CDT Roundup: AI’s Energy Appetite Continues to Fuel Tech, O&G Deals

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 Count	Amount	Firms	Lawyers	M&A Count	M&A Value $M	CapM Count	CapM Value $M
23-Aug-25	23	$15,207	10	129	18	$14,500	5	$707
16-Aug-25	13	$26,405	12	149	7	$3,180	6	$23,225
09-Aug-25	19	$16,066	16	245	15	$11,307	4	$4,759
02-Aug-25	17	$19,480	11	104	13	$18,002	4	$1,478
26-Jul-25	15	$3,164	12	96	12	$3,0023	3	$162
19-Jul-25	14	$6,080	14	97	9	$4,165	5	$1,915
12-Jul-25	15	$13,012	14	208	12	$10,902	3	$2,110
05-Jul-25	9	$15,778	8	91	4	$7,280	5	$8,498
28-Jun-25	13	$7,777	8	154	7	$2,031	6	$5,746
21-Jun-25	16	$5,984	10	113	11	$3,087	5	$2,897
14-Jun-25	9	$478	8	133	6	0	3	$478
07-Jun-25	16	$26,210	11	196	11	$24,744	5	$1,466
31-May-25	19	$23,381	11	166	12	$18,665	7	$4,717
24-May-25	15	$24,033	11	121	13	$23,624	2	$409
17-May-25	16	$21,760	12	145	11	$18,615	5	$3,145
10-May-25	24	$33,175	16	206	19	$30,765	5	$2,410
03-May-25	11	$4,249	13	90	11	$2,226.5	2	$2,022.5
26-Apr-25	12	$8,787	9	168	9	$6,011	3	$2,776
19-Apr-25	11	$8,097	7	138	9	$7,985	2	$112
12-Apr-25	13	$2,392	8	152	10	$2,065	3	$327
05-Apr-25	19	$27,762	15	188	16	$25,473	3	$2,289
29-Mar-25	21	$8,188	10	258	16	$4,125	5	$4,064
22-Mar-25	19	$6,485	14	231	15	$4,128	4	$2,857
15-Mar-25	13	$13,737	13	151	10	$9,932	4	$3,805
8-Mar-25	7	$2,234	5	66	5	$224	2	$2,100
1-Mar-25	11	$3,050	8	75	10	$2,550	1	$500
24-Feb-25	12	$16,397	7	149	6	$6,635	6	$9,862
17-Feb-25	17	$12,136	13	134	10	$9,411	2	$2,725
10-Feb-25	14	$7,154	9	179	9	$4,950	5	$2,204
3-Feb-25	16	$10,068	7	200	11	$7,553	5	$2,515
25-Jan-25	14	$10,261	10	125	9	$2,207	5	$8,054
18-Jan-25	19	$7,382	15	316	12	$2,300	7	$5,082
11-Jan-25	21	$33,560	16	187	16	$32,521	5	$1,039
4-Jan-25	9	$6,827	9	80	9	$6,827	0	0
21-Dec-24	11	$2,798	11	92	8	$2,229	3	$570
14-Dec-24	15	$5,323	12	186	12	$3,812	3	$1,511
07-Dec-24	16	$4,766	10	231	11	$2,321	5	2,445
30-Nov-24	10	$10,291	9	103	4	$8,290	6	$2.001
23-Nov-24	15	$4,553	15	153	11	$3,379	4	$1,174
16-Nov-24	17	$11,488	11	245	13	$10,186	4	$1,303
09-Nov-24	14	$2,110	12	139	12	$1,410	2	$700
02-Nov-24	12	$52,788	11	107	11	$52,738	1	$50
26-Oct-24	8	$3,160	8	65	7	$3,065	1	$75
19-Oct-24	12	$5,304	11	136	11	$4,554	1	$750
12-Oct-24	17	$8,438	12	150	15	$8,116	2	$322
05-Oct-24	22	$23,181	12	189	15	$19,980	7	$3,201
28-Sep-24	11	$2,356	7	144	7	$53	4	$2,303
21-Sep-24	12	$9,568	10	169	5	$4,101	7	$5,467
14-Sep-24	24	$10,988	12	235	16	$7,175	8	$3,813
7-Sep-24	12	$20,420	16	168	11	$20,307	1	$112.9
31-Aug-24	13	$20,631	9	134	12	$14,775	1	$5,856
24-Aug-24	19	$8,452	21	325	16	$7,102	3	$1,350
17-Aug-24	25	$49,196	16	304	11	$39,386	14	$9,810
10-Aug-24	20	$12,264	15	312	16	$9,794	4	$2,470
03-Aug-24	26	$16,498	16	334	18	$8,137	8	$8,361
27-Jul-24	19	$16,442	21	271	15	$13,838	4	$2,604
20-Jul-24	15	$16,016	14	184	10	$14,232	5	$1,784
13-Jul-24	20	$17,220	14	265	18	$7,146	2	$10,074
6-Jul-24	11	$3,941	11	95	8	$2,650	3	$1,291
29-Jun-24	14	$6,296	15	224	8	$6,296	6	$1,927
22-Jun-24	12	$5,679	8	137	5	$210	7	$5,469
15-Jun-24	13	$9,895	16	214	10	$5,280	3	$4,615
8-Jun-24	19	$23,859	13	239	12	$19,436	7	$4,423
1-Jun-24	12	$34,510	11	147	9	$26,110	3	$8,400
25-May-24	13	$9,684	15	171	10	$4,434	3	$5,250
18-May-24	11	$5,490	11	173	8	$3,129	3	$2,361
11-May-24	22	$14,855	14	227	16	$11,105	6	$3,750
4-May-24	13	$3,139	9	87	10	$1,297	3	$1,842
27-Apr-24	10	$6,684	6	28	10	$6,684	0	0
20-Apr-24	19	$15,989	11	147	9	$5,208	10	$10,781
13-Apr-24	13	$8,952	9	76	10	$1,652	3	$7,300
6-Apr-24	23	$26,616	14	222	14	$13,501	8	$13,116
30-Mar-24	12	$9,286	8	136	8	$4,299	4	$4,987
23-Mar-24	18	$5,451	17	266	16	$4,759	2	$692
16-Mar-24	21	$11,437	13	186	14	$9,316	6	$2,070
9-Mar-24	23	$4,695	21	218	19	$2,723	4	$1,972
2-Mar-24	20	$9,108	19	372	14	$4,558	6	$4,550
24-Feb-24	19	$16,382	12	248	15	$9,507	4	$6,875
17-Feb-24	16	$29,932	15	157	12	$29,216	4	$716
10-Feb-24	25	$10,750	17	196	19	$5,372	6	$5,379
3-Feb-24	12	$8,416	18	125	9	$3,416	3	$5,000
27-Jan-24	9	$8,165	9	87	8	$7,815	1	$800
20-Jan-24	14	$4,084	12	109	12	$3,219	2	$865
13-Jan-24	17	$33,588	12	256	12	$26,765	5	$6,823
6-Jan-24	8	$7,915	8	84	6	$7,265	2	$650
30-Dec-23	17	$14,599	12	99	15	$2,714	2	$11,885
23-Dec-23	23	$4,182	13	219	16	$1,813	7	$2,370
16-Dec-23	13	$16,436	13	280	7	$15,150	5	$1,286
9-Dec-23	26	$14,633.90	17	244	16	$8,095	10	$6,538.90
2-Dec-23	13	$6,720	9	57	12	$6,630	1	$90
25-Nov-23	9	$4,835	9	131	6	$1,785	3	$3,050
18-Nov-23	22	$6,568.70	17	184	14	$4,709.20	8	$1,859.50
11-Nov-23	15	$9,825	13	179	12	$6,581	3	$3,244
4-Nov-23	15	$20,582.50	14	193	12	$19,417.50	3	$1,165
28-Oct-23	18	$68,419.10	18	152	15	$66,646	3	$1,773.10
21-Oct-23	16	$6,755.90	16	165	15	$6,755.90	1	$3
14-Oct-23	14	$67,851.20	13	125	9	$61,998.50	5	$5,852.70
7-Oct-23	17	$6,595.50	13	228	16	$5,995.50	1	$600
30-Sep-23	17	$1,896.45	13	189	14	$806.45	3	$1,090
23-Sep-23	23	$6,432.70	17	230	16	$1,402.80	7	$5,029.90
16-Sep-23	25	$23,226.70	23	353	16	$17,239	9	$5,987.70
9-Sep-23	12	$6,369	8	102	7	$4,311	5	$2,058
2-Sep-23	14	$2,522	6	92	13	$1,322	1	$1,200
26-Aug-23	17	$12,160.25	13	202	15	$6,573.25	2	$5,587.00
19-Aug-23	19	$11,505	13	213	15	$11,255	4	$250
12-Aug-23	19	$9,698.80	13	184	7	$3,270	12	$6,428.80
5-Aug-23	13	$5,201	12	118	12	$5,051	1	$150
29-Jul-23	15	$21,031.60	13	196	11	$18,292.00	4	$2,739.60
22-Jul-23	18	$3,992	12	130	13	$2,808	5	$1,184
15-Jul-23	13	$8,254.95	13	81	13	$8,254.95	0	0
8-Jul-23	16	$5,441.45	12	172	11	$2,443	5	$2,998.45
1-Jul-23	16	$6,872	10	105	12	$5,474	4	$1,398
24-Jun-23	13	$10,914	16	201	10	$7,874	3	$3,040
17-Jun-23	17	$5,880.70	15	151	15	$4,705.70	2	$1,175
10-Jun-23	19	$8,516.10	13	111	16	$6,252.40	3	$2,263.70
June 3 2023	12	$6,104.42	12	138	8	$4,256.92	4	$1,847.50
27-May-23	17	$12,200	10	67	11	$6,165	6	$6,035
20-May-23	11	$22,458.10	8	103	4	$19,455	7	$3,003
13-May-23	12	$7,034	10	101	8	$5,460	4	$1,574
6-May-23	20	$3,297.60	18	196	17	$2,985.60	3	$312
29-Apr-23	23	$3,691.20	18	135	17	$1,969.70	6	$1,721.50
22-Apr-23	16	$5,570	14	104	14	$4,750	2	$1,000
15-Apr-23	12	$23,818.10	9	59	10	$21,618.10	2	$2,200
8-Apr-23	16	$7,949	9	173	9	$5,472	7	$3,477
1-Apr-23	21	$18,676.70	12	175	11	$10,926.70	10	$7,750
25-Mar-23	15	$8,779.50	10	141	5	$2,362	10	$6,416.50
18-Mar-23	7	$14,048.80	6	69	5	$13,345	2	$703.80
11-Mar-23	21	$11,576	16	165	16	$8,131	5	$3,445
4-Mar-23	20	$9,668	11	228	16	$8,209	4	$1,459
25-Feb-23	13	$5,335	13	130	12	$4,235	1	$1,200
18-Feb-23	14	$5,743.70	13	158	8	$898.70	6	$4,845
11-Feb-23	16	$12,088	12	137	12	$9,965	4	$2,123
4-Feb-23	17	$8,066	15	140	13	$5,614	4	$2,452
28-Jan-23	7	$2,180	7	75	5	$1,692.75	2	$488
21-Jan-23	17	$5,768	16	174	12	$1,918	5	$3,850
14-Jan-23	11	$2, 800	10	102	8	$421	3	$2,400
7-Jan-23	18	$8,296	11	167	14	$6,461	3	$1,835
31-Dec-22	14	$2,732	11	99	12	$2,092	2	$640
17-Dec	14	$7,919	13	115	12	$7,419	1	$500
10-Dec-22	14	$10,093	12	88	11	$7,093	3	$3,000
3-Dec-22	26	$12,800.90	11	172	20	$4,141	6	$8,659.90
26-Nov-22	8	$2,266.70	8	5	3	$76	5	$2,190.70
19-Nov-22	21	$2,886	15	212	19	$2,550	2	$336
12-Nov-22	13	$15,093.70	9	81	9	$14,200	4	$893.70
5-Nov-22	25	19,337.20	16	509	22	$8,267.20	3	$11,070
29-Oct-22	15	$7,805.30	9	116	14	$7,180.30	1	$625
22-Oct-22	20	$8,193.50	13	253	13	$5,442	7	$2,751.50
15-Oct-22	9	$3,046.10	9	139	7	$2,588.30	2	$457.80
8-Oct-22	19	$2,011.80	12	114	16	$833.80	3	$1,178
1-Oct-22	23	$5,532.90	16	156	18	$4,952.30	5	$580.60
24-Sep-22	18	$5,194	14	216	15	$4,050	3	$1,144
17-Sep-22	21	$8,352.30	12	320	15	$4,759.60	6	$3,592.70
10-Sep-22	15	$19,853.50	10	126	13	$19,403.60	2	$450
3-Sep-22	9	$2,312	9	62	9	$2,312	0	0
27-Aug-22	16	$30,891.70	10	135	15	$30,666.40	1	227.7
20-Aug-22	12	$1,977	8	152	9	925	3	$1,052
13-Aug-22	18	$8,004.70	11	242	11	$2,844.70	7	$5,160
6-Aug-22	24	$7,948.90	12	240	17	$3,577	7	$4,371.90
30-Jul-22	8	$6,941	9	78	7	$6,839	1	$102
23-Jul-22	11	$801	11	92	10	$801	1	0
16-Jul-22	14	$3,650	10	122	14	$3,650	0	0
9-Jul-22	10	$3,557.70	7	68	9	$3,557.70	1	0
2-Jul-22	18	$8,609.40	13	152	15	$2,754.40	3	$5,855
25-Jun-22	15	$6,142	13	146	9	$2,017	6	$4,125
18-Jun-22	17	$11,890.10	14	228	15	$11,410	2	479.7
11-Jun-22	17	$7,600	12	123	10	$2,300	7	$5,300
4-Jun-22	12	$2,937	10	127	9	$692	3	$2,245
28-May-22	9	$3,197.60	11	86	9	$3,197.60	0	0
21-May-22	14	$7,284.50	12	185	11	$6,609	3	$675.50
14-May-22	11	$306.60	9	80	10	$306.60	1	$225
7-May-22	16	$10,451.75	12	108	12	$1,827	4	$8,624.75
30-Apr-22	16	$2,296.50	16	157	12	$895.50	4	$1,401
23-Apr-22	10	$2,241	11	58	8	$1,641	2	$600
16-Apr-22	11	$6,643	7	156	8	$2,359	3	$4,284
9-Apr-22	17	$4,429	14	184	11	$1,690	6	$2,739
2-Apr-22	13	$1,755	8	84	10	$1,145	3	$610
26-Mar-22	11	$3,205	8	65	6	$200	5	$3,005
19-Mar-22	13	$2,239.17	9	106	13	$2,239.17	0	0
12-Mar-22	18	$12,016	11	239	15	$11,965	2	$51.35
5-Mar-22	17	$6,786	13	137	13	$5,161	4	$1,625
26-Feb-22	12	$5,095	8	149	9	$4,437.50	3	$658
19-Feb-22	17	$22,229	17	174	14	$21,354	3	$875
12-Feb-22	12	$2,344.70	10	73	8	$641.70	4	$1,703
5-Feb-22	11	$2,503	8	99	11	$2,503	0	0
29-Jan-22	11	$3,872	12	101	12	$3,872	0	0
22-Jan-22	13	$5,143.50	10	99	12	$4,842.50	1	$301
15-Jan-22	12	$7,605	9	155	9	$6,480	3	$1,025
8-Jan-22	13	$8,256.20	11	102	13	$8,256.20	0	0
1-Jan-22	9	$1,273.80	6	50	9	$1,273.80	0	0
25-Dec-21	21	$4,734.75	11	176	16	$3,410	5	$1,324.75
18-Dec-21	26	$7,325.20	15	193	18	$3,640.20	8	$3,685.20
11-Dec-21	16	$5,017	10	109	13	$1,417	3	$3,600
4-Dec-21	14	$2,310	8	86	8	$2,310	6	$1,882.05
27-Nov-21	9	$3.460.1	10	101	6	$1,758	3	$1,702.60
20-Nov-21	20	$22,792	15	157	12	$18,864.50	8	$3,928
13-Nov-21	21	$26,729	12	178	13	$11,822	8	$14,907
6-Nov-21	12	$8,303	13	157	10	$6,682	3	$1,621
30-Oct-21	21	$10,368	15	218	15	$9,24.4	6	$1,103.00
23-Oct-21	21	$18.783.1	15	222	11	$12,314	10	$6,468.60
16-Oct-21	15	$3,868	11	118	15	$2,293	2	$1,575
9-Oct-21	20	$8,610	16	175	16	$7,795	4	$815
2-Oct-21	14	$6,250	11	137	10	$5,200	4	$1,050
25-Sep-21	11	$11,460	9	93	7	$10,200	4	$1,250
18-Sep-21	11	$16,603	8	99	8	$15,084	3	$1,519
11-Sep-21	17	$10,653	11	103	13	$8,503	4	$2,150
4-Sep-21	13	$7,222	10	89	11	$6,715	2	$507
28-Aug-21	12	$763	9	63	11	$663	1	$100
21-Aug-21	12	$29,659	7	79	11	$29,579	1	$80
14-Aug-21	22	$17,845	11	199	12	$12,805	10	$5,04
7-Aug-21	17	$13,670	12	139	15	$11,766	2	$1,904
31-Jul-21	21	$8,160	11	134	10	$3,574	10	$4,586
July 24,2021	21	$6,367	11	139	15	$3,712	6	$2,655
17-Jul-21	14	$4,009	11	124	12	$2,015	2	$1,994
10-Jul-21	16	$3,997	13	143	11	$1,597	4	$2,4
3-Jul-21	24	$7,492	13	94	16	$3,769	8	$3,722
26-Jun-21	10	$4,995	7	85	8	$3,847	2	$1,148
19-Jun-21	28	$16,830	8	228	9	$1,861	19	$14,968
12-Jun-21	26	$27,238	15	209	19	$25,602	7	$1,636
5-Jun-21	15	$15,539	13	100	13	$14,709	2	$600
29-May-21	35	$20,279	11	145	28	$18,64	7	$1,639
22-May-21	24	$53,208	14	174	17	$51,047	7	$2,161
15-May-21	18	$10,620	13	220	11	$5,870	7	$4,809
8-May-21	17	$10,400	11	156	15	$8,386	2	$2,500
1-May-21	21	$7,200	16	115	12	$3,808	9	$3,392
24-Apr-21	8	$20,200	9	31	8	$20,200	0	0
17-Apr-21	14	$6,270	8	102	11	$40,180	3	$2,260
10-Apr-21	15	$8,940	13	129	14	$7,990	1	$950
3-Apr-21	18	$19,513	10	151	12	$16,923	6	$2,590
27-Mar-21	27	$13,942	15	244	14	$4,300	13	$9,633.50
20-Mar-21	11	$2,046	4	102	3	$270	8	$1,776
13-Mar-21	15	$3,270	9	109	6	$538	9	$2,732
6-Mar-21	24	$13,617	10	196	13	$10,395	11	$3,222
27-Feb-21	19	$8,105	12	139	15	$4,970	4	$3,135
20-Feb-21	9	$8,820	9	153	8	$8,520	1	$300
13-Feb-21	12	$4,852.60	7	81	7	2,766	5	$2,086.60
6-Feb-21	18	$9,752	13	153	14	$5,222	4	$4,530
30-Jan-21	18	$9,449	9	182	15	$8,753.80	3	$695.30
23-Jan-21	14	$8,150	8	118	6	$4,000	8	$4,150
16-Jan-21	17	$6,783	13	138	11	$2,400	6	$4,382.90
9-Jan-21	22	$6,829	14	135	18	$3,139.30	4	$3,690
2-Jan-21	7	$1,466	7	60	7	$1,466	0	0
26-Dec-20	18	$15,900	12	163	16	$5,300	1	$600
19-Dec-20	18	$9,769	14	110	14	$8,426	4	$1,343
12-Dec-20	10	$7,200	9	100	9	$3,325	1	$3,830
5-Dec-20	15	$4,261	9	122	9	$2,780	6	$1,481
28-Nov-20	19	$7,758	10	110	13	$4,003	6	$3,755
14-Nov-20	14	$864.10	14	157	12	$289.10	2	$575
7-Nov-20	13	$6,332	9	129	9	$2,483.50	4	$3,849
31-Oct-20	10	$3,995.80	8	103	6	$3,231.10	4	$754.70
24-Oct-20	6	$18,100	6	58	5	$17,709	1	$350
17-Oct-20	8	$351.90	5	55	8	$351.90	0	0
10-Oct-20	7	$5,229	3	50	4	$735	3	$4,494
3-Oct-20	14	$21,428	9	173	9	$17,535	5	$3,893
26-Sep-20	10	$12,770	8	93	5	$10,300	5	$2,470
19-Sep-20	14	$8,365	9	101	6	$1,020	8	$7,345
12-Sep-20	6	$4,406	8	59	3	$1,270	3	$3,136
5-Sep-20	11	$5,191	8	117	9	$4,061	2	$1,130
29-Aug-20	11	$2,531	9	94	5	$1,130	6	$1,401
22-Aug-20	18	$6,574	12	140	7	$1,930	11	$4,644
15-Aug-20	13	$4,991	10	97	7	$1,216	6	$3,775
8-Aug-20	12	$32,092	11	112	9	$30,457	3	$1,635
1-Aug-20	7	$5,287	8	76	5	$3,687	2	$1,600
25-Jul-20	9	$18,751	6	67	7	$18,403	2	$348
18-Jul-20	6	$1,982.50	5	50	4	$1,407.50	2	$575
11-Jul-20	11	$565.10	12	75	10	$65.10	1	$500
4-Jul-20	10	$8,889	8	98	9	$8,788	1	$100.30
27-Jun-20	8	$6,874	10	50	5	$4,972.50	3	$2,081.50
20-Jun-20	12	$4,444	9	115	7	$2,829	5	$1,615
13-Jun-20	6	$3,582	4	37	2	$350	4	$3,232
6-Jun-20	11	$3,213.70	8	65	7	$470	4	$2,743.70
30-May-20	8	$7,335	7	48	6	$4,639	2	$2,697
23-May-20	4	$432.40	4	34	3	$432.40	1	0
16-May-20	6	$310	6	34	5	$310	1	0
9-May-20	18	$5,630	16	124	14	$3,180	4	$2,450
2-May-20	15	10,400	10	90	8	$1,900	7	$,8,500
25-Apr-20	8	$3,400	9	36	5	$1,000	3	$2,450
18-Apr-20	19	$9,500	14	92	8	$185.70	11	$9,360
11-Apr-20	12	$6,000	9	40	5	$190	7	$5,800
4-Apr-20	14	$8,200	11	68	10	$2,200	4	$6,000
28-Mar-20	16	$6,500	13	96	10	$3,700	6	$2,800
21-Mar-20	11	$11,910	7	33	7	$2,250	4	$9,960
14-Mar-20	7	809.8	6	34	6	684.8	1	125
7-Mar-20	16	$2,500	15	70	13	$669	3	$1,400
29-Feb-20	13	$15,260	13	128	11	$11,760	2	$3,500
22-Feb-20	12	$3,700	10	92	10	$2,560	2	$1,130
15-Feb-20	16	$1,250	10	84	12	$35	4	$1,222
8-Feb-20	18	$6,080	14	123	14	$2,595	4	$3,485
1-Feb-20	21	$20,900	12	101	14	$17,860	7	$3,060
25-Jan-20	13	$7,430	13	62	12	$6,430	1	$1,000
18-Jan-20	23	$9,580	15	120	19	$6,580	4	$3,000
11-Jan-20	21	$14,200	18	199	16	$1,020	5	$13,200
4-Jan-20	22	$6,400	11	119	16	$3,204	6	$3,245
28-Dec-19	22	$7,150	19	175	18	$6,800	4	$327.40
14-Dec-19	24	$36,300	23	167	19	$9,500	5	$26,800
7-Dec-19	11	$10,400	11	55	7	$1,082	4	$9,370
November 30. 2019	14	$2,450	12	126	12	$1,760	2	$692.50
23-Nov-19	16	$1,995	10	41	11	$615	5	$1,380
16-Nov-19	15	$3,820	13	135	11	$2,500	4	$1,271
9-Nov-19	25	$12,900	17	182	23	$12,200	2	$575
2-Nov-19	10	$2,470	12	61	9	2,450	3	$22
26-Oct-19	12	$5,560	14	70	11	$3,860	1	$1,700
19-Oct-19	8	$6,600	8	138	8	$6,600	0	0
12-Oct-19	19	$4,300	14	55	16	$3,800	3	$500
5-Oct-19	18	$14,500	19	166	15	$11,100	3	$3,400
28-Sep-19	19	$8,100	18	132	18	$7,560	1	$550
21-Sep-19	14	$6,300	16	66	11	$2,160	3	$4,170
14-Sep-19	15	$23,800	12	56	11	$21,250	4	$2,570
7-Sep-19	17	$3,500	15	98	14	$1,900	3	$1,600
31-Aug-19	5	$8,700	6	50	5	$8,700	0	0
24-Aug-19	16	$10,000	14	82	15	$4,250	1	$5,750
16-Aug-19	10	$1,680	5	52	7	$650	3	$950
9-Aug-19	17	$17,700	15	68	14	$3,900	3	$13,800
2-Aug-19	13	$5,760	12	108	13	$5,760	NA	NA
27-Jul-19	11	$7,300	13	76	8	$6,570	3	$730
20-Jul-19	13	$11,800	13	125	11	$5,300	2	$6,500
13-Jul-19	10	$775	7	46	8	$542.50	2	$233
6-Jul-19	7	$2,500	9	85	7	$2,500	0	0
29-Jun-19	23	$8,290	15	154	17	$2,300	6	$5,970
22-Jun-19	17	$10,700	10	139	14	$7,700	3	$3,000
15-Jun-19	11	$13,500	14	160	11	$13,500	NA	NA
8-Jun-19	13	$2,870	17	55	11	$1,570	2	$1,300
1-Jun-19	10	$4,460	11	60	8	$4,140	2	$315
25-May-19	17	$4,360	14	79	14	$3,700	3	$612
18-May-19	22	$9,000	17	150	16	$3,400	6	$5,600
11-May-19	18	$19,800	17	177	15	$18,300	3	$1,500
4-May-19	10	$7,075	6	32	8	$6,900	2	$175
27-Apr-19	15	$3,200	14	117	14	$3,160	1	$40
20-Apr-19	13	$13,500	10	90	9	$12,200	4	$1,300
13-Apr-19	16	$38,900	14	91	14	$37,800	2	$1,100
6-Apr-19	12	$6,870	11	94	10	$6,730	2	$50
30-Mar-19	15	$6,470	12	84	10	$7,91.5	5	$5,677
23-Mar-19	18	$6,450	14	91	14	$5,042	4	$1,408
16-Mar-19	14	$10,180	12	115	11	$8,800	3	$1,300
9-Mar-19	9	$1,800	6	49	8	$1,300	1	$500
2-Mar-19	20	$3,033	16	107	14	$1,817	6	$1,262
23-Feb-19	12	$2,040	8	69	9	$614.60	3	$1,430
16-Feb-19	16	$9,970	18	77	16	$9,970	0	0
9-Feb-19	14	$6,400	10	110	14	$6,400	0	0
2-Feb-19	18	$6,740	15	99	16	$5,720	2	$950
26-Jan-19	13	$2,770	11	67	11	$918.95	2	$1,850
19-Jan-19	15	$3,819	16	76	12	$2,594	3	$1,225
12-Jan-19	18	$7,283	14	92	15	$1,683	3	$5,600
5-Jan-19	10	$529	12	50	10	$529	0	0
22-Dec-18	17	$2,570	13	87	14	$941	3	$1,629
15-Dec-18	10	$2,860	8	26	8	$264	2	$2,600
8-Dec-18	15	$1,819	16	65	12	$552	3	$1,267
1-Dec-18	12	$7,500	10	90	9	$1,200	3	$6,200
28-Nov-18	15	$4,500	11	107	14	$4,000	1	$500
19-Nov-18	18	$6,137	13	98	13	$2,142	5	$3,995
14-Nov-18	18	$9,200	13	152	15	$8,500	3	$694
6-Nov-18	16	$17,300	16	183	14	$16,361	2	$950
29-Oct-18	14	$14,400	18	127	17	$13,800	1	$600
24-Oct-18	13	$6,140	13	126	11	$5,122	2	$1,018
17-Oct-18	18	$18,390	15	125	14	$12,292	4	$6,098
10-Oct-18	29	$3,149	18	104	20	$1,647	9	$819
2-Oct-18	18	$9,300	11	67	14	$7,300	4	$2,000
25-Sep-18	13	$7,000	11	75	10	$6,000	3	$995
18-Sep-18	9	$3,570	7	44	9	$3,570	0	0
11-Sep-18	13	$5,900	10	132	13	$5,900	0	0
7-Sep-18	14	$5,000	15	86	11	$4,000	3	$1,000
29-Aug-18	15	$20,700	14	79	13	$4,700	2	$16,000
20-Aug-18	10	$12,400	11	53	8	$11,380	3	$1,057
14-Aug-18	12	$19,900	12	132	9	$18,889	3	$1,011
7-Aug-18	16	$68,600	11	106	13	$67,259	3	$1,340
31-Jul-18	15	$15,100	15	95	11	$13,060	4	$2,060
23-Jul-18	13	$2,130	15	60	10	$1,804	3	$1,100
17-Jul-18	14	$5,370	17	98	9	$4,310	5	$1,100
9-Jul-18	16	$11,200	15	74	10	$11,080	6	$862
3-Jul-18	13	$7,000	7	81	12	$6,330	1	$750
25-Jun-18	15	$8,800	13	97	9	$4,970	6	$3,930
18-Jun-18	13	$14,200	14	80	7	$221	6	$14,290
11-Jun-18	12	$6,300	8	96	8	$5,910	4	$803
6-Jun-18	13	$14,500	10	88	8	$14,154	5	$579
31-May-18	11	$4,890	10	63	8	$3,240	3	$1,790
22-May-18	15	$20,400	11	63	9	$19,808	6	$885
15-May-18	15	$4,700	15	106	10	$3,900	5	$643
9-May-18	11	$1,400	13	88	9	$1,300	2	$560
1-May-18	8	$14,250	7	88	7	$13,400	1	$450
24-Apr-18	12	$5,300	6	61	11	$4,470	1	$800
17-Apr-18	9	$1,800	10	44	7	$2,330	2	$1,434
11-Apr-18	11	$2,500	8	32	6	$1,690	5	$809
3-Apr-18	15	$13,400	11	121	9	$12,020	6	$1,090
28-Mar-18	10	$4,000	10	92	7	$3,870	3	$215
19-Mar-18	17	$5,800	13	51	10	$590	7	$5,165
12-Mar-18	15	$3,130	11	43	11	$2,360	4	$788
6-Mar-18	19	$5,400	13	116	10	$1,530	9	$4,860
27-Feb-18	20	$6,600	13	69	14	$5,530	6	$1,030
19-Feb-18	15	$5,500	14	111	10	$3,990	6	$1,980
12-Feb-18	23	$10,900	17	157	12	$7,110	11	$3,840
5-Feb-18	16	$8,600	13	100	7	$1,330	9	$7,800
30-Jan-18	11	$12,600	11	68	5	$7,300	6	$4,982
24-Jan-18	19	$9,400	15	129	5	$2,010	14	$7,337
18-Jan-18	10	$6,280	8	49	2	$2,100	8	$4,188
9-Jan-18	12	$16,500	12	92	9	$15,890	3	$475
3-Jan-18	10	$2,500	9	47	8	$2,350	2	$150
27-Dec-17	15	$9,000	15	113	9	$7,568	6	$1,784
18-Dec-17	15	$13,800	16	164	9	$13,010	7	$1,118
11-Dec-17	14	$9,700	10	126	12	$2,940	4	$8,500
4-Dec-17	6	$1,800	6	31	5	$1,510	1	$300
28-Nov-17	7	$3,850	8	76	4	$3,260	3	$285
16-Nov-17	10	$2,700	10	48	6	$1,840	4	$856
8-Nov-17	15	$2,380	17	91	10	$1,860	5	$516
1-Nov-17	12	$4,700	17	94	9	$3,400	4	$1,300
23-Oct-17	15	$10,500	10	67	10	$9,780	4	$1,530
18-Oct-17	6	$2,000		37	3	$225	3	$1,820
10-Oct-17	12	$6,570		100	9	$3,880	3	$3,360
2-Oct-17	8	$3,100	11	19	3	$1,630	5	$1,750
25-Sep-17	8	$4,880	8	79	5	$2,660	5	$2,070
18-Sep-17	9	$4,770			3	$300	6	$4,470
12-Sep-17	11	$4,430			8	$2,030	3	$2,400
1-Sep-17	4	$1,310			3	$317	1	$1,000
23-Aug-17	11	$13,640	9		8	$11,840	3	$1,800

M&A/Fundings

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)

Shell Outside Legal Counsel: Norton Rose Fulbright

NRF Lead Lawyers: Becky Diffen (Austin) and Erin Mitchell (Houston); On finance: Ben Koenigsberg (New York)

Texas Lawyers: Lauren Thomas (Austin), Mike Stimson (Austin), Caileen Kateri Gamache (Houston), 

Elsewhere: David Burton (New York),  Shaileen Berlas (New York), Christine Fernandez Owen (Chicago), Jared Kaplan (Chicago),  Scott Burton (Los Angeles), Sameer Mullji, (Los Angeles, Dylan Gera (Los Angeles), Marjorie Glover (New York), Arshia Asif (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.