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M&A Down Substantially in Texas in Q3

October 7, 2019 Mark Curriden & Makenna Brooks

The Texas Lawbook M&A Panel (from left): Claire Poole, Jim Griffin, Kendall Talbot, Mark Solomon, David Terrell, Chad Watt

Everything is bigger in Texas, as the popular saying goes, but not in terms of dealmaking in the third quarter.

Two new data reports show a significant decline in mergers, acquisitions and joint ventures involving Texas companies and Texas lawyers during July, August and September of this year. Observers blame trade wars and economic concerns as the culprits.

M&A activity in the third quarter fell 31% in terms of deal count over the same three months in 2018, according to new Mergermarket data provided exclusively to The Texas Lawbook.

Total deal count with Texas-based companies as buyers or sellers during the third quarter fell to 204 transactions worth $37.7 billion – down from 255 deals valued at $130 billion in the second quarter and 295 worth $160.7 billion in the third quarter of last year. 

Mergermarket reports that it was the 25th consecutive quarter with a deal count above 200, but it was the lowest volume of M&A in Texas since the second quarter of 2013.

For the first nine months of this year, the number of deals declined to 712, versus 874 for the same period last year. Total value slid 41.9% to $192.3 billion, compared with $331 billion at the same time last year, according to Mergermarket.


Separately, dealmaking involving Texas lawyers – no matter the location of the clients’ headquarters – also was down in the third quarter, according to The Texas Lawbook’s Corporate Deal Tracker.

There were 124 deals valued at $71 billion in the third quarter compared with 138 transactions worth $158.3 billion at the same time last year, according to the CDT.


Conditions in the first nine months improved on a deal count basis, however, with the number of transactions reaching 416 valued at more than $235.4 billion compared with 347 transactions worth $296.5 billion in the same period last year.

Weil, Gotshal & Manges partner Jim Griffin, who spoke at an M&A CLE event in Dallas on Wednesday hosted by The Lawbook, blamed the government shutdown for dampening enthusiasm for deals earlier in the year but said conditions appear to be picking up this quarter.

“There are a lot of industries that are active right now,” he said. “It wasn’t that way during the first several months of the year – partially because of the government shutdown.”

While 2019 has been weak so far, there’s still been more deal activity over the last six or seven years than ever before, according to Katten Muchin Rosenman partner Mark Solomon, who also spoke at the event.

“The thriving economy, low interest rates and strong capital markets have encouraged dealmaking,” he said.

Solomon said public exits aren’t being discussed very often right now but he’s seeing a lot of private equity trades. 

“There is still a ton of dry powder out there,” he said. “We are still seeing a seller’s market. It’s very frothy – not unusual right now to see two or three bidders per deal.”

Not surprisingly, the energy, mining and utilities sector made up the biggest chunk of deal activity involving Texas companies so far this year, according to Mergermarket, with 134 transactions worth $122.6 billion, or 63.8% of the year’s total deal value.

Anadarko Petroleum’s $54 billion purchase of Occidental Petroleum – and its $8.8 billion sale of its African assets to Total – certainly helped boost the energy industry’s numbers, along with Buckeye’s $10.2 billion purchase by IFM Investors, both of which were announced in May.

The energy industry was followed in the ranking by business services with 104 deals worth $13.3 billion, or 7% of the market (highlighted by Waste Management’s $4.8 billion purchase of Advanced Disposal Services); media with 21 transactions valued at $11.3 billion, or 5.9% of the market (helped by Sinclair Broadcast Group’s $9.6 billion purchase of Fox Sports Net); and pharma, medical and biotech with 50 deals worth $10.5 billion, or 5.5% of the market (aided by 3M’s $6.7 billion acquisition of Acelity).

The next biggest sectors were technology, which racked up 105 deals valued at $9.7 billion, or 5% of the market; industrials and chemicals, which hit 124 deals worth $8.1 billion, or 4.2% of the market; and financial services, which generated 57 transactions valued at $7 billion, or 3.7% of the market. 

“Because of the challenge in the Sabre deal [for Farelogix], tech companies are a little hesitant [to do deals] right now,” Weil’s Griffin said.

Top Texas M&A Deals 2019 Q3

Source: Mergermarket (Scroll Right for More Columns)
Date AnnouncedValue (US$M)TargetTarget SectorTarget Legal AdvisorsBuyer Bidder Legal AdvisorsSellerSeller Legal Advisors
1May 9, 2019$54,388Anadarko Petroleum CorporationEnergy, Mining & UtilitiesWachtell, Lipton, Rosen & Katz
Advising FA : Fried Frank Harris Shriver & Jacobson
Occidental Petroleum CorporationCravath, Swaine & Moore; Freshfields Bruckhaus Deringer
Advising FA : Weil Gotshal & Manges
2May 10, 2019$10,188Buckeye Partners LPEnergy, Mining & UtilitiesCravath, Swaine & Moore; Vinson & Elkins
Advising FA : Cleary Gottlieb Steen & Hamilton
IFM InvestorsAllen & Overy; Baker Botts; White & Case
Advising FA : Shearman & Sterling
3May 3, 2019$9,600Fox Sports Net LLCMediaSinclair Broadcast Group IncFried Frank Harris Shriver & Jacobson; Latham & Watkins; Pillsbury Winthrop Shaw Pittman; Thomas & Libowitz
Advising FA : Simpson Thacher & Bartlett; Weil Gotshal & Manges
The Walt Disney CompanyCovington & Burling; Cravath, Swaine & Moore
4May 5, 2019$8,800Anadarko Petroleum Corporation (Algerian assets in the Berkine basin) (24.5% stake); Anadarko Petroleum Corporation (Assets in Ghana in Jubilee field) (27% stake); Anadarko Petroleum Corporation (Assets in Ghana in TEN fields) (19% stake); and Anadarko Petroleum Corporation (Assets in Mozambique in Area 1) (26.5% stake)Energy, Mining & UtilitiesTotal SAWeil Gotshal & MangesAnadarko Petroleum CorporationCravath, Swaine & Moore
5May 2, 2019$6,725AcelityPharma, Medical & Biotech3M CompanyCleary Gottlieb Steen & Hamilton
Advising FA : Alston & Bird
Apax Partners LLP; Canada Pension Plan Investment Board; and Public Sector Pension Investment BoardJackson Walker; Simpson Thacher & Bartlett
6April 15, 2019$4,840Advanced Disposal Services IncBusiness ServicesMayer Brown; Shearman & Sterling
Advising FA : Sullivan & Cromwell
Waste Management IncSimpson Thacher & Bartlett; Vedder PriceCanada Pension Plan Investment BoardDebevoise & Plimpton
7September 26, 2019$4,500Exxon Mobil Corporation (Norwegian oil and gas assets)Energy, Mining & UtilitiesVar Energi ASThommessenExxon Mobil Corporation
8April 14, 2019$4,400Epsilon Data Management LLCBusiness ServicesPublicis Groupe SAWachtell, Lipton, Rosen & KatzAlliance Data Systems CorporationLatham & Watkins
Advising FA : Sullivan & Cromwell
9August 27, 2019$4,000BP plc (Alaska business)Energy, Mining & UtilitiesHilcorp Energy CompanyKirkland & EllisBP plcBaker Botts
10September 16, 2019$3,613SemGroup CorporationEnergy, Mining & UtilitiesKirkland & Ellis; Osler, Hoskin & HarcourtEnergy Transfer LP Latham & WatkinsWarburg Pincus LLCDavis Polk & Wardwell
11April 2, 2019$3,600Oryx Midstream Services LLCEnergy, Mining & UtilitiesShearman & Sterling; Vinson & Elkins
Advising FA: White & Case
Stonepeak Infrastructure PartnersHunton Andrews Kurth; Latham & Watkins; Sidley Austin Concho Resources Inc; Quantum Energy Partners; Post Oak Energy Capital LP; and WPX Energy Inc
12April 1, 2019$2,959OOO Lenta (92.57% stake)ConsumerOgierSevergroup OOO Freshfields Bruckhaus DeringerTPG Capital LP; and VTB Capital Private EquityCleary Gottlieb Steen & Hamilton
13July 15, 2019$2,930Carrizo Oil & Gas IncEnergy, Mining & UtilitiesBaker Botts; O'Melveny & Myers
Advising FA: Gibson, Dunn & Crutcher
Callon Petroleum CompanyKirkland & Ellis
Advising FA: Davis Polk & Wardwell
14April 18, 2019$2,675ConocoPhillips Company (UK oil and gas business)Energy, Mining & UtilitiesChrysaor Holdings LimitedClifford ChanceConocoPhillips CompanyCMS
15August 12, 2019$2,413Advanced Computer Software Group Ltd (50% stake)TechnologyBC Partners LimitedKirkland & EllisVista Equity Partners Management LLCKirkland & Ellis
16March 25, 2019$2,319TIER REIT IncReal EstateGoodwin Procter
Advising FA : Cravath, Swaine & Moore
Cousins Properties IncWachtell, Lipton, Rosen & Katz
17March 18, 2019$2,243Third Coast Midstream (71.53% stake)Energy, Mining & UtilitiesGibson, Dunn & Crutcher; Thompson & Knight
Advising FA : Bracewell
ArcLight Capital Partners LLCKirkland & Ellis
18June 10, 2019$2,098Covey Park Energy LLCEnergy, Mining & UtilitiesVinson & ElkinsComstock Resources IncGibson, Dunn & Crutcher; Locke Lord; McGuireWoods
Advising FA: Cravath, Swaine & Moore
Denham Capital Management LP
19August 7, 2019$2,076Huntsman Corporation (Chemical Intermediates and Surfactants Business)Industrials & ChemicalsIndorama Ventures Public Company LimitedHerbert Smith Freehills; Lowenstein SandlerHuntsman CorporationKirkland & Ellis
Advising FA : Weil Gotshal & Manges
20June 17, 2019$2,040LegacyTexas Financial Group IncFinancial ServicesShapiro Bieging Barber Otteson
Advising FA: Simpson Thacher & Bartlett
Prosperity Bancshares IncBracewell
21March 19, 2019$1,976HFF IncFinancial ServicesDechert
Advising FA: Proskauer
Jones Lang LaSalle IncorporatedSidley Austin
Advising FA : Cravath, Swaine & Moore
22July 25, 2019$1,800USAA Investment Management CompanyFinancial ServicesThe Charles Schwab CorporationDavis Polk & Wardwell
Advising FA: Alston & Bird
USAASimpson Thacher & Bartlett
23August 21, 2019$1,713Kinder Morgan Canada LimitedEnergy, Mining & UtilitiesBlake, Cassels & Graydon; Goodmans
Advising FA: Osler, Hoskin & Harcourt
Pembina Pipeline CorporationLatham & Watkins; Stikeman ElliottKinder Morgan IncBracewell
24February 19, 2019$1,600Targa Badlands LLC (45% stake)Energy, Mining & UtilitiesBlackstone Group LPAkin Gump Strauss Hauer & FeldTarga Resources CorpVinson & Elkins
25August 21, 2019$1,546Kinder Morgan Inc (US portion of the Cochin Pipeline)Energy, Mining & UtilitiesPembina Pipeline CorporationLatham & Watkins; Stikeman ElliottKinder Morgan IncBracewell
Advising FA: White & Case
26February 11, 2019$1,450Precision Flow SystemsIndustrials & ChemicalsLatham & WatkinsIngersoll-Rand PlcKhaitan & Co; Kirkland & EllisAccudyne Industries LLC
27April 15, 2019$1,430Hulu LLC (9.5% stake)TechnologyHulu LLCAT&T IncSullivan & Cromwell
28July 30, 2019$1,321United Family Healthcare Pharma, Medical & BiotechHughes Hubbard & ReedNew Frontier CorporationGlobal Law Office; Kirkland & Ellis; Simpson Thacher & Bartlett; The International Law Firm of Winston & StrawnTPG Capital LP; Canada Pension Plan Investment Board; and Shanghai Fosun Pharmaceutical (Group) Co LtdCleary Gottlieb Steen & Hamilton; Fangda Partners; Paul Hastings
29September 30, 2019$1,280Central Penn Line in Pennsylvania’s Susquehanna and Lancaster counties (39.2% stake)Energy, Mining & UtilitiesNextEra Energy Partners LPLocke LordCabot Oil & Gas Corporation; WGL Midstream Inc; Vega Energy Partners Ltd; and River Road Interests LLC
30July 2, 2019$1,275Columbia Midstream Group LLCEnergy, Mining & UtilitiesUGI Energy Services LLCLatham & Watkins
Advising FA: Alston & Bird
TransCanada CorporationBracewell
31March 22, 2019$1,209IPSCO Tubulars IncIndustrials & ChemicalsLatham & WatkinsTenaris SAMitrani, Caballero & Ruiz Moreno Abogados; Sullivan & CromwellTMK OAOAdvising FA : DLA Piper
32May 21, 2019$1,050Peloton Therapeutics IncPharma, Medical & BiotechWilson Sonsini Goodrich & RosatiMerck & Co IncCovington & BurlingTopspin Partners LP; OrbiMed Advisors LLC; The Column Group LLC; Nextech Invest Ltd; Remeditex Ventures LLC; Foresite Capital Management LLC; EcoR1 Capital LLC; Curative Ventures Management LLC; and Vida Ventures LLC
33March 14, 2019$1,030Eureka Midstream Holdings LLC (60% stake); and Hornet Midstream Holdings LLCEnergy, Mining & UtilitiesEQM Midstream Partners LPLatham & WatkinsMorgan Stanley Infrastructure IncVinson & Elkins
34June 11, 2019$1,000Shell Oil Products (Martinez Refinery) Energy, Mining & UtilitiesPBF Energy IncCleary Gottlieb Steen & HamiltonEquilon Enterprises LLC
35March 22, 2019$1,000Silver Eagle Distributors LP (Beer distribution business in Houston)Business ServicesRedwood Capital Investments LLCKirkland & EllisSilver Eagle Distributors LPLocke Lord
36January 7, 2019$1.000Discovery Midstream Partners II LLC (Undisclosed stake)Energy, Mining & UtilitiesKirkland & EllisStonepeak Infrastructure PartnersHunton Andrews Kurth
37September 3, 2019925Concho Resources Inc (New Mexico Shelf assets) Energy, Mining & UtilitiesSpur Energy Partners LLC DLA Piper; Kirkland & EllisConcho Resources IncGibson, Dunn & Crutcher
38April 22, 2019835KEYW Holding Corp TechnologyWeil Gotshal & Manges
Advising FA : Sidley Austin
Jacobs Engineering Group IncFried Frank Harris Shriver & Jacobson
39June 24, 2019804NRC Group Holdings CorpIndustrials & ChemicalsUS Ecology IncDechert
Advising FA : White & Case
JF Lehman & CompanyJones Day
40May 13, 2019800Colonial Pipeline Company (10.13% stake); and Explorer Pipeline Inc (25.97% stake)Energy, Mining & UtilitiesShell Midstream Partners LPHunton Andrews Kurth
Advising FA : Bracewell
Royal Dutch Shell Plc
41March 20, 2019740KFSM TV; WQAD TV; WNEP TV; WOI-DT Local 5; KCWI 23-HD; WZDX; WATN-TV Local 24; WLMT; WPMT FOX43; FOX 61 - WTIC; and WCCT-TVMediaTEGNA IncHughes Hubbard & Reed; Jenner & Block; Nixon PeabodyNexstar Media Group IncKirkland & Ellis; Wiley Rein
42July 30, 2019700Diamondback Energy Inc (Net royalty acres in the Midland and Delaware Basins)Energy, Mining & UtilitiesViper Energy Partners LPHunton Andrews KurthDiamondback Energy IncAkin Gump Strauss Hauer & Feld
43June 17, 2019657C&J Energy Services IncEnergy, Mining & UtilitiesKirkland & Ellis
Advising FA : Vinson & Elkins
Keane Group IncSchulte Roth & Zabel; Simpson Thacher & Bartlett
Advising FA: Baker Botts; Shearman & Sterling
44February 8, 2019640Nexeo Solutions Plastics LLCBusiness ServicesOne Rock Capital Partners LLC Hogan Lovells International; Latham & WatkinsNexeo Solutions IncWachtell, Lipton, Rosen & Katz; Weil Gotshal & Manges
Advising FA: Latham & Watkins
45August 13, 2019617Atlas Technical Consultants LLCConstructionKirkland & EllisBoxwood Merger CorpAtrium; The International Law Firm of Winston & StrawnBernhard Capital Partners Management LP
46March 20, 2019580WPIX-TV; WTKR TV; WTVR-Richmond Va; KASW-TV Inc ; WXMI-TV; KSTU-FOX 13; and WSFL-TVMediaThe EW Scripps CompanyBakerHostetlerTribune Media Company; and Nexstar Media Group IncKirkland & Ellis; Wiley Rein
47May 6, 2019509Amplify Energy CorpEnergy, Mining & UtilitiesKirkland & EllisMidstates Petroleum Company IncLatham & Watkins
48May 22, 2019505Global Restoration Holdings (95% stake)Business ServicesGoodwin ProcterFirstService CorporationFerrante & Associates; Fogler, RubinoffDelos Capital LLC
49August 6, 2019500Vertice Technologies LLCTechnologyK&L GatesVista Equity Partners Management LLCKirkland & Ellis
50May 3, 2019500Kaseya Limited (Undisclosed stake)TechnologyTPG Capital LP; and Insight Venture Partners LLCRopes & Gray

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