Houston)

CEA Industries lights up $500 PIPE in acquisition by 10X Capital

Deal Description: CEA Industries, the publicly traded Canadian purveyors of nicotine vaping products, announced July 28 announced the pricing of an oversubscribed common equity PIPE offering of $500 million. The investment includes $400 million in fiat currency and $100 million in crypto. The object of the investment, led by 10X Capital, is to fund a company treasury based on crypto currency, in this case Binance Coin (Binance Layer-1 blockchain ecosystem coin), the blockchain currency used to settle trades and fees on the Binance Exchange. Binance Coin (or $BNB) is the fourth largest cryptocurrency in the world with 280 million users in over 180 countries. The company has appointed David Namdar, a senior partner at 10X Capital, as its new CEO. Participating companies included YZi Labs, Pantera Capital, Arche Capital, GSR, Borderless, Arrington Capital, Blockchain.com, Hypersphere Capital, Kenetic, dao5, Protocol Ventures, Reciprocal Ventures, G-20 Group,Three Point Capital, Propel Horizon, Exinity, Winone, Nano Labs, as well as individual investors, including the founders of BitFury. CEA Industries trades under the ticker symbol “VAPE” on the Nasdaq Exchange.

10X Capital Financial Advisors: Cantor Fitzgerald (placement agent), Cohen & Company Capital Markets, Clear Street

10X Outside Legal Counsel: Winston & Strawn

Winston Lead Lawyer: Michael Blankenship (Houston)

Texas Lawyers: Ben Smolij (Houston), Riley Doggett (Houston), Jordan Saddoris (Houston)

Cantor Outside Legal Counsel: DLA Piper

Snowhawk, Nuveen make strategic investment in Prime Data Centers

Deal Description: Private equity investor Snowhawk announced July 31 its strategic investment, alongside Nuveen, in Dallas-based Prime Data Centers. Snowhawk and Nuveen join existing PDC investors Macquarie Capital, Ares Management and Siemens Financial Services. Prime current operates centers in Chicago, Phoenix, Los Angeles, Silicon Valley, Frankfurt, Berlin, Helsinki and Madrid with a current total of four gigawatts and is positioned to develop more than 1 GW of additional IT power in those Tier 1 markets between 2025 and 2028. Terms of the investment were undisclosed but Prime says the transaction is part of its plan to raise more than $2 billion this year to accelerate its expansion. Snowhawk is based in New York; Nuveen in Chicago.

Snowhawk/Nuveen Outside Legal Counsel: Kirkland & Ellis

Kirkland Lead Lawyers: Bill Benitez (Houston) and Alec Manzer (Austin)

Texas Lawyers: William Vaughan Kelly (Houston), Reagan Kapp (Houston), Marissa Kinsey (Houston), Mark Dundon (Houston), Jordan Roberts (Houston), Chad Davis (Dallas), Stephen Jacobson (Houston), Katherine Nemeth (Houston)

Elsewhere: Nicole Dressler Martin (Salt Lake City), Andrew Stuyvenberg (Washington, D.C.), Kevin Hivick (Washington, D.C.)

Prime Financial Advisors: Guggenheim Securities, Moelis & Company (joint advisors)

Prime Outside Legal Counsel: Goodwin Procter, Simpson Thacher & Bartlett

Simpson Thacher Lead Lawyers: Gabriel Silva (New York)

Other Lawyers: Oleg Stratiev (New York), Cyrus Oveissi (New York), Andrew Purcell (New York), Ruoxi Zhang (New York), Jenna Al-Malawi (New York)

Ares, Shell form joint venture to operate Shell solar projects

Deal Description: Ares Management and Shell plc announced July 28 the formation of a joint venture called Tango Holdings to manage and develop solar energy projects in the U.S. Tango was formed between Shell’s solar subsidiary Savion Equity and Ares Infrastructure Opportunities with Savion to serve as managing member. Owned 80 percent by Ares and 20 percent by Shell’s Savion, Tango will manage 496 megawatts of Savion projects across four states — Ohio, Kentucky, Indiana and Oklahoma — and equity interests in five other projects.

Ares Outside Legal Counsel: Latham & Watkins

Latham Lead Lawyer: David Owen (New York)

Texas Lawyers: Jim Cole (Houston), Andrea Herman (Austin), Ike Obioma(Houston)

Elsewhere: Marc Klepner (New York), Rachel Klein (New York), Jeremie Ruiz (New York), Andres Chester (New York), MinJoo Lee (New York)

NDT Global to acquire Entegra

Deal Description: NDT Global, a Canadian provider of pipeline integrity services for the energy sector, announced July 31, its acquisition of Amberjack Capital-backed Entegra, a competitor that specializes in proprietary technologies used in the inspection of natural gas pipelines. NDT said the acquisition of Entegra — and its Ultra High-Resolution Magnetic Flux Leakage inspection services — strengthens the NDT portfolio as a global leader in the technologies of in-line pipeline inspection. NDT is backed by Terms of the deal were undisclosed. NDT Global is based in Indianapolis, but its operational headquarters is in Houston where Amberjack is located. NDT is based in Québec City and sponsored by Canadian investors Novacap and Le Caisse (formerly CDPQ).

NDT Financial Advisors: Jefferies

NDT Outside Legal Counsel: McCarthy Térault and Willkie Farr & Gallagher

Entegra Financial Advisor: Baird

Entegra Outside Legal Counsel: Sidley Austin

Sidley Lead Lawyers: Steven Tredennick (Houston) and Samantha Seley (Houston)

Texas Lawyers: Chanse Barnes (Houston), Kelsey McKechnie (Houston)

Beverly Hills investor acquires Shipley Do-Nuts as Peak Rock exits

Deal Description: Shipley Do-Nuts, the nearly 90-years-old Houston pastry and coffee franchiser backed by Peak Rock Capital, has been sold to Levine Leichtman Capital Partners and members of the Shipley management team. The deal was announced July 28. Founded in Houston in 1936, Shipley has 375 locations across nine southern states. Austin-based Peak Rock acquired Shipley in 2021. Terms of the deal were not disclosed.

Shipley Financial Advisors: North Point, J.P. Morgan

Shipley Outside Legal Counsel: Kirkland & Ellis

Riata Exits Greenix in sale to Gridiron Capital

Deal Description: Dallas-based Riata Capital Group announced July 28 that it is exiting its pest control platform Greenix Pest Control through a sale to Gridiron Capital. Based in Orem, Utah, Greenix, is currently the 13th largest pest control services provider in the U.S. Acquired by Riata in December 2020, Greenix has since expanded its customer and revenue base by 150 percent through organic growth and five acquisitions. Terms of the transaction were not disclosed. Gridiron Capital is located in New Canaan, Connecticut.

Riata/Greenix Financial Advisors: William Blair (lead), LR Tullius

Riata/Greenix Outside Legal Counsel: Kirkland & Ellis

Kirkland Lead Lawyers: Michael Considine (Dallas)

Texas Lawyers: Adam Wojcik (Dallas), Scott Myers (Houston), Sarah Mason (Dallas), Maya Alqaisi (Dallas), Jordan Roberts (Houston), David Wheat (Dallas), Joe Tobias (Dallas)

Gridiron Financial Advisors: Goldman Sachs

University Health to acquire CHRISTUS Health Santa Rosa Campus

Deal Description: University Health and CHRISTUS Health, the only two not-for-profit health systems in San Antonio, announced July 30 that they have agreed to a sale and transfer of the 45-acre campus and buildings that housed the former CHRISTUS Santa Rosa Hospital-Medical Center to the University Health System. The deal comes after a unanimous vote by the Bexar County Hospital Board of Managers allowing them to do so. CHRISTUS, a faith-based care group, spent $300 million expanding care in Bexar County before closing Santa Rosa in April. The University Health system, a public hospital and healthcare system, is in the midst of its own $1.5 billion expansion and, though no terms have yet been set, officials say the anticipated acquisition will fit seamlessly into the system’s operating budget.

CHRISTUS Health In-House: CLO Jeannie Carmedelle Frey (Irving)

University Health In-House: GC Serina Rivela (San Antonio)

Capital Markets/Credit

CenterPoint places $1 billion in convertible senior notes

Deal Description: CenterPoint Energy last week announced and closed a private placement of $900 million in 3.00 percent convertible senior notes due 2028. The offering also included an option to purchase up to an additional $100 million of the convertible notes during a 13-day window from the date of issue. Both closed on July 31. The notes are unsecured and set to mature on August 1, 2028, unless converted or repurchased. Prior to May 1, 2028, the notes may be converted only under certain conditions. The initial conversion rate is 21.4477 shares of common stock per $1,000 in principal of the convertible notes, amounting to a rate of $46.63 per share of CenterPoint common stock. Houston-based CenterPoint expects to net as much as $986.8 million from the issue, which the company plans to use for corporate purposes and the repayment of existing debt.

CenterPoint Outside Legal Counsel: Baker Botts

Baker Botts Lead Lawyers: Tim Taylor (Houston) and Clint Rancher (Houston)

Texas Lawyers: Rob Cowan (Austin), Sarah Dyer (Houston), Jack Hennessy (Houston), Michael Bresson (Houston), Jared Meier (Houston)

Elsewhere: Evan Koster (New York)

Underwriters: Goldman Sachs, BMO Capital Markets, Morgan Stanley, RBC Capital Markets, Wells Fargo Securities, BNP Paribas Securities, MUFG Securities Americas and Truist Securities (all bookrunners)

Underwriters Outside Legal Counsel: HuntonAK

HuntonAK Lead Lawyers: Peter O’Brien (New York)

Texas Lawyers: Robert McNamara (Houston), William Freeman (Dallas)

Elsewhere: Brendan Harney (New York), Reuben Pearlman (New York), Monika Dziewa (New York), Catherine Bulger (New York), Leslie Okinaka (New York)

Stone Point to lend Austin-based Upland Software $240M

Deal Description: Upland Software, an Austin-based developer of AI-driven business service software, announced a refinancing $240 million in debt through direct credit lender Sound Point Capital. The new term-loan agreement extends the maturity of its debt to 2031 and includes a $30 million revolving credit facility. Upland is a portfolio company of Palo Alto middle-market tech investor HGGC. Sound Point is headquartered in New York.

Upland Outside Legal Counsel: Morrison Foerster

MoFo Lead Lawyers: Dario Avram (San Francisco) and Michael Vernace (San Francisco)

Other Lawyers: Jack Bai (San Francisco), Garret Jones (San Francisco)

NETSREIT offers common shares in $220M forward sale

Deal Description: NETSTREIT, a Dallas-headquartered real estate investment trust, announced the launch July 25, its issue of 12,420,000 shares of its common stock at a price of $17.70 per share. The offering, which includes a forward sales agreement of 10,800,000 shares, closed July 28. The issue also includes 1,620,000 shares offered to the issue’s underwriters at the public price. The forward sales agreement was made with BofA Securities and Wells Fargo Securities, who are acting as book-running managers and representatives of the underwriters for the offering. Jefferies, Truist Securities, Capital One Securities, Mizuho, Baird, Scotiabank, Regions Securities LLC, TD Cowen, Stifel and BTIG are acting as joint book-running managers for the offering. Raymond James, Wolfe Capital Markets and Advisory, Ramirez & Co. Inc., and Lucid Capital Markets are acting as co-managers for the offering.

Underwriters Outside Counsel: Vinson & Elkins

V&E Lead Lawyers: Daniel LeBay (Richmond) and Chris Green (Washington, D.C.)

Texas Lawyers: Selena Govan (Houston), Maddie Brown (Austin), Paige Melton (Houston)

Elsewhere: Bekah Briggs (Richmond), Paige Anderson (Richmond)

Energy Vault closes $18M financing on BESS project in Snyder

Deal Description: Battery storage developer Energy Vault announced July 24 that it had obtained $18 million in project financing for its 57-megawatt Cross Trails battery energy storage system (BESS). Located in Snyder, Cross Trails holds a 10-year offtake agreement with Gridmatic, an AI-driven forecasting platform for energy trading within the ERCOT market. Cross Trails was completed in May. In April, Energy Vault closed on $28 million project finance package for its Calistoga Resiliency Center, a green hydrogen energy storage microgrid in California.

Energy Vault Outside Legal Counsel: Vinson & Elkins

V&E Lead Lawyers: Jenny Speck (Houston) and Leila Ravi (New York)

Texas Lawyers: Noelle Alix (Houston), Wendy Salinas (Houston), Lina Dimachkieh (Houston), Lauren Nieman (Houston), Scot Dixon (Houston), Winston Skinner (Austin), Kris Hildebrand (Austin), Heather Reynolds Johnson (Dallas), Nicole Waterstradt (Dallas), Matt Dobbins (Houston), Alexis Boyd (Houston), Rajesh Patel (Houston), Haley Titcomb (Austin), Joyce Adetutu (Houston)

Elsewhere: Darren Fox (New York), Fon Kunanusorn (Denver), Benjamin Wilken (New York), Tzvi Werzberger (New York), Carter Olson (New York), Jeffrey Jakubiak (New York), Brian Howard (Washington, D.C.)

Late Arrivals and other matters…

Energy Capital Partners and KKR made good on their promise last October to spend $50 billion on new data center operations, announcing on Friday (August 1) that they are building their first data center campus in Bosque County. The center will be for CyrusOne, the data powerhouse owned by KKR and GIP. Kirkland partners Melissa Kalka (Dallas) and John Pitts (Houston) advised KKR and GIP on the arrangement, as well as a long-term power agreement with Calpine Corp. You can read more about the deal here.

Memfault, Inc., developers of a cloud platform that monitors the behavior web-connected products on a massive scale, announced in June that it had been sold to Oslo-based Nordic Semiconductor. The combination of the two longtime collaborators creates a “chip-to-cloud” platform for the development, operation, evaluation and de-bugging of interconnected devices throughout their life cycle. Late last week Clifford Chance revealed that their New York and Houston offices were involved in the deal advising Memfault. The deal was led from New York by Neil Barlow and Joshua Bernard, but the team included Houston lawyers Eric Schaffer, Austin Johnson, Todd Lowther and Amrine Sultana.

Skadden also advised on the mammoth merger of Union Pacific and Norfolk Southern announced announced last week. The Skadden team was led from New York but included Houston/New York partner Michael Hamilton. Of curious interest, however, may be the announcement itself, which breathlessly proclaimed: “Union Pacific and Norfolk Southern to Create America’s First Transcontinental Railroad.” The publicists were playing it cute, implying the merger created the first transcontinental railroad company. But the “first transcontinental railroad” was created on May 10, 1869 when Leland Stanford, then governor of California, drove the final spike connecting the Union Pacific with the Central Pacific at Promontory Summit in the Utah Territory.

Houston partner Robert Brown, a specialist in data privacy, was the sole Texas member of two Latham teams: one that advised Career Builder + Monster in sale of three affiliated properties through its Delaware bankruptcy proceedings; the other that advised investors One Equity Partners and Warburg Pincus and in the $2.1 billion sale of Eco Materials Technologies to CRH. His Houston colleague Jim Cole was the sole Latham partner in Texas to advise Venture Global on its $15.1B FID to proceed with its CP2 LNG project and Central Express pipeline. And finally, Ryan Maierson was the sole Texas lawyer from Latham advising Harley-Davidson in its $1.25 billion decision to partner its financing services with KKR and PIMCO.

Allen Pusey

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

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