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Assets acquired through M&A are making up a bigger chunk of oil and gas companies’ inventories at a time when industry dealmaking has slowed down. Claire Poole discusses that paradox plus the dealmaking week that was (or wasn’t) by Texas lawyers.
Corporate executives and advisors are less bullish about the outlook for U.S. M&A citing economic, trade and political uncertainties, according to a recent survey. Claire Poole also reports on a blockbuster week for the Corporate Deal Tracker.
The Texas Lawbook’s Corporate Deal Tracker documents every M&A transaction handled by lawyers based in Texas without regard to the location of their clients. The latest CDT chart documents 2019 non-confidential M&A deals to date.
Capital markets continue to be challenging for oil and gas explorers, leading credit facilities to become an important liquidity source. Claire Poole reports on that as well as a down week for deal activity involving Texas lawyers.
Private equity contributes an estimated $4.8 billion in state and local taxes, American Investment Council’s CEO and President Drew Maloney said in an interview with the Dallas Business Journal.
Despite a global dealmaking slowdown in Q3, one data firm expects North American M&A to still surpass $2 trillion this year. Claire Poole reports on that plus the deals for the week that was.
Other bulge-bracket banks also ranked highly, showing that those with heft and a record of leadership are winning deal business despite the slowdown in activity in Texas.
Private equity activity has slowed down this year while M&A involving Texas lawyers did the same this past week. Consolidation continued in the Permian Basin, private equity-backed midstream developers found exits and a big oil company divested a big asset while another expanded in a new growth area.
Lawyers talked trends at UT Law School’s M&A Institute last week, from reps and warranties insurance to deal flow, while transaction activity kept humming along. Claire Poole reports.
In a year when mergers, acquisitions and joint ventures in Texas are down significantly, lawyers at Kirkland & Ellis are actually expanding their position as the go-to M&A law firm for businesses in the state. M&A activity declined or was stagnate at 17 of the top 30 corporate law firms during the first nine months of this year, according to Mergermarket. Five firms are down double-digits in deal count from 2018. Kirkland is the only firm in the top 30 up double-digits. The Texas Lawbook has the details.
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