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Freshfields and Vinson & Elkins advised on the transaction that Flex says will allow its data center development unit to capitalize on the next generation of power architectures required for artificial intelligence. An IPO is likely to follow in Q1 2027, following the deal's close.
Alabama-based Diversified Energy announced Sept. 2 that is has acquired Birch Permian Holdings from Elliott Investment Management for about $1.8 billion. Gibson Dunn and Akin advised on the deal.
ONEOK announced that it received a minority investment of $9 billion from private equity firm Apollo. The Tulsa midstream company also said it has acquired the Permian Basin natural gas assets of private Fort Worth-based Brazos Midstream for $4.4 billion cash. Latham and Akin advised on the deal.
Houston-based global giant SLB has acquired Kelvion, a German thermal management and heat exchange technology company, from Apollo for $3.4 billion cash and about $700 million of debt. Sidley Austin and Gibson Dunn led the deal. Paul Weiss was regulatory counsel to the PE firm.
Jackson Walker advised Maverick Power in its $1.75 billion acquisition by British power products manufacturer nVent. The deal positions nVent to provide key power products for data center power and backup needs. Foley & Lardner advised nVent.
While the summer heat continues to scorch the state, the Texas M&A market has certainly cooled. There wasn’t much activity for the week ended Aug. 29, with nary a capital markets transaction. That left the CDT Roundup with seven M&A and funding transactions with a combined disclosed value just over $3 billion.
The CDT Roundup saw nine deals announced during the week ended Aug. 22, with a combined reported value of about $2.8 billion — the lightest dollar figure since late January. The week prior had 15 deals with a value of nearly $7 billion, and a year ago at this time, the Roundup was reporting 23 deals worth more than $15.2 billion.
The rare week ended without an M&A megadeal.
For the week ended Aug. 15, the CDT Roundup saw 15 deals worth about $11.3 billion. The week prior saw 13 deals with a value of $11.1 billion and for this same week a year ago the Roundup reported 13 deals worth more than $26.4 billion.
According to data from The Texas Lawbook's exclusive Corporate Deal Tracker, Texas capital-markets lawyers seperated themselves in two distinct ways in the first half of 2026: by staying busiest across a broad pipeline of offerings and by landing roles on the handful of transactions large enough to dominate the value leaderboards.
The Kirkland & Ellis Texas team did not need long to make its case this week with a Texas Triangle deal blitz stretching from Canada to West Texas. In less than 24 hours, the firm’s public relations team, almost as busy as its deal team, rolled out a rapid-fire run of transactions involving its Austin, Dallas and Houston dealmakers.
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