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The Texas Lawbook

Free Speech, Due Process and Trial by Jury

  • Appellate
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  • Commercial Litigation
  • Corporate Deal Tracker
  • GCs/Corp. Legal Depts.
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CDT Roundup: From Corrugated to Crypto, Deals Keep Venturing Outside the Box

September 14, 2025 Allen Pusey & Jason Philyaw

The week that ended Sept. 13 saw 21 transactions valued at $21 billion. That doesn’t count the late arrivals and deals outside our usual space (See “Late Arrivals and other matters…” at the bottom of the Roundup). It’s a pretty good week when you average $1 billion per deal. For comparison, the week prior, we saw 19 deals for $8.5 billion and 24 deals for nearly $11 billion at this time last year.

But each week seems a bit stranger than the last. Last week seemed dominated by the unusual, with crypto strategies and 20-year SPAs for Texas LNG exports wagging heads for attention.

In a new deal for $17 billion, EchoStar salvaged value across more of its spectrum licensing, taking in $40 billion over the last few weeks.

Then there’s the $2.7 billion ATM filed by a Pennsylvania corrugated-box-manufacturer-turned-crypto-trader; an Austin-based quantum computer provider going public via SPAC, a major oil company moving into the manufacture of synthetic graphite, a Dallas-based consultancy acquiring a Guatemala-based high-tech workforce and an unincorporated Canadian REIT taken private by a Philadelphia real estate firm.

It’s not exactly original to observe, but perhaps it is time to consider that the unusual is the new usual.

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.

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
09-Sept-2519$8,6221219013$2,8806$8,622
30-Aug-2510$6,56991097$3,5193$3,050
23-Aug-2523$15,2071012918$14,5005$707
16-Aug-2513$26,405121497$3,1806$23,225
09-Aug-2519$16,0661624515$11,3074$4,759
02-Aug-2517$19,4801110413$18,0024$1,478
26-Jul-2515$3,164129612$3,00233$162
19-Jul-2514$6,08014979$4,1655$1,915
12-Jul-2515$13,0121420812$10,9023$2,110
05-Jul-259$15,7788914$7,2805$8,498
28-Jun-2513$7,77781547$2,0316$5,746
21-Jun-2516$5,9841011311$3,0875$2,897
14-Jun-259$4788133603$478
07-Jun-2516$26,2101119611$24,7445$1,466
31-May-2519$23,3811116612$18,6657$4,717
24-May-2515$24,0331112113$23,6242$409
17-May-2516$21,7601214511$18,6155$3,145
10-May-2524$33,1751620619$30,7655$2,410
03-May-2511$4,249139011$2,226.52$2,022.5
26-Apr-2512$8,78791689$6,0113$2,776
19-Apr-2511$8,09771389$7,9852$112
12-Apr-2513$2,392815210$2,0653$327
05-Apr-2519$27,7621518816$25,4733$2,289
29-Mar-2521$8,1881025816$4,1255$4,064
22-Mar-2519$6,4851423115$4,1284$2,857
15-Mar-2513$13,7371315110$9,9324$3,805
8-Mar-257$2,2345665$2242$2,100
1-Mar-2511$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

EchoStar sells another spectrum license for $17B to SpaceX

EchoStar continued the divestment of its inventory of unused licenses with a $17 billion cash-and-stock agreement with Elon Musk’s SpaceX involving EchoStar’s AWS-4 and H-block spectrum licenses. The terms of the agreement, announced Sept. 8, include a cash payment of $8.5 billion and $8.5 billion in SpaceX stock. In late August, EchoStar sold $23 billion of 5G network-compatible licenses in more than 400 markets across the U.S. to AT&T. White & Case once again advised EchoStar, as it has since telecommunications firm merged with DISH Network in 2023. Gibson Dunn & Crutcher counseled SpaceX. Please click here for more on last week’s sale to SpaceX.

Phillips 66 buys all of WRB Refining for $1.4B

Two major refineries in Texas and Illinois will become wholly owned by Phillips 66 with the announcement Sept. 9 that Cenovus Energy is selling Phillips its 50 percent stake in the company that operates them for $1.4 billion. The sale comes on the heels of the announcement in August that Calgary-based Cenovus is acquiring MEG Energy for $7.9 billion. Cenovus was advised by Sidley Austin with a team led from Houston. Phillips 66 managing counsel Maine Goodfellow handled the deal in-house in Houston alongside tax counsel Telma Cox. For outside counsel, Phillips 66 was advised by a Bracewell. Click here to read The Lawbook’s daily.

RaceTrac to buy Potbelly for $566M

Deal Description: RaceTrac Inc. said Sept. 10 it is acquiring Potbelly Corp. for $17.12 a share, or about $566 million, in cash. Potbelly, which was advised by Kirkland & Ellis, said the offer represents a 47 percent premium to its 90-day average stock price. Privately held RaceTrac operates more than 800 convenience stores across 14 states and about 1,200 Gulf gas stations in the U.S. and Puerto Rico. Potbelly is a sandwich shop with about 445 stores across the country and a long-term goal of reaching 2,000 shops.

RaceTrac In-House: GC Fuels & Energy Andrew Head (Atlanta)

RaceTrac Financial Advisor: BofA Securities

RaceTrac Outside Legal Counsel: Kilpatrick Townsend & Stockton

Potbelly Financial Advisor: Piper Sandler

Potbelly Outside Legal Counsel: Kirkland Ellis

Kirkland Lead Lawyer: Allison Wein (New York)

Kirkland Texas Lawyers: Rob Fowler (Houston), Stephanie Jeane (Houston)

Ecovyst sells materials, catalysts ops to French energy company for $556M

Deal Description: Ecovyst Inc. said Sept. 11 that it agreed to sell its Advanced Materials & Catalysts businesses to French energy infrastructure company Technip Energies for $556 million. Ecovyst is based in Wayne, Pa., and provides specialty catalysts, virgin sulfuric acid and sulfuric acid regeneration services. Technip Energies agreed to acquire Advanced Silicas, which makes specialty silica-based advanced materials and catalysts for plastics, chemicals, and industrial applications; and Zeolyst International, which supplies custom zeolite-based advanced materials and catalysts used in hydrocracking, sustainable fuels and custom catalyst applications, such as plastics recycling.

Ecovyst Outside Legal Counsel: Ropes & Gray LLP

Ecovyst Financial Advisor: Lazard Inc.

Technip Energies Financial Advisor: Evercore

Technip Energies Outside Legal Counsel: Gibson, Dunn & Crutcher

Gibson Dunn Lead Lawyer: Tull Florey (Houston)  

Gibson Dunn Other Texas Lawyers: Ashley Whittington (Houston), Adri Langemeier (Houston), Gregory Nelson (Houston), Nathan Sauers (Houston), Krista Hanvey (Dallas) and Stefan Koller (Houston)

Elsewhere: George Hang (San Francisco), John Curran (New York), Sophia Hansell (Washington, D.C.), Attila Borsos (Brussels) and Richard Sen (London)

Diversified Energy acquires Canvas Energy for $550M

Deal Description: Diversified Energy Co. announced on Sept. 8 an agreement to acquire Canvas Energy for $550 million, furthering the Alabama energy company’s expansion in Oklahoma. Kirkland & Ellis advised Diversified Energy, which said it acquired about 23 high quality wells in Major, Kingfisher and Canadian counties in the middle of the state that are projected to boost production by about 13%, adding 24 million barrels of oil equivalent per day.

Kirkland Lead Lawyers: John Kaercher (Austin) and Camille Meissner (Houston)

Texas Lawyers: Alexandra David (Houston), Chris Heasley (Austin, Houston), Jonathan Strom (Houston), Lucas Spivey (Houston), Michelle Williamson (Houston), Kirby Swartz (Houston), David Wheat  (Dallas, Houston), Joe Tobias (Dallas), Brooke Schafer (Dallas), Jennifer Wu (Austin), Daisy Darvall (Austin) and Ieuan List (Austin)

Diversified Financial Advisor: KeyBanc Capital Markets

Canvas Energy Outside Counsel: Sidley Austin

Sidley Lead Lawyers: Mark Metts (Houston)

Texas Lawyers: Courtney Beloin (Houston), Kelsey McKechnie (Houston), Tanner Groce (Houston), Eric Winwood (Dallas), Marian Fielding (Dallas), Heather Palmer (Houston), Brian Minyard (Houston), Mahalia Doughty (Houston), Chris von Drieberg (Houston), Zackary Pullin (Houston), Lauren Grau (Dallas), Zach Johnson (Dallas)

Elsewhere: James Lowe (Washington, D.C.), Teresa Reuter (Chicago), Mary Marks (New York), Andrew Smith (New York), Ash Nagdev (Palo Alto) and Ben Cross (Chicago)

Austin quantum provider Infleqtion in $540M merger with SPAC

Deal Description: Quantum computer and software engineers, Austin-based Infleqtion, announced Sept. 8 that its going public via a de-SPAC merger with Churchill Capital Corp X. The transaction involves more than $540 million, including $416 in trust proceeds from the CCCX IPO and an addition $125 million in PIPE investments from institutional investors, including: Maverick Capital, Counterpoint Global, Glynn Capital, BOKA Capital and LCP Quantum. Besides quantum computers and software, Infleqtion annual revenues were $29 million for the year ending June 30, on such products as quantum clocks, RF receivers and inertial sensors for NVIDIA, NASA and the U.S. Department of Defense. The company said it will trade under the ticker symbol “INFQ” on an as yet unidentified “leading North American exchange.”

CCCX Financial Advisors: Citigroup (lead), Ocean Tomo (financial/technical)

CCCX Outside Legal Counsel: Latham & Watkins

Latham Lead Lawyer: Ryan Maierson (Houston) and Erika Weinberg (New York)

Texas Lawyers: Caitlyn Fiebrich (Houston) and David Lee (Houston)

Infleqtion Financial Advisors: JP Morgan

Infleqtion Outside Legal Counsel: Cooley

Dream Residential REIT acquired by Morgan Properties for $354M

Deal Description: Dream Residential REIT, an unincorporated real estate trust operating out of Toronto announced its sale Aug. 21 to Philadelphia-based Morgan Properties in a $354 million all-cash, take-private transaction. The REIT, which trades on the Toronto exchange, holds a portfolio of 15 multi-residential developments with more than 3,300 units in Ohio, Oklahoma, Kentucky and Texas. The price reflects a per-unit premium of 60 percent over the stock’s Feb. 19 close, the stock’s final, unaffected day of trading. The agreement also requires a $7 million severance payment to the REIT’s advisors, Pauls(cq) Realty Services for outstanding fees and wind-down costs.

Dream Financial Advisors: TD Securities

Dream Outside Legal Counsel: Osler, Hoskins & Harcourt; Clifford Chance

CC Lead Lawyers: Andrew Epstein (New York) and Paul Seraganian (New York)

Clifford Chance Texas Lawyers: Ty’Meka Reeves-Sobers (Houston) and Nick Mitchell (Houston)

Ares invests in Leaf Home as part of Erie Home acquisition

Leaf Home said Sept. 8 that it acquired Erie Home. Terms weren’t disclosed. Both Leaf and Erie are part of the Gridiron Capital portfolio of companies, and the New Caanan, Conn., investment firm will retain majority ownership of the combined company. Leaf Home is best known for its gutter and gutter protection products. It also provides water filtration, bath remodeling and stairlifts throughout North America. Erie Home, based in Ohio, provides roofing and basement waterproofing systems. Investment manager Ares led a preferred equity investment in Leaf Home as part of the transaction, which Gridiron supported with additional investment. Apollo Global Management led the debt financing for the acquisition and recapitalization of Leaf, along with participation from Ares.

Ares Management Outside Legal Counsel: White & Case

White & Case Lead Lawyer: Daniel Kozin (New York)

White & Case Texas Lawyer: Charles Koster (Houston)

Elsewhere: Jacquie Smit (New York), Yousef El Zohiry (New York), Scott Fryman (New York), Tal Marnin (New York), Annie Anderson (New York), Burr Eckstut (New York), Nashel Jung (New York), Brenda Dieck (Los Angeles), Cristina Brayton-Lewis (Washington, D.C.), Dara Brown (Washington, D.C.), Paul Pittman (Washington, D.C.), Yuhan Wang (Silicon Valley), Lauren Papenhausen (Boston) and Abigail Mahoney (Boston)

Electro Switch gets funding from Oaktree Capital Management

Deal Description: Electro Switch Corp. said Sept. 10 that it received an investment from funds managed by Oaktree Capital Management. Terms of the transaction were not disclosed. Based in Weymouth, Mass., Electro Switch makes relays, switches, and other electrical apparatus for the power, utility, data center, defense, and industrial sectors.

Oaktree Capital Outside Counsel: Kirkland & Ellis

Kirkland & Ellis Texas Lawyer: Matthew Demopoulos (Dallas)

Elsewhere: Hamed Meshki (Los Angeles), Karen Flanaga (Chicago), Guirgis Nasief (Los Angeles), Thomas Benson (Chicago), Brian Ford (San Francisco), Michael Beinus (New York), Vivek Ratnam (New York), Jeremy Miller (New York) and Luci Hague (Washington, D.C.)

Aspen Midstream, EnCap Flatrock to partner in Aspen II

Deal Description: Aspen Midstream announced Sept. 9 an equity commitment from EnCap Flatrock Midstream, as well as the Aspen management team, to launch its new fund Aspen Midstream II. The size of the commitment was undisclosed, Aspen I was formed in 2017. Dallas-based Aspen currently owns a 174-mile system in the Austin Chalk, a 56-mile system that connects with the Katy Hub and 11 miles of pipeline that connects its Battle Horse complex with Kinder Morgan in Sweeny. Apen II will be led by Aspen co-founders Matt Ray and Robert Underwood.

Aspen Outside Legal Counsel: Kirkland & Ellis

Kirkland Lead Lawyers: Kevin Crews (Dallas) and Josh Teahen (Houston)

Kirkland Texas Lawyers: Wright Wommack (Houston) Mark Dundon (Houston) Joe Tobias (Dallas)  Brooke Schafer (Dallas) and Karsten Busby (Dallas)

EnCap Outside Legal Counsel: Willkie Farr & Gallagher

Willkie Lead Lawyer: Sarah McLean (Houston)

Willkie Texas Lawyers: Erin Kaufman (Houston)

Trinity-Hunt’s Improving acquires MangoChango

Deal Description: Trinity Hunt-backed Improving announced Sept. 9 its acquisition of MangoChango, a custom software developer with a primary workforce based in Guatemala and sales and client operations based in Dallas. Founded in 2019, MangoChango specializes in the creation of cloud-native management systems in the fields of architecture and infrastructure. Improving, also based in Dallas, was acquired by Trinity-Hunt in 2018 and operates as an international technology investment platform. Since its acquisition by Trinity-Hunt, Improving has made at least 14 acquisitions. Terms of the MangoChango agreement were undisclosed.

Improving Outside Legal Counsel: Kirkland & Ellis

Kirkland Lead Lawyers: Thomas Laughlin (Dallas)

Texas Lawyers: Brad Johnson (Dallas), Braxton Iden (Dallas), David Wheat (Dallas), Jon Nelsen (Austin), James Andrew Bedotto (Dallas) and Evan Williamson (Dallas)

Exxon acquires synthetic graphite maker

Deal Description: On Sept. 9, ExxonMobil announced its entry into the synthetic graphite business with the acquisition of Superior Graphite, a key material used in electric vehicles and battery storage. The material is also used for sealing and friction reduction in oilfield drilling, noise reduction in brake pads and in high-performance plastics and coatings. Terms of the agreement were not announced.

ExxonMobil In-House: Jeffrey Taylor (Spring)

ExxonMobil Outside Legal Counsel: Clifford Chance

Clifford Chance Lead Lawyers: Chang-Do Gong (New York) and Jonathan Castelan (Houston)

Texas Lawyers: Ty’Meka Reeves-Sobers (Houston)

Elsewhere: Daniel Copland (New York), Kami McFarland (Washington, D.C.), Philip Wagman (New York), Joshua Thomas (New York), Violetta Kokolus (New York), Daryl Fairbairn (New York) and Molly Margiotta (London)

Capital Markets/Credit

Forward Industries closes $1.65B placement for crypto treasury

Deal Description: Forward Industries said on Sept. 11 that it closed a $1.65 billion private investment led by Galaxy Digital, Jump Crypto and Multicoin Capital. The company plans to use proceeds to purchase SOL, the native digital asset of the Solana blockchain, and establish cryptocurrency treasury operations. Multicoin Co-Founder Kyle Samani was named chairman of the Forward Industries board, and Michael Pruitt, Forward Industries Interim CEO, was also appointed to the board. Pruitt said the Hauppauge, N.Y., company’s capital strategy is to build “a balance sheet with SOL at its core.” The company said Solana “supports a mature decentralized finance ecosystem, creating compelling opportunities to earn on-chain returns through staking, lending, and market making strategies.” 

Underwriters: Cantor Fitzgerald (lead placement agent), Galaxy Investment Banking (co-placement agent and financial advisor)

Forward Industries Outside Counsel: Nason, Yeager, Gerson, Harris & Fumero

Galaxy Outside Counsel: Skadden, Arps, Slate, Meagher & Flom

Jump Crypto Outside Counsel: Cooley LLP

Multicoin Capital Outside Counsel: White & Case

White & Case Lead Lawyer: Laura Katherine Mann (Houston)

Texas Lawyers: Bryson Manning (Houston), Daniel Quesenberry (Houston), Neil Clausen (Houston) and Kealan Hannes (Houston)

Plains All American Pipeline closes $1.2B notes offering

Deal Description: Plains All American Pipeline announced the closing Sept. 8 of two offerings of $1.25 billion in senior notes. In the first, a $700 million issue of 4.70 percent senior unsecured notes due 2031 were offered at 99.865 percent of principal. In the second, a $550 million issue of 5.60 percent of senior notes due 2036 were priced at 99.798 percent of face value. The company plans to use the proceeds to retire other notes issues currently outstanding.

Underwriters: BofA Securities, Barclays Capital, PNC Capital Markets, TD Securities, Wells Fargo (joint book-running managers)

PAA In-House: Richard McGee (Houston)

PAA Outside Legal Counsel: Vinson & Elkins

V&E Lead Lawyers: David Oelman (Houston) and Scott Rubinsky (Houston)

Texas Lawyers: David Stone (Houston), Nate Richards (Houston), Rachel Campbell Alexander (Houston), Chandni Jaggi (), Wendy Salinas (Dallas), Ryan Carney (Houston) and Jeff Slusher (Dallas)

Tallgrass sells $700M notes due 2034

Deal Description: Vinson & Elkins said on Sept. 8 that it advised Tallgrass Energy Partners on the midstream energy company’s sale of $700 million in 6.75 percent senior notes due 2034. The issue was upsized from $600 million.

Tallgrass Outside Counsel: Vinson & Elkins

V&E Lead Lawyers: Sarah Morgan (Houston) and David Wicklund (New York)

Texas Lawyers: Alexandra Lewis (Houston), Chase Browndorf (Houston),  Jake Lubenow(Houston), Sophie Belton(Houston), Wendy Salinas (Dallas), Lauren Meyers (Dallas), Addy Jackson (Dallas), Suzanne Clevenger (Houston), Max Aguirre (Houston), David D’Alessandro (Houston, Dallas) and Matt Green (Dallas)

Elsewhere: Victoria Godfrey (Washington, D.C.), Jenn Cornejo (Denver) and Alyssa Sieja (Washington, D.C.)

Antero Midstream issues $650M notes in refinancing

Deal Description: Antero Midstream Corp. on Sept. 11 completed the sale of $650 million of 5.75 percent senior notes due 2033, as the natural gas provider continues to refinance debt. Antero Midstream is focused on the development and production of unconventional properties in the Appalachian Basin in West Virginia and Ohio. 

Antero General Counsel: Yvette Schultz 

Antero Outside Legal Counsel: Latham & Watkins

Latham & Watkins Lead Lawyers: Nick Dhesi (Houston) and Ryan Maierson (Houston)

Other Latham Lawyers: Paul Robe (Houston), Logan McDowell  (Houston), Jim Cole (Houston), Molly Elkins (Houston) and Joshua Marnitz (Los Angeles/Houston)

WaterBridge seeks $540M in IPO, valuing WBI at $2.28B

Deal Description: WaterBridge Infrastructure said on Sept. 8 that it plans to offer 27 million shares at between $17 and $20 a share in its initial public offering, raising up to $540 million, which assumes a value for the company of about $2.28 billion. The Houston water infrastructure company granted underwriters an over-allotment option to purchase another 4.05 million shares. WaterBridge plans to list its shares on the NYSE under the ticker symbol “WBI.” WaterBridge operates mostly in the Delaware Basin and has an infrastructure network of about 2,500 miles of pipelines and 197 produced water handling facilities.

Underwriters: J.P. Morgan and Barclays (lead book-running managers), Goldman Sachs, Morgan Stanley, Wells Fargo Securities, Piper Sandler, Raymond James and Stifel (additional book-running managers); Texas Capital Securities, Pickering Energy Partners, Janney Montgomery Scott, Johnson Rice & Co. and Roberts & Ryan (co-managers)

Underwriters Outside Legal Counsel: Gibson Dunn

Gibson Dunn Lead Lawyers: Hillary Holmes (Houston) and Harrison Tucker (Houston)

Other Texas Lawyers: Robbie Hopkins (Houston), Alan Williams (Houston), Benjamin Blefeld (Houston) and Caroline Simms (Houston)

WaterBridge Outside Legal Counsel: Latham & Watkins

Latham Lead Lawyers: Ryan Maierson (Houston) and Thomas Brandt (Houston)

Note: Latham advised WaterBridge in their 2023 strategic partnership with Devon Energy in NDB Midstream.

Kodiak Gas Services in $344M secondary offering for EQT

Deal Description: NG compression provider Kodiak Gas Services announced Sept. 8 a secondary offering of 10 million shares of Kodiak stock by affiliates of EQT. The stock, offered for $34.40 per share, was held by Frontier TopCo Partnership, an affiliate of EQT Infrastructure III and EQT Infrastructure IV. The issue closed Sept. 9. Kodiak is headquartered in The Woodlands.

Underwriters: Goldman Sachs

Underwriters Legal Counsel: Latham & Watkins

Latham Lead Lawyers: Nick Dhesi (Houston) and Ryan Maierson (Houston)

Texas Lawyers: Samuel Rettew (Austin), Paul Robe (Hosuton), Carol Bale (Austin), Mary Kline (Austin), Bryant Lee (Houston) and Molly Elkins (Houston)

Elsewhere: Josh Marnitz (Los Angeles) and Nolan Fargo (San Diego)

Kodiak Outside Legal Counsel: Kirkland & Ellis

Kirkland Lead Lawyer: Matt Pacey (Houston) and Jennifer Wu (Austin)

Texas Lawyers: Ieuan List (Austin), Brick Christensen (Houston), Cassie Cox (Austin), Kyle Sledge (Dallas) and Lauren Bingham (Dallas)

Eightco follows $270M raise with $2.7B ATM registration

Eightco Holdings follows $270M in PIPEs with $2.7B ATM registration

Deal Description: In a private placement that closed Sept. 9, Eightco Holdings said it raised about $250 million on the sale of 171.2 million common shares at $1.46 a share. The investment was followed by the registration of an ATM program the company valued at $2.7 billion. Led by Austin-based MOZAYYX, initial purchasers included investors familiar to other, similar crypto-treasury strategies: World Foundation, Discovery Capital Management, GAMA, FalconX, Kraken, Pantera, GSR, Coinfund, Occam Crest, Diametric and Brevan Howard. And, separately, the equity investments also included a $20 million injection into Eightco by BitMine Immersion Technologies. The Easton, Penn., company will use proceeds to make Worldcoin its treasury reserve asset. Since its founding in 1966, the company was known as Ferguson Containers and made corrugated cardboard packaging products. Soon after the company was acquired by an Eightco subsidiary in 2021, it began selling crypto-mining machines. The assets of that business were sold in November 2024 for $557,837 in cash and a $2.5 million note.

Financial Advisors: Cantor Fitzgerald (for MOZAYYX), RF Lafferty (placement agents), Moelis (for BitMine Immersion)

RF Lafferty Outside Legal Counsel: Lucosky Brookman

Eightco Outside Legal Counsel: Graubard Miller (on PIPE), Winston Strawn (on ATM)

MOZAYYX Outside Legal Counsel: Winston & Strawn (on PIPE)

Winston team for MOZAYXX PIPE and Eightco ATM

WS Lead Lawyer: Mike Blankenship (Houston)

Texas Lawyers: Riley Doggett (Houston), John Niedzwiecki (Houston) and Jordan Saddoris (Houston)

Elsewhere: Jesse Cuevas (San Francisco)

Nexus Renewable Power secures $220M equity financing from Goldman Sachs

Deal Description: Nexus Renewable Power, a solar developer based in Plano, announced Sept. 10 a $220 million in project-level funding for MRG Goody, a 172-megawatt storage project under construction in Lamar County. The deal, involving Goldman Sachs, includes a preferred equity commitment from Goldman, a data center offtake agreement with Facebook parent Meta and a tax-purchase arrangement with an undisclosed corporate acquirer. The preferred equity and tax credit financing is in addition to in $300 million in previously announced bridge financing from HPS Investment Partners and a $100 million carbon credit financing joint venture with Nexus-Bad Carbon.

Goldman Sachs Outside Counsel: Troutman Pepper Locke

Nexus Financial Advisors: CRC-IB

Nexus Outside Legal Counsel: Sidley Austin, Husch Blackwell

Sidley Lead Lawyers: Chris Hutchison (Washington, D.C.) on financing, Jessica Adkins (Houston), on offtake with Meta and Hagai Zaifman (New York) on tax

Late Arrivals and other matters …

Jones Day said Vica Irani led a team from London that advised Dallas-based Safe Harbor Marinas in its July 31 acquisition of Monaco Marine. Safe Harbor is the largest marina and superyacht servicing business in the U.S.

Willkie Farr & Gallagher said partners Sarah McLean (Dallas/Houston) and Yaniv Maman (Houston) advised Anuvu when the Lombard, Illinois-based connectivity company was acquired by Beverly Hills private investment firm Platinum Equity. Terms weren’t disclosed, but the deal was announced Aug. 18. Anuvu provides entertainment and high-speed connectivity for airlines, private aircraft, cruise lines and other mobility end-markets.

Pennsylvania’s EQT firmed up future supplies of Texas LNG with a couple of 20-year SPA agreements announced last week. The first is with Commonwealth LNG, the second with Rio Grande Train 5. Latham advised EQT on the Commonwealth SPA with Chris Peponis and Andy Yuan. Jones Day advised EQT on the Rio Grande with Houston lawyers Jeff Schlegel, Zac Cossum, Matt Jones and Matt Snodgrass.

Latham was also involved in another SPA, a similar 20-year agreement with Texas LNG for offtake from the as yet to be constructed export terminal in Brownsville. Texas lawyers included Taylor Lopez, Chris Peponis (again), Siyao Liu and Luis Cardenas.

And as a final leg for the LNG table, Global Infrastructure Partners made its FID on the construction of Rio Grande Train 4, a joint venture with Next Decade Corp. Next Decade closed on $6.7 billion in committed financing with a previously announced $1.7 billion in equity commitments from GIP, Mubadala Investment and TotalEnergies. Kirkland & Ellis lawyers from Texas  advised GIP, including Melissa Kalka (Dallas), Mike Marek (Houston), Andy Calder (Houston) and Patrick Moneypenny (Houston),  Steve Butler (Austin) with Kelann Stirling (New York), Rohit Chaudhry (Washington, D.C.) and Sebastian Chan (New York).

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