‘A Jarring Wakeup Call’
Pickering Energy Partners’ Dan Pickering offers his views of the turmoil in the oil and gas markets and what it means for dealmaking and bankruptcies in the sector.
‘No Place to Hide for Energy’
Oil prices and energy stocks are plunging, thanks to the coronavirus and Russia refusing to cut production, leading to worries about M&A and new bankruptcies. Observers are calling on companies to work toward generating more free cash flow by lowering spending and cutting production so they can pay down debt – and maybe acquire wounded competitors.
CDT Roundup: 13 Deals, 13 Firms, 128 Lawyers, $15.26B
Private equity firms’ rate of return isn’t so rosy due to record amounts of dry powder pushing up prices for deals, according to a recent report. Meanwhile, dealmaking was decent among Texas lawyers last week thanks to two MLP simplification deals worth almost $10 billion.
Houston-based BMC Software buys Compuware for reported $2B
The KKR-backed buyer used Simpson Thacher attorneys in New York along with BMC’s general counsel.
Latham Advises on Another MLP Simplification Deal Worth $4B
Partner Ryan Maierson and his team aided Shell Midstream’s conflicts committee on eliminating incentive distribution rights and general partner interests and acquiring assets from sponsor Royal Dutch Shell, the second such transaction he’s worked on in a 24-hour period.
Latham Advises Equitrans on Transformative Moves Valued at $10.45B
The actions include acquiring affiliate EQM Midstream, which is part of a continuing trend of companies and sponsors simplifying or eliminating their master limited partnerships.
CDT Roundup: 12 Deals, 10 Firms, 84 Lawyers, $3.7B
Healthcare M&A may be down but transactions are growing larger while deal activity in cybersecurity is rising despite a fall in technology deals overall. That plus last week’s dealmaking by Texas lawyers, including a big cybersecurity divestiture by Dell.
CDT Roundup: 16 Deals, 10 Firms, 92 Lawyers, $1.25B
Oil and gas M&A may be moribund but deals in the digital oilfield are on the rise. Claire Poole covers that plus paltry transactional activity by Texas lawyers leading up to Presidents Day weekend.
CDT Roundup: 18 Deals, 14 Firms, 123 Lawyers, $6.08B
Private equity continues to be the king of capital, with fundraising surpassing $500 billion again last year and assets under management crossing the $4 trillion mark. But 2020 may be tricky to navigate given challenging dealmaking, among other things. Claire Poole has that plus last week’s transactions among Texas lawyers.
CDT Roundup: 13 Deals, 13 Firms, 62 Lawyers, $7.43B
Bankruptcies in the oil and gas industry increased last year, especially in the fourth quarter, according to one report, and commodity prices may remain challenged despite recent geopolitical events. Claire Poole reports on that plus last week’s dealmaking slide.