White & Case officially announced on Monday it has picked up the Baker Botts capital markets duo of A.J. Ericksen and Jason Rocha.
The Texas Lawbook reported earlier this month that Ericksen had publicized his move on LinkedIn. He noted White & Case’s depth in capital markets and M&A, strength in energy and “unrivaled geographic reach” as reasons he was attracted to the firm.
“The Houston office has been growing at a rapid clip, and that’s fun to be part of,” Ericksen added. “Opportunities to join such a world-class organization in an office that also retains a distinctly Houston feel are rare, and it was something I couldn’t pass up.”
Ericksen said one of the most interesting deals he handled last year was for CNX Midstream’s conflicts committee in a simplification transaction that resulted in the $357 million sale of its outstanding shares to Pittsburgh’s CNX Resources.
“[It] was the first all-stock acquisition of a midstream gathering MLP by an upstream company, which required us to analyze interesting business and legal questions with CNX Midstream’s conflicts committee,” he said. “Layered on top of that were the additional challenges and uncertainties of deal-making during an exceptionally volatile stock market and commodity price environment.”
The healthier oil price environment this year has yielded more optimism for traditional oil and gas companies that Ericksen and Rocha have worked with. Ericksen noted that many companies that were contemplating restructuring last year have pivoted to opportunistic financing transactions to extend their debt maturities and clean up their balance sheets.
With the new presidential administration, Ericksen says he is paying close attention to developments within the U.S. Securities and Exchange Commission, particularly related to changes in reporting around environmental, social and governance topics and how the SEC treats SPACs, which have continued at a blistering pace after their notable reemergence last year as an alternative to the traditional IPO.