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The Texas Lawbook

Free Speech, Due Process and Trial by Jury

  • Appellate
  • Bankruptcy
  • Commercial Litigation
  • Corp. Deal Tracker/M&A
  • GCs/Corp. Legal Depts.
  • Firm Management
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  • Pro Bono/Public Service/D&I

CDT Roundup: Power Moves Supercharge the Week

May 19, 2025 Allen Pusey

It was a week could be easily and properly labeled “Infrastructure Week.”

Of the 10 M&A transactions reported last week, eight were related to energy or data center/storage infrastructure or both. NRG bought 18 natural gas power plants for $12 billion. Vistra Corp. acquired a couple more for $1.9 billion. Northleaf Capital closed a $2.6 billion infrastructure fund. TXO acquired Delaware Basin assets from White Rock Resources for $475 million. And the Sterling Group created a new national paving acquisition platform by buying to paving contractors.

In all, there were 15 transactions valued at $21.8 billion, compared with last week’s remarkable 24 transactions for $33 billion. Still, it was quite a week, especially compared to the 11 transactions for $5.5 billion we were looking at a year ago.

But it was also a week with a bit of intrigue. Maybe the most interesting deal was that by Phillips 66, which divested its downstream retail fueling network in Germany and Austria for $1.6 billion in an apparent effort fend off an increasingly hostile proxy fight with Elliott Investment Management. The move came two days after Elliott, which owns a $2.5 billion stake in P66, announced a vote of support by the influential advisory firm International Shareholder Services in the proxy vote, which is scheduled for Wednesday.

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
10-May-202524$33,1751620619$30,7655$2,410
03-May-202511$4,249139011$2,226.52$2,022.5
26-Apr-202512$8,78791689$6,0113$2,776
19-Apr-202511$8,09771389$7,9852$112
12-Apr-202513$2,392815210$2,0653$327
05-Apr-202519$27,7621518816$25,4733$2,289
29-Mar-202521$8,1881025816$4,1255$4,064
22-Mar-202519$6,4851423115$4,1284$2,857
15-Mar-202513$13,7371315110$9,9324$3,805
8-Mar-20257$2,2345665$2242$2,100
1-Mar-202511$3,05087510$2,5501$500
24-Feb-2512$16,39771496$6,6356$9,862
17-Feb-2517$12,1361313410$9,4112$2,725
10-Feb-2514$7,15491799$4,9505$2,204
3-Feb-2516 $10,068720011$7,5535$2,515
25-Jan-2514$10,261101259$2,2075$8,054
18-Jan-2519$7,3821531612$2,3007$5,082
11-Jan-2521$33,5601618716$32,5215$1,039
4-Jan-259$6,8279809$6,82700
21-Dec-2411$2,79811928$2,2293$570
14-Dec-2415$5,3231218612$3,8123$1,511
07-Dec-2416$4,7661023111$2,32152,445
30-Nov-2410$10,29191034$8,2906$2.001
23-Nov-2415$4,5531515311$3,3794$1,174
16-Nov-2417$11,4881124513$10,1864$1,303
09-Nov-2414$2,1101213912$1,4102$700
02-Nov-2412 $52,788 1110711$52,7381$50
26-Oct-248$3,1608657$3,0651$75
19-Oct-2412$5,3041113611$4,5541$750
12-Oct-2417$8,4381215015$8,1162$322
05-Oct-2422$23,1811218915$19,9807$3,201
28-Sep-2411$2,35671447$534$2,303
21-Sep-2412$9,568101695$4,1017$5,467
14-Sep-2424$10,9881223516$7,1758$3,813
7-Sep-2412$20,4201616811$20,3071$112.9
31-Aug-2413$20,631913412$14,7751$5,856
24-Aug-2419$8,4522132516$7,1023$1,350
17-Aug-2425$49,1961630411$39,38614$9,810
10-Aug-2420$12,2641531216$9,7944$2,470
03-Aug-2426$16,4981633418$8,1378$8,361
27-Jul-2419$16,4422127115$13,8384$2,604
20-Jul-2415$16,0161418410$14,2325$1,784
13-Jul-2420$17,220 1426518$7,146 2$10,074
6-Jul-2411$3,941 11958$2,650 3$1,291
29-Jun-2414$6,296 152248$6,296 6$1,927
22-Jun-2412$5,679 81375$210 7$5,469
15-Jun-2413$9,895 1621410$5,280 3$4,615
8-Jun-2419$23,859 1323912$19,436 7$4,423
1-Jun-2412$34,510 111479$26,110 3$8,400
25-May-2413$9,684 1517110$4,434 3$5,250
18-May-2411$5,490 111738$3,129 3$2,361
11-May-2422$14,855 1422716$11,105 6$3,750
4-May-2413$3,139 98710$1,297 3$1,842
27-Apr-2410$6,684 62810$6,684 00
20-Apr-2419$15,989 111479$5,208 10$10,781
13-Apr-2413$8,952 97610$1,652 3$7,300
6-Apr-2423$26,616 1422214$13,501 8$13,116
30-Mar-2412$9,286 81368$4,299 4$4,987
23-Mar-2418$5,451 1726616$4,759 2$692
16-Mar-2421$11,437 1318614$9,316 6$2,070
9-Mar-2423$4,695 2121819$2,723 4$1,972
2-Mar-2420$9,108 1937214$4,558 6$4,550
24-Feb-2419$16,382 1224815$9,507 4$6,875
17-Feb-2416$29,932 1515712$29,216 4$716
10-Feb-2425$10,750 1719619$5,372 6$5,379
3-Feb-2412$8,416 181259$3,416 3$5,000
27-Jan-249$8,165 9878$7,815 1$800
20-Jan-2414$4,084 1210912$3,219 2$865
13-Jan-2417$33,588 1225612$26,765 5$6,823
6-Jan-248$7,915 8846$7,265 2$650
30-Dec-2317$14,599 129915$2,714 2$11,885
23-Dec-2323$4,182 1321916$1,813 7$2,370
16-Dec-2313$16,436 132807$15,150 5$1,286
9-Dec-2326$14,633.90 1724416$8,095 10$6,538.90
2-Dec-2313$6,720 95712$6,630 1$90
25-Nov-239$4,835 91316$1,785 3$3,050
18-Nov-2322$6,568.70 1718414$4,709.20 8$1,859.50
11-Nov-2315$9,825 1317912$6,581 3$3,244
4-Nov-2315$20,582.50 1419312$19,417.50 3$1,165
28-Oct-2318$68,419.10 1815215$66,646 3$1,773.10
21-Oct-2316$6,755.90 1616515$6,755.90 1$3
14-Oct-2314$67,851.20 131259$61,998.50 5$5,852.70
7-Oct-2317$6,595.50 1322816$5,995.50 1$600
30-Sep-2317$1,896.45 1318914$806.45 3$1,090
23-Sep-2323$6,432.70 1723016$1,402.80 7$5,029.90
16-Sep-2325$23,226.70 2335316$17,239 9$5,987.70
9-Sep-2312$6,369 81027$4,311 5$2,058
2-Sep-2314$2,522 69213$1,322 1$1,200
26-Aug-2317$12,160.25 1320215$6,573.25 2$5,587.00
19-Aug-2319$11,505 1321315$11,255 4$250
12-Aug-2319$9,698.80 131847$3,270 12$6,428.80
5-Aug-2313$5,201 1211812$5,051 1$150
29-Jul-2315$21,031.60 1319611$18,292.00 4$2,739.60
22-Jul-2318$3,992 1213013$2,808 5$1,184
15-Jul-2313$8,254.95 138113$8,254.95 00
8-Jul-2316$5,441.45 1217211$2,443 5$2,998.45
1-Jul-2316$6,872 1010512$5,474 4$1,398
24-Jun-2313$10,914 1620110$7,874 3$3,040
17-Jun-2317$5,880.70 1515115$4,705.70 2$1,175
10-Jun-2319$8,516.10 1311116$6,252.40 3$2,263.70
June 3 202312$6,104.42 121388$4,256.92 4$1,847.50
27-May-2317$12,200 106711$6,165 6$6,035
20-May-2311$22,458.10 81034$19,455 7$3,003
13-May-2312$7,034 101018$5,460 4$1,574
6-May-2320$3,297.60 1819617$2,985.60 3$312
29-Apr-2323$3,691.20 1813517$1,969.70 6$1,721.50
22-Apr-2316$5,570 1410414$4,750 2$1,000
15-Apr-2312$23,818.10 95910$21,618.10 2$2,200
8-Apr-2316$7,949 91739$5,472 7$3,477
1-Apr-2321$18,676.70 1217511$10,926.70 10$7,750
25-Mar-2315$8,779.50 101415$2,362 10$6,416.50
18-Mar-237$14,048.80 6695$13,345 2$703.80
11-Mar-2321$11,576 1616516$8,131 5$3,445
4-Mar-2320$9,668 1122816$8,209 4$1,459
25-Feb-2313$5,335 1313012$4,235 1$1,200
18-Feb-2314$5,743.70 131588$898.70 6$4,845
11-Feb-2316$12,088 1213712$9,965 4$2,123
4-Feb-2317$8,066 1514013$5,614 4$2,452
28-Jan-237$2,180 7755$1,692.75 2$488
21-Jan-2317$5,768 1617412$1,918 5$3,850
14-Jan-2311$2, 800101028$421 3$2,400
7-Jan-2318$8,296 1116714$6,461 3$1,835
31-Dec-2214$2,732 119912$2,092 2$640
17-Dec14$7,919 1311512$7,419 1$500
10-Dec-2214$10,093 128811$7,093 3$3,000
3-Dec-2226$12,800.90 1117220$4,141 6$8,659.90
26-Nov-228$2,266.70 853$76 5$2,190.70
19-Nov-2221$2,886 1521219$2,550 2$336
12-Nov-2213$15,093.70 9819$14,200 4$893.70
5-Nov-222519,337.201650922$8,267.20 3$11,070
29-Oct-2215$7,805.30 911614$7,180.30 1$625
22-Oct-2220$8,193.50 1325313$5,442 7$2,751.50
15-Oct-229$3,046.10 91397$2,588.30 2$457.80
8-Oct-2219$2,011.80 1211416$833.80 3$1,178
1-Oct-2223$5,532.90 1615618$4,952.30 5$580.60
24-Sep-2218$5,194 1421615$4,050 3$1,144
17-Sep-2221$8,352.30 1232015$4,759.60 6$3,592.70
10-Sep-2215$19,853.50 1012613$19,403.60 2$450
3-Sep-229$2,312 9629$2,312 00
27-Aug-2216$30,891.70 1013515$30,666.40 1227.7
20-Aug-2212$1,977 815299253$1,052
13-Aug-2218$8,004.70 1124211$2,844.70 7$5,160
6-Aug-2224$7,948.90 1224017$3,577 7$4,371.90
30-Jul-228$6,941 9787$6,839 1$102
23-Jul-2211$801 119210$801 10
16-Jul-2214$3,650 1012214$3,650 00
9-Jul-2210$3,557.70 7689$3,557.70 10
2-Jul-2218$8,609.40 1315215$2,754.40 3$5,855
25-Jun-2215$6,142 131469$2,017 6$4,125
18-Jun-2217$11,890.10 1422815$11,410 2479.7
11-Jun-2217$7,600 1212310$2,300 7$5,300
4-Jun-2212$2,937 101279$692 3$2,245
28-May-229$3,197.60 11869$3,197.60 00
21-May-2214$7,284.50 1218511$6,609 3$675.50
14-May-2211$306.60 98010$306.60 1$225
7-May-2216$10,451.75 1210812$1,827 4$8,624.75
30-Apr-2216$2,296.50 1615712$895.50 4$1,401
23-Apr-2210$2,241 11588$1,641 2$600
16-Apr-2211$6,643 71568$2,359 3$4,284
9-Apr-2217$4,429 1418411$1,690 6$2,739
2-Apr-2213$1,755 88410$1,145 3$610
26-Mar-2211$3,205 8656$200 5$3,005
19-Mar-2213$2,239.17 910613$2,239.17 00
12-Mar-2218$12,016 1123915$11,965 2$51.35
5-Mar-2217$6,786 1313713$5,161 4$1,625
26-Feb-2212$5,095 81499$4,437.50 3$658
19-Feb-2217$22,229 1717414$21,354 3$875
12-Feb-2212$2,344.70 10738$641.70 4$1,703
5-Feb-2211$2,503 89911$2,503 00
29-Jan-2211$3,872 1210112$3,872 00
22-Jan-2213$5,143.50 109912$4,842.50 1$301
15-Jan-2212$7,605 91559$6,480 3$1,025
8-Jan-2213$8,256.20 1110213$8,256.20 00
1-Jan-229$1,273.80 6509$1,273.80 00
25-Dec-2121$4,734.75 1117616$3,410 5$1,324.75
18-Dec-2126$7,325.20 1519318$3,640.20 8$3,685.20
11-Dec-2116$5,017 1010913$1,417 3$3,600
4-Dec-2114$2,310 8868$2,310 6$1,882.05
27-Nov-219$3.460.1101016$1,758 3$1,702.60
20-Nov-2120$22,792 1515712$18,864.50 8$3,928
13-Nov-2121$26,729 1217813$11,822 8$14,907
6-Nov-2112$8,303 1315710$6,682 3$1,621
30-Oct-2121$10,368 1521815$9,24.46$1,103.00
23-Oct-2121$18.783.11522211$12,314 10$6,468.60
16-Oct-2115$3,868 1111815$2,293 2$1,575
9-Oct-2120$8,610 1617516$7,795 4$815
2-Oct-2114$6,250 1113710$5,200 4$1,050
25-Sep-2111$11,460 9937$10,200 4$1,250
18-Sep-2111$16,603 8998$15,084 3$1,519
11-Sep-2117$10,653 1110313$8,503 4$2,150
4-Sep-2113$7,222 108911$6,715 2$507
28-Aug-2112$763 96311$663 1$100
21-Aug-2112$29,659 77911$29,579 1$80
14-Aug-2122$17,845 1119912$12,805 10$5,04
7-Aug-2117$13,670 1213915$11,766 2$1,904
31-Jul-2121$8,160 1113410$3,574 10$4,586
July 24,202121$6,367 1113915$3,712 6$2,655
17-Jul-2114$4,009 1112412$2,015 2$1,994
10-Jul-2116$3,997 1314311$1,597 4$2,4
3-Jul-2124$7,492 139416$3,769 8$3,722
26-Jun-2110$4,995 7858$3,847 2$1,148
19-Jun-2128$16,830 82289$1,861 19$14,968
12-Jun-2126$27,238 1520919$25,602 7$1,636
5-Jun-2115$15,539 1310013$14,709 2$600
29-May-2135$20,279 1114528$18,647$1,639
22-May-2124$53,208 1417417$51,047 7$2,161
15-May-2118$10,620 1322011$5,870 7$4,809
8-May-2117$10,400 1115615$8,386 2$2,500
1-May-2121$7,200 1611512$3,808 9$3,392
24-Apr-218$20,200 9318$20,200 00
17-Apr-2114$6,270 810211$40,180 3$2,260
10-Apr-2115$8,940 1312914$7,990 1$950
3-Apr-2118$19,513 1015112$16,923 6$2,590
27-Mar-2127$13,942 1524414$4,300 13$9,633.50
20-Mar-2111$2,046 41023$270 8$1,776
13-Mar-2115$3,270 91096$538 9$2,732
6-Mar-2124$13,617 1019613$10,395 11$3,222
27-Feb-2119$8,105 1213915$4,970 4$3,135
20-Feb-219$8,820 91538$8,520 1$300
13-Feb-2112$4,852.60 78172,7665$2,086.60
6-Feb-2118$9,752 1315314$5,222 4$4,530
30-Jan-2118$9,449 918215$8,753.80 3$695.30
23-Jan-2114$8,150 81186$4,000 8$4,150
16-Jan-2117$6,783 1313811$2,400 6$4,382.90
9-Jan-2122$6,829 1413518$3,139.30 4$3,690
2-Jan-217$1,466 7607$1,466 00
26-Dec-2018$15,900 1216316$5,300 1$600
19-Dec-2018$9,769 1411014$8,426 4$1,343
12-Dec-2010$7,200 91009$3,325 1$3,830
5-Dec-2015$4,261 91229$2,780 6$1,481
28-Nov-2019$7,758 1011013$4,003 6$3,755
14-Nov-2014$864.10 1415712$289.10 2$575
7-Nov-2013$6,332 91299$2,483.50 4$3,849
31-Oct-2010$3,995.80 81036$3,231.10 4$754.70
24-Oct-206$18,100 6585$17,709 1$350
17-Oct-208$351.90 5558$351.90 00
10-Oct-207$5,229 3504$735 3$4,494
3-Oct-2014$21,428 91739$17,535 5$3,893
26-Sep-2010$12,770 8935$10,300 5$2,470
19-Sep-2014$8,365 91016$1,020 8$7,345
12-Sep-206$4,406 8593$1,270 3$3,136
5-Sep-2011$5,191 81179$4,061 2$1,130
29-Aug-2011$2,531 9945$1,130 6$1,401
22-Aug-2018$6,574 121407$1,930 11$4,644
15-Aug-2013$4,991 10977$1,216 6$3,775
8-Aug-2012$32,092 111129$30,457 3$1,635
1-Aug-207$5,287 8765$3,687 2$1,600
25-Jul-209$18,751 6677$18,403 2$348
18-Jul-206$1,982.50 5504$1,407.50 2$575
11-Jul-2011$565.10 127510$65.10 1$500
4-Jul-2010$8,889 8989$8,788 1$100.30
27-Jun-208$6,874 10505$4,972.50 3$2,081.50
20-Jun-2012$4,444 91157$2,829 5$1,615
13-Jun-206$3,582 4372$350 4$3,232
6-Jun-2011$3,213.70 8657$470 4$2,743.70
30-May-208$7,335 7486$4,639 2$2,697
23-May-204$432.40 4343$432.40 10
16-May-206$310 6345$310 10
9-May-2018$5,630 1612414$3,180 4$2,450
2-May-201510,40010908$1,900 7$,8,500
25-Apr-208$3,400 9365$1,000 3$2,450
18-Apr-2019$9,500 14928$185.70 11$9,360
11-Apr-2012$6,000 9405$190 7$5,800
4-Apr-2014$8,200 116810$2,200 4$6,000
28-Mar-2016$6,500 139610$3,700 6$2,800
21-Mar-2011$11,910 7337$2,250 4$9,960
14-Mar-207809.86346684.81125
7-Mar-2016$2,500 157013$669 3$1,400
29-Feb-2013$15,260 1312811$11,760 2$3,500
22-Feb-2012$3,700 109210$2,560 2$1,130
15-Feb-2016$1,250 108412$35 4$1,222
8-Feb-2018$6,080 1412314$2,595 4$3,485
1-Feb-2021$20,900 1210114$17,860 7$3,060
25-Jan-2013$7,430 136212$6,430 1$1,000
18-Jan-2023$9,580 1512019$6,580 4$3,000
11-Jan-2021$14,200 1819916$1,020 5$13,200
4-Jan-2022$6,400 1111916$3,204 6$3,245
28-Dec-1922$7,150 1917518$6,800 4$327.40
14-Dec-1924$36,300 2316719$9,500 5$26,800
7-Dec-1911$10,400 11557$1,082 4$9,370
November 30. 201914$2,450 1212612$1,760 2$692.50
23-Nov-1916$1,995 104111$615 5$1,380
16-Nov-1915$3,820 1313511$2,500 4$1,271
9-Nov-1925$12,900 1718223$12,200 2$575
2-Nov-1910$2,470 126192,4503$22
26-Oct-1912$5,560 147011$3,860 1$1,700
19-Oct-198$6,600 81388$6,600 00
12-Oct-1919$4,300 145516$3,800 3$500
5-Oct-1918$14,500 1916615$11,100 3$3,400
28-Sep-1919$8,100 1813218$7,560 1$550
21-Sep-1914$6,300 166611$2,160 3$4,170
14-Sep-1915$23,800 125611$21,250 4$2,570
7-Sep-1917$3,500 159814$1,900 3$1,600
31-Aug-195$8,700 6505$8,700 00
24-Aug-1916$10,000 148215$4,250 1$5,750
16-Aug-1910$1,680 5527$650 3$950
9-Aug-1917$17,700 156814$3,900 3$13,800
2-Aug-1913$5,760 1210813$5,760 NANA
27-Jul-1911$7,300 13768$6,570 3$730
20-Jul-1913$11,800 1312511$5,300 2$6,500
13-Jul-1910$775 7468$542.50 2$233
6-Jul-197$2,500 9857$2,500 00
29-Jun-1923$8,290 1515417$2,300 6$5,970
22-Jun-1917$10,700 1013914$7,700 3$3,000
15-Jun-1911$13,500 1416011$13,500 NANA
8-Jun-1913$2,870 175511$1,570 2$1,300
1-Jun-1910$4,460 11608$4,140 2$315
25-May-1917$4,360 147914$3,700 3$612
18-May-1922$9,000 1715016$3,400 6$5,600
11-May-1918$19,800 1717715$18,300 3$1,500
4-May-1910$7,075 6328$6,900 2$175
27-Apr-1915$3,200 1411714$3,160 1$40
20-Apr-1913$13,500 10909$12,200 4$1,300
13-Apr-1916$38,900 149114$37,800 2$1,100
6-Apr-1912$6,870 119410$6,730 2$50
30-Mar-1915$6,470 128410$7,91.55$5,677
23-Mar-1918$6,450 149114$5,042 4$1,408
16-Mar-1914$10,180 1211511$8,800 3$1,300
9-Mar-199$1,800 6498$1,300 1$500
2-Mar-1920$3,033 1610714$1,817 6$1,262
23-Feb-1912$2,040 8699$614.60 3$1,430
16-Feb-1916$9,970 187716$9,970 00
9-Feb-1914$6,400 1011014$6,400 00
2-Feb-1918$6,740 159916$5,720 2$950
26-Jan-1913$2,770 116711$918.95 2$1,850
19-Jan-1915$3,819 167612$2,594 3$1,225
12-Jan-1918$7,283 149215$1,683 3$5,600
5-Jan-1910$529 125010$529 00
22-Dec-1817$2,570 138714$941 3$1,629
15-Dec-1810$2,860 8268$264 2$2,600
8-Dec-1815$1,819 166512$552 3$1,267
1-Dec-1812$7,500 10909$1,200 3$6,200
28-Nov-1815$4,500 1110714$4,000 1$500
19-Nov-1818$6,137 139813$2,142 5$3,995
14-Nov-1818$9,200 1315215$8,500 3$694
6-Nov-1816$17,300 1618314$16,361 2$950
29-Oct-1814$14,400 1812717$13,800 1$600
24-Oct-1813$6,140 1312611$5,122 2$1,018
17-Oct-1818$18,390 1512514$12,292 4$6,098
10-Oct-1829$3,149 1810420$1,647 9$819
2-Oct-1818$9,300 116714$7,300 4$2,000
25-Sep-1813$7,000 117510$6,000 3$995
18-Sep-189$3,570 7449$3,570 00
11-Sep-1813$5,900 1013213$5,900 00
7-Sep-1814$5,000 158611$4,000 3$1,000
29-Aug-1815$20,700 147913$4,700 2$16,000
20-Aug-1810$12,400 11538$11,380 3$1,057
14-Aug-1812$19,900 121329$18,889 3$1,011
7-Aug-1816$68,600 1110613$67,259 3$1,340
31-Jul-1815$15,100 159511$13,060 4$2,060
23-Jul-1813$2,130 156010$1,804 3$1,100
17-Jul-1814$5,370 17989$4,310 5$1,100
9-Jul-1816$11,200 157410$11,080 6$862
3-Jul-1813$7,000 78112$6,330 1$750
25-Jun-1815$8,800 13979$4,970 6$3,930
18-Jun-1813$14,200 14807$221 6$14,290
11-Jun-1812$6,300 8968$5,910 4$803
6-Jun-1813$14,500 10888$14,154 5$579
31-May-1811$4,890 10638$3,240 3$1,790
22-May-1815$20,400 11639$19,808 6$885
15-May-1815$4,700 1510610$3,900 5$643
9-May-1811$1,400 13889$1,300 2$560
1-May-188$14,250 7887$13,400 1$450
24-Apr-1812$5,300 66111$4,470 1$800
17-Apr-189$1,800 10447$2,330 2$1,434
11-Apr-1811$2,500 8326$1,690 5$809
3-Apr-1815$13,400 111219$12,020 6$1,090
28-Mar-1810$4,000 10927$3,870 3$215
19-Mar-1817$5,800 135110$590 7$5,165
12-Mar-1815$3,130 114311$2,360 4$788
6-Mar-1819$5,400 1311610$1,530 9$4,860
27-Feb-1820$6,600 136914$5,530 6$1,030
19-Feb-1815$5,500 1411110$3,990 6$1,980
12-Feb-1823$10,900 1715712$7,110 11$3,840
5-Feb-1816$8,600 131007$1,330 9$7,800
30-Jan-1811$12,600 11685$7,300 6$4,982
24-Jan-1819$9,400 151295$2,010 14$7,337
18-Jan-1810$6,280 8492$2,100 8$4,188
9-Jan-1812$16,500 12929$15,890 3$475
3-Jan-1810$2,500 9478$2,350 2$150
27-Dec-1715$9,000 151139$7,568 6$1,784
18-Dec-1715$13,800 161649$13,010 7$1,118
11-Dec-1714$9,700 1012612$2,940 4$8,500
4-Dec-176$1,800 6315$1,510 1$300
28-Nov-177$3,850 8764$3,260 3$285
16-Nov-1710$2,700 10486$1,840 4$856
8-Nov-1715$2,380 179110$1,860 5$516
1-Nov-1712$4,700 17949$3,400 4$1,300
23-Oct-1715$10,500 106710$9,780 4$1,530
18-Oct-176$2,000 373$225 3$1,820
10-Oct-1712$6,570 1009$3,880 3$3,360
2-Oct-178$3,100 11193$1,630 5$1,750
25-Sep-178$4,880 8795$2,660 5$2,070
18-Sep-179$4,770 3$300 6$4,470
12-Sep-1711$4,430 8$2,030 3$2,400
1-Sep-174$1,310 3$317 1$1,000
23-Aug-1711$13,640 98$11,840 3$1,800

M&A/Fundings

NRG to Acquire 18 Gas-Fired Power Plants for $12B

Deal Description: NRG Energy announced May 12 that it is acquiring 18 natural gas-fired power plants across nine states from LS Power Equity Advisors for $12 billion, including debt. The acquisition immediately expands the Houston-based power company’s generation footprint in the Northeast and Texas by 13GW, nearly doubling its firm-wide capacity to 25GW. In addition, NRG is acquiring CPower, a Baltimore-based provider of distributed energy resources for commercial and industrial use. CPower operates in deregulated markets with more than six gigawatts of capacity for its more than 2,000 customers. Once closed, LS Power is expected to own about 11 percent of NRG shares with a six-month lock-up period. The deal is expected to close in the first quarter of 2026. Legal counsel on the deal was provided by White & Case and Weil. For more details on the transaction see our daily coverage here.

Northleaf Capital Partners Closes $2.6B Infrastructure Fund

Deal Description: Northleaf Capital Partners announced the close of its fourth fund, Northleaf Infrastructure Capital Partners IV at its $2.6 billion hard cap. The Toronto-based fund, which began investing in 2023, has completed five investments, including Shared Tower, a carrier-neutral communications infrastructure provider, and Provident Energy Management, a sub-metering and automation services company that specializes for new construction in multi-resident housing.

Northleaf Outside Legal Counsel: Kirkland & Ellis

Kirkland Lead Lawyers: Susan R. Eisenberg (Houston) and Kelly Ryan (Chicago)

Texas Lawyers: Susan Czaikowski (Houston)

Elsewhere: Bruce Gelman (Chicago), Mike Greenberg (Los Angeles), Alpa Patel (Washington, D.C.), Jasmina Resic (Chicago), Cory Baird (Chicago), Sabrina Glaser (New York)

Phillips 66 sells JET-branded sites in Europe to Stonepeak, Energy Equation for $1.6B

Deal Description: With an important proxy battle coming to a head this week, Phillips 66 announced May 15 that its subsidiary Phillips 66 Continental Holding GmbH has entered into an agreement to divest a 65% interest in its Germany and Austria retail marketing business, including its JET-branded sites, to a consortium owned by subsidiaries of Energy Equation Partners and Stonepeak. And Phillips 66 will retain a non-operated 35 percent interest in the business through a newly formed joint venture. The deal values the Germany and Austria retail business at $2.8 billion and, after adjustments, expects to gain pre-tax cash of about $1.6 billion — and perhaps as important gain credibility with shareholders who are voting May 21 for what amounts to a change of leadership for the Houston-headquartered company. The agreement includes a multi-year continuation of an agreement to supply the business, which includes 970 retail sites, with fuel products from the Mineraloelraffinerie Oberrhein GmbH & Co. KG (MiRO) Refinery. Stonepeak is headquartered in New York and Energy Equation in London.

Phillips 66 In-House Counsel: Managing Counsel Maine Goodfellow (Houston) and AGC Ruth White (London).

Stonepeak, EEP Outside Legal Counsel: Akin Gump Strauss Hauer & Feld; Hengeler Mueller

Akin Lead Lawyer: Shaun Lascelles (London)

Stonepeak, EEP Financing Counsel: Paul, Weiss, Rifkind, Wharton & Garrison

Vistra acquires NG generation plants for $1.9B

Deal Description: Irving-based Vistra Corp. announced May 15 that it is acquiring 2,600 MW from Lotus Infrastructure Partners in the form of seven natural gas generating facilities located primarily in the New England (PJM) energy market. Vistra said it is funding the acquisitions from cash-on-hand and a term loan from Lotus. Vistra said it is paying $1.9 billion (or $747 per kWH) for the seven generating plants located in Pennsylvania, Rhode Island, New York, Delaware and California.

Vistra Outside Legal Advisors: Latham & Watkins, Cleary Gottlieb Steen & Hamilton

Latham Lead Lawyers: Trina Chandler (Houston) and Caroline Phillips (New York)

Texas Lawyers: Rebekah Bingham (Houston), Caroline Silverstein (Houston), Alexandra Cumberland (Houston), Diego Guimaraes-Blandon (Houston), Logan McDowell (Houston), and Johnny Zhuang (Houston), Mary Daniel Morgan (Houston), Christina Schrantz (Houston), Robert Brown (Houston)

Elsewhere: Lachlan Sievert (New York), Max Raskin (New York), Natasha Gianvecchio (Washington, D.C.), James Blackburn (Washington, D.C.), Laura Waller (Chicago), Jenny Bobbitt (New York), Stacey VanBelleghem (Washington, D.C.), Jacqueline Zhang (Washington, D.C.), Phil Goldberg (Century City), Michelle Gross (Bay Area), Caroline Omotayo (Silicon Valley), Seth Richardson, Kyle Pascucci (San Diego), Leandra Joseph (Washington, D.C.), Eric Green (Washington, D.C.), Amulya Vadapalli (London), Jocelyn Noll (New York), Chris Zhao (New York), Elizabeth Park (Washington, D.C.), Bradley Bourne (Washington, D.C.), S. Drew Levin (Los Angeles), Enrique Covarrubias (Los Angeles)

Lotus Outside Legal Advisors: King & Spalding, Eversheds Sutherland

King & Spalding Lead Lawyers: Jonathan Melmed (New York) and Adam Hankiss (New York)

Texas Lawyers: Jill McWhirter (Houston)

Vistra Financial Advisors: Barclays, Moelis

Lotus Financial Advisors: Lazard

White Rock Energy to divest Williston Basin assets for $475M

Deal Description: White Rock Energy May 13 announced a deal to sell its producing assets in the Elm Coulee field in the Williston Basin across Montana and North Dakota. White Rock, a Fort Worth-based portfolio company of Quantum Capital Group, sold the assets to TXO (Spring) and North Hudson Resource Partners (Houston) who are folding them into a partnership in which North Hudson will hold a 30 percent non-operating interest. Under terms of the agreement, TXO will pay $350 million in an all-cash deal, with $70 million deferred for a year after closing. The North Hudson sale, handled separately, boosts the sale price to $475 million. The transaction is expected to close in the final quarter of 2025, and will add approximately 6,800 BOE per day to TXO production. In connection with the transaction, TXO announced a public offering (see the bottom of the Roundup for more information).

White Rock Outside Legal Counsel: Vinson & Elkins

V&E Lead Lawyers: John Grand (Dallas) and Robert Hughes (Houston)

Texas Lawyers: David Latham (Dallas), Pranay Malepati (Dallas), Devon Espinoza-Fontenot (Dallas)

TXO Outside Legal Counsel: Kelly Hart & Hallman (on partnership)

North Hudson Outside Counsel: Latham & Watkins (on partnership)

Latham Lead Lawyer: Michael King (Houston)

Texas Lawyers: Brock Jones (Houston), Christine Mainguy (Houston)

North Hudson Outside Counsel: Gibson Dunn & Crutcher (on acquisition)

Gibson Dunn Lead Lawyers: Rahul Vashi (Houston) and Adam Whitehouse (Houston) 

Texas Lawyers: Joseph Kmetz (Houston), Gregory Nelson (Houston)

White Rock Financial Advisors: Jefferies

Sterling Group acquires two paving companies, forms platform

Deal Description: The Sterling Group (Houston) announced May 15 the formation of a pavement investment platform, to the known as the Pavement Preservation Group following its acquisitions of two paving companies — Pavement Preservation Group Inc. (Nashville) and Vance Brothers (Kansas City). According to its website, PPG now includes 13 asphalt and paving companies across nine mid-southern and southwestern states.

Sterling Outside Legal Counsel: Latham & Watkins

Latham Lead Lawyers: Bruce Herzog (Houston) and Robert Brown (Austin)

Texas Lawyers: Adam Hurwitz (Houston), Dean Dixon (Houston)

Elsewhere: Katharine Moir (Bay Area), Jake Meninga (Bay Area), Bradd Williamson (New York), Leah Segall (Chicago), Brittany Curcuru (New York), Susan Parker (Boston), Maggie Guidotti (Boston), Kyle Jefcoat (Washington,D.C.), Blake Page (Washington,D.C.), Laura Waller (Chicago), Shira Bressler (New York), Chika Onyejiukwa (New York)

Argano scores third acquisition in a month with Attentis Consulting

Deal Description: Digital services consultants Argano, based in Plano, announced May 15 that it has acquired Attentis Consulting, a Delaware-based business of Salesforce consultants serving healthcare clients across the U.S. and globally. The acquisition follows closely behind Argano’s recently announced acquisitions of Real Dynamic on May 6 and Netlogistik on May 1. Real Dynamic is a Microsoft applications consultancy and Netlogistik is a supply chain platform developer based in Mexico City. Attentis is based in Dover, Delaware.

Argano In-House Counsel: Elizabeth Frederic, general counsel (Dallas)

Argano Outside Legal Counsel: Kirkland & Ellis

Kirkland Lead Lawyers: Thomas Laughlin (Dallas) and Jordan Rex (Dallas)

Texas Lawyers: Trent Tucker (Dallas), David Wheat (Dallas), Jon B. Nelsen (Austin)

Note: Laughlin and Kirkland have advised Argano in all three strategic transactions

CBRE, ENGIE to partner on storage assets in Texas, California

Deal Description: Houston headquartered ENGIE North America announced May 15 a partnership with funds managed by CBRE Investment Management on a 2.4 gigawatt portfolio of battery storage assets in Texas and California. The transaction, with CBRE — one of the largest managers of commercial real estate in the world — is one of ENGIE’s largest operating portfolio partnerships in the U.S. and one of the sector’s largest sales completed to date. The portfolio consists of 31 projects in operation in Electric Reliability Council of Texas (ERCOT) and California Independent System Operator (CAISO) territories. Terms of the transactions were undisclosed, but ENGIE will retain a controlling share in the portfolio and will continue to operate and manage the assets.

CBRE Outside Legal Counsel: Kirkland & Ellis

Kirkland Lead Lawyers: Doug Bacon (Houston) and Claire Campbell (Houston)

Others: Kady Reese (Salt Lake City), Roald Nashi (Washington, D.C.), Gregory D. Howling (New York), Linda Zang (New York)

Baton Rouge development sold to Dallas-based TriGate

Deal Description: Dallas-based TriGate Capital has purchased the Perkins Rowe mixed-use development in Baton Rouge, Louisiana. Terms of the agreement were not disclosed. TriGate has partnered with the property’s current managers, Fort Worth-based Trademark Property, to oversee leasing and property management.

TriGate Capital Outside Legal Counsel: Jones Day

Jones Day Lead Lawyers: Conrad Steele (Dallas)

Qualitas-backed Heelstone acquires Valor Infrastructure

Deal Description: On May 5, Heelstone Renewable Energy announced its acquisition of Valor Infrastructure Partners, a renewable energy company based in Palm Beach, Florida. Terms of the transaction were undisclosed, but the deal if the first for Heelstone since its acquisition by the Spanish renewables company Qualitas Energy (Madrid). The portfolio includes early-stage offshore wind projects as well as an advanced 190 MWp solar project in Texas scheduled for completion between 2027 and 2028. Heelstone is headquartered in Durham, North Carolina.

Qualitas Outside Legal Counsel: Norton Rose Fulbright

NRF Lead Lawyer: Becky Diffen (Austin) and Kimberly Franssen (Chicago)

Texas Lawyers: Christine Fernandez Owen (Austin), Todd Schroeder (Dallas), Bob Greenslade (Houston), Alec Mitrovich (Austin), Birdie Adler (Austin)

Elsewhere: Marjorie Glover (New York), Stefan Reisinger (Washington, D.C.) Robert Shapiro (Washington, D.C.), Jenn Guzman (Chicago),

Capital Markets/Credit

DTE issues $1.2B in mortgage bonds

Deal Description: Detroit-headquartered DTE Electric Company public offering of $1.3 billion of general and refunding mortgage bonds, which were issued on May 14, 2025. Fitch Ratings has assigned an A+ rating to the company’s series B, C and D general refunding bonds, based on the favorable regulatory environment in Michigan and the current surge in energy-heavy data center and data storage demand.

Underwriters: BofA Securities, PNC Capital Markets, Scotia Capital, TD Securities, Wells Fargo

Underwriters Outside Legal Counsel: Bracewell

Bracewell Lead Lawyers: Troy Harder (Houston) and Catherine Hood (Houston)

Texas Lawyers: Ian R. Brown (Dallas), Bronwyn T. Tuff (Houston)

Elsewhere: Stephen C. McNamara (New York)

Capital Power announces $1.2B private debt offering

Deal Description: Edmonton-based Capital Power Corporation announced May 13 its private offering of $700 million 5.257 percent senior notes due 2028 and $500 million 6.189 percent senior notes due 2035 by its U.S. subsidiary, Capital Power (US Holdings) Inc. The offering is expected to close on May 28, and the proceeds are expected to be used to fund the company’s previously announced $2.2 billion acquisition of two NG power stations from LS Power Equity Advisors.

Capital Power Outside Legal Counsel: Simpson Thacher & Bartlett

Simpson Lead Lawyers: Brian Rosenzweig (Houston) and Richie Ragusa (Houston)

Texas Lawyers: Lidia Kurganova (Houston), Andrew Scattergood (Houston)

Elsewhere: Jesse Feng (Palo Alto), Sean Largey (New York), George Gerstein (Boston), Ron Ben-Yehuda (Los Angeles), Alex Kokka (Palo Alto), Jonathan Cantor (New York)

Note: Rosenzweig and Simpson also advised Capital Power in the acquisition of the LS power stations.

EMG gains $515 million credit for continuation vehicle

Deal Description: The Energy & Minerals Group May 8 announced a $470 million in credit and financing to facilitate the closing of a $1.1 billion continuation vehicle for EMG investments in midstream infrastructure assets. The Houston based private equity firm specializes in investments involving the extraction and refinement of Rare Earth Minerals. Formation of the continuation vehicle was announced by EMG April 17. In January EMG sold outright its portfolio EMG Medallion 2 Holdings Group to Plains Oryx Permian Basin for an undisclosed sum. EMG Medallion assets included 140 miles of crude oil pipeline and 106,000 barrels of oil in the Delaware Basin. JPMorgan Chase Bank as administrative agent and JPMorgan and MUFG Bank,as joint loan arrangers and book-running managers in connection with the credit facility,which includes a $465 million term loan and a $50 million credit facility.

Outside Counsel for Credit/Underwriters: Simpson Thacher & Bartlett

Simpson Lead Lawyers: Erland Modesto (Houston) and Brandon Barton (Houston)

Texas Lawyers: Casey Braden (Houston), Adam Arikat (Houston)

Elsewhere: Ramz Aziz (New York), Michael Isby (New York), J. Pasco Struhs (New York)

Tamboran Resources issues share for PIPE

Deal Description: Tamboran Resource Corporation announced May 13 that it as has entered into subscription agreements to issue approximately 3.1 million shares of common stock in a Private Investment in Public Equity to institutional investors at a price of $17.74 per share, representing a 15 percent discount to the closing price on May 12. Tamboran expects to receive gross proceeds of approximately $55.4 million, before fee deductions and commissions. Proceeds from the PIPE will fund Tamboran’s completion of the remaining three wells required to deliver first gas under the proposed ~40 MMcf/d (~19 MMcf/d net Tamboran) Shenandoah South Pilot Project. First gas is planned for mid-2026.

Tamboran Outside Legal Counsel: David Miller (Austin) and Michael Chambers (Austin)

Texas Lawyers: Kate Wang (Houston), Cooper Shear (Austin) and Carol Bale (Austin), Tim Fenn (Houston), Jared Grimley (Houston), Molly Elkins (Houston)

TXO announces $175M public offering

Deal Description: Fort Worth-based TXO announced a public offering of 11,666,667 common units at $15 per unit. The offering was expected to close May 15. TXO expects to net approximate $165.3 million from the sale of common units, which it intends to use to fund a portion of its $475 million acquisition of oil and gas assets in North Dakota from White Rock Energy.

Book Running Managers: Raymond James, Stifel, Capital One Securities, Mizuho, Texas Capital Securities

TXO Outside Counsel: Latham & Watkins

Latham Lead Lawyers: Michael Chambers (Houston) and Mollie Duckworth (Austin)

Texas Lawyers:  Caitlyn Fiebrich (Houston), Don Izekor (Austin), Samantha McGarvey (Austin), Tim Fenn (Houston), Jim Cole (Houston), Molly Elkins (Houston)

Elsewhere: Josh Marnitz (Los Angeles), Bruce Johnson (Washington, D.C.)

Late Arrivals and other matters …

Clifford Chance last week revealed its Houston representation of Forge Nano, a Colorado manufacturer of cutting-edge batteries and nano coatings, in their $40 million capital raise announced April 29. Forge Nano specializes in Atomic Layer Deposition tools to coat semi-conductor chips and other sensitive materials and devices. Involved in the deal were Alexander Leff (Houston), Alexandra Wilde (Houston), Peter Guinnane (New York), Adebola Akisanya (Houston), Kade Moural (Houston), Om Pandya (Houston) and Jonathan Walker (Houston).

Plastiflex Group N.V., headquartered in Belgium, announced that it had acquired on March 4, Smooth-Bor Plastics, a Laguna Hills, California, manufacturer of medical grade plastic tubing for CPAPs and other respiratory applications. Plastiflex was advised out of San Francisco by A&O Shearman with Jesse Debban leading, but the team included Michael Walgraven (Dallas) and Jake Lortz (Dallas).

On April 2, the Austin-based architecture and design firm Page announced that it was joining Stantec, an environmentally conscious architecture firm in Edmonton. Last week, Chamberlain Hrdlicka revealed that its lawyers were involved in the transaction, led by the firm’s Houston partner Habeeb ‘Hobbs’ Gnaim. The team also included Umair Karowadia (Houston), Marianne Standley (Houston), Pearson Wolk (Houston), David Pierson (Houston), Aly Dossa (Houston), Joshua Sutin (San Antonio), Jack Li (Houston) and Will Cowan (Houston).

Latham advised Glencore on its agreement with Kimmeridge Texas Gas and Commonwealth LNG to purchase 2 million tonnes per annum of LNG for 20 years with Commonwealth and a similar natural gas supply from KTG. The Latham team was led by Chris Peponis (Houston) and Taylor López (Houston) with support from Siyao Liu (Houston) and Andy Yuan (Houston).

Allen Pusey

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

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