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The Texas Lawbook

Free Speech, Due Process and Trial by Jury

  • Appellate
  • Bankruptcy
  • Commercial Litigation
  • Corp. Deal Tracker/M&A
  • GCs/Corp. Legal Depts.
  • Firm Management
  • White-Collar/Regulatory
  • Pro Bono/Public Service/D&I

CDT Roundup: 14 Deals, 10 Firms, 122 Lawyers, $3.7B

July 19, 2022 Claire Poole

The second quarter was a challenging one for upstream transactions due to volatility that roiled both commodity and equity markets.

Only about $12 billion was transacted in upstream M&A versus last quarter’s total of $14.7 billion and $34.8 billion for the same period last year, according to the latest report from Enverus. Still, it was an improvement over the $2.9 billion in the second quarter of 2020, when the Covid pandemic was giving people pause, not to mention what it was doing to oil prices.

What was fueling the $12 billion? Private equity firms looking to cash in on their investments at a time of high oil and gas prices, which were due in large part to Russia’s invasion of Ukraine. In fact, PE sellers accounted for about 80 percent of the quarter’s deal value.

Andrew Dittmar, director at Enverus Intelligence Research, said high prices encouraged a rush by PE firms to test the waters for M&A. “While not everyone that is going into the market is getting what they deem to be a suitable offer, enough are to drive modestly active upstream M&A,” he said.

The Permian Basin was the largest contributing play to deal value and it remains the main engine of Lower 48 M&A, Enverus said. About one-third of the quarter’s total deal value came from a merger of equals between private Colgate Energy Partners III, which is focused on the Permian’s Delaware Basin, and publicly traded Centennial Resource Development (Texas lawyers from Latham & Watkins and Kirkland & Ellis counseled on that deal).

Enverus also highlighted the agreement between Grey Rock Energy Partners and Paul Ryan-affiliated SPAC Executive Network Partnering Corp. to form Granite Ridge Resources in a combination valued at $1.3 billion (Kirkland and Holland & Knight worked on that transaction).

What’s next? Dittmar doesn’t think the market will see any shortage of assets available for sale by private equity firms across every major shale play. The challenge is finding buyers willing to pay their asking prices.

“Public E&Ps remain chiefly concerned with getting capital back to shareholders and being too aggressive on M&A can smack of growth investors don’t want,” he said. “That said, the flood of offerings should create opportunities for shrewd deal makers to unlock value with M&A and, if we avoid a major recession, the fundamentals for energy prices still look strong.”

Keep that in mind as you peruse the deals below reported during the week ending July 16. There were 14 of them, all M&A deals, valued at slightly more than $3.7 billion. Seven of the transactions were energy deals, but only four of them could be called traditional oil and gas transactions. The other three involved solar, energy storage and a biodegradable aircarbon substance to replace petrochemical plastic.

As the table below shows, the 14 deals for $3.7 billion compare favorably with both the 10 deals for $3.6 billion reported the week prior, and the 16 transactions valued at a shade under $4 billion during the same week last year.

Weekly Corporate Deal Tracker Roundup Stats

A compilation of weekly stats from The Lawbook's CDT Weekly Roundup
(Deal Values in Millions)

Week Ending
Deal CountAmountFirmsLawyersM&A CountM&A Value $MCapM Count
CapM Value $M
10-May-202524$33,1751620619$30,7655$2,410
03-May-202511$4,249139011$2,226.52$2,022.5
26-Apr-202512$8,78791689$6,0113$2,776
19-Apr-202511$8,09771389$7,9852$112
12-Apr-202513$2,392815210$2,0653$327
05-Apr-202519$27,7621518816$25,4733$2,289
29-Mar-202521$8,1881025816$4,1255$4,064
22-Mar-202519$6,4851423115$4,1284$2,857
15-Mar-202513$13,7371315110$9,9324$3,805
8-Mar-20257$2,2345665$2242$2,100
1-Mar-202511$3,05087510$2,5501$500
24-Feb-2512$16,39771496$6,6356$9,862
17-Feb-2517$12,1361313410$9,4112$2,725
10-Feb-2514$7,15491799$4,9505$2,204
3-Feb-2516 $10,068720011$7,5535$2,515
25-Jan-2514$10,261101259$2,2075$8,054
18-Jan-2519$7,3821531612$2,3007$5,082
11-Jan-2521$33,5601618716$32,5215$1,039
4-Jan-259$6,8279809$6,82700
21-Dec-2411$2,79811928$2,2293$570
14-Dec-2415$5,3231218612$3,8123$1,511
07-Dec-2416$4,7661023111$2,32152,445
30-Nov-2410$10,29191034$8,2906$2.001
23-Nov-2415$4,5531515311$3,3794$1,174
16-Nov-2417$11,4881124513$10,1864$1,303
09-Nov-2414$2,1101213912$1,4102$700
02-Nov-2412 $52,788 1110711$52,7381$50
26-Oct-248$3,1608657$3,0651$75
19-Oct-2412$5,3041113611$4,5541$750
12-Oct-2417$8,4381215015$8,1162$322
05-Oct-2422$23,1811218915$19,9807$3,201
28-Sep-2411$2,35671447$534$2,303
21-Sep-2412$9,568101695$4,1017$5,467
14-Sep-2424$10,9881223516$7,1758$3,813
7-Sep-2412$20,4201616811$20,3071$112.9
31-Aug-2413$20,631913412$14,7751$5,856
24-Aug-2419$8,4522132516$7,1023$1,350
17-Aug-2425$49,1961630411$39,38614$9,810
10-Aug-2420$12,2641531216$9,7944$2,470
03-Aug-2426$16,4981633418$8,1378$8,361
27-Jul-2419$16,4422127115$13,8384$2,604
20-Jul-2415$16,0161418410$14,2325$1,784
13-Jul-2420$17,220 1426518$7,146 2$10,074
6-Jul-2411$3,941 11958$2,650 3$1,291
29-Jun-2414$6,296 152248$6,296 6$1,927
22-Jun-2412$5,679 81375$210 7$5,469
15-Jun-2413$9,895 1621410$5,280 3$4,615
8-Jun-2419$23,859 1323912$19,436 7$4,423
1-Jun-2412$34,510 111479$26,110 3$8,400
25-May-2413$9,684 1517110$4,434 3$5,250
18-May-2411$5,490 111738$3,129 3$2,361
11-May-2422$14,855 1422716$11,105 6$3,750
4-May-2413$3,139 98710$1,297 3$1,842
27-Apr-2410$6,684 62810$6,684 00
20-Apr-2419$15,989 111479$5,208 10$10,781
13-Apr-2413$8,952 97610$1,652 3$7,300
6-Apr-2423$26,616 1422214$13,501 8$13,116
30-Mar-2412$9,286 81368$4,299 4$4,987
23-Mar-2418$5,451 1726616$4,759 2$692
16-Mar-2421$11,437 1318614$9,316 6$2,070
9-Mar-2423$4,695 2121819$2,723 4$1,972
2-Mar-2420$9,108 1937214$4,558 6$4,550
24-Feb-2419$16,382 1224815$9,507 4$6,875
17-Feb-2416$29,932 1515712$29,216 4$716
10-Feb-2425$10,750 1719619$5,372 6$5,379
3-Feb-2412$8,416 181259$3,416 3$5,000
27-Jan-249$8,165 9878$7,815 1$800
20-Jan-2414$4,084 1210912$3,219 2$865
13-Jan-2417$33,588 1225612$26,765 5$6,823
6-Jan-248$7,915 8846$7,265 2$650
30-Dec-2317$14,599 129915$2,714 2$11,885
23-Dec-2323$4,182 1321916$1,813 7$2,370
16-Dec-2313$16,436 132807$15,150 5$1,286
9-Dec-2326$14,633.90 1724416$8,095 10$6,538.90
2-Dec-2313$6,720 95712$6,630 1$90
25-Nov-239$4,835 91316$1,785 3$3,050
18-Nov-2322$6,568.70 1718414$4,709.20 8$1,859.50
11-Nov-2315$9,825 1317912$6,581 3$3,244
4-Nov-2315$20,582.50 1419312$19,417.50 3$1,165
28-Oct-2318$68,419.10 1815215$66,646 3$1,773.10
21-Oct-2316$6,755.90 1616515$6,755.90 1$3
14-Oct-2314$67,851.20 131259$61,998.50 5$5,852.70
7-Oct-2317$6,595.50 1322816$5,995.50 1$600
30-Sep-2317$1,896.45 1318914$806.45 3$1,090
23-Sep-2323$6,432.70 1723016$1,402.80 7$5,029.90
16-Sep-2325$23,226.70 2335316$17,239 9$5,987.70
9-Sep-2312$6,369 81027$4,311 5$2,058
2-Sep-2314$2,522 69213$1,322 1$1,200
26-Aug-2317$12,160.25 1320215$6,573.25 2$5,587.00
19-Aug-2319$11,505 1321315$11,255 4$250
12-Aug-2319$9,698.80 131847$3,270 12$6,428.80
5-Aug-2313$5,201 1211812$5,051 1$150
29-Jul-2315$21,031.60 1319611$18,292.00 4$2,739.60
22-Jul-2318$3,992 1213013$2,808 5$1,184
15-Jul-2313$8,254.95 138113$8,254.95 00
8-Jul-2316$5,441.45 1217211$2,443 5$2,998.45
1-Jul-2316$6,872 1010512$5,474 4$1,398
24-Jun-2313$10,914 1620110$7,874 3$3,040
17-Jun-2317$5,880.70 1515115$4,705.70 2$1,175
10-Jun-2319$8,516.10 1311116$6,252.40 3$2,263.70
June 3 202312$6,104.42 121388$4,256.92 4$1,847.50
27-May-2317$12,200 106711$6,165 6$6,035
20-May-2311$22,458.10 81034$19,455 7$3,003
13-May-2312$7,034 101018$5,460 4$1,574
6-May-2320$3,297.60 1819617$2,985.60 3$312
29-Apr-2323$3,691.20 1813517$1,969.70 6$1,721.50
22-Apr-2316$5,570 1410414$4,750 2$1,000
15-Apr-2312$23,818.10 95910$21,618.10 2$2,200
8-Apr-2316$7,949 91739$5,472 7$3,477
1-Apr-2321$18,676.70 1217511$10,926.70 10$7,750
25-Mar-2315$8,779.50 101415$2,362 10$6,416.50
18-Mar-237$14,048.80 6695$13,345 2$703.80
11-Mar-2321$11,576 1616516$8,131 5$3,445
4-Mar-2320$9,668 1122816$8,209 4$1,459
25-Feb-2313$5,335 1313012$4,235 1$1,200
18-Feb-2314$5,743.70 131588$898.70 6$4,845
11-Feb-2316$12,088 1213712$9,965 4$2,123
4-Feb-2317$8,066 1514013$5,614 4$2,452
28-Jan-237$2,180 7755$1,692.75 2$488
21-Jan-2317$5,768 1617412$1,918 5$3,850
14-Jan-2311$2, 800101028$421 3$2,400
7-Jan-2318$8,296 1116714$6,461 3$1,835
31-Dec-2214$2,732 119912$2,092 2$640
17-Dec14$7,919 1311512$7,419 1$500
10-Dec-2214$10,093 128811$7,093 3$3,000
3-Dec-2226$12,800.90 1117220$4,141 6$8,659.90
26-Nov-228$2,266.70 853$76 5$2,190.70
19-Nov-2221$2,886 1521219$2,550 2$336
12-Nov-2213$15,093.70 9819$14,200 4$893.70
5-Nov-222519,337.201650922$8,267.20 3$11,070
29-Oct-2215$7,805.30 911614$7,180.30 1$625
22-Oct-2220$8,193.50 1325313$5,442 7$2,751.50
15-Oct-229$3,046.10 91397$2,588.30 2$457.80
8-Oct-2219$2,011.80 1211416$833.80 3$1,178
1-Oct-2223$5,532.90 1615618$4,952.30 5$580.60
24-Sep-2218$5,194 1421615$4,050 3$1,144
17-Sep-2221$8,352.30 1232015$4,759.60 6$3,592.70
10-Sep-2215$19,853.50 1012613$19,403.60 2$450
3-Sep-229$2,312 9629$2,312 00
27-Aug-2216$30,891.70 1013515$30,666.40 1227.7
20-Aug-2212$1,977 815299253$1,052
13-Aug-2218$8,004.70 1124211$2,844.70 7$5,160
6-Aug-2224$7,948.90 1224017$3,577 7$4,371.90
30-Jul-228$6,941 9787$6,839 1$102
23-Jul-2211$801 119210$801 10
16-Jul-2214$3,650 1012214$3,650 00
9-Jul-2210$3,557.70 7689$3,557.70 10
2-Jul-2218$8,609.40 1315215$2,754.40 3$5,855
25-Jun-2215$6,142 131469$2,017 6$4,125
18-Jun-2217$11,890.10 1422815$11,410 2479.7
11-Jun-2217$7,600 1212310$2,300 7$5,300
4-Jun-2212$2,937 101279$692 3$2,245
28-May-229$3,197.60 11869$3,197.60 00
21-May-2214$7,284.50 1218511$6,609 3$675.50
14-May-2211$306.60 98010$306.60 1$225
7-May-2216$10,451.75 1210812$1,827 4$8,624.75
30-Apr-2216$2,296.50 1615712$895.50 4$1,401
23-Apr-2210$2,241 11588$1,641 2$600
16-Apr-2211$6,643 71568$2,359 3$4,284
9-Apr-2217$4,429 1418411$1,690 6$2,739
2-Apr-2213$1,755 88410$1,145 3$610
26-Mar-2211$3,205 8656$200 5$3,005
19-Mar-2213$2,239.17 910613$2,239.17 00
12-Mar-2218$12,016 1123915$11,965 2$51.35
5-Mar-2217$6,786 1313713$5,161 4$1,625
26-Feb-2212$5,095 81499$4,437.50 3$658
19-Feb-2217$22,229 1717414$21,354 3$875
12-Feb-2212$2,344.70 10738$641.70 4$1,703
5-Feb-2211$2,503 89911$2,503 00
29-Jan-2211$3,872 1210112$3,872 00
22-Jan-2213$5,143.50 109912$4,842.50 1$301
15-Jan-2212$7,605 91559$6,480 3$1,025
8-Jan-2213$8,256.20 1110213$8,256.20 00
1-Jan-229$1,273.80 6509$1,273.80 00
25-Dec-2121$4,734.75 1117616$3,410 5$1,324.75
18-Dec-2126$7,325.20 1519318$3,640.20 8$3,685.20
11-Dec-2116$5,017 1010913$1,417 3$3,600
4-Dec-2114$2,310 8868$2,310 6$1,882.05
27-Nov-219$3.460.1101016$1,758 3$1,702.60
20-Nov-2120$22,792 1515712$18,864.50 8$3,928
13-Nov-2121$26,729 1217813$11,822 8$14,907
6-Nov-2112$8,303 1315710$6,682 3$1,621
30-Oct-2121$10,368 1521815$9,24.46$1,103.00
23-Oct-2121$18.783.11522211$12,314 10$6,468.60
16-Oct-2115$3,868 1111815$2,293 2$1,575
9-Oct-2120$8,610 1617516$7,795 4$815
2-Oct-2114$6,250 1113710$5,200 4$1,050
25-Sep-2111$11,460 9937$10,200 4$1,250
18-Sep-2111$16,603 8998$15,084 3$1,519
11-Sep-2117$10,653 1110313$8,503 4$2,150
4-Sep-2113$7,222 108911$6,715 2$507
28-Aug-2112$763 96311$663 1$100
21-Aug-2112$29,659 77911$29,579 1$80
14-Aug-2122$17,845 1119912$12,805 10$5,04
7-Aug-2117$13,670 1213915$11,766 2$1,904
31-Jul-2121$8,160 1113410$3,574 10$4,586
July 24,202121$6,367 1113915$3,712 6$2,655
17-Jul-2114$4,009 1112412$2,015 2$1,994
10-Jul-2116$3,997 1314311$1,597 4$2,4
3-Jul-2124$7,492 139416$3,769 8$3,722
26-Jun-2110$4,995 7858$3,847 2$1,148
19-Jun-2128$16,830 82289$1,861 19$14,968
12-Jun-2126$27,238 1520919$25,602 7$1,636
5-Jun-2115$15,539 1310013$14,709 2$600
29-May-2135$20,279 1114528$18,647$1,639
22-May-2124$53,208 1417417$51,047 7$2,161
15-May-2118$10,620 1322011$5,870 7$4,809
8-May-2117$10,400 1115615$8,386 2$2,500
1-May-2121$7,200 1611512$3,808 9$3,392
24-Apr-218$20,200 9318$20,200 00
17-Apr-2114$6,270 810211$40,180 3$2,260
10-Apr-2115$8,940 1312914$7,990 1$950
3-Apr-2118$19,513 1015112$16,923 6$2,590
27-Mar-2127$13,942 1524414$4,300 13$9,633.50
20-Mar-2111$2,046 41023$270 8$1,776
13-Mar-2115$3,270 91096$538 9$2,732
6-Mar-2124$13,617 1019613$10,395 11$3,222
27-Feb-2119$8,105 1213915$4,970 4$3,135
20-Feb-219$8,820 91538$8,520 1$300
13-Feb-2112$4,852.60 78172,7665$2,086.60
6-Feb-2118$9,752 1315314$5,222 4$4,530
30-Jan-2118$9,449 918215$8,753.80 3$695.30
23-Jan-2114$8,150 81186$4,000 8$4,150
16-Jan-2117$6,783 1313811$2,400 6$4,382.90
9-Jan-2122$6,829 1413518$3,139.30 4$3,690
2-Jan-217$1,466 7607$1,466 00
26-Dec-2018$15,900 1216316$5,300 1$600
19-Dec-2018$9,769 1411014$8,426 4$1,343
12-Dec-2010$7,200 91009$3,325 1$3,830
5-Dec-2015$4,261 91229$2,780 6$1,481
28-Nov-2019$7,758 1011013$4,003 6$3,755
14-Nov-2014$864.10 1415712$289.10 2$575
7-Nov-2013$6,332 91299$2,483.50 4$3,849
31-Oct-2010$3,995.80 81036$3,231.10 4$754.70
24-Oct-206$18,100 6585$17,709 1$350
17-Oct-208$351.90 5558$351.90 00
10-Oct-207$5,229 3504$735 3$4,494
3-Oct-2014$21,428 91739$17,535 5$3,893
26-Sep-2010$12,770 8935$10,300 5$2,470
19-Sep-2014$8,365 91016$1,020 8$7,345
12-Sep-206$4,406 8593$1,270 3$3,136
5-Sep-2011$5,191 81179$4,061 2$1,130
29-Aug-2011$2,531 9945$1,130 6$1,401
22-Aug-2018$6,574 121407$1,930 11$4,644
15-Aug-2013$4,991 10977$1,216 6$3,775
8-Aug-2012$32,092 111129$30,457 3$1,635
1-Aug-207$5,287 8765$3,687 2$1,600
25-Jul-209$18,751 6677$18,403 2$348
18-Jul-206$1,982.50 5504$1,407.50 2$575
11-Jul-2011$565.10 127510$65.10 1$500
4-Jul-2010$8,889 8989$8,788 1$100.30
27-Jun-208$6,874 10505$4,972.50 3$2,081.50
20-Jun-2012$4,444 91157$2,829 5$1,615
13-Jun-206$3,582 4372$350 4$3,232
6-Jun-2011$3,213.70 8657$470 4$2,743.70
30-May-208$7,335 7486$4,639 2$2,697
23-May-204$432.40 4343$432.40 10
16-May-206$310 6345$310 10
9-May-2018$5,630 1612414$3,180 4$2,450
2-May-201510,40010908$1,900 7$,8,500
25-Apr-208$3,400 9365$1,000 3$2,450
18-Apr-2019$9,500 14928$185.70 11$9,360
11-Apr-2012$6,000 9405$190 7$5,800
4-Apr-2014$8,200 116810$2,200 4$6,000
28-Mar-2016$6,500 139610$3,700 6$2,800
21-Mar-2011$11,910 7337$2,250 4$9,960
14-Mar-207809.86346684.81125
7-Mar-2016$2,500 157013$669 3$1,400
29-Feb-2013$15,260 1312811$11,760 2$3,500
22-Feb-2012$3,700 109210$2,560 2$1,130
15-Feb-2016$1,250 108412$35 4$1,222
8-Feb-2018$6,080 1412314$2,595 4$3,485
1-Feb-2021$20,900 1210114$17,860 7$3,060
25-Jan-2013$7,430 136212$6,430 1$1,000
18-Jan-2023$9,580 1512019$6,580 4$3,000
11-Jan-2021$14,200 1819916$1,020 5$13,200
4-Jan-2022$6,400 1111916$3,204 6$3,245
28-Dec-1922$7,150 1917518$6,800 4$327.40
14-Dec-1924$36,300 2316719$9,500 5$26,800
7-Dec-1911$10,400 11557$1,082 4$9,370
November 30. 201914$2,450 1212612$1,760 2$692.50
23-Nov-1916$1,995 104111$615 5$1,380
16-Nov-1915$3,820 1313511$2,500 4$1,271
9-Nov-1925$12,900 1718223$12,200 2$575
2-Nov-1910$2,470 126192,4503$22
26-Oct-1912$5,560 147011$3,860 1$1,700
19-Oct-198$6,600 81388$6,600 00
12-Oct-1919$4,300 145516$3,800 3$500
5-Oct-1918$14,500 1916615$11,100 3$3,400
28-Sep-1919$8,100 1813218$7,560 1$550
21-Sep-1914$6,300 166611$2,160 3$4,170
14-Sep-1915$23,800 125611$21,250 4$2,570
7-Sep-1917$3,500 159814$1,900 3$1,600
31-Aug-195$8,700 6505$8,700 00
24-Aug-1916$10,000 148215$4,250 1$5,750
16-Aug-1910$1,680 5527$650 3$950
9-Aug-1917$17,700 156814$3,900 3$13,800
2-Aug-1913$5,760 1210813$5,760 NANA
27-Jul-1911$7,300 13768$6,570 3$730
20-Jul-1913$11,800 1312511$5,300 2$6,500
13-Jul-1910$775 7468$542.50 2$233
6-Jul-197$2,500 9857$2,500 00
29-Jun-1923$8,290 1515417$2,300 6$5,970
22-Jun-1917$10,700 1013914$7,700 3$3,000
15-Jun-1911$13,500 1416011$13,500 NANA
8-Jun-1913$2,870 175511$1,570 2$1,300
1-Jun-1910$4,460 11608$4,140 2$315
25-May-1917$4,360 147914$3,700 3$612
18-May-1922$9,000 1715016$3,400 6$5,600
11-May-1918$19,800 1717715$18,300 3$1,500
4-May-1910$7,075 6328$6,900 2$175
27-Apr-1915$3,200 1411714$3,160 1$40
20-Apr-1913$13,500 10909$12,200 4$1,300
13-Apr-1916$38,900 149114$37,800 2$1,100
6-Apr-1912$6,870 119410$6,730 2$50
30-Mar-1915$6,470 128410$7,91.55$5,677
23-Mar-1918$6,450 149114$5,042 4$1,408
16-Mar-1914$10,180 1211511$8,800 3$1,300
9-Mar-199$1,800 6498$1,300 1$500
2-Mar-1920$3,033 1610714$1,817 6$1,262
23-Feb-1912$2,040 8699$614.60 3$1,430
16-Feb-1916$9,970 187716$9,970 00
9-Feb-1914$6,400 1011014$6,400 00
2-Feb-1918$6,740 159916$5,720 2$950
26-Jan-1913$2,770 116711$918.95 2$1,850
19-Jan-1915$3,819 167612$2,594 3$1,225
12-Jan-1918$7,283 149215$1,683 3$5,600
5-Jan-1910$529 125010$529 00
22-Dec-1817$2,570 138714$941 3$1,629
15-Dec-1810$2,860 8268$264 2$2,600
8-Dec-1815$1,819 166512$552 3$1,267
1-Dec-1812$7,500 10909$1,200 3$6,200
28-Nov-1815$4,500 1110714$4,000 1$500
19-Nov-1818$6,137 139813$2,142 5$3,995
14-Nov-1818$9,200 1315215$8,500 3$694
6-Nov-1816$17,300 1618314$16,361 2$950
29-Oct-1814$14,400 1812717$13,800 1$600
24-Oct-1813$6,140 1312611$5,122 2$1,018
17-Oct-1818$18,390 1512514$12,292 4$6,098
10-Oct-1829$3,149 1810420$1,647 9$819
2-Oct-1818$9,300 116714$7,300 4$2,000
25-Sep-1813$7,000 117510$6,000 3$995
18-Sep-189$3,570 7449$3,570 00
11-Sep-1813$5,900 1013213$5,900 00
7-Sep-1814$5,000 158611$4,000 3$1,000
29-Aug-1815$20,700 147913$4,700 2$16,000
20-Aug-1810$12,400 11538$11,380 3$1,057
14-Aug-1812$19,900 121329$18,889 3$1,011
7-Aug-1816$68,600 1110613$67,259 3$1,340
31-Jul-1815$15,100 159511$13,060 4$2,060
23-Jul-1813$2,130 156010$1,804 3$1,100
17-Jul-1814$5,370 17989$4,310 5$1,100
9-Jul-1816$11,200 157410$11,080 6$862
3-Jul-1813$7,000 78112$6,330 1$750
25-Jun-1815$8,800 13979$4,970 6$3,930
18-Jun-1813$14,200 14807$221 6$14,290
11-Jun-1812$6,300 8968$5,910 4$803
6-Jun-1813$14,500 10888$14,154 5$579
31-May-1811$4,890 10638$3,240 3$1,790
22-May-1815$20,400 11639$19,808 6$885
15-May-1815$4,700 1510610$3,900 5$643
9-May-1811$1,400 13889$1,300 2$560
1-May-188$14,250 7887$13,400 1$450
24-Apr-1812$5,300 66111$4,470 1$800
17-Apr-189$1,800 10447$2,330 2$1,434
11-Apr-1811$2,500 8326$1,690 5$809
3-Apr-1815$13,400 111219$12,020 6$1,090
28-Mar-1810$4,000 10927$3,870 3$215
19-Mar-1817$5,800 135110$590 7$5,165
12-Mar-1815$3,130 114311$2,360 4$788
6-Mar-1819$5,400 1311610$1,530 9$4,860
27-Feb-1820$6,600 136914$5,530 6$1,030
19-Feb-1815$5,500 1411110$3,990 6$1,980
12-Feb-1823$10,900 1715712$7,110 11$3,840
5-Feb-1816$8,600 131007$1,330 9$7,800
30-Jan-1811$12,600 11685$7,300 6$4,982
24-Jan-1819$9,400 151295$2,010 14$7,337
18-Jan-1810$6,280 8492$2,100 8$4,188
9-Jan-1812$16,500 12929$15,890 3$475
3-Jan-1810$2,500 9478$2,350 2$150
27-Dec-1715$9,000 151139$7,568 6$1,784
18-Dec-1715$13,800 161649$13,010 7$1,118
11-Dec-1714$9,700 1012612$2,940 4$8,500
4-Dec-176$1,800 6315$1,510 1$300
28-Nov-177$3,850 8764$3,260 3$285
16-Nov-1710$2,700 10486$1,840 4$856
8-Nov-1715$2,380 179110$1,860 5$516
1-Nov-1712$4,700 17949$3,400 4$1,300
23-Oct-1715$10,500 106710$9,780 4$1,530
18-Oct-176$2,000 373$225 3$1,820
10-Oct-1712$6,570 1009$3,880 3$3,360
2-Oct-178$3,100 11193$1,630 5$1,750
25-Sep-178$4,880 8795$2,660 5$2,070
18-Sep-179$4,770 3$300 6$4,470
12-Sep-1711$4,430 8$2,030 3$2,400
1-Sep-174$1,310 3$317 1$1,000
23-Aug-1711$13,640 98$11,840 3$1,800

M&A/FUNDINGS

Stonepeak picks up part of CoreSite from American Tower for $2.5B

Deal Description: Private equity firm Stonepeak announced July 11 that it agreed to acquire a 29 percent interest in American Tower’s U.S. data center business CoreSite for $2.5 billion. Sidley Austin is serving as principal legal advisor to Stonepeak with a Houston team that includes partners Tim Chandler, Cliff Vrielink and Tommer Yoked, senior managing associate John Stribling and managing associate Chanse Barnes. For more on this deal, click here.

Crossplane Capital raises above $325M target

Deal Description: Dallas-based Crossplane announced July 12 the first and final closing of its second private equity investment fund, Crossplane Capital Fund II, above its $325 million target.  Crossplane has raised $730 million since its founding in 2018, including co-investment vehicles. Crossplane said Fund II will continue to target lower middle market industrial companies that are family and founder owned and seeking an operational and financial partner or companies going through a complex situation, such as a carve-out or a restructuring. Since the first closing of its inaugural fund in July 2019, Crossplane has closed six platform investments and 20 add-on acquisitions in its target sectors of industrial business services, value added distribution and niche manufacturing. It typically invests in companies with sales of between $40 million and $200 million and up to $15 million in EBITDA. It’s led co-founders Brian Hegi and Ben Eakes, both formerly with Prophet Equity.

Crossplane’s Outside Counsel: Akin Gump Strauss Hauer & Feld led by Jim Deeken and including Stuart Alter, Graham McCall and Abby Segodnia

Pickering announces $300M partnership to buy, develop Permian assets

Deal Description: Pickering Energy Partners, a Houston-based energy financial services and investment firm, announced July 13 a partnership with an unnamed institutional investor to acquire and develop Permian Basin oil and gas interests alongside operators. Over the next two years, PEP Development will focus on deploying at least $300 million of equity capital alongside public and private operating companies in the Permian Basin. PEP will focus on drilling and development capital opportunities between $50 million and $150 million. Chief investment officer Dan Pickering said oil and gas is strategic again, in which energy security and trustworthy barrels are rising as a priority for companies and consumers.

PEP’s Outside Counsel: Latham & Watkins led by Houston investment funds partner Ivana Rouse and Houston M&A partner James Garrett with associates Lexi Santa Ana, Sarah Dunn and Shreya Patel. New York partner Gregory Hannibal advised on tax matters.

Apollo invests $175M in Summit Ridge Energy

Deal Description: Apollo announced July 13 that it agreed to make a $175 million strategic investment in Summit Ridge Energy, an owner-operator of community solar assets. Since launching in 2017, Summit has formed two joint ventures totaling $1 billion in permanent project capital and has expanded its portfolio of solar projects in operation or under construction to 300 megawatts. By the end of 2023, Summit expects to have more than 500 megawatts of solar and 100 megawatt hours of battery storage projects online, providing energy savings to 175,000 residential and commercial customers. Summit will expand its geographic footprint and continue to scale its platform. As a result of the investment, Apollo partners Corinne Still and Wilson Handler will join the Summit’s board. Summit CEO Steve Raeder will continue as board chair.

Apollo’s Outside Counsel: Vinson & Elkins led by partners Dan Komarek in New York and Danielle Patterson and Jason McIntosh in Houston with assistance from senior associate Austin White in Austin and associates Tara Tegeleci in New York and Rob Vezina in Houston and counsel Mary Alexander in Washington, D.C.

Summit Ridge’s Financial Advisor: Citibank

Summit Ridge’s Outside Counsel: Saul Ewing

Powin attracts $135M growth equity investment led by GIC

Deal Description: Powin, a provider of energy storage solutions, announced July 14 a $135 million growth equity investment led by GIC, Singapore’s sovereign wealth fund. Existing lead investors Trilantic Energy Partners North America and Energy Impact Partners also participated. In a separate transaction announced June 15, Powin said it also attracted an undisclosed strategic equity funding investment from Samsung Venture Investment Corp., a fund managed on behalf of Samsung C&T, an engineering procurement and construction firm that has built some of the world’s most iconic infrastructure projects. Among them: the world’s tallest building, the Burj Khalifa in Dubai; the Riyadh metro project in Saudi Arabia; and the UAE’s Barakah nuclear power plant project.

Powin’s Outside Counsel: Kirkland & Ellis led by an all-Texas corporate team including partners Jhett Nelson, Shubi Arora and Josh Teahen with assistance from associates Tess Dennis, Abbey Zuech, Bridget Hamway and Alexiz Magro-Malo. Partners Vin Thorn and Liam Murphy, both of Boston, helped on tax.

Powin’s Financial Advisor: Evercore

GIC’s Outside Counsel: Sidley Austin advised, but no Texas lawyers were involved.

Notes: Kirkland’s Nelson and Arora previously counseled Trilantic on its initial investment in Powin in 2021.

Tellurian buys Haynesville Shale properties for $125M

Deal Description: Tellurian Inc. announced July 13 that its unit Tellurian Production agreed to buy natural gas assets in the Haynesville Shale from Shreveport producer EnSight IV Energy Partners and EnSight Haynesville Partners for $125 million plus a contingent payment of $7.5 million, which is based on the price of natural gas and may be payable in March 2023 under certain conditions. The assets include 5,000 acres and 44 wells capable of producing 45 million cubic feet of natural gas per day. Tellurian will fund the purchase with cash on hand. Tellurian president and CEO Octávio Simões said in a statement that Tellurian continues to focus on two pathways – progressing Driftwood LNG and continuing to increase its upstream footprint – and the deal is expected to increase its 2023 estimated natural gas production by 30 percent and its upstream EBITDA by 25 percent.

Expected Closing: Q3 2022

Tellurian Outside Counsel: Sidley including partners Mark Metts and Katy Lukaszewski in Houston, managing associate John Brannan in Dallas, associate Sean Valentine in Houston, tax partner Zach Pullin in Houston, tax associate Aaron Mitchell in New York and environmental partner Heather Palmer in Houston

PeopleFund closes $15M raise for Veteran Loan Fund

Deal Description: The PeopleFund, a Texas-based fund aimed at supporting efforts by the nation’s military veterans to become entrepreneurs, announced July 13 the close of its first-round raise of $15 million led by a $5 million commitment from Wells Fargo, which includes a $3.5 million investment and a $1.5 million grant. The fund was created in January to support Community Development Financial Institutions focused on capital and technical support for underserved veterans. The fund expects to grow to $100 million within five years, an amount equal to the estimated annual demand for capital from veteran entrepreneurs that don’t receive any kind of funding for their businesses. PeopleFund has deployed almost $200 million in loans and grants helping 4,500 small businesses create or retain 15,000 jobs. Sixty-five percent of participants in PeopleFund’s programs are minority and 70 percent live in or serve low- and moderate-income communities.

PeopleFund’s Outside Counsel: Baker Botts led by corporate partners Brendan Dignan (Washington, D.C.), senior counsel William Stutts (Austin), special counsel Lee Neel Davis (Washington, D.C.) and associate Josh Espinosa (associate, Dallas)

Notes: This is Baker Botts’ latest effort to support military veterans, which in the past has included providing pro bono counsel to the Veterans Consortium, the National Global War on Terrorism Memorial and the National Veteran Small Business Coalition.

Newlight, Long Ridge to build aircarbon facility, with Fortress to invest $75M

Deal Description: Newlight Technologies Inc. and Long Ridge Energy Terminal, which is jointly owned by a unit of Fortress Transportation and Infrastructure Investors and an affiliate managed by GCM Grosvenor, announced July 14 that the parties and their related entities entered into various agreements providing for the construction and operation of a new facility in Ohio. The facility, to be known as Aircarbon-Ohio, will produce aircarbon, a naturally-occurring molecule called PHB that replaces plastic but is carbon-negative and biologically degrades in natural environments. Long Ridge will lease land and sell power and gas to Newlight and Fortress agreed to invest 25 percent of the project costs, or up to $75 million, to participate in the project’s economic returns.

Fortress’ Outside Counsel: Vinson & Elkins led by partners Alan Alexander, Benji Barron and Kaam Sahely with assistance from associates John Larbalestier, Carli Gish and Ryan Bullard. Others included partners John Decker and Damien Lyster and associates Bree Sinclair and Ryan Hoeffner (energy regulatory); partner Eamon Nolan, counsel Josh Heideman, senior associates Megan Menniti and Josh Singer and associate Helena Zhang (energy transactions/projects); counsel Hal Taylor (real estate); partner Michael Kurzer, counsel Rajesh Patel and associate Marcus Martinez (technology transactions/IP); partners Matt Dobbins and Larry Nettles and associate Simon Willis (environmental); partner Jason McIntosh, senior associate Brian Russell and associate Tyler Underwood (tax); and counsel Caitlin Lawrence (finance).

Source Capital plows capital into Amplifi

Deal Description: Amplifi Group, a strategy and information management consulting firm based in Dallas, announced June 28 it received an undisclosed growth investment from private firm Source Capital. Amplifi will use the funds to expand its presence in North America and Europe, support its growing customer demands and give it capital for increased M&A activity. With offices in the U.S. and EU, Amplifi provides data consulting services that address the data value chain from strategy, solution design, implementation, technology solutions and managed operations for brands including Genuine Parts, GameStop, Kimberly-Clark, Oriental Trading Co., Ahold, Scholastic, Lululemon, Mitsubishi Electric and Floor & Decor. Atlanta-based Source Capital has made 25 equity platform investments, 52 add-on acquisitions and 40 debt investments through four separate credit funds since the firm was founded in 2002.

Amplifi’s Outside Counsel: O’Melveny led by partner and Texas corporate regional head Whit Roberts and counsel Austin Elder with support from partners Will Becker and Jennifer Taylor, senior counsel Warren Fox and associates Sarah Nelson and Eleanor Gilbert.

Daikin Applied buys majority interest in CM3 Building Solutions

Deal Description: Daikin Applied Americas Inc. announced July 8 it acquired a majority interest in CM3 Building Solutions. Terms weren’t disclosed. Daikin Applied said the new relationship expands its ability to serve customers across the entire lifecycle of their building systems and operation. CM3 is a Philadelphia-based service and solutions provider offering building automation and technology, energy services, security and fire protection and HVAC support throughout Pennsylvania, Delaware and New Jersey. CM3 will continue to operate under its current name and leadership, including Bruce Michelson, president, John Hollister, executive vice president, and Tom Monahan, executive vice president. Daikin Applied is a division of Daikin Industries Ltd., the world’s top air-conditioning company.

CM3’s Financial Advisor: Cowen and Co.

Daikin Applied’s Outside Counsel: Gibson Dunn led by Houston partner Stephen Olson and included Dallas associate Jonathan Sapp and Houston associate Gerald Kimani. Dallas partner Michael Cannon advised on tax aspects. Dallas partner Krista Hanvey advised on benefits. Washington, D.C., counsel Andrew Kline weighed in on antitrust aspects.

Fundare Resources closes acquisition of Green River Basin asset

Deal Description: Fundare Resources Co. announced July 12 that it completed an acquisition of oil and gas assets in the Green River Basin of Wyoming from Kayne Anderson Capital Advisors-backed HRM Resources III. Terms weren’t disclosed. Fundare’s management will take over operations from HRM beginning Aug. 1. Fundare will hold the new assets under an entity called Rangeview Resources Co. Fundare said the assets include 91,700 net acres, 191 operated and 153 non-operated wells producing low-risk, high-return permitted drilling inventory and attractive basin for bolt-on acquisitions. The acquisition was funded through equity provided by WDC Energy, management and friends and family investors. Rangeview also entered into a note purchase agreement with Cibolo Energy Partners to provide debt capital used to fund a portion of the acquisition.

Fundare’s Outside Counsel: Baker Botts including, from corporate: Larry Hall (partner, Dallas), Trevor LaBarge (associate, Dallas); from tax: Stephen Marcus (partner, Dallas), Matthew Larsen (partner, Dallas), Jordan Hahn (senior associate, Dallas) and Phillip Clifton (associate, Houston); on global projects: Megan Young (associate, Houston); and on finance: Clint Culpepper (partner, Austin), Taylor Courtade (associate, Dallas) and Regan Vicknair (associate, Houston)

HRM’s Outside Counsel: Davis Graham & Stubbs

HRM’s Financial Advisor: CIBC Capital Markets

Kayne’s Outside Counsel: McDermott Will & Emery including Kevin Brophy, Jibin Luke and Sarah Nabors

Delfin Midstream signs LNG sale/purchase, investment agreements with Vitol

Deal Description: Delfin Midstream Inc. announced July 13 it finalized a binding liquified natural gas sale and purchase agreement with Vitol Inc., the Americas-based affiliate of Vitol, the world’s largest independent energy trader. Vitol also finalized an investment in Delfin for which terms weren’t disclosed. Under the SPA, Delfin will supply 500,000 tonnes per annum on a free on-board basis at the Delfin Deepwater Port 40 nautical miles off the coast of Louisiana to Vitol for a 15-year period. The SPA is indexed to Henry Hub benchmark. The agreement is valued at $3 billion in revenue over 15 years.

Vitol’s Outside Counsel: Latham & Watkins led by Houston partner Chris Peponis in Houston with associates Jack Moxon and Chantal Carriere

Notes: Latham brought on Peponis as well as Moxon and Carriere in the spring from White & Case.

Ridgewood, Savage acquire Worldwide Terminals Fernandina

Deal Description: Transportation Infrastructure Partners, a joint venture between Ridgewood Infrastructure and Savage, announced July 14 it had bought Worldwide Terminals Fernandina, the manager and operator for the Port of Fernandina in Florida. Terms weren’t disclosed. The Port of Fernandina, northeast of Jacksonville, is an intermodal terminal handling essential bulk, breakbulk and containerized cargo. The port provides transport, logistics management and product handling services to a diverse customer base.

Transportation Infrastructure’s Outside Counsel: Kirkland & Ellis led by corporate partners Bill Benitez and Rob Goodin and associates Brittany Scheier and Gabrielle Sumich with support from tax partner Mark Dundon, debt finance partner Kelann Stirling and environmental partner James Dolphin.

Seller’s Outside Counsel: The St. Louis office of Bryan Cave Leighton Paisner

JM Family Enterprises buys Futura Title & Escrow

Deal Description: JM Family Enterprises announced July 14 that it bought Futura Title & Escrow, a family of leading independent title and escrow companies providing customer service in the Pacific Northwest. Terms weren’t disclosed. Futura was founded in 1980, is headquartered in Boise, Idaho, and operates under the brands Alliance Title & Escrow, AmeriTitle, Pacific Alliance Title and Kittitas Title and Escrow. The company is the largest independent title and escrow group in the Pacific Northwest operating 72 branches serving 62 counties servings clients in Idaho, Oregon, Washington, Montana and Wyoming. It opened 100,000 title orders last year and aims to expand its footprint. JM Family is a privately held company with $18 billion in revenue and 4,700 associates operating in franchise services, financial services, business services and the auto business.

JM Family’s Financial Advisor: Alvarez & Marsal Transaction Advisory Group

JM Family’s Outside Counsel: Locke Lord led by Geoffrey Etherington (Stamford) and assisted by Alan Levin and Jared Wilner (both of New York), Chris Flanagan (Boston), Lori Basilico and Joe Farside (both of Providence) and Ted Augustinos (Hartford) but including Paul Nason and Robin Shaughnessy, both of Dallas. Also on the team: Mike Bennett (Chicago), Gene Schlack (Boston), Daniel Barry (New York), Jeff Bohn (Hartford) and Jeff Kennedy and Nicole Chakraborty (both of Providence).

Futura’s Financial Advisor: Houlihan Lokey

Futura’s Outside Counsel: Parr Brown Gee & Loveless

OTHER TRANSACTIONS:

Three Sidley attorneys in Houston represented Pilot Company in an agreement with GM to build out a national DC fast-charging network. The team members included partners Kevin Lewis and Jessica Adkins as well as counsel Josh Sutton and partner Jennifer Coplan in New York.

The deal involves a General Motors support agreement for the installation and operation of 2,000 EVgo DC fast-charging stalls at 500 Pilot and Flying J service stations across the U.S. GM customers will receive special benefits — exclusive charging reservations, discounts and a streamlined “Plug and Charge” operation built into GM EV vehicle applications. The deal is part of GM’s previously announced commitment of $750 million for the development of the Ultium Charge 360 network in collaboration with EVgo.

Incidentally, EVgo went public in January 2021 in a de-SPAC transaction with a New Jersey-based alternative investment blank check company, Climate Change Crisis Real Impact I Acquisition Corp. Vinson & Elkins advised EVgo in the transaction with a team led by Houston partner Ramey Layne and New York partner Brenda Lanahan.

Claire Poole

Claire Poole is a senior writer at The Texas Lawbook, where she covers corporate transactions.

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