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A pair of in-house attorneys for Chevron in Texas is co-leading on the company’s purchase of New York-based Hess Corp. for $60 billion, including debt. Paul Weiss is serving as outside counsel to Chevron, while Wachtell Lipton advised Hess.
Illinois-based Consolidated Communications was advised by Latham & Watkins on the deal. Searchlight Capital Partners already held 34 percent of Consolidated's common stock and all of its Series A perpetual preferred. Claire Poole has details.
Energy is still king in Texas M&A, despite the diversification of the Texas economy and the rise of technology and manufacturing and infrastructure. ExxonMobil's decision to buy Pioneer Natural Resources for $59.5 billion is exhibit A. Still, energy deals have been fading in recent years as a share of the overall M&A market: from a 42 percent share of the overall Texas deal count in 2020 to only 32 percent this year, according to The Lawbook's exclusive Corporate Deal Tracker. But while capital markets have retreated from investment in hydrocarbon development, energy transition is gaining traction in a way that is transforming Texas energy M&A. And even traditional oil and gas is beginning to reap the benefit.
Carbon capture, utilization and sequestration activity is a key tool in combatting climate change, with significant growth in CCUS being required to reach net zero emissions, and Texas is a potential CCUS hotspot. However, regulatory action in Texas will be required for CCUS to meet its full potential.
Refinitiv's numbers are out, and they tell us what we already know: M&A is down worldwide, marking the slowest nine months since 2013. But there's good news, and the Roundup has it — along with the weekly list of deals and the lawyers who advised them.
Environmental, social and governance considerations play an increasingly important role in M&A transactions. In any given deal, however, it can be challenging to qualitatively and quantitatively assess relevant ESG factors, perform appropriate levels of ESG due diligence and plan for appropriate remedial steps or capture ESG opportunities post-closing. M&A acquirers should seek experienced guidance on these considerations to enhance value, mitigate risks and better incorporate financial and non-financial measures into their deal evaluations.
Panelists from five firms at the UT Law M&A Institute on Thursday concluded that ESG issues, both financial and legal, are moving toward greater focus in M&A transactions; perhaps at different paces depending on industry or geography, but evolving nonetheless in ways that need the attention of lawyers.
With the announcement of a joint venture between the Houston Astros and the Houston Rockets, Houston sports fans can breathe a sigh of relief that, at least, for the immediate future they will be able to witness live sports on live TV. But a bankruptcy filed in March in Houston remains the center of similar sports storms in cities from New York to San Diego.
Non-SPAC IPOs are on the uptick in Texas typified by one filed last month by Mach Resources, a company created by natural gas icon Tom Ward, former jefe at Chesapeake Energy and a few other familiar energy stops. Claire Poole looks at that deal along with the firms and lawyers behind last week's 17 Texas-related transactions.
Hydrogen ranks No. 1 in the Periodic Table of Elements, but its carbon-heavy production process has made it a target – not only of environmental concerns — but of potential solutions. Its elemental role in a variety of industrial production processes has made the pursuit of CCS technologies (carbon capture and sequestration) a rising star in a Texas-led pursuit of scalable environmental abatement. Alan Alexander, a partner at Vinson & Elkins, has made himself part of that pursuit. His views are part of this week's CDT Roundup, along with the usual summaries of new transactions and the roster of lawyers who made them.
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