CDT Roundup: Data Centers Continue to Dominate as $16B Week Defies Oil’s Downshift

The week ending Aug. 9 was a strong one by any measure: 19 deals for $16 billion. It follows 17 deals at $19 billion the week prior and compares very favorably with 20 deals for $12 billion this time last year.

There were, of course, a healthy number involving data centers or data center infrastructure. Those will be moving the dial for a while. But the word that best describes the week is “wrinkled.”

There were lots of wrinkles. Three deals weren’t reported so much as revealed — two as footnotes in Q2 earnings reports, one in a letter to Diamondback shareholders. A major solar deal emerged from a complex bankruptcy case in the Southern District of Texas. A minor solar deal saw a Texas solar project sold to a Turkish investor. And a de-SPAC merger between two oil & gas hedgers involved so many moving parts it took six law firms to keep track.

But back to that Diamondback letter to shareholders. In a letter to shareholders in May, Diamondback CEO Travis Stice caused a stir with a pretty simple pronouncement: the success of shale oil and gas retrieval had been so successful that the company was witnessing maturation saturation, and that it was time to put on the capex brakes.

“To use a driving analogy, we are taking our foot off the accelerator as we approach a red light. If the light turns green before we get to the stoplight, we will hit the gas again, but we are also prepared to brake if needed.”

In the company’s new letter to shareholders written by the company’s new CEO Kaes Van’t Hof, the company believes, despite some pushback, that nothing has really changed. Says Van’t Hof:

“Since the publishing of that letter, most of the macro uncertainty we discussed remains. We continue to believe that, at current oil prices, U.S. shale oil production has likely peaked and activity levels in the Lower 48 will remain depressed.”

U.S. oil-directed rig count has declined by approximately 60 rigs this year — 59 rigs in the second quarter — and the active completion crew count in the Permian has declined 25% from 2024.

“With volatility and uncertainty persisting, we see no compelling reason to increase activity this year,” says the new CEO — in much the same voice as the old one.

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
30-Aug-25	10	$6,569	9	109	7	$3,519	3	$3,050
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

Brookfield Acquires 19.7% Stake in Duke Energy Florida for $6B

Deal Description: Global investment firm Brookfield Asset Management acquired a 19.7% stake in Duke Energy Florida for $6 billion. In a news release Tuesday, Duke Energy said it plans to use proceeds to further its energy modernization strategy and reduce debt. The companies said Brookfield will provide Florida Progress with $2.8 billion cash early next year upon close, following regulatory approval. As part of the deal announced Tuesday, Brookfield will invest another $200 million by the end of 2026 with an additional $2 billion in 2027 and the final $1 billion in 2028. Brookfield, which moved its global headquarters to Manhattan from Toronto in November, said it has the option to acquire its interest sooner. Kirkland & Ellis is advising Brookfield on the deal. Skadden, Arps, Slate, Meagher & Flom is serving as Duke Energy’s legal advisor. For more details, please see our daily coverage here.

Western Midstream to Acquire Aris Water Solutions for $1.5B

Deal Description: Advancing its Permian interests in the scarce and critical West Texas element of water, Western Midstream Partners announced its $1.5 billion cash and stock acquisition of Aris Water Solutions. Under terms of the transaction, Aris shareholders would receive 0.625 common units of Western Midstream for each of their shares or up to $25.00 per share as a cash option that would involve up to $415 million in cash. After closing, Aris shareholders are expected to own about seven percent of Western Midstream. Vinson & Elkins advised Western Midstream, while Gibson Dunn & Crutcher counseled Aris and Morris, Nichols, Arsht & Tunnell advised the Aris Audit Committee. For more details see our daily coverage here.

ConocoPhillips sells Anadarko assets to Flywheel Energy for $1.3B

ConocoPhillips said it has agreed to sell 300,000 net acres in the Anadarko shale formation to Flywheel Energy. Flywheel, based in Oklahoma City, is backed by Stone Ridge Energy. The assets produce about 39 million barrels of oil equivalent per day. The company revealed the sale in its announcement of Q2 earnings. The company says it has surpassed the $2 billion mark in $5 billion of planned debt reductions. Haynes Boone advised ConocoPhillips on the deal. For more information on this transaction, please see our daily coverage here.

FTAI Infrastructure to acquire Wheeling & Lake Erie Railway for $1.05B

Deal Description: FTAI Infrastructure Inc. announced this week the acquisition of Wheeling Corp. and its railroad subsidiaries — The Wheeling & Lake Erie Railway Co. and Akron Barberton Cluster Railway Co. — for $1.05 billion. The Wheeling & Lake Erie line is a regional freight railroad serving more than 250 customers over 1,000 miles of track in Ohio, Pennsylvania, West Virginia and Maryland. The ABC is a terminal switching carrier serving greater Akron, Ohio. The Wheeling & Lake Erie Railway connects to Transtar’s Union Railroad Co. outside of Pittsburgh. New York-based FTAI bought Transtar from U.S. Steel in June 2021 for $640 million. FTAI Chief Executive Ken Nicholson said a key focus for the company is growing its freight rail platform, he expects the combined freight rail segment to generate approximately $200 million of annual adjusted EBITDA by the end of 2026. FTAI said it plans to issue new debt in the capital markets to finance the deal, which is expected to close in Q3 2025.

FTAI Financial Advisors: Barclays, Deutsche Bank (both made debt commitments)

FTAI Outside Legal Counsel: Sidley Austin and Skadden, Arps, Slate, Meagher & Flom

Skadden Lead Lawyers: Michael Schwartz (New York), Jennifer Friedman (New York), Shaylyn Harper (Toronto), Abigail Johnson (New York), Anna Egas (New York), Yihan (Helena) Zhao (New York)

Sidley Lead Lawyers: Terry Hynes (Washington, D.C.), Chris Folmsbee (Houston) and Marc Korman (Washington, D.C.)

Texas Lawyers: Chanse Barnes (Houston), Candace Liang (Houston), Alexander Thompson (Houston)

Elsewhere: MK Han (New York), Stephen Laudone (Washington, D.C.), Eric Wolf (New York), Laura Lee (New York), Maureen Crough (New York), Sarah Jehl (Chicago), Scott Goldstein (Chicago), Cathryn Regulski (Washington, D.C.), Emily Wajert (Los Angeles), Sam Hulsey (New York), Elizabeth McCloy (Chicago), Brandon Bryer (Chicago), Suresh Advani (Chicago), Rachel Keinberg (Palo Alto)

W&LE Outside Legal Counsel: Calfee Halter & Griswold; Fletcher & Sippel

Occidental sells $950M of assets, with $580M NG Processing to Enterprise Products

Deal Description: Occidental Petroleum announced that it had sold $950 million in Permian Basin upstream assets in a series of four previously undisclosed transactions since the start of the second quarter. Approximately $370 million of those transactions, for what the company describes as “non-core” assets, have already closed. Oxy announced the sale along with adjusted earnings per diluted share of $0.39. The asset sales are part of a debt-reduction plan related to Oxy’s $12 billion acquisition of CrownPoint Energy, which closed in August 2024. For more details see daily coverage here.

FW-based Presidio Petroleum to go public in $479M de-SPAC merger

Deal Description: Presidio Petroleum announced Aug. 5 its plan to go public through a de-SPAC merger with EQV Ventures Acquisition Corp., a blank check company sponsored by the EQV Group. The combined company will be named Presidio Production Company and, because Presidio is headquartered in Fort Worth, will be traded on the NYSE under the ticker symbol “FTW.” EQV is based in Park City, Utah. The company plans to operate as an oil and gas production company with an emphasis on the acquisition and optimization of producing assets through hedging and trade. Under the highly structured agreement Presidio will be acquired for $479 million, including $200 million of equity value and the assumption of $279 million in debt. The deal also includes the $59 million acquisition of EQV’s EQV Resources, along with PIPE investments and equity rollovers by Presidio management valued at $153 million, $357 million in EQV cash in trust from the August 2024 SPAC IPO and $122 million in preferred equity investment. The companies expect net production of 26,000 barrels of oil equivalent per day in 2025 from more than 2,000 oil and gas wells in Texas, Oklahoma and Kansas. Presidio co-chief executives Will Ulrich and Chris Hammack will retain their same posts in the combined company.

Presidio Financial Advisors: Cantor Fitzgerald (also placement agent), Citizens Bank (debt structuring)

EQV Financial Advisors: TD Cowen (also placement agent), BTIG (capital markets)

EQV Outside Legal Counsel: Kirkland & Ellis

Kirkland Lead Lawyers: William Benitez (Houston) and Michael Cline (Salt Lake City)

Texas Lawyers: Brennon Nelson (Houston), Julian Seguier (Houston), Billy Vranish (Houston), David Wheat (Dallas), Jon Nelsen (Austin), Lucas Spivey (Houston), James Andrew Bedotto (Dallas), Chad Smith (Houston), Albert Jou (Houston), Stephen Jacobson (Houston), Stephanie Jeane (Houston)

Presidio Outside Legal Counsel: Sidley Austin

EQV Resources Outside Legal Counsel: Baker Botts

BB Lead Lawyers: Doug Getten (Houston)

Texas Lawyers: Andrew Schulte (Houston), Clay Brett (Houston), Catherine Ellis (Houston); Parker Hinman (Houston), Cade Luedde (Houston), Brevan Ward (Houston), Alia Heintz (Houston), Megan Young (Houston), Andrew Crayden (Houston), Clint Culpepper (Austin), Jon Lobb (Houston), Jared Meier (Houston), Jason Loden (Dallas), Scott Nelson (Houston), Cynthia Washington (Dallas)

Elsewhere: Paul Luther (Washington, D.C.), Alex Reinert (Washington, D.C.), Marisa White (New York)

TD Cowen Outside Legal Counsel: Vinson & Elkins

V&E Lead Lawyers: Ramey Layne (Houston) and Layton Suchma (Houston)

Texas Lawyers: Caroline Oakley (Houston)

Presidio Management Outside Legal Counsel: Weil Gotshal & Manges

Weil Lead Lawyers: Omar Samji (Houston) and James Griffin (Dallas)

Texas Lawyers: Jonathan Macke (Dallas)

Elsewhere: Amanda Rotkel (New York)

Cantor Fitzgerald Outside Legal Counsel: King & Spalding

Devon buys out minority interests in Cotton Draw Midstream for $260

Deal Description: Devon Energy reported, along with its Q2 results, that it is paying $260 million to acquire all non-controlling interests in Cotton Draw Midstream, a natural gas gathering and processing operation in the Cotton Draw region of the Delaware Basin in West Texas and southeastern New Mexico. CDM was formed as a joint venture in 2019 by Devon and QL Capital Partners to help develop Devon assets in the region. CDM had been carried as a Variable Interest Entity for QL Partners and as independent of Devon for corporate purposes. As a result of the acquisition, Devon will no longer pay an estimated $50 million per year in distributions to non-controlling interestholders. Devon, headquartered in Oklahoma City, reported net earnings of $899 million, or $1.41 per share. The company also disclosed that its equity interest in the Matterhorn Pipeline, sold to I Squared in May, amounted to $372 million.

Devon Outside Legal Counsel: Skadden, Arps, Slate, Meagher & Flom

Skadden Lead Lawyers: Mingda Zhao (Houston) and Emery Choi (Houston)

Texas Lawyers: Nicholas Woodruff (Houston), Libby Rudolf (Houston)

Elsewhere: Trevor Allen (New York), Jamie Lassiter (Los Angeles), Tracey Chenoweth (New York), Yan Li (New York), Rita Sinkfield Belin (New York).

QL Partners Outside Legal Counsel: Kirkland & Ellis

Kirkland Lead Lawyers: Cyril Jones (Houston)

Texas Lawyers: Jordan Roberts (Houston), Scott Myers (Houston), David Wheat (Dallas), Joe Tobias (Dallas)

Diamondback letter reveals $138 million sale of Delaware assets

Deal Description: In an Aug. 4 letter to stockholders Midland-based Diamondback Energy announced the sale of producing non-operating assets in the Delaware Basin for $138 million to the Riverbend Energy Group. No date for the transaction was cited, but the letter notes that the deal came shortly after Diamondback’s $130 sale of its interest in the BANGL Pipeline, which closed in July. Both sales are part of Diamondback’s announced efforts to cut CAPEX while holding production volumes because of what they believe will be continuing depressed pricing for oil and gas for the duration of 2025.

Diamondback Outside Legal Counsel: Bracewell

Bracewell Lead Lawyers: Austin Lee (Houston) and Dean Hinderliter (Dallas)

Texas Lawyers: Jay Harper (Houston), Avery Steen (Houston)

GoodFinch Management, SunStrong to acquire Sunnova BR assets

Deal Description: On July 31, the U.S. Bankruptcy Court for the Southern District of Texas approved a sale of substantially all the assets of residential solar energy provider Sunnova to an ad hoc group of bondholders represented and controlled by Goodfinch Management. Austin-based SunStrong Management will take over the management of Sunnova’s solar assets and provide continuity service for former Sunnova customers. The sale of Sunnova’s residential solar servicing, operations and maintenance platform and its solar generation and storage portfolio was made in exchange for a credit bid of the debtor-in-possession financing, $25 million of cash consideration, and certain cure costs. The transaction is expected to close in August 2025. GoodFinch, headquartered in San Francisco, provided $90 million of debtor-in-possession financing.

GoodFinch/SunStrong Outside Legal Counsel: Norton Rose Fulbright

NRF Lead Lawyer: Eric Daucher (New York)

Texas Lawyers: Arthur Kimball-Stanley (Austin), Geren Brown (Dallas), George Khoukaz (Dallas), Spencer Brown (Dallas), Julie Goodrich Harrison (Houston)

Elsewhere: Kessar Nashat (New York), Benjamin Roth (New York), Anastasia Slivker (New York), Patrick Mock (New York), Patrick Narvaez (New York), Emily Hong (New York), Megan Musachio (New York), Charles Johnson (Sao Paolo), Michelle Meiselman (St. Louis)

Note: Norton also handled the SunPower Chapter 11 cases and an acquisition from the OYA Renewables Chapter 11 cases.

Summit Companies acquired with BlackRock exit

Deal Description: BlackRock-owned Summit Companies, a provider of fire and safety services and devices — and perhaps more importantly of computer room clean agent systems — announced Aug. 4 its sale to BDT & MSD Partners. Summit, acquired by BlackRock in 2021, is one of the largest fire & safety equipment providers in the nation with locations across 37 states. BDT & MSD is a merchant bank whose clients include the family interests of Michael Dell. Founded in 1999, Summit is headquartered in Mendota Heights, Minnesota. Terms of the agreement were undisclosed.

BDT & MSD Outside Legal Counsel: Davis Polk & Wardwell

Summit/BlackRock Financial Advisors: Baid, J.P. Morgan, Jefferies

Summit/BlackRock Outside Legal Counsel: Simpson Thacher & Bartlett

Simpson Lead Lawyers: Chris May (Houston) and Eli Hunt (New York)

Texas Lawyers: David Bumgardner (Houston), Caleb Martin (Houston), Adam Danciu (Houston), Farzin Khoshravan (Houston), Kaitlyn Greening (Houston) and Natalie Marionneaux (Houston)

Elsewhere: Mark Viera (New York), Marcy Geller (New York), Caroline Phillips (New York), George Rhein (New York), Jacob Chefitz (New York), Andrew Blau (New York), Allison Sutherland (Palo Alto), Benjamin Faber (New York), Mike Isby (New York), Ron Ben-Yehuda (Los Angeles), Christopher Brown (Washington, D.C.), Krista McManus (New York), Richard Jamgochian (New York), Mark Haddox (Washington, D.C.), Cem Islikci (Washington, D.C.), Peter Guryan (New York), Steven DeLott (New York)

HPS Partners close investment in Lido Advisors

Deal Description: Los Angeles wealth managers Lido Advisors said this week (Aug. 7) that it closed a strategic investment from BlackRock-backed HPS Investment Partners. Terms of the investment were undisclosed. HPS joins existing investors Charlesbank Capital Partners and Constellation Wealth Capital. Since January of 2024, Lido says it has grown from $19 billion to $30 billion in assets under management by 40 offices nationwide. HPS, located in New York City, claims $157 billion in AUM. The private credit company was acquired by BlackRock for $12 billion in a deal announced in December 2024.

Lido Financial Advisors: Ardea Partners (lead), William Blair, Houlihan Lokey, Piper Sander.

Lido/Charlesbank Outside Legal Counsel: Ropes & Gray, Herrick Feinstein, Willkie Farr & Gallagher

Constellation Outside Legal Counsel: Gibson Dunn & Crutcher

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

Texas Lawyers: Andy Chen (Houston)

Elsewhere: Christopher Lee (Los Angeles), Daniel A. Zygielbaum (Washington, D.C.), Eve Mrozek (New York)

HPS Partners Outside Legal Counsel: Sidley Austin

National Tank & Equipment sold to Swedish buyers

Deal Description: 4-Horn Investments, which specializes in funding equipment rental companies, announced July 31 it is selling National Tank & Equipment to Power Technique of North America. Terms of the deal were not disclosed. National Tank is a provider of fluid transfer and storage equipment (pumps, storage tanks, filtration systems, etc.) reporting $218 million in revenues for calendar 2024. Both 4-Horn and National Tank are based in Pasadena, Texas. Atlas Copco is headquartered in Sweden.

4-Horn Outside Legal Counsel: Norton Rose Fulbright

NRF Lead Lawyer: John Bakht (Houston)

Texas Lawyers: Cassidy Tennyson (Dallas), Danielle Bodunrin (Houston)

HVAC giant Daikin acquires data center specialists DDC Solutions

Deal Description: Daikin Applied today announced Aug. 5 that it has entered into an agreement to acquire DDC Solutions, a San Diego-based developer of ultra-high-density cooling cabinets and Data Center Infrastructure Management software. Daikin Applied is the Minneapolis-based industrial subsidiary of HVAC giant Daikin Global, the largest HVAC provider in the world, reporting more than $29 billion in sales in home and commercial heating and refrigeration products and services. The acquisition will expand Daikin Applied’s data center infrastructure portfolio — adding in-room, rack-level products and processes for white space cooling. DDC is headquartered in San Diego. Terms of the deal were not disclosed.

DDC Financial Advisors: Lincoln International

Daikin Outside Legal Counsel: Gibson Dunn & Crutcher

Gibson Lead Lawyers: Stephen Olson (Houston) and Jonathan Sapp (Dallas)

Texas Lawyers: Gerald Kimani (Houston), Caroline Bakewell (Houston), Andrew Watson (Dallas), Michael Cannon (Dallas), Gina Hancock (Dallas), Kayoko Fong (Dallas),

Elsewhere: Yara Mansour (New York), Andrew Cline (Washington, D.C.)

Group 1 Automotive acquires Atlanta Mercedes-Benz dealership

Deal Description: Group1 Automotive, the Houston-based car sales conglomerate announced Aug. 5 that it has agreed to acquire the Atlanta luxury car dealership Mercedes-Benz of Buckhead. Terms were undisclosed. The acquisition brings the number of dealerships owned by Group 1 to 259 in the U.S. and the U.K. Since adding former Vinson & Elkins M&A partner Gillian Hobson to the fold as senior vice president, chief legal officer and corporate secretary, Group 1 has been on an acquisitions tear. According to filings with the SEC in the first six months of 2025, Group 1 acquired three luxury auto dealerships in the U.S. for $305.8 million and four dealerships in the U.K. for $16.4 million.

Sabanci Renewables to acquire McLennan County solar project

Deal Description: Sabanci Renewables, a Turkish-owned renewables platform, has agreed to acquire Project Pepper, a utility scale solar power project in McClennan County from San Antonio-based OCI Energy. Terms of the agreement were undisclosed. OCI Energy developed the 120 megawatt project, which is scheduled to be in full commercial operation by Q3 2027. Sabanci Renewables is a U.S. subsidiary of Sabanci Climate Technologies and Sanbanci Holdings, a conglomerate based in Istanbul. Sabanci Renewables now claims 660 MWdc of solar capacity either operational or under construction.

OCI Outside Legal Counsel: Sidley Austin

Sabanci Outside Legal Counsel: Troutman Pepper Locke

Troutman Lead Lawyer: Sarah Pylant (Richmond)

Texas Lawyers: Casey Bell (Austin), Andrew Nelson (Houston)

Elsewhere: Christine Byrnes (New York), Andrew Thurmond (Washington, D.C.),  Andrew Schifrin (New York), Alejandra Aponte (Philadelphia), Evelyn Lea (Atlanta), Rebecca Armstrong (New York), Charlene Goldfield (Washington, D.C.)

Capital Markets/Credit

ONEOK issues $3 billion in senior notes issues

Deal Description: ONEOK, the Tulsa-based midstream O&G operator, announced Aug. 6, $3 billion in notes over three issues: $750 million of 7-year senior notes at a coupon of 4.95 percent; a $1 billion offering of 10-year notes at a coupon of 5.40 percent, and a $1.25 billion offering of 30-year senior notes at a coupon of 6.25 percent. The company plans to pay off outstanding debt issues with the expected net proceeds of $2.96 billion.

Joint Bookrunners: Mizuho Securities, Deutsche Bank Securities, PNC Capital Markets, TD Securities, Truist Securities, CIBC World Markets, MUFG Securities Americas, RBC Capital Markets, Scotia Capital, SMBC Nikko Securities America, Wells Fargo Securities Co-Managers: Barclays Capital, Blaylock Van, BofA Securities, Citigroup Global Markets, Goldman Sachs, J.P. Morgan Securities, Morgan Stanley, Regions Securities, Roberts & Ryan, U.S. Bancorp Investments

ONEOK Outside Legal Counsel: Latham & Watkins

Latham Lead Lawyers: David Miller (Austin) and Samuel Rettew (Austin)

Texas Lawyers: Rachel Collier (Austin), Carol Bale (Austin), Saúl Aguirre-Villarreal (Austin), Tim Fenn (Houston), Jim Cole (Houston), Dominick Constantino (Houston)

Elsewhere: Joshua Marnitz (Los Angeles), Brian McCall (Orange County), Bruce Johnson (Washington, D.C.)

Quanta Services issues $1.5B in senior notes

Deal Description: Quanta Services, who last week acquired Dynamic Services for $1.375 billion, announced Aug. 4 the pricing of its public offering of three issues of $1.5 billion in senior notes. In the first, Quanta is offering $500 million of 4.300 percent senior notes due 2028 at 99.963 percent of face value. In the second, the company is offering $500 million of 4.500 percent senior notes due 2031 at 99.731 percent of face value. And in the third issue, the company is offering $500 million of 5.100 percent senior notes due 2035 at 99.705 percent of face value.

Underwriters: BofA Securities, Wells Fargo Securities, J.P. Morgan Securities, PNC Capital Markets, Truist Securities, BMO Capital Markets and U.S. Bancorp Investments, (joint book-running managers — 2028 notes); BofA Securities, Wells Fargo Securities, J.P. Morgan Securities, PNC Capital Markets, Truist Securities, BNP Paribas Securities and CIBC World Markets acted (joint book-running managers — 2031 notes) BofA Securities, Wells Fargo Securities, J.P. Morgan Securities, PNC Capital Markets, Truist Securities, Citizens JMP Securities and BBVA Securities (joint book-running managers — 2035 notes).

Quanta Outside Legal Counsel: Latham & Watkins

Quanta Lead Lawyers: Ryan Lynch (Houston) and Ryan Maierson (Houston)

Texas Lawyers: Clayton Heery (Houston), Ziyad Barghouthy (Houston), David Lee (Houston), Andy Sorensen (Houston), Tim Fenn (Houston), Jared Grimley (Houston), Molly Elkins (Houston), Andrew Abokhair (Austin)

Elsewhere: Josh Marnitz,(Los Angeles), Brandon Kerns (Los Angeles), Julie Crisp (Los Angeles), Joe Benedetto (Los Angeles) 

WhiteFiber launches $159M IPO

Deal Description: Artificial Intelligence and data center provider WhiteFiber Inc. announced Aug. 6 an upsized initial public offering of 9,375,000 shares at $17.00 per share. The IPO shares for the New York-based company began trading on the Nasdaq Capital Market on Aug. 7 under the symbol “WYFI.” WhiteFiber specializes in modular, scalable data co-location partners like Dell, NVidia, Asus and HewlettPackard Enterprise.

Underwriters: B. Riley Securities, Needham & Company (joint bookrunning managers), Macquarie Capital (bookrunner), Roth Capital (lead manager), Craig-Hallum (co-manager), Clear Street (co-manager)

WhiteFiber Outside Legal Counsel: White & Case

W&C Lead Lawyer: Laura Katherine Mann (Houston)

Texas Lawyers: Neil Clausen (Houston) Bryson Manning (Houston), Chanel Holmes (Houston), Brandon Wong (Houston), Daniel Quesenberry (Houston)

Elsewhere: Pratin Vallabhaneni (New York), Erica Hogan (New York), Nick Luciano (New York), Melissa Curvino (New York)

Hess signs $100M repurchase agreement

Deal Description: On Aug. 5, Hess Midstream announced a $100 million repurchase: $30 million of Class B units of Hess Midstream Operations from an affiliate of Chevron and $70 million of Class A shares from the public. Hess expects to fund the repurchases from its existing revolving credit facility.

Hess Conflicts Legal Counsel: Gibson Dunn & Crutcher

Gibson Lead Lawyer: Hillary Holmes (Houston)

Texas Lawyers: Stella Tang (Houston), To Nhu Huynh (Houston)

Late Arrivals and other matters…

John Cockerill, a manufacturer of electrolysers and refueling stations for carbon capture and the manufacture of green hydrogen with a “gigaplant” in Houston, announced the completion of a €116 million ($135 million) capital raise. Jones Day advised Fluxys Hydrogen, a major investor in the raise, but no Texas lawyers were mentioned.

Simpson Thacher Houston associate Andrew Mandelbaum manged to plunge the only Texas finger we could find in the $28 billion Paramount-Skydance merger pie. The 2016 University of Virginia School of Law grad had the only Texas shingle on a 42-lawyer STB team.

While we’re listing lonesome Texas lawyers Robert Brown, the Houston/Austin data security specialist for Latham & Watkins was the only Texas lawyers on a 32-lawyer crew that advised Joby Aviation on its $132 million acquisition of Blade Air Mobility’s passenger business. Likewise Latham’s Houston development partner Jonathan Katz answered the only Texas phone number among 43 Latham lawyers advising Apollo on its purchase of a majority stake in Stream Data Centers — even more notable because its corporate headquarters sits in Dallas.