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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
  • White-Collar/Regulatory
  • Pro Bono/Public Service/D&I

CDT Roundup: 16 Deals, 10 Firms, 92 Lawyers, $1.25B

February 17, 2020 Claire Poole

Ask almost anyone in the oil and gas industry and they’ll tell you that merger and acquisition activity is rather slack. Blame the sector’s lingering falling-out with Wall Street, worries in the commodity markets given the demand-sapping coronavirus in China and various economic and geopolitical concerns.

However, M&A in what’s been dubbed “the digital oilfield” is on the rise, according to Deanna Zhang at Tudor, Pickering, Holt & Co.

The firm’s director of energy tech investment banking said in a report last week that most transactions are still happening at the private company level with undisclosed transaction values, with most sellers around 20 years old and based in U.S., Canada, the U.K. and Norway.

Data acquisition, geophysics and imaging remain the smallest portion of the transaction landscape, Zhang said, with the geophysical industry becoming out of favor and other data-based acquisitions hard to come by. Woodmac/Genscape and Enverus/Platts headlined major data services acquisitions – including one by Enverus last week (see item) – and PGS and TGS remained active on the seismic side while expanding their core businesses with non-seismic related data acquisitions, she said.

But planning, management and data analysis remain a robust portion of digital oilfield dealmaking, staying steady at around 20 transactions per year, Zhang noted. Software focused on improving back office operations and easing management of organizational data makes up a larger portion of the volume compared with software aimed at modeling and engineering/technical disciplines, which has experienced a surge in new businesses in recent years but hasn’t reached the “transactable point,” she said.

Nearly half of the transactions last year were in the maintenance/monitoring category, which is by far the most mature category with a consistently fair amount of activity dating back to 2013, Zhang said. The area has the most overlap with industrial technology, given the active participation of players such as Honeywell, Sumitomo and Emerson.

“The rise may be attributed to the clear value proposition offered by field-oriented software in a hard industry like oil and gas coupled with the industry’s intensifying interest in achieving automation,” she said.

Meanwhile, M&A activity involving Texas lawyers was steady in terms of volume but small in terms of verifiable dollars. There were 16 transactions valued at $1.25 billion, versus 18 deals the previous week worth $6.08 billion and 16 transactions valued at $9.97 billion at the same time last year.

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
31-May-202519$23,3811116612$18,6657$4,717
24-May-202515$24,0331112113$23,6242$409
17-May-202516$21,7601214511$18,6155$3,145
10-May-202524$33,1751620619$30,7655$2,410
03-May-202511$4,249139011$2,226.52$2,022.5
26-Apr-202512$8,78791689$6,0113$2,776
19-Apr-202511$8,09771389$7,9852$112
12-Apr-202513$2,392815210$2,0653$327
05-Apr-202519$27,7621518816$25,4733$2,289
29-Mar-202521$8,1881025816$4,1255$4,064
22-Mar-202519$6,4851423115$4,1284$2,857
15-Mar-202513$13,7371315110$9,9324$3,805
8-Mar-20257$2,2345665$2242$2,100
1-Mar-202511$3,05087510$2,5501$500
24-Feb-2512$16,39771496$6,6356$9,862
17-Feb-2517$12,1361313410$9,4112$2,725
10-Feb-2514$7,15491799$4,9505$2,204
3-Feb-2516 $10,068720011$7,5535$2,515
25-Jan-2514$10,261101259$2,2075$8,054
18-Jan-2519$7,3821531612$2,3007$5,082
11-Jan-2521$33,5601618716$32,5215$1,039
4-Jan-259$6,8279809$6,82700
21-Dec-2411$2,79811928$2,2293$570
14-Dec-2415$5,3231218612$3,8123$1,511
07-Dec-2416$4,7661023111$2,32152,445
30-Nov-2410$10,29191034$8,2906$2.001
23-Nov-2415$4,5531515311$3,3794$1,174
16-Nov-2417$11,4881124513$10,1864$1,303
09-Nov-2414$2,1101213912$1,4102$700
02-Nov-2412 $52,788 1110711$52,7381$50
26-Oct-248$3,1608657$3,0651$75
19-Oct-2412$5,3041113611$4,5541$750
12-Oct-2417$8,4381215015$8,1162$322
05-Oct-2422$23,1811218915$19,9807$3,201
28-Sep-2411$2,35671447$534$2,303
21-Sep-2412$9,568101695$4,1017$5,467
14-Sep-2424$10,9881223516$7,1758$3,813
7-Sep-2412$20,4201616811$20,3071$112.9
31-Aug-2413$20,631913412$14,7751$5,856
24-Aug-2419$8,4522132516$7,1023$1,350
17-Aug-2425$49,1961630411$39,38614$9,810
10-Aug-2420$12,2641531216$9,7944$2,470
03-Aug-2426$16,4981633418$8,1378$8,361
27-Jul-2419$16,4422127115$13,8384$2,604
20-Jul-2415$16,0161418410$14,2325$1,784
13-Jul-2420$17,220 1426518$7,146 2$10,074
6-Jul-2411$3,941 11958$2,650 3$1,291
29-Jun-2414$6,296 152248$6,296 6$1,927
22-Jun-2412$5,679 81375$210 7$5,469
15-Jun-2413$9,895 1621410$5,280 3$4,615
8-Jun-2419$23,859 1323912$19,436 7$4,423
1-Jun-2412$34,510 111479$26,110 3$8,400
25-May-2413$9,684 1517110$4,434 3$5,250
18-May-2411$5,490 111738$3,129 3$2,361
11-May-2422$14,855 1422716$11,105 6$3,750
4-May-2413$3,139 98710$1,297 3$1,842
27-Apr-2410$6,684 62810$6,684 00
20-Apr-2419$15,989 111479$5,208 10$10,781
13-Apr-2413$8,952 97610$1,652 3$7,300
6-Apr-2423$26,616 1422214$13,501 8$13,116
30-Mar-2412$9,286 81368$4,299 4$4,987
23-Mar-2418$5,451 1726616$4,759 2$692
16-Mar-2421$11,437 1318614$9,316 6$2,070
9-Mar-2423$4,695 2121819$2,723 4$1,972
2-Mar-2420$9,108 1937214$4,558 6$4,550
24-Feb-2419$16,382 1224815$9,507 4$6,875
17-Feb-2416$29,932 1515712$29,216 4$716
10-Feb-2425$10,750 1719619$5,372 6$5,379
3-Feb-2412$8,416 181259$3,416 3$5,000
27-Jan-249$8,165 9878$7,815 1$800
20-Jan-2414$4,084 1210912$3,219 2$865
13-Jan-2417$33,588 1225612$26,765 5$6,823
6-Jan-248$7,915 8846$7,265 2$650
30-Dec-2317$14,599 129915$2,714 2$11,885
23-Dec-2323$4,182 1321916$1,813 7$2,370
16-Dec-2313$16,436 132807$15,150 5$1,286
9-Dec-2326$14,633.90 1724416$8,095 10$6,538.90
2-Dec-2313$6,720 95712$6,630 1$90
25-Nov-239$4,835 91316$1,785 3$3,050
18-Nov-2322$6,568.70 1718414$4,709.20 8$1,859.50
11-Nov-2315$9,825 1317912$6,581 3$3,244
4-Nov-2315$20,582.50 1419312$19,417.50 3$1,165
28-Oct-2318$68,419.10 1815215$66,646 3$1,773.10
21-Oct-2316$6,755.90 1616515$6,755.90 1$3
14-Oct-2314$67,851.20 131259$61,998.50 5$5,852.70
7-Oct-2317$6,595.50 1322816$5,995.50 1$600
30-Sep-2317$1,896.45 1318914$806.45 3$1,090
23-Sep-2323$6,432.70 1723016$1,402.80 7$5,029.90
16-Sep-2325$23,226.70 2335316$17,239 9$5,987.70
9-Sep-2312$6,369 81027$4,311 5$2,058
2-Sep-2314$2,522 69213$1,322 1$1,200
26-Aug-2317$12,160.25 1320215$6,573.25 2$5,587.00
19-Aug-2319$11,505 1321315$11,255 4$250
12-Aug-2319$9,698.80 131847$3,270 12$6,428.80
5-Aug-2313$5,201 1211812$5,051 1$150
29-Jul-2315$21,031.60 1319611$18,292.00 4$2,739.60
22-Jul-2318$3,992 1213013$2,808 5$1,184
15-Jul-2313$8,254.95 138113$8,254.95 00
8-Jul-2316$5,441.45 1217211$2,443 5$2,998.45
1-Jul-2316$6,872 1010512$5,474 4$1,398
24-Jun-2313$10,914 1620110$7,874 3$3,040
17-Jun-2317$5,880.70 1515115$4,705.70 2$1,175
10-Jun-2319$8,516.10 1311116$6,252.40 3$2,263.70
June 3 202312$6,104.42 121388$4,256.92 4$1,847.50
27-May-2317$12,200 106711$6,165 6$6,035
20-May-2311$22,458.10 81034$19,455 7$3,003
13-May-2312$7,034 101018$5,460 4$1,574
6-May-2320$3,297.60 1819617$2,985.60 3$312
29-Apr-2323$3,691.20 1813517$1,969.70 6$1,721.50
22-Apr-2316$5,570 1410414$4,750 2$1,000
15-Apr-2312$23,818.10 95910$21,618.10 2$2,200
8-Apr-2316$7,949 91739$5,472 7$3,477
1-Apr-2321$18,676.70 1217511$10,926.70 10$7,750
25-Mar-2315$8,779.50 101415$2,362 10$6,416.50
18-Mar-237$14,048.80 6695$13,345 2$703.80
11-Mar-2321$11,576 1616516$8,131 5$3,445
4-Mar-2320$9,668 1122816$8,209 4$1,459
25-Feb-2313$5,335 1313012$4,235 1$1,200
18-Feb-2314$5,743.70 131588$898.70 6$4,845
11-Feb-2316$12,088 1213712$9,965 4$2,123
4-Feb-2317$8,066 1514013$5,614 4$2,452
28-Jan-237$2,180 7755$1,692.75 2$488
21-Jan-2317$5,768 1617412$1,918 5$3,850
14-Jan-2311$2, 800101028$421 3$2,400
7-Jan-2318$8,296 1116714$6,461 3$1,835
31-Dec-2214$2,732 119912$2,092 2$640
17-Dec14$7,919 1311512$7,419 1$500
10-Dec-2214$10,093 128811$7,093 3$3,000
3-Dec-2226$12,800.90 1117220$4,141 6$8,659.90
26-Nov-228$2,266.70 853$76 5$2,190.70
19-Nov-2221$2,886 1521219$2,550 2$336
12-Nov-2213$15,093.70 9819$14,200 4$893.70
5-Nov-222519,337.201650922$8,267.20 3$11,070
29-Oct-2215$7,805.30 911614$7,180.30 1$625
22-Oct-2220$8,193.50 1325313$5,442 7$2,751.50
15-Oct-229$3,046.10 91397$2,588.30 2$457.80
8-Oct-2219$2,011.80 1211416$833.80 3$1,178
1-Oct-2223$5,532.90 1615618$4,952.30 5$580.60
24-Sep-2218$5,194 1421615$4,050 3$1,144
17-Sep-2221$8,352.30 1232015$4,759.60 6$3,592.70
10-Sep-2215$19,853.50 1012613$19,403.60 2$450
3-Sep-229$2,312 9629$2,312 00
27-Aug-2216$30,891.70 1013515$30,666.40 1227.7
20-Aug-2212$1,977 815299253$1,052
13-Aug-2218$8,004.70 1124211$2,844.70 7$5,160
6-Aug-2224$7,948.90 1224017$3,577 7$4,371.90
30-Jul-228$6,941 9787$6,839 1$102
23-Jul-2211$801 119210$801 10
16-Jul-2214$3,650 1012214$3,650 00
9-Jul-2210$3,557.70 7689$3,557.70 10
2-Jul-2218$8,609.40 1315215$2,754.40 3$5,855
25-Jun-2215$6,142 131469$2,017 6$4,125
18-Jun-2217$11,890.10 1422815$11,410 2479.7
11-Jun-2217$7,600 1212310$2,300 7$5,300
4-Jun-2212$2,937 101279$692 3$2,245
28-May-229$3,197.60 11869$3,197.60 00
21-May-2214$7,284.50 1218511$6,609 3$675.50
14-May-2211$306.60 98010$306.60 1$225
7-May-2216$10,451.75 1210812$1,827 4$8,624.75
30-Apr-2216$2,296.50 1615712$895.50 4$1,401
23-Apr-2210$2,241 11588$1,641 2$600
16-Apr-2211$6,643 71568$2,359 3$4,284
9-Apr-2217$4,429 1418411$1,690 6$2,739
2-Apr-2213$1,755 88410$1,145 3$610
26-Mar-2211$3,205 8656$200 5$3,005
19-Mar-2213$2,239.17 910613$2,239.17 00
12-Mar-2218$12,016 1123915$11,965 2$51.35
5-Mar-2217$6,786 1313713$5,161 4$1,625
26-Feb-2212$5,095 81499$4,437.50 3$658
19-Feb-2217$22,229 1717414$21,354 3$875
12-Feb-2212$2,344.70 10738$641.70 4$1,703
5-Feb-2211$2,503 89911$2,503 00
29-Jan-2211$3,872 1210112$3,872 00
22-Jan-2213$5,143.50 109912$4,842.50 1$301
15-Jan-2212$7,605 91559$6,480 3$1,025
8-Jan-2213$8,256.20 1110213$8,256.20 00
1-Jan-229$1,273.80 6509$1,273.80 00
25-Dec-2121$4,734.75 1117616$3,410 5$1,324.75
18-Dec-2126$7,325.20 1519318$3,640.20 8$3,685.20
11-Dec-2116$5,017 1010913$1,417 3$3,600
4-Dec-2114$2,310 8868$2,310 6$1,882.05
27-Nov-219$3.460.1101016$1,758 3$1,702.60
20-Nov-2120$22,792 1515712$18,864.50 8$3,928
13-Nov-2121$26,729 1217813$11,822 8$14,907
6-Nov-2112$8,303 1315710$6,682 3$1,621
30-Oct-2121$10,368 1521815$9,24.46$1,103.00
23-Oct-2121$18.783.11522211$12,314 10$6,468.60
16-Oct-2115$3,868 1111815$2,293 2$1,575
9-Oct-2120$8,610 1617516$7,795 4$815
2-Oct-2114$6,250 1113710$5,200 4$1,050
25-Sep-2111$11,460 9937$10,200 4$1,250
18-Sep-2111$16,603 8998$15,084 3$1,519
11-Sep-2117$10,653 1110313$8,503 4$2,150
4-Sep-2113$7,222 108911$6,715 2$507
28-Aug-2112$763 96311$663 1$100
21-Aug-2112$29,659 77911$29,579 1$80
14-Aug-2122$17,845 1119912$12,805 10$5,04
7-Aug-2117$13,670 1213915$11,766 2$1,904
31-Jul-2121$8,160 1113410$3,574 10$4,586
July 24,202121$6,367 1113915$3,712 6$2,655
17-Jul-2114$4,009 1112412$2,015 2$1,994
10-Jul-2116$3,997 1314311$1,597 4$2,4
3-Jul-2124$7,492 139416$3,769 8$3,722
26-Jun-2110$4,995 7858$3,847 2$1,148
19-Jun-2128$16,830 82289$1,861 19$14,968
12-Jun-2126$27,238 1520919$25,602 7$1,636
5-Jun-2115$15,539 1310013$14,709 2$600
29-May-2135$20,279 1114528$18,647$1,639
22-May-2124$53,208 1417417$51,047 7$2,161
15-May-2118$10,620 1322011$5,870 7$4,809
8-May-2117$10,400 1115615$8,386 2$2,500
1-May-2121$7,200 1611512$3,808 9$3,392
24-Apr-218$20,200 9318$20,200 00
17-Apr-2114$6,270 810211$40,180 3$2,260
10-Apr-2115$8,940 1312914$7,990 1$950
3-Apr-2118$19,513 1015112$16,923 6$2,590
27-Mar-2127$13,942 1524414$4,300 13$9,633.50
20-Mar-2111$2,046 41023$270 8$1,776
13-Mar-2115$3,270 91096$538 9$2,732
6-Mar-2124$13,617 1019613$10,395 11$3,222
27-Feb-2119$8,105 1213915$4,970 4$3,135
20-Feb-219$8,820 91538$8,520 1$300
13-Feb-2112$4,852.60 78172,7665$2,086.60
6-Feb-2118$9,752 1315314$5,222 4$4,530
30-Jan-2118$9,449 918215$8,753.80 3$695.30
23-Jan-2114$8,150 81186$4,000 8$4,150
16-Jan-2117$6,783 1313811$2,400 6$4,382.90
9-Jan-2122$6,829 1413518$3,139.30 4$3,690
2-Jan-217$1,466 7607$1,466 00
26-Dec-2018$15,900 1216316$5,300 1$600
19-Dec-2018$9,769 1411014$8,426 4$1,343
12-Dec-2010$7,200 91009$3,325 1$3,830
5-Dec-2015$4,261 91229$2,780 6$1,481
28-Nov-2019$7,758 1011013$4,003 6$3,755
14-Nov-2014$864.10 1415712$289.10 2$575
7-Nov-2013$6,332 91299$2,483.50 4$3,849
31-Oct-2010$3,995.80 81036$3,231.10 4$754.70
24-Oct-206$18,100 6585$17,709 1$350
17-Oct-208$351.90 5558$351.90 00
10-Oct-207$5,229 3504$735 3$4,494
3-Oct-2014$21,428 91739$17,535 5$3,893
26-Sep-2010$12,770 8935$10,300 5$2,470
19-Sep-2014$8,365 91016$1,020 8$7,345
12-Sep-206$4,406 8593$1,270 3$3,136
5-Sep-2011$5,191 81179$4,061 2$1,130
29-Aug-2011$2,531 9945$1,130 6$1,401
22-Aug-2018$6,574 121407$1,930 11$4,644
15-Aug-2013$4,991 10977$1,216 6$3,775
8-Aug-2012$32,092 111129$30,457 3$1,635
1-Aug-207$5,287 8765$3,687 2$1,600
25-Jul-209$18,751 6677$18,403 2$348
18-Jul-206$1,982.50 5504$1,407.50 2$575
11-Jul-2011$565.10 127510$65.10 1$500
4-Jul-2010$8,889 8989$8,788 1$100.30
27-Jun-208$6,874 10505$4,972.50 3$2,081.50
20-Jun-2012$4,444 91157$2,829 5$1,615
13-Jun-206$3,582 4372$350 4$3,232
6-Jun-2011$3,213.70 8657$470 4$2,743.70
30-May-208$7,335 7486$4,639 2$2,697
23-May-204$432.40 4343$432.40 10
16-May-206$310 6345$310 10
9-May-2018$5,630 1612414$3,180 4$2,450
2-May-201510,40010908$1,900 7$,8,500
25-Apr-208$3,400 9365$1,000 3$2,450
18-Apr-2019$9,500 14928$185.70 11$9,360
11-Apr-2012$6,000 9405$190 7$5,800
4-Apr-2014$8,200 116810$2,200 4$6,000
28-Mar-2016$6,500 139610$3,700 6$2,800
21-Mar-2011$11,910 7337$2,250 4$9,960
14-Mar-207809.86346684.81125
7-Mar-2016$2,500 157013$669 3$1,400
29-Feb-2013$15,260 1312811$11,760 2$3,500
22-Feb-2012$3,700 109210$2,560 2$1,130
15-Feb-2016$1,250 108412$35 4$1,222
8-Feb-2018$6,080 1412314$2,595 4$3,485
1-Feb-2021$20,900 1210114$17,860 7$3,060
25-Jan-2013$7,430 136212$6,430 1$1,000
18-Jan-2023$9,580 1512019$6,580 4$3,000
11-Jan-2021$14,200 1819916$1,020 5$13,200
4-Jan-2022$6,400 1111916$3,204 6$3,245
28-Dec-1922$7,150 1917518$6,800 4$327.40
14-Dec-1924$36,300 2316719$9,500 5$26,800
7-Dec-1911$10,400 11557$1,082 4$9,370
November 30. 201914$2,450 1212612$1,760 2$692.50
23-Nov-1916$1,995 104111$615 5$1,380
16-Nov-1915$3,820 1313511$2,500 4$1,271
9-Nov-1925$12,900 1718223$12,200 2$575
2-Nov-1910$2,470 126192,4503$22
26-Oct-1912$5,560 147011$3,860 1$1,700
19-Oct-198$6,600 81388$6,600 00
12-Oct-1919$4,300 145516$3,800 3$500
5-Oct-1918$14,500 1916615$11,100 3$3,400
28-Sep-1919$8,100 1813218$7,560 1$550
21-Sep-1914$6,300 166611$2,160 3$4,170
14-Sep-1915$23,800 125611$21,250 4$2,570
7-Sep-1917$3,500 159814$1,900 3$1,600
31-Aug-195$8,700 6505$8,700 00
24-Aug-1916$10,000 148215$4,250 1$5,750
16-Aug-1910$1,680 5527$650 3$950
9-Aug-1917$17,700 156814$3,900 3$13,800
2-Aug-1913$5,760 1210813$5,760 NANA
27-Jul-1911$7,300 13768$6,570 3$730
20-Jul-1913$11,800 1312511$5,300 2$6,500
13-Jul-1910$775 7468$542.50 2$233
6-Jul-197$2,500 9857$2,500 00
29-Jun-1923$8,290 1515417$2,300 6$5,970
22-Jun-1917$10,700 1013914$7,700 3$3,000
15-Jun-1911$13,500 1416011$13,500 NANA
8-Jun-1913$2,870 175511$1,570 2$1,300
1-Jun-1910$4,460 11608$4,140 2$315
25-May-1917$4,360 147914$3,700 3$612
18-May-1922$9,000 1715016$3,400 6$5,600
11-May-1918$19,800 1717715$18,300 3$1,500
4-May-1910$7,075 6328$6,900 2$175
27-Apr-1915$3,200 1411714$3,160 1$40
20-Apr-1913$13,500 10909$12,200 4$1,300
13-Apr-1916$38,900 149114$37,800 2$1,100
6-Apr-1912$6,870 119410$6,730 2$50
30-Mar-1915$6,470 128410$7,91.55$5,677
23-Mar-1918$6,450 149114$5,042 4$1,408
16-Mar-1914$10,180 1211511$8,800 3$1,300
9-Mar-199$1,800 6498$1,300 1$500
2-Mar-1920$3,033 1610714$1,817 6$1,262
23-Feb-1912$2,040 8699$614.60 3$1,430
16-Feb-1916$9,970 187716$9,970 00
9-Feb-1914$6,400 1011014$6,400 00
2-Feb-1918$6,740 159916$5,720 2$950
26-Jan-1913$2,770 116711$918.95 2$1,850
19-Jan-1915$3,819 167612$2,594 3$1,225
12-Jan-1918$7,283 149215$1,683 3$5,600
5-Jan-1910$529 125010$529 00
22-Dec-1817$2,570 138714$941 3$1,629
15-Dec-1810$2,860 8268$264 2$2,600
8-Dec-1815$1,819 166512$552 3$1,267
1-Dec-1812$7,500 10909$1,200 3$6,200
28-Nov-1815$4,500 1110714$4,000 1$500
19-Nov-1818$6,137 139813$2,142 5$3,995
14-Nov-1818$9,200 1315215$8,500 3$694
6-Nov-1816$17,300 1618314$16,361 2$950
29-Oct-1814$14,400 1812717$13,800 1$600
24-Oct-1813$6,140 1312611$5,122 2$1,018
17-Oct-1818$18,390 1512514$12,292 4$6,098
10-Oct-1829$3,149 1810420$1,647 9$819
2-Oct-1818$9,300 116714$7,300 4$2,000
25-Sep-1813$7,000 117510$6,000 3$995
18-Sep-189$3,570 7449$3,570 00
11-Sep-1813$5,900 1013213$5,900 00
7-Sep-1814$5,000 158611$4,000 3$1,000
29-Aug-1815$20,700 147913$4,700 2$16,000
20-Aug-1810$12,400 11538$11,380 3$1,057
14-Aug-1812$19,900 121329$18,889 3$1,011
7-Aug-1816$68,600 1110613$67,259 3$1,340
31-Jul-1815$15,100 159511$13,060 4$2,060
23-Jul-1813$2,130 156010$1,804 3$1,100
17-Jul-1814$5,370 17989$4,310 5$1,100
9-Jul-1816$11,200 157410$11,080 6$862
3-Jul-1813$7,000 78112$6,330 1$750
25-Jun-1815$8,800 13979$4,970 6$3,930
18-Jun-1813$14,200 14807$221 6$14,290
11-Jun-1812$6,300 8968$5,910 4$803
6-Jun-1813$14,500 10888$14,154 5$579
31-May-1811$4,890 10638$3,240 3$1,790
22-May-1815$20,400 11639$19,808 6$885
15-May-1815$4,700 1510610$3,900 5$643
9-May-1811$1,400 13889$1,300 2$560
1-May-188$14,250 7887$13,400 1$450
24-Apr-1812$5,300 66111$4,470 1$800
17-Apr-189$1,800 10447$2,330 2$1,434
11-Apr-1811$2,500 8326$1,690 5$809
3-Apr-1815$13,400 111219$12,020 6$1,090
28-Mar-1810$4,000 10927$3,870 3$215
19-Mar-1817$5,800 135110$590 7$5,165
12-Mar-1815$3,130 114311$2,360 4$788
6-Mar-1819$5,400 1311610$1,530 9$4,860
27-Feb-1820$6,600 136914$5,530 6$1,030
19-Feb-1815$5,500 1411110$3,990 6$1,980
12-Feb-1823$10,900 1715712$7,110 11$3,840
5-Feb-1816$8,600 131007$1,330 9$7,800
30-Jan-1811$12,600 11685$7,300 6$4,982
24-Jan-1819$9,400 151295$2,010 14$7,337
18-Jan-1810$6,280 8492$2,100 8$4,188
9-Jan-1812$16,500 12929$15,890 3$475
3-Jan-1810$2,500 9478$2,350 2$150
27-Dec-1715$9,000 151139$7,568 6$1,784
18-Dec-1715$13,800 161649$13,010 7$1,118
11-Dec-1714$9,700 1012612$2,940 4$8,500
4-Dec-176$1,800 6315$1,510 1$300
28-Nov-177$3,850 8764$3,260 3$285
16-Nov-1710$2,700 10486$1,840 4$856
8-Nov-1715$2,380 179110$1,860 5$516
1-Nov-1712$4,700 17949$3,400 4$1,300
23-Oct-1715$10,500 106710$9,780 4$1,530
18-Oct-176$2,000 373$225 3$1,820
10-Oct-1712$6,570 1009$3,880 3$3,360
2-Oct-178$3,100 11193$1,630 5$1,750
25-Sep-178$4,880 8795$2,660 5$2,070
18-Sep-179$4,770 3$300 6$4,470
12-Sep-1711$4,430 8$2,030 3$2,400
1-Sep-174$1,310 3$317 1$1,000
23-Aug-1711$13,640 98$11,840 3$1,800

Ten law firms and 92 Texas lawyers were involved in what dealmaking did exist, with 12 M&A/private equity/venture capital deals worth only $35 million and four capital markets/financings transactions valued at $1.22 billion.

M&A/PRIVATE EQUITY/VENTURE CAPITAL

V&E, K&S aid on Enbridge’s $25M Rio Bravo purchase from NextDecade

Vinson & Elkins said Feb. 13 it advised Canada’s Enbridge Inc. on its acquisition of Rio Bravo Pipeline Co. from NextDecade Corp. for a cash purchase price not to exceed $25 million.

Partners Doug Bland and Danielle Patterson led the deal team with assistance from associates Caroline McDonald and Alicia Vesely. 

Others were partner Jay Seegers, counsel Damien Lyster and associate Tray Smith on regulatory matters; partners Larry Nettles and Matthew Dobbins on environmental; partner Ryan Carney and associates Christine Mainguy and Dan Henderson on tax; partner Brian Bloom on executive compensation/benefits; and partner Sean Becker and counsel Christie Alcalá on labor/employment.

King & Spalding partner David Lang handled the precedent agreement for NextDecade, which involves NextDecade keeping its rights to the natural gas firm transportation capacity on the pipeline for at least 20 years to supply its proposed Rio Grande LNG export facility. A K&L Gates partner in Charlotte, N.C., led the sale for NextDecade.

Enbridge will oversee financing, construction and operation of the proposed 137-mile natural gas pipeline project, which is designed to move 4.5 billion cubic feet of natural gas per day between the Agua Dulce hub near Corpus Christi to the Port of Brownsville where NextDecade plans to build its export terminal. 

Analysts at Tudor, Pickering, Holt said the acquisition may lead to $1.7 billion in future growth opportunities for Enbridge to supply the Rio Grande and Annova LNG facilities if the projects reach FID, or final investment decision.

The purchase price includes $15 million paid at closing and the balance paid if NextDecade’ reaches a positive final investment decision on the Rio Grande LNG export facility. The transaction should be completed this quarter.

“This agreement with Enbridge further enhances our commitment to our global LNG customers, natural gas suppliers and other stakeholders to deliver our Rio Grande LNG project on time and on budget,” NextDecade chairman and CEO Matt Schatzman said in a statement.

Bill Yardley, Enbridge’s executive VP and president of gas transmission and midstream, said the Rio Grande pipeline further strengthens its ability to serve the expanding LNG export market and fits within its low-risk business model.

In November, the Federal Energy Regulatory Commission issued an order authorizing the siting, construction and operation of the Rio Grande LNG export project and the Rio Bravo pipeline and in January issued a final order on the rehearing for the LNG export project and the pipeline.

Kastner Gravelle advises Praetorian on $10M funding

Austin cybersecurity startup Praetorian said it raised $10 million in Series A funding from Bill Wood Ventures and McKinsey & Co.

Kastner Gravelle represented Praetorian with a team led by Evan Kastner. The investors’ legal counsel couldn’t be determined by press time.

As part of the investment, Praetorian and McKinsey entered into a strategic partnership to help clients solve complex cybersecurity challenges and secure innovation.

Praetorian founder and CEO Nathan Sportman said in a statement that the company didn’t intend to raise outside capital after achieving profitability and cash flow positive operations through eight years of bootstrapping.

“We had to reexamine that thinking after being introduced to partners that brought value far beyond a capital injection,” he said. “Investors that are not constrained by the mechanics of a traditional fund give Praetorian the flexibility to take a long-term view that aligns client and shareholder interests and that nurtures the experimentation cycles of innovation.”

Bill Wood, general partner of Bill Wood Ventures, said the cybersecurity industry continues to grow and presents a new window of opportunity. “Praetorian has been selected by the largest companies in the world to help them solve complex security challenges,” he said.

Kevin Buehler, a senior partner at McKinsey and global leader of its cybersecurity practice, said the investment and collaboration complements and extends the consulting firm’s cybersecurity capabilities.

“We have been deeply impressed with Praetorian’s distinctive capabilities in security architecture and engineering and feel confident that our shared values will allow us to help clients put security at the center of their business strategy,” he said.

Jones Day counsels Arsenal Capital on four Seal for Life acquisitions

Jones Day said Feb. 12 it advised Arsenal Capital Partners on four acquisitions for portfolio company Seal For Life. It also handled all of the related financing and co-investment matters for Arsenal.

Houston M&A partner Stephen Olson and associates Alexandra Wilde, Jane Ehinmoro and Will Mason led the deal team.

The acquisitions include Flame Control Coatings of Niagara Falls, N.Y., Highland International of Boone, N.C., LifeLast of Pflugerville, Texas, and US Coatings of St. Louis. 

Arsenal acquired Seal For Life in July of last year as its coatings platform focusing on the global infrastructure and industrial markets, including maintenance and repair solutions that prolong the life and durability of water, wastewater, oil, power generation and petrochemical infrastructure. It has operations in the Netherlands, Belgium, India and Mexico and three facilities in the U.S.

Seal For Life said the deals broadens its portfolio of protective coating technologies, expands its range of applications and significantly expands its presence in North America.

“We are adding unique liquid coating technologies that are complementary to our existing portfolio of products, enabling the company to be a one-stop solution to our customers,” Seal For Life president Dirk Totte said in a statement. “This an exciting milestone for the company and its employees.”

Concurrent with the acquisitions, Jeff Oravitz was appointed CEO of Seal For Life, bringing 30 years of leadership experience in the global coatings industry.

Sal Gagliardo led the deal for Arsenal, which specializes on investing in middle‐market specialty industrials and healthcare companies. Since its 2000 inception, it’s raised institutional equity investment funds of $5.3 billion, completed 45 platform investments and achieved 30 realizations. 

White & Case aids I Squared on Ocensa pipeline purchase from Advent

I Squared Capital said Feb. 11 it acquired a 22.4% stake in Colombia’s Ocensa crude oil pipeline from private equity firm Advent International. Terms weren’t disclosed.

White & Case advised I Squared, including partner Steve Otillar in Houston.

Ocensa is the longest pipeline in Colombia spanning 519 miles over land and 10.3 miles by sea. It operates 10 pumping stations, a sea terminal and tanks that can store up to 5 million barrels of oil. 

Cenit-Transporte y Logistica de Hidrocarburos, a unit of state-owned oil company Ecopetrol, will continue to hold the majority stake. Advent has owned the interest since 2013.

The investment will reinforce I Squared’s strategy of investing in high-growth emerging markets, its managing partner Adil Rahmathulla – a former executive at Morgan Stanley Infrastructure – said in a statement.

Miami-based I Squared focuses on infrastructure in the energy, public services, telecom and transportation sectors in the Americas, Europe and Asia. In 2018 it closed its second fund, ISQ Global Infrastructure Fund II, at its $7 billion cap, exceeding its initial target of $5 billion.

V&E advises RS Energy on sale to Enverus 

Vinson & Elkins said Feb. 12 that it advised executives at oil and gas technology provider RS Energy Group Inc. on the company’s acquisition by Austin-based Enverus for undisclosed terms.

The V&E team was led by Shane Tucker and Kristy Fields along with a partner in the firm’s New York office. Other key team members were Sean Becker, Christie Alcalá, David Peck, Mary Daniel Morgan and Maddison Riddick.

Kirkland & Ellis was RS Energy’s legal counsel while Simpson Thacher, Weil, Gotshal & Manges, Ropes & Gray and Irell & Manella advised Enverus. Shawn Shillington is Enverus’ general counsel in Austin.

Goldman Sachs provided financial advice to Enverus and Credit Suisse and Jefferies did so for RS Energy and its backer, Warburg Pincus. Genstar Capital is Enverus’ backer.

Warburg bought RS Energy in 2015 from Investment Technology Group in a deal valued at $120.5 million in cash, the company said at the time. RS Energy has since made several add-ons, including NavPort in 2016 and Petroleum Policy Intelligence in 2018, according to PE Hub.

Enverus said the acquisition combines the companies’ complementary strengths to accelerate technology, machine learning and advanced analytics across the energy market. It said its technology enables operators, investors and oilfield service companies to make better, faster decisions and delivers in-field business automation software and capabilities. 

Since Warburg Pincus partnered with RS Energy, the traditionally research-focused firm has grown nearly six-fold into a technology and data science-driven organization, helping investors and corporate executives operationalize analytics and increase transparency at enterprise scale. 

Enverus and RS Energy said the combination will transform the way energy companies and investors perform technical workflows, automate business processes and ultimately deliver shareholder value.

Enverus CEO Jeff Hughes said in the release that the deal is another active step for the company in breaking down silos by building workflows across engineering, geology, land and operations. “Our aligned vision, client-centric focus and a relentless commitment to innovation will help our customers solve their most complex challenges,” he said.

RS Energy co-CEOs and presidents Jim Jarrell and Manuj Nikhanj will join Enverus as co-presidents overseeing Enverus’ oil and gas analytics division. The company has more than 300 employees and offices in Calgary, Houston, New York and Philadelphia.

Morgan Lewis advises Park Lawn on Family Legacy, WG-TN purchases

Morgan Lewis said Feb. 10 that it advised Park Lawn Corp. on its acquisitions of all of the outstanding stock and membership interests of Family Legacy and WG-TN for an undisclosed sum.

Houston partner Jeff Dinerstein counseled Park Lawn on the deals. He said he’s closed several transactions in the past 18 months for Park Lawn, whose U.S. headquarters is in Houston.

Dinerstein was aided by associates David Canales, Tara McElhiney, Melissa Brown, Cullen Wallace and Clara Betancourt. Opposing counsel was out of state.

Family Legacy has 12 locations operating in the greater Nashville, Tenn., area, while WG-TN, known as Harpeth Hills, has a large combination business in Nashville.

The acquisition excludes one stand-alone funeral home that Park Lawn initially intended to acquire from Family Legacy. 

As a result, the purchase price for Family Legacy was proportionately reduced. Park Lawn management now expects Family Legacy and Harpeth Hills to generate $5.5 million in EBITDA on $20.2 million in revenue in the first full year of operations after closing, which occurred Jan. 31.

Gibson Dunn aids CenterOak on Service Champions’ Bell Brothers Plumbing deal

Gibson, Dunn & Crutcher said Feb. 13 it advised Dallas private equity firm CenterOak Partners on its portfolio company Service Champions’ acquisition of Bell Brothers Plumbing Heating and Air. Terms weren’t disclosed.

Dallas partner Robert Little led the deal team, which included partner Jonathan Whalen and associates Steve Wright, Kiel Sauerman and Wevine Fidelis, also of Dallas. Lawyers from the firm’s Los Angeles office worked on financing.

Dallas partner Michael Cannon and associate Josiah Bethards advised on tax aspects while partner Krista Hanvey and associate Tyler Richardson assisted on benefits. Attorneys in Palo Alto and Los Angeles advised on intellectual property aspects and in Orange County on real estate matters.

Greenberg Glusker Fields Claman & Machtinger counseled Bell Brothers.

Bell Brothers is the largest provider of residential air conditioning and plumbing services in Sacramento, Calif. The acquisition is the third since Service Champions received an investment from CenterOak and expands its footprint to 40,000 residential service agreements. 

Bell Brothers’ co-founders Kenny and Jerry Bell will continue in their existing leadership roles and become shareholders of the combined company. Service Champions’ CEO is Leland Smith. 

CenterOak partner Lucas Cutler said the deal marks an important milestone in executing on its long-term vision of building the market-leading provider of residential services across the West Coast.

CenterOak focuses on making control-oriented investments in middle market companies organized or operating in the U.S. in the industrial growth, consumer and business services sectors. Its senior leaders and their predecessor funds have managed $1.8 billion in equity capital commitments and completed 100 acquisitions representing $4.6 billion in transaction value.

Winstead counsels BlackGold on mineral/royalty purchases in the Midland Basin

Houston-based BlackGold Capital Management used Winstead on its purchase of mineral and royalty interests in West Texas’ Midland Basin. The private investment firm didn’t disclose the sellers’ names or the terms.

The Winstead attorneys involved in the transaction are Andrew Rosell, shareholder and chair of the investment management and private funds industry group, and Jarrod Azopardi, an associate in Winstead’s corporate, securities/M&A practice group and the Investment management and private funds industry group. Both are in Fort Worth.

BlackGold said it will receive a percentage of revenue from oil and gas production in the growing basin free of operating expenses and capital expenditures. It added that 72% of the net royalty acres in the portfolio are leased by operators in the top quartile of active horizontal rig counts in the basin and 99% of the NRAs are leased by operators in the top half.

“This acquisition exemplifies BlackGold’s strategy of investing in asset-heavy, cash-flowing assets,” BlackGold co-founder Adam Flikerski said in a statement. Added co-founder Erik Dybesland: “BlackGold continues to acquire mineral and royalty interests in the core of low-cost basins under best-in-class operators.”

Founded in 2006, BlackGold has invested $8 billion across upstream, midstream and oilfield services companies. In the past year, BlackGold completed acquisitions of mineral and royalty interests totaling around $150 million.

The firm seeks to generate compelling returns for its investors by employing a deep fundamental research-driven approach in analyzing energy assets and capital structures. KKR & Co. Inc. holds a 24.9% passive minority interest in BlackGold.

Wick Phillips assists Stratfor on sale to Teakwood-backed RANE

Risk Assistance Network + Exchange, or RANE, said Feb. 4 it acquired Stratfor for an undisclosed sum.

In connection with the transaction, Dallas-based private equity firm Teakwood Capital made an unspecified investment in RANE.

Stratfor received legal advice from Wick Phillips Dallas partner Brad Mahanay and associate Hayley Kennedy and Stratfor general counsel Jim Boeckman, a solo practitioner in Austin, Teakwood corporate development managing director Jonathan Hustis told The Texas Lawbook.

RANE said the combination will enable it to deliver expanded services for risk professionals and corporations looking to better understand, manage and mitigate geopolitical threats. The company was founded by David Lawrence.

For more than 20 years, Stratfor has provided geopolitical analysis and forecasting of global trends to businesses, governments and individuals across industries. It’s led by president Chip Harmon.

CAPITAL MARKETS/FINANCINGS

Sidley, V&E counsel on $500M Southwest Airlines notes offering

Sidley Austin said Feb. 11 it represented the underwriters in connection with an offering by Southwest Airlines Co. of $500 million in 2.625% notes due 2030.

Sidley deal team members in Texas included partners Kevin Lewis and Jon Daly and associates Kayleigh McNelis and Leslie Slaughter, all of Houston.

Vinson & Elkins assisted Southwest, including partners Robert Kimball in Dallas and David Stone in Houston with assistance from Dallas associates Cameron Land, Elizabeth Janicki and Claire Wenholz. Also advising were partners Wendy Salinas and David Peck with assistance from associate Jake Wight, all of Dallas.

The offering closed Feb. 10.

V&E counsels Parsley Energy, Parsley Finance on $400M notes issue

Vinson & Elkins said Feb. 11 that it advised Austin-based Parsley Energy LLC, a unit of Parsley Energy Inc., and subsidiary Parsley Finance Corp. on a previously announced private offering of $400 million in 4.125% senior notes due 2028. The offering closed Feb. 11.

V&E partners Doug McWilliams and David Stone led the deal team with assistance from senior associates Jessica Lewis and Jackson O’Maley and associates Maggie Webber and Markeya Scott. 

Also advising were partners Wendy Salinas and Lina Dimachkieh and associate Christine Mainguy on tax and partner Matthew Dobbins and associate Austin Pierce on environmental.

The notes, which are priced at par, will mature on Feb. 15, 2028 and will pay interest at an annual rate of 4.125%. Parsley Energy Inc. won’t guarantee the notes.

Parsley intends to use the net proceeds from the offering along with borrowings under its revolving credit facility to redeem all of its outstanding 6.250% senior unsecured notes due 2024 at a redemption price of 104.688% plus accrued and unpaid interest to the redemption date. 

The issuers intend to issue a conditional notice with respect to the redemption, whose date they expect will be March 7. The redemption will be conditioned on the completion of the offering.

V&E aids New York Mortgage on $269.7M stock offering

V&E said Feb. 12 it advised New York Mortgage Trust, known as NYMT, on a $269.7 million underwritten public offering of common stock. 

The offering was expected to close Feb. 13.

The deal team was led out of Washington, D.C., but included counsel Doug Lionberger in Houston with 1940 Act advice.

NYMT is an internally managed real estate investment trust that acquires, invests in, finances and manages mortgage-related and residential housing-related assets.

The offering involved 44 million shares, which was upsized from the previously announced 40 million. NYMT granted the underwriters a 30-day option to purchase up to 6.6 million more shares. Morgan Stanley, J.P. Morgan and UBS Investment Bank were the underwriting’s joint bookrunning managers.

NYMT plans to use the net proceeds for general business purposes, which may include acquiring single-family residential and multi-family credit investments and other types of mortgage-related and residential housing-related assets, and for working capital.

V&E counsels OneWater Marine on $47.3M IPO

Vinson & Elkins said Feb. 12 it advised OneWater Marine Inc. on its initial public offering of 5.3 million shares of its Class A common stock at $12 per share, including the exercise in full by the underwriters of their option to purchase more shares. The offering closed Feb. 11.

Partner Dave Oelman and counsel James Brown led the deal team, which included senior associates Katherine Frank and Bo Shi and associates Lucy Liu, Cameron Land, Daryne Foote and Sydney Verner. 

Others in the group were partner Peter Marshall, senior associate Robert Stelton-Swan and associates KJ Pedersen and Elizabeth Janicki (corporate); partner David Peck, senior associate Allyson Seger and associate Lauren Meyers (tax); partner Shane Tucker and associate Carolyn Exnicios (executive compensation/benefits); and counsel Larry Pechacek (environmental).

OneWater expects to contribute the $55 million in net proceeds to its unit, One Water Marine Holdings, in exchange for limited liability company units in OneWater LLC. 

OneWater LLC intends to use its net proceeds, together with cash on hand and borrowings under its credit facility, to redeem all outstanding preferred units in One Water Assets & Operations held by affiliates of Goldman Sachs & Co. and the Beekman Group.

Raymond James, Baird and SunTrust Robinson Humphrey were joint book-running managers for the offering.

OneWater Marine Inc. claims to be one of the largest and fastest growing recreational boat retailers in the U.S. with 63 stores in 11 different states, eight of which are in the top 20 states for marine retail expenditures. It offers new and pre-owned boats, parts and accessories, finance and insurance products, maintenance and repair services and ancillary services such as boat storage.

UPDATE/OTHER

Marathon Petroleum is receiving takeover interest for its Speedway gas station chain from TDR Capital and Seven & i Holdings Co., the Japanese owner of 7-Eleven, Bloomberg reported Feb. 12 citing sources. A sale could bring in more than $20 billion. TDR is interested in merging Speedway with its portfolio company EG Group, a U.K. gas station operator, according to one Bloomberg source. None of the parties would comment. Activist investors have been pressuring the Ohio refiner to spin off its retail division.

***

Insight Partners has hired Credit Suisse to find a buyer for E2Open, an Austin-based supply chain operating network that could fetch between $2.25 billion and $3 billion, PE Hub reported last week citing sources.

***

American Commercial Lines Inc. and various affiliates filed for bankruptcy last week in U.S. Bankruptcy Court for the southern district of Texas. Porter Hedges partner John Higgins is representing the company, which is based in Indiana but has operations in Houston.

***

Deal catchup: Hunton Andrews Kurth said Feb. 12 it advised on four M&A transactions and six capital markets transactions last year and into this year previously not captured by the Corporate Deal Tracker.

The first was Gentle Giant Studios’ sale of almost all of its assets to Gentle Giant Entertainment in July for an undisclosed sum. The deal was led out of the firm’s Richmond, Va., office but included Dallas partner Jeff Blair. Sheppard, Mullin, Richter & Hampton represented the buyer.

Second, the firm counseled a special committee on Nibco Inc.’s purchase of Milwaukee Valve Co., a deal that closed Nov. 21 for an undisclosed sum. Dallas partner Gregg Schmitt led the deal team, which included partners Scott Austin and Jeff Blair in Dallas, associate Emily Cabrera in The Woodlands, partner Alex McGeoch and associate Nic O’Brien in Dallas, associate Caitlin Sawyer in Austin and counsel Sunyi Snow in Dallas. Beck, Chaet, Bamberger & Polsky and Faegre Baker Daniels advised the other parties.

Third, Hunton AK was buyer’s counsel on Market Ventures Inc.’s purchase of VSC Fire & Security Inc. in November for undisclosed terms. Dallas partner Jeff Blair was part of the team and Hirschler Fleischer and Williams Mullen counseled the other parties.

Finally, the firm counseled Evercore as financial advisor to Tallgrass Energy GP on the $3 billion sale of unaffiliated shares and the take-private of Tallgrass Energy Partners in December by Blackstone Infrastructure Partners, a deal The Lawbook previously reported. Houston and New York partner Mark Young led the deal team, which included associates Marshall Heins, Mike Hoffman, Garrett Hughey and Casey Shaw and partner Robert McNamara, all of Houston.

Among capital markets transactions, Hunton AK counseled Stag Industrial on a public offering of common stock in February 2019 worth $600 million (senior counsel Pat Mitchell in Dallas and associate Caitlin Sawyer in Austin were part of the team); and Arlington Asset Management Corp. on a public offering of preferred stock in March 2019 worth $29 million (partners Scott Austin, Jeff Blair, Brian R. Marek and Peter Weinstock in Dallas).

The firm also served as tax counsel and issuer’s counsel on Ellington Financial Inc.’s common stock offering in April 2019 valued at $150 million (Austin associate Caitlin Sawyer); and Duke Energy Carolinas on a debt offering in January of this year worth $900 million (Houston partner Robert McNamara and associate Tim Strother).

Lastly, Hunton AK said it was underwriters’ counsel on two $500 million debt offerings by National Rural Utilities Cooperative Finance Corp. on Feb. 5. Houston partner Robert McNamara and associate Tim Strother were part of the deal team. The banks included US Bancorp Piper Jaffray, PNC Capital Markets, MUFG Securities Americas Inc., RBC Capital Markets and Scotia Capital (USA) Inc. Hogan Lovells represented the issuer.

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