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Something paradoxical happened to Texas energy deals in 2020 and 2021: They increased their share of the overall M&A market. This comes after a pandemic and a couple of notable energy disasters. But numbers aren't always exactly what they seem. The CDT Roundup explores the anomaly along with the weekly roll call of Texas transactions.
With clients Tailwater Capital and Montage cranking up deals already this year, 2022 has started with a bang for Kirkland & Ellis partner Kevin Crews. Crews shared with The Roundup some of his early observations on the broader range of deals he's seeing in the new year, as well as his views on the surprising and continuing rebound for IPOs. That, and our weekly rundown of deals handled by Texas lawyers in the CDT Roundup.
Online gaming, along with outright gambling, is gaining traction in M&A. As the lines between fantasy sports, sports books, remote gaming and casino-based gambling blur, the deals, whether domestic or international, are getting bigger and more involved, even for Texas lawyers. More on that, along with the weekly roll call of Texas-related deals in the CDT Roundup.
Germany announced this week that it is halting certification of the Nord Stream 2 natural gas pipeline from Russia. Germany is Russia's largest European market for their gas, so the move is not insignificant. But the move could have even broader significance for the new Texas alternative to alternative energy: LNG. The CDT Roundup explains, along with its weekly roll call of lawyers involved in what was the year's best week thus far in M&A.
According to a report by Bain, the consulting firm, healthcare M&A was up by 16% in 2021 by volume but also up by 44% in value. The same can be said in Texas where healthcare deals proved both plentiful and interesting. More on that and the transactions reported last week in this latest CDT Roundup.
Texas M&A staged a comeback year in 2021 with some astonishing deal numbers. But behind those numbers lies some interesting changes in the business sectors that both gained and changed. Some are obvious, like healthcare and infrastructure; but some are not so obvious, like food. The CDT Roundup looks at some of those numbers and, in particular, one food deal that typifies several ways in which the food sector is changing, along with last week's dealmaking and the firms involved.
M&A in North America reached a record $2.7 trillion in 2021, according to PitchBook last week. Meanwhile deals in Texas kept apace with nearly a dozen. The CDT Roundup has all of them, and the lawyers involved.
Upstream M&A values for oil and gas were up last year by 25% over 2020, a hopeful sign that energy production transactions are getting back to pre-Covid levels. However, gains in deal volume were slight. At the moment, 2022 seems set for continued deal flow, particularly in the mid-size markets. But beyond? The CDT Roundup has more on those numbers and a look at the lawyers who provided last week's deals.
2021 was a record year for private equity in the U.S. According to PitchBook stats there were 8,600 PE deals worth more than $1.2 trillion, waaay higher than even the previous record. The Roundup has more on the banner year, as well as last week's reported transactions.
The oil & gas sector may have lost cachet, but its importance to Texas is enduring. And projections for investment in O&G and LNG show that 2022 isn't going to change that. That and the lawyers who moved last week's deals in the CDT Roundup.
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