CDT Roundup: 18 Deals; 11 Firms; 239 Lawyers; $12B

On the surface, 2021 looked like a return to normal for M&A in the energy industry in Texas.

In 2021, there were 328 M&A deals in the energy/mining sector, according to data from the Corporate Deal Tracker. That represented about 35% of all Texas-related M&A. In fact, the sheer number of energy deals represented a dramatic rise from 155 deals in 2020, the pandemic year.

Still, none of those numbers are what they seem. Even before 2020, energy deals had been dwindling, both in number and in their percentage of the Texas market. In 2018, there were 233 energy transactions representing 20% of the market; in 2019, the numbers dropped to 191 and 18%.

But with the general decline in energy demand during the pandemic — alongside the disastrous oil price plunge of April 2020 and the February 2021 grid disruptions of Winter Storm Uri — something paradoxical happened: energy deals reasserted themselves. The 155 deals in 2020 represented nearly half of the transactions that year, followed by an equally florid 2021.

Part of the change was the result of a shift in energy investment philosophies: the go-go years of fracking were replaced by bankruptcy or a new budget consciousness or, in some cases, both. Many of the deals represented the offloading of debt or its collateralization.

But there was something else going on. Of last year’s 308 energy-specific transactions, 52 were directly related to alternative energy, either renewable energy sourcing (wind, solar, biofuels) or energy storage.

However, that figure only begins to reflect the impact of energy transition investment across the M&A market. When counting deals tagged to some form of energy transition or focus on renewable sourcing — regardless of business sector classification — the number reached 102 transactions, a near-doubling.

Even beyond wind farms and solar panels, there is a conservative, even conservationist, mindset fueling technologies, manufacturing processes and product production in ways that are gaining investment respect — and work for Texas lawyers.

There are deals outside the energy sector that have obvious energy consequences: the manufacturing of EV motorcycles and cars and airplanes; the production of solar panels; and the engineering and construction of more efficient networks for utility grids. But there are others, less obvious:

• In a business services deal, Blackstone Credit invested $150 million in Verdant Microgrid to finance on-site, independent, multi-source “microgrid” energy networks for college dorms, greenhouse agriculture, specialty manufacturing and even hospitals. The deal was advised from Houston by Vinson & Elkins.
• In manufacturing, Array Technologies, which manufactures devices that help solar panels track sunlight, spent $649 million on a Spanish-owned company that does the same. Kirkland & Ellis advised Array.
• In finance, a $562 million SPAC merger deal saw Sunlight Financial, a company that lends for solar panels on residential rooftops, going public. Vinson & Elkins and Hunton AK advised the two sides of that deal and Gibson Dunn advised on conflicts — all in Houston.
• In the professional services sector, Therma Holdings acquired two engineering companies that specialize in energy efficiencies in offices and multi-family real estate properties. The deal was advised by Kirkland.

Among this week’s transactions, highlighted below, there is a $600 million investment in a climate technology platform, the deSPAC merger of a carbon capture firm, an investment in a biofuels-focused joint venture, the acquisition of a pharmaceutical company that produces renewable ingredients for vitamin supplements and even a $43 million blockchain mining deal that focuses on its organizational control of energy costs.

The point here is not so much that alternative energy investments are gaining ground. That’s increasingly obvious. It’s that the alternative/renewable investment philosophy is gaining in almost every sector of investment in Texas, energy or not.

The week ending March 12 can best be characterized as “lawyer-intensive,” with 18 deals valued at more than $12 billion spawning billable hours for a staggering 239 mostly-Texas lawyers at 11 different firms. There were 15 M&A and funding transactions worth nearly $12 billion and two capital markets transactions worth at least $51.35 million. We also took note of a Bight offshore wind auction involving Invenergy, an alt-energy firm that has been highly active of late.

But as deals go, it compares very well with the 17 deals worth $6 billion a week earlier and the 15 deals worth $3 billion just a year ago.

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 Count	Amount	Firms	Lawyers	M&A Count	M&A Value $M	CapM Count	CapM Value $M
03-May-2025	11	$4,249	13	90	11	$2,226.5	2	$2,022.5
26-Apr-2025	12	$8,787	9	168	9	$6,011	3	$2,776
19-Apr-2025	11	$8,097	7	138	9	$7,985	2	$112
12-Apr-2025	13	$2,392	8	152	10	$2,065	3	$327
05-Apr-2025	19	$27,762	15	188	16	$25,473	3	$2,289
29-Mar-2025	21	$8,188	10	258	16	$4,125	5	$4,064
22-Mar-2025	19	$6,485	14	231	15	$4,128	4	$2,857
15-Mar-2025	13	$13,737	13	151	10	$9,932	4	$3,805
8-Mar-2025	7	$2,234	5	66	5	$224	2	$2,100
1-Mar-2025	11	$3,050	8	75	10	$2,550	1	$500
24-Feb-25	12	$16,397	7	149	6	$6,635	6	$9,862
17-Feb-25	17	$12,136	13	134	10	$9,411	2	$2,725
10-Feb-25	14	$7,154	9	179	9	$4,950	5	$2,204
3-Feb-25	16	$10,068	7	200	11	$7,553	5	$2,515
25-Jan-25	14	$10,261	10	125	9	$2,207	5	$8,054
18-Jan-25	19	$7,382	15	316	12	$2,300	7	$5,082
11-Jan-25	21	$33,560	16	187	16	$32,521	5	$1,039
4-Jan-25	9	$6,827	9	80	9	$6,827	0	0
21-Dec-24	11	$2,798	11	92	8	$2,229	3	$570
14-Dec-24	15	$5,323	12	186	12	$3,812	3	$1,511
07-Dec-24	16	$4,766	10	231	11	$2,321	5	2,445
30-Nov-24	10	$10,291	9	103	4	$8,290	6	$2.001
23-Nov-24	15	$4,553	15	153	11	$3,379	4	$1,174
16-Nov-24	17	$11,488	11	245	13	$10,186	4	$1,303
09-Nov-24	14	$2,110	12	139	12	$1,410	2	$700
02-Nov-24	12	$52,788	11	107	11	$52,738	1	$50
26-Oct-24	8	$3,160	8	65	7	$3,065	1	$75
19-Oct-24	12	$5,304	11	136	11	$4,554	1	$750
12-Oct-24	17	$8,438	12	150	15	$8,116	2	$322
05-Oct-24	22	$23,181	12	189	15	$19,980	7	$3,201
28-Sep-24	11	$2,356	7	144	7	$53	4	$2,303
21-Sep-24	12	$9,568	10	169	5	$4,101	7	$5,467
14-Sep-24	24	$10,988	12	235	16	$7,175	8	$3,813
7-Sep-24	12	$20,420	16	168	11	$20,307	1	$112.9
31-Aug-24	13	$20,631	9	134	12	$14,775	1	$5,856
24-Aug-24	19	$8,452	21	325	16	$7,102	3	$1,350
17-Aug-24	25	$49,196	16	304	11	$39,386	14	$9,810
10-Aug-24	20	$12,264	15	312	16	$9,794	4	$2,470
03-Aug-24	26	$16,498	16	334	18	$8,137	8	$8,361
27-Jul-24	19	$16,442	21	271	15	$13,838	4	$2,604
20-Jul-24	15	$16,016	14	184	10	$14,232	5	$1,784
13-Jul-24	20	$17,220	14	265	18	$7,146	2	$10,074
6-Jul-24	11	$3,941	11	95	8	$2,650	3	$1,291
29-Jun-24	14	$6,296	15	224	8	$6,296	6	$1,927
22-Jun-24	12	$5,679	8	137	5	$210	7	$5,469
15-Jun-24	13	$9,895	16	214	10	$5,280	3	$4,615
8-Jun-24	19	$23,859	13	239	12	$19,436	7	$4,423
1-Jun-24	12	$34,510	11	147	9	$26,110	3	$8,400
25-May-24	13	$9,684	15	171	10	$4,434	3	$5,250
18-May-24	11	$5,490	11	173	8	$3,129	3	$2,361
11-May-24	22	$14,855	14	227	16	$11,105	6	$3,750
4-May-24	13	$3,139	9	87	10	$1,297	3	$1,842
27-Apr-24	10	$6,684	6	28	10	$6,684	0	0
20-Apr-24	19	$15,989	11	147	9	$5,208	10	$10,781
13-Apr-24	13	$8,952	9	76	10	$1,652	3	$7,300
6-Apr-24	23	$26,616	14	222	14	$13,501	8	$13,116
30-Mar-24	12	$9,286	8	136	8	$4,299	4	$4,987
23-Mar-24	18	$5,451	17	266	16	$4,759	2	$692
16-Mar-24	21	$11,437	13	186	14	$9,316	6	$2,070
9-Mar-24	23	$4,695	21	218	19	$2,723	4	$1,972
2-Mar-24	20	$9,108	19	372	14	$4,558	6	$4,550
24-Feb-24	19	$16,382	12	248	15	$9,507	4	$6,875
17-Feb-24	16	$29,932	15	157	12	$29,216	4	$716
10-Feb-24	25	$10,750	17	196	19	$5,372	6	$5,379
3-Feb-24	12	$8,416	18	125	9	$3,416	3	$5,000
27-Jan-24	9	$8,165	9	87	8	$7,815	1	$800
20-Jan-24	14	$4,084	12	109	12	$3,219	2	$865
13-Jan-24	17	$33,588	12	256	12	$26,765	5	$6,823
6-Jan-24	8	$7,915	8	84	6	$7,265	2	$650
30-Dec-23	17	$14,599	12	99	15	$2,714	2	$11,885
23-Dec-23	23	$4,182	13	219	16	$1,813	7	$2,370
16-Dec-23	13	$16,436	13	280	7	$15,150	5	$1,286
9-Dec-23	26	$14,633.90	17	244	16	$8,095	10	$6,538.90
2-Dec-23	13	$6,720	9	57	12	$6,630	1	$90
25-Nov-23	9	$4,835	9	131	6	$1,785	3	$3,050
18-Nov-23	22	$6,568.70	17	184	14	$4,709.20	8	$1,859.50
11-Nov-23	15	$9,825	13	179	12	$6,581	3	$3,244
4-Nov-23	15	$20,582.50	14	193	12	$19,417.50	3	$1,165
28-Oct-23	18	$68,419.10	18	152	15	$66,646	3	$1,773.10
21-Oct-23	16	$6,755.90	16	165	15	$6,755.90	1	$3
14-Oct-23	14	$67,851.20	13	125	9	$61,998.50	5	$5,852.70
7-Oct-23	17	$6,595.50	13	228	16	$5,995.50	1	$600
30-Sep-23	17	$1,896.45	13	189	14	$806.45	3	$1,090
23-Sep-23	23	$6,432.70	17	230	16	$1,402.80	7	$5,029.90
16-Sep-23	25	$23,226.70	23	353	16	$17,239	9	$5,987.70
9-Sep-23	12	$6,369	8	102	7	$4,311	5	$2,058
2-Sep-23	14	$2,522	6	92	13	$1,322	1	$1,200
26-Aug-23	17	$12,160.25	13	202	15	$6,573.25	2	$5,587.00
19-Aug-23	19	$11,505	13	213	15	$11,255	4	$250
12-Aug-23	19	$9,698.80	13	184	7	$3,270	12	$6,428.80
5-Aug-23	13	$5,201	12	118	12	$5,051	1	$150
29-Jul-23	15	$21,031.60	13	196	11	$18,292.00	4	$2,739.60
22-Jul-23	18	$3,992	12	130	13	$2,808	5	$1,184
15-Jul-23	13	$8,254.95	13	81	13	$8,254.95	0	0
8-Jul-23	16	$5,441.45	12	172	11	$2,443	5	$2,998.45
1-Jul-23	16	$6,872	10	105	12	$5,474	4	$1,398
24-Jun-23	13	$10,914	16	201	10	$7,874	3	$3,040
17-Jun-23	17	$5,880.70	15	151	15	$4,705.70	2	$1,175
10-Jun-23	19	$8,516.10	13	111	16	$6,252.40	3	$2,263.70
June 3 2023	12	$6,104.42	12	138	8	$4,256.92	4	$1,847.50
27-May-23	17	$12,200	10	67	11	$6,165	6	$6,035
20-May-23	11	$22,458.10	8	103	4	$19,455	7	$3,003
13-May-23	12	$7,034	10	101	8	$5,460	4	$1,574
6-May-23	20	$3,297.60	18	196	17	$2,985.60	3	$312
29-Apr-23	23	$3,691.20	18	135	17	$1,969.70	6	$1,721.50
22-Apr-23	16	$5,570	14	104	14	$4,750	2	$1,000
15-Apr-23	12	$23,818.10	9	59	10	$21,618.10	2	$2,200
8-Apr-23	16	$7,949	9	173	9	$5,472	7	$3,477
1-Apr-23	21	$18,676.70	12	175	11	$10,926.70	10	$7,750
25-Mar-23	15	$8,779.50	10	141	5	$2,362	10	$6,416.50
18-Mar-23	7	$14,048.80	6	69	5	$13,345	2	$703.80
11-Mar-23	21	$11,576	16	165	16	$8,131	5	$3,445
4-Mar-23	20	$9,668	11	228	16	$8,209	4	$1,459
25-Feb-23	13	$5,335	13	130	12	$4,235	1	$1,200
18-Feb-23	14	$5,743.70	13	158	8	$898.70	6	$4,845
11-Feb-23	16	$12,088	12	137	12	$9,965	4	$2,123
4-Feb-23	17	$8,066	15	140	13	$5,614	4	$2,452
28-Jan-23	7	$2,180	7	75	5	$1,692.75	2	$488
21-Jan-23	17	$5,768	16	174	12	$1,918	5	$3,850
14-Jan-23	11	$2, 800	10	102	8	$421	3	$2,400
7-Jan-23	18	$8,296	11	167	14	$6,461	3	$1,835
31-Dec-22	14	$2,732	11	99	12	$2,092	2	$640
17-Dec	14	$7,919	13	115	12	$7,419	1	$500
10-Dec-22	14	$10,093	12	88	11	$7,093	3	$3,000
3-Dec-22	26	$12,800.90	11	172	20	$4,141	6	$8,659.90
26-Nov-22	8	$2,266.70	8	5	3	$76	5	$2,190.70
19-Nov-22	21	$2,886	15	212	19	$2,550	2	$336
12-Nov-22	13	$15,093.70	9	81	9	$14,200	4	$893.70
5-Nov-22	25	19,337.20	16	509	22	$8,267.20	3	$11,070
29-Oct-22	15	$7,805.30	9	116	14	$7,180.30	1	$625
22-Oct-22	20	$8,193.50	13	253	13	$5,442	7	$2,751.50
15-Oct-22	9	$3,046.10	9	139	7	$2,588.30	2	$457.80
8-Oct-22	19	$2,011.80	12	114	16	$833.80	3	$1,178
1-Oct-22	23	$5,532.90	16	156	18	$4,952.30	5	$580.60
24-Sep-22	18	$5,194	14	216	15	$4,050	3	$1,144
17-Sep-22	21	$8,352.30	12	320	15	$4,759.60	6	$3,592.70
10-Sep-22	15	$19,853.50	10	126	13	$19,403.60	2	$450
3-Sep-22	9	$2,312	9	62	9	$2,312	0	0
27-Aug-22	16	$30,891.70	10	135	15	$30,666.40	1	227.7
20-Aug-22	12	$1,977	8	152	9	925	3	$1,052
13-Aug-22	18	$8,004.70	11	242	11	$2,844.70	7	$5,160
6-Aug-22	24	$7,948.90	12	240	17	$3,577	7	$4,371.90
30-Jul-22	8	$6,941	9	78	7	$6,839	1	$102
23-Jul-22	11	$801	11	92	10	$801	1	0
16-Jul-22	14	$3,650	10	122	14	$3,650	0	0
9-Jul-22	10	$3,557.70	7	68	9	$3,557.70	1	0
2-Jul-22	18	$8,609.40	13	152	15	$2,754.40	3	$5,855
25-Jun-22	15	$6,142	13	146	9	$2,017	6	$4,125
18-Jun-22	17	$11,890.10	14	228	15	$11,410	2	479.7
11-Jun-22	17	$7,600	12	123	10	$2,300	7	$5,300
4-Jun-22	12	$2,937	10	127	9	$692	3	$2,245
28-May-22	9	$3,197.60	11	86	9	$3,197.60	0	0
21-May-22	14	$7,284.50	12	185	11	$6,609	3	$675.50
14-May-22	11	$306.60	9	80	10	$306.60	1	$225
7-May-22	16	$10,451.75	12	108	12	$1,827	4	$8,624.75
30-Apr-22	16	$2,296.50	16	157	12	$895.50	4	$1,401
23-Apr-22	10	$2,241	11	58	8	$1,641	2	$600
16-Apr-22	11	$6,643	7	156	8	$2,359	3	$4,284
9-Apr-22	17	$4,429	14	184	11	$1,690	6	$2,739
2-Apr-22	13	$1,755	8	84	10	$1,145	3	$610
26-Mar-22	11	$3,205	8	65	6	$200	5	$3,005
19-Mar-22	13	$2,239.17	9	106	13	$2,239.17	0	0
12-Mar-22	18	$12,016	11	239	15	$11,965	2	$51.35
5-Mar-22	17	$6,786	13	137	13	$5,161	4	$1,625
26-Feb-22	12	$5,095	8	149	9	$4,437.50	3	$658
19-Feb-22	17	$22,229	17	174	14	$21,354	3	$875
12-Feb-22	12	$2,344.70	10	73	8	$641.70	4	$1,703
5-Feb-22	11	$2,503	8	99	11	$2,503	0	0
29-Jan-22	11	$3,872	12	101	12	$3,872	0	0
22-Jan-22	13	$5,143.50	10	99	12	$4,842.50	1	$301
15-Jan-22	12	$7,605	9	155	9	$6,480	3	$1,025
8-Jan-22	13	$8,256.20	11	102	13	$8,256.20	0	0
1-Jan-22	9	$1,273.80	6	50	9	$1,273.80	0	0
25-Dec-21	21	$4,734.75	11	176	16	$3,410	5	$1,324.75
18-Dec-21	26	$7,325.20	15	193	18	$3,640.20	8	$3,685.20
11-Dec-21	16	$5,017	10	109	13	$1,417	3	$3,600
4-Dec-21	14	$2,310	8	86	8	$2,310	6	$1,882.05
27-Nov-21	9	$3.460.1	10	101	6	$1,758	3	$1,702.60
20-Nov-21	20	$22,792	15	157	12	$18,864.50	8	$3,928
13-Nov-21	21	$26,729	12	178	13	$11,822	8	$14,907
6-Nov-21	12	$8,303	13	157	10	$6,682	3	$1,621
30-Oct-21	21	$10,368	15	218	15	$9,24.4	6	$1,103.00
23-Oct-21	21	$18.783.1	15	222	11	$12,314	10	$6,468.60
16-Oct-21	15	$3,868	11	118	15	$2,293	2	$1,575
9-Oct-21	20	$8,610	16	175	16	$7,795	4	$815
2-Oct-21	14	$6,250	11	137	10	$5,200	4	$1,050
25-Sep-21	11	$11,460	9	93	7	$10,200	4	$1,250
18-Sep-21	11	$16,603	8	99	8	$15,084	3	$1,519
11-Sep-21	17	$10,653	11	103	13	$8,503	4	$2,150
4-Sep-21	13	$7,222	10	89	11	$6,715	2	$507
28-Aug-21	12	$763	9	63	11	$663	1	$100
21-Aug-21	12	$29,659	7	79	11	$29,579	1	$80
14-Aug-21	22	$17,845	11	199	12	$12,805	10	$5,04
7-Aug-21	17	$13,670	12	139	15	$11,766	2	$1,904
31-Jul-21	21	$8,160	11	134	10	$3,574	10	$4,586
July 24,2021	21	$6,367	11	139	15	$3,712	6	$2,655
17-Jul-21	14	$4,009	11	124	12	$2,015	2	$1,994
10-Jul-21	16	$3,997	13	143	11	$1,597	4	$2,4
3-Jul-21	24	$7,492	13	94	16	$3,769	8	$3,722
26-Jun-21	10	$4,995	7	85	8	$3,847	2	$1,148
19-Jun-21	28	$16,830	8	228	9	$1,861	19	$14,968
12-Jun-21	26	$27,238	15	209	19	$25,602	7	$1,636
5-Jun-21	15	$15,539	13	100	13	$14,709	2	$600
29-May-21	35	$20,279	11	145	28	$18,64	7	$1,639
22-May-21	24	$53,208	14	174	17	$51,047	7	$2,161
15-May-21	18	$10,620	13	220	11	$5,870	7	$4,809
8-May-21	17	$10,400	11	156	15	$8,386	2	$2,500
1-May-21	21	$7,200	16	115	12	$3,808	9	$3,392
24-Apr-21	8	$20,200	9	31	8	$20,200	0	0
17-Apr-21	14	$6,270	8	102	11	$40,180	3	$2,260
10-Apr-21	15	$8,940	13	129	14	$7,990	1	$950
3-Apr-21	18	$19,513	10	151	12	$16,923	6	$2,590
27-Mar-21	27	$13,942	15	244	14	$4,300	13	$9,633.50
20-Mar-21	11	$2,046	4	102	3	$270	8	$1,776
13-Mar-21	15	$3,270	9	109	6	$538	9	$2,732
6-Mar-21	24	$13,617	10	196	13	$10,395	11	$3,222
27-Feb-21	19	$8,105	12	139	15	$4,970	4	$3,135
20-Feb-21	9	$8,820	9	153	8	$8,520	1	$300
13-Feb-21	12	$4,852.60	7	81	7	2,766	5	$2,086.60
6-Feb-21	18	$9,752	13	153	14	$5,222	4	$4,530
30-Jan-21	18	$9,449	9	182	15	$8,753.80	3	$695.30
23-Jan-21	14	$8,150	8	118	6	$4,000	8	$4,150
16-Jan-21	17	$6,783	13	138	11	$2,400	6	$4,382.90
9-Jan-21	22	$6,829	14	135	18	$3,139.30	4	$3,690
2-Jan-21	7	$1,466	7	60	7	$1,466	0	0
26-Dec-20	18	$15,900	12	163	16	$5,300	1	$600
19-Dec-20	18	$9,769	14	110	14	$8,426	4	$1,343
12-Dec-20	10	$7,200	9	100	9	$3,325	1	$3,830
5-Dec-20	15	$4,261	9	122	9	$2,780	6	$1,481
28-Nov-20	19	$7,758	10	110	13	$4,003	6	$3,755
14-Nov-20	14	$864.10	14	157	12	$289.10	2	$575
7-Nov-20	13	$6,332	9	129	9	$2,483.50	4	$3,849
31-Oct-20	10	$3,995.80	8	103	6	$3,231.10	4	$754.70
24-Oct-20	6	$18,100	6	58	5	$17,709	1	$350
17-Oct-20	8	$351.90	5	55	8	$351.90	0	0
10-Oct-20	7	$5,229	3	50	4	$735	3	$4,494
3-Oct-20	14	$21,428	9	173	9	$17,535	5	$3,893
26-Sep-20	10	$12,770	8	93	5	$10,300	5	$2,470
19-Sep-20	14	$8,365	9	101	6	$1,020	8	$7,345
12-Sep-20	6	$4,406	8	59	3	$1,270	3	$3,136
5-Sep-20	11	$5,191	8	117	9	$4,061	2	$1,130
29-Aug-20	11	$2,531	9	94	5	$1,130	6	$1,401
22-Aug-20	18	$6,574	12	140	7	$1,930	11	$4,644
15-Aug-20	13	$4,991	10	97	7	$1,216	6	$3,775
8-Aug-20	12	$32,092	11	112	9	$30,457	3	$1,635
1-Aug-20	7	$5,287	8	76	5	$3,687	2	$1,600
25-Jul-20	9	$18,751	6	67	7	$18,403	2	$348
18-Jul-20	6	$1,982.50	5	50	4	$1,407.50	2	$575
11-Jul-20	11	$565.10	12	75	10	$65.10	1	$500
4-Jul-20	10	$8,889	8	98	9	$8,788	1	$100.30
27-Jun-20	8	$6,874	10	50	5	$4,972.50	3	$2,081.50
20-Jun-20	12	$4,444	9	115	7	$2,829	5	$1,615
13-Jun-20	6	$3,582	4	37	2	$350	4	$3,232
6-Jun-20	11	$3,213.70	8	65	7	$470	4	$2,743.70
30-May-20	8	$7,335	7	48	6	$4,639	2	$2,697
23-May-20	4	$432.40	4	34	3	$432.40	1	0
16-May-20	6	$310	6	34	5	$310	1	0
9-May-20	18	$5,630	16	124	14	$3,180	4	$2,450
2-May-20	15	10,400	10	90	8	$1,900	7	$,8,500
25-Apr-20	8	$3,400	9	36	5	$1,000	3	$2,450
18-Apr-20	19	$9,500	14	92	8	$185.70	11	$9,360
11-Apr-20	12	$6,000	9	40	5	$190	7	$5,800
4-Apr-20	14	$8,200	11	68	10	$2,200	4	$6,000
28-Mar-20	16	$6,500	13	96	10	$3,700	6	$2,800
21-Mar-20	11	$11,910	7	33	7	$2,250	4	$9,960
14-Mar-20	7	809.8	6	34	6	684.8	1	125
7-Mar-20	16	$2,500	15	70	13	$669	3	$1,400
29-Feb-20	13	$15,260	13	128	11	$11,760	2	$3,500
22-Feb-20	12	$3,700	10	92	10	$2,560	2	$1,130
15-Feb-20	16	$1,250	10	84	12	$35	4	$1,222
8-Feb-20	18	$6,080	14	123	14	$2,595	4	$3,485
1-Feb-20	21	$20,900	12	101	14	$17,860	7	$3,060
25-Jan-20	13	$7,430	13	62	12	$6,430	1	$1,000
18-Jan-20	23	$9,580	15	120	19	$6,580	4	$3,000
11-Jan-20	21	$14,200	18	199	16	$1,020	5	$13,200
4-Jan-20	22	$6,400	11	119	16	$3,204	6	$3,245
28-Dec-19	22	$7,150	19	175	18	$6,800	4	$327.40
14-Dec-19	24	$36,300	23	167	19	$9,500	5	$26,800
7-Dec-19	11	$10,400	11	55	7	$1,082	4	$9,370
November 30. 2019	14	$2,450	12	126	12	$1,760	2	$692.50
23-Nov-19	16	$1,995	10	41	11	$615	5	$1,380
16-Nov-19	15	$3,820	13	135	11	$2,500	4	$1,271
9-Nov-19	25	$12,900	17	182	23	$12,200	2	$575
2-Nov-19	10	$2,470	12	61	9	2,450	3	$22
26-Oct-19	12	$5,560	14	70	11	$3,860	1	$1,700
19-Oct-19	8	$6,600	8	138	8	$6,600	0	0
12-Oct-19	19	$4,300	14	55	16	$3,800	3	$500
5-Oct-19	18	$14,500	19	166	15	$11,100	3	$3,400
28-Sep-19	19	$8,100	18	132	18	$7,560	1	$550
21-Sep-19	14	$6,300	16	66	11	$2,160	3	$4,170
14-Sep-19	15	$23,800	12	56	11	$21,250	4	$2,570
7-Sep-19	17	$3,500	15	98	14	$1,900	3	$1,600
31-Aug-19	5	$8,700	6	50	5	$8,700	0	0
24-Aug-19	16	$10,000	14	82	15	$4,250	1	$5,750
16-Aug-19	10	$1,680	5	52	7	$650	3	$950
9-Aug-19	17	$17,700	15	68	14	$3,900	3	$13,800
2-Aug-19	13	$5,760	12	108	13	$5,760	NA	NA
27-Jul-19	11	$7,300	13	76	8	$6,570	3	$730
20-Jul-19	13	$11,800	13	125	11	$5,300	2	$6,500
13-Jul-19	10	$775	7	46	8	$542.50	2	$233
6-Jul-19	7	$2,500	9	85	7	$2,500	0	0
29-Jun-19	23	$8,290	15	154	17	$2,300	6	$5,970
22-Jun-19	17	$10,700	10	139	14	$7,700	3	$3,000
15-Jun-19	11	$13,500	14	160	11	$13,500	NA	NA
8-Jun-19	13	$2,870	17	55	11	$1,570	2	$1,300
1-Jun-19	10	$4,460	11	60	8	$4,140	2	$315
25-May-19	17	$4,360	14	79	14	$3,700	3	$612
18-May-19	22	$9,000	17	150	16	$3,400	6	$5,600
11-May-19	18	$19,800	17	177	15	$18,300	3	$1,500
4-May-19	10	$7,075	6	32	8	$6,900	2	$175
27-Apr-19	15	$3,200	14	117	14	$3,160	1	$40
20-Apr-19	13	$13,500	10	90	9	$12,200	4	$1,300
13-Apr-19	16	$38,900	14	91	14	$37,800	2	$1,100
6-Apr-19	12	$6,870	11	94	10	$6,730	2	$50
30-Mar-19	15	$6,470	12	84	10	$7,91.5	5	$5,677
23-Mar-19	18	$6,450	14	91	14	$5,042	4	$1,408
16-Mar-19	14	$10,180	12	115	11	$8,800	3	$1,300
9-Mar-19	9	$1,800	6	49	8	$1,300	1	$500
2-Mar-19	20	$3,033	16	107	14	$1,817	6	$1,262
23-Feb-19	12	$2,040	8	69	9	$614.60	3	$1,430
16-Feb-19	16	$9,970	18	77	16	$9,970	0	0
9-Feb-19	14	$6,400	10	110	14	$6,400	0	0
2-Feb-19	18	$6,740	15	99	16	$5,720	2	$950
26-Jan-19	13	$2,770	11	67	11	$918.95	2	$1,850
19-Jan-19	15	$3,819	16	76	12	$2,594	3	$1,225
12-Jan-19	18	$7,283	14	92	15	$1,683	3	$5,600
5-Jan-19	10	$529	12	50	10	$529	0	0
22-Dec-18	17	$2,570	13	87	14	$941	3	$1,629
15-Dec-18	10	$2,860	8	26	8	$264	2	$2,600
8-Dec-18	15	$1,819	16	65	12	$552	3	$1,267
1-Dec-18	12	$7,500	10	90	9	$1,200	3	$6,200
28-Nov-18	15	$4,500	11	107	14	$4,000	1	$500
19-Nov-18	18	$6,137	13	98	13	$2,142	5	$3,995
14-Nov-18	18	$9,200	13	152	15	$8,500	3	$694
6-Nov-18	16	$17,300	16	183	14	$16,361	2	$950
29-Oct-18	14	$14,400	18	127	17	$13,800	1	$600
24-Oct-18	13	$6,140	13	126	11	$5,122	2	$1,018
17-Oct-18	18	$18,390	15	125	14	$12,292	4	$6,098
10-Oct-18	29	$3,149	18	104	20	$1,647	9	$819
2-Oct-18	18	$9,300	11	67	14	$7,300	4	$2,000
25-Sep-18	13	$7,000	11	75	10	$6,000	3	$995
18-Sep-18	9	$3,570	7	44	9	$3,570	0	0
11-Sep-18	13	$5,900	10	132	13	$5,900	0	0
7-Sep-18	14	$5,000	15	86	11	$4,000	3	$1,000
29-Aug-18	15	$20,700	14	79	13	$4,700	2	$16,000
20-Aug-18	10	$12,400	11	53	8	$11,380	3	$1,057
14-Aug-18	12	$19,900	12	132	9	$18,889	3	$1,011
7-Aug-18	16	$68,600	11	106	13	$67,259	3	$1,340
31-Jul-18	15	$15,100	15	95	11	$13,060	4	$2,060
23-Jul-18	13	$2,130	15	60	10	$1,804	3	$1,100
17-Jul-18	14	$5,370	17	98	9	$4,310	5	$1,100
9-Jul-18	16	$11,200	15	74	10	$11,080	6	$862
3-Jul-18	13	$7,000	7	81	12	$6,330	1	$750
25-Jun-18	15	$8,800	13	97	9	$4,970	6	$3,930
18-Jun-18	13	$14,200	14	80	7	$221	6	$14,290
11-Jun-18	12	$6,300	8	96	8	$5,910	4	$803
6-Jun-18	13	$14,500	10	88	8	$14,154	5	$579
31-May-18	11	$4,890	10	63	8	$3,240	3	$1,790
22-May-18	15	$20,400	11	63	9	$19,808	6	$885
15-May-18	15	$4,700	15	106	10	$3,900	5	$643
9-May-18	11	$1,400	13	88	9	$1,300	2	$560
1-May-18	8	$14,250	7	88	7	$13,400	1	$450
24-Apr-18	12	$5,300	6	61	11	$4,470	1	$800
17-Apr-18	9	$1,800	10	44	7	$2,330	2	$1,434
11-Apr-18	11	$2,500	8	32	6	$1,690	5	$809
3-Apr-18	15	$13,400	11	121	9	$12,020	6	$1,090
28-Mar-18	10	$4,000	10	92	7	$3,870	3	$215
19-Mar-18	17	$5,800	13	51	10	$590	7	$5,165
12-Mar-18	15	$3,130	11	43	11	$2,360	4	$788
6-Mar-18	19	$5,400	13	116	10	$1,530	9	$4,860
27-Feb-18	20	$6,600	13	69	14	$5,530	6	$1,030
19-Feb-18	15	$5,500	14	111	10	$3,990	6	$1,980
12-Feb-18	23	$10,900	17	157	12	$7,110	11	$3,840
5-Feb-18	16	$8,600	13	100	7	$1,330	9	$7,800
30-Jan-18	11	$12,600	11	68	5	$7,300	6	$4,982
24-Jan-18	19	$9,400	15	129	5	$2,010	14	$7,337
18-Jan-18	10	$6,280	8	49	2	$2,100	8	$4,188
9-Jan-18	12	$16,500	12	92	9	$15,890	3	$475
3-Jan-18	10	$2,500	9	47	8	$2,350	2	$150
27-Dec-17	15	$9,000	15	113	9	$7,568	6	$1,784
18-Dec-17	15	$13,800	16	164	9	$13,010	7	$1,118
11-Dec-17	14	$9,700	10	126	12	$2,940	4	$8,500
4-Dec-17	6	$1,800	6	31	5	$1,510	1	$300
28-Nov-17	7	$3,850	8	76	4	$3,260	3	$285
16-Nov-17	10	$2,700	10	48	6	$1,840	4	$856
8-Nov-17	15	$2,380	17	91	10	$1,860	5	$516
1-Nov-17	12	$4,700	17	94	9	$3,400	4	$1,300
23-Oct-17	15	$10,500	10	67	10	$9,780	4	$1,530
18-Oct-17	6	$2,000		37	3	$225	3	$1,820
10-Oct-17	12	$6,570		100	9	$3,880	3	$3,360
2-Oct-17	8	$3,100	11	19	3	$1,630	5	$1,750
25-Sep-17	8	$4,880	8	79	5	$2,660	5	$2,070
18-Sep-17	9	$4,770			3	$300	6	$4,470
12-Sep-17	11	$4,430			8	$2,030	3	$2,400
1-Sep-17	4	$1,310			3	$317	1	$1,000
23-Aug-17	11	$13,640	9		8	$11,840	3	$1,800

M&A/FUNDINGS

Oasis merges with Whiting Petroleum in $6B Deal

Following reports, Whiting Petroleum Corp. and Oasis Petroleum Inc. announced March 7 they have agreed to combine in a merger of equals transaction worth $6 billion. For more on the deal, click here.

Crestline Group completes three funds for $3.6B total

Deal Description: Crestline Investors, an asset manager based in Fort Worth, announced March 10 that it had closed three separate funds across a swath of strategies for a total of $3.6 billion. The three funds included: Crestline Opportunity Fund IV — which funds capital-strained middle-market companies, including real estate — closed with $1.6 billion; Crestline Specialty Lending Fund III — centered on $20 million to $100 million loans to lower-middle and middle-market businesses, with a focus on senior secured, unitranche and second-lien transactions — closed at $1 billion; and Crestline Portfolio Financing Fund II — a fund targeting supplemental capital for tradition PE investments — closed at $1 billion.

Outside Legal Advisors: Akin Gump advised Crestline with a team led by Dallas investment partner James Deeken with Dallas-based assistance from counsel Graham McCall, associates Chris Smith, Anna Grey and Tristan Baker. Counsel Ryan Dahan weighed in on tax issues from New York.

Energy Transfer sells 51% of Energy Transfer Canada to Pembina, KKR for $1.3B

Deal Description: Energy Transfer announced March 1 the signing of a deal to sell its 51% interest in Energy Transfer Canada to a joint venture formed by Pembina Pipeline Corp. and infrastructure funds managed by KKR at a valuation of C$1.6 billion ($1.3 billion), including debt and preferred equity. The sale is expected to result in cash proceeds to Energy Transfer of about C$340 million ($270 million). The transaction is expected to close by the third quarter. Energy Transfer Canada, based in Calgary, is one of Alberta’s largest licensed gas processors. Energy Transfer said the agreement allows it to sell its Canadian assets at an attractive valuation to further deleverage its balance sheet and redeploy capital within its U.S. footprint.

Energy Transfer’s Outside Counsel: Vinson & Elkins led by corporate partner Lande Spottswood and associates Carli Gish and Warner Scott. Other team members include partners Gary Huffman, Ryan Carney and Natan Leyva, senior associate Peter Rogers and associate Keleigh Carver (tax); partner David D’Alessandro, counsel Heather Johnson, senior associate Missy Spohn and associate Keira Kuntz (executive compensation/benefits); partner Tom Wilson (labor/employment); partner Craig Zieminski (litigation); partner Darren Tucker and counsel David Smith (antitrust); and counsel Rajesh Patel (technology transactions/IP).

Energy Transfer’s General Counsel: Tom Mason

Notes: Mason used to be a partner in the Houston office of Vinson & Elkins.

SoftBank’s SB Energy attracts $600M investment From Ares Management

Deal Description: SB Energy Global announced March 7 that funds managed by the infrastructure and power strategy of Ares Management Corp. are leading a strategic equity investment of up to $600 million, including capital from potential co-investors, in SB Energy, SoftBank Group Corp.’s U.S. climate infrastructure technology platform. The Ares-managed funds have committed the majority of the financing with the rest expected to come from co-investors. This investment brings together two technology and climate infrastructure investors to deploy clean energy at scale.

Ares’ Outside Counsel: Kirkland & Ellis led by corporate partner Rob Goodin and debt finance partner Rohit Chaudhry with help from corporate partner Jason Krause and associates Charlie Inclan and Olivia George and tax partners Bill Dong and Michael Masri.

SB Energy’s Outside Counsel: Milbank

SoftBank’s Outside Counsel: Morrison & Foerster

TPG Rise Climate invests in Monarch Bioenergy JV

Deal Description: TPG Rise Climate, the climate investing strategy of TPG’s global impact investing platform TPG Rise, announced March 10 an investment in Monarch Bioenergy, a joint venture between Roeslein Alternative Energy and a unit of Smithfield Foods Inc. Launched in 2018, Monarch uses RAE’s technology and Smithfield’s sustainable farming practices to capture methane emissions and convert them into carbon-negative renewable natural gas to power homes, vehicles and businesses. RAE president Chris Roach will be Monarch’s CEO. As an equal partner in the JV, TPG Rise Climate will work with RAE and Smithfield to advance agricultural innovation, enhance existing projects in Missouri and develop new ones in select states across the U.S.

TPG’s Outside Counsel: Kirkland & Ellis led by corporate partners Kevin Crews and John Furlow with support from associates Jack Chadderdon, Blake Longoria, Tess Dennis and Sam Roberts. The team included corporate partners Chris Heasley and Danny Nappier and associate Jarrod Gamble; debt finance partners Lucas Spivey and Arthur Lotz and associates Marco Chan and Steven Keithley; tax partners David Wheat, Michael Masri and Lane Morgan; energy regulatory partners Brooksany Barrowes and Drew Stuyvenberg; ESG & Insight partners Alex Farmer and Kaela Colwell; environmental transactions partner Jim Dolphin and associate Courtney Tibbetts; executive compensation Rob Fowler and associate Karsten Busby; technology and IP transactions partners Jeff Norman and Gianni Cutri; and real estate partner John Goldman.

TPG Rise’s General Counsel: Nadia Karkar, a former Kirkland partner in San Francisco

Notes: Crews has led three deals for TPG Rise, including its acquisition of Element last year and Elements’ merger with Bluesource this year. He has done other TPG deals, like the investment in Summit Midstream two years ago.

Blockmetrix Series B funding nets $43M

Deal Description: Blockmetrix, a bitcoin mining operation headquartered in Dallas, announced March 8 that its Series B round of funding raised $43 million. The new funds bring to $50 million the company has raised since June 2021. The company said it plans to use the money for a program of rapid expansion, including the purchase of as many as 5,000 new mining rigs, basically powerful computers linked peer-to-peer to validate bitcoin network transactions. The company says energy costs, for what has been characterized as an energy-intensive computing process, will be offset through various joint ventures.

Notes: Blockmetrix was founded in 2021 by Nevin Bannister, David Kiger and Keith Spickelmier, a 1986 graduate of University of Houston Law Center. The company’s C-Suite is heavy with SMU grads: Bannister, the company’s CEO is a 1993 grad. The company’s VP of Operations is Owen McCrory, a 2020 graduate of SMU’s Dedman School of Law. And VP of Finance is Axel Nussbaumer, also a graduate of SMU.

Greylock acquires Utah, Wyoming assets

Deal Description: ArcLight Capital Partners-backed Greylock Energy, based in Charleston, West Virginia, announced March 8 that the company acquired assets in the Uinta and Green River basins of Utah and Wyoming. Neither the terms nor the seller were disclosed.

Greylock’s Outside Counsel: Latham & Watkins with a corporate deal team led by Houston partner Jeff Muñoz with associates Greg Sorensen, Morgan Moore and Corynn Wilson. Advice was provided on tax matters by Houston partner Jim Cole with associate Emily Fawcett; on finance matters by Houston partner Catherine Ozdogan with associate Brian Flynn; and on environmental matters by Los Angeles counsel Josh Marnitz.

Greylock’s General Counsel: Drew McCallister

Notes: LW’s Muñoz has advised ArcLight before, including its portfolio company, Bruin E&P Partners, on buying acreage in North Dakota’s Williston Basin owned by Houston-based Halcón Resources in 2017 for $1.4 billion (with his fellow firm partner and partner-in-life Robin Fredrickson). 

Aceto firms up pharmaceutical presence with acquisition of Biotron

Deal Description: Aceto, a New York-based provider of specialty ingredients for life sciences manufacturing, announced March 4 that it had acquired Biotron, a partnership of two affiliated companies, Biotron Laboratories and Taulus Minerals. Headquartered in Salt Lake City, Biotron provides specialized ingredients mainly used in the manufacture of supplements. The acquisition, the terms of which were undisclosed, expands Aceto’s presence in the pharmaceutical sector.

Biotron/Taulus Financial Advisors: G2 Capital Advisors

Biotron/Taulus Outside Counsel: Foley & Lardner counseled Biotron with a team led from Dallas by partner Alan Perkins with Boston partner Julie-Anne Lufti, senior counsel Emma Blumer in New York and associates Anna Choi in Chicago and Graham MacEwan in Boston. The deal team was assisted Foley specialists: Dallas tax partner Steve Good, Dallas partner Steve Gilles (benefits), Houston partner Michael Abbott (benefits), Dallas partner Kenny Broodo (labor and employment), Milwaukee senior counsel Nick Johnson (regulatory), Orlando partner Pam Brown (real estate), Houston partner Dottie Watson (environmental) and partner Andy Rawlins (intellectual property) in Washington D.C.

Aceto Outside Counsel: Ulmer & Berne

L Catterton, RX3 acquire Houston RV trailer manufacturer

Deal Description: RX3 Partners, a growth equity fund whose investors include Green Bay quarterback Aaron Rodgers, announced March 8 that it has acquired — in tandem with L Catterton — Houston’s TAXA Outdoors, manufacturers of lightweight camping trailers. Terms of the acquisition were undisclosed. L Catterton is a consumer-oriented private equity firm with investments that include such outdoor brands as West Marine, Airxcel and Heartland RV.

TAXA Outdoors Financial Advisors: Bell Lap Advisors, Hogan Taylor

TAXA Outdoors Legal Counsel: Baker Botts

L Catterton Outside Counsel: Barack Ferrazzano Kirschbaum & Nagelberg (Chicago)

WildFire Energy buys Eagle Ford assets from MD America Energy

Deal Description: WildFire Energy announced March 7 the acquisition of about 45,000 net acres and 200 operated wells in the East Texas Eagle Ford from Fort Worth-based MD America Energy. Terms weren’t disclosed. MD America emerged from Chapter 11 bankruptcy in 2020 with counsel from Porter Hedges. WildFire funded the acquisition of MDAE with equity contributions from sponsors, Warburg Pincus and Kayne Anderson as well as its upsized revolving credit facility. With the deal, WildFire ­­will operate 556 gross wells on 210,000 net acres in the area and expects to produce around 16,000 net barrels of oil per day, 91% of which are liquids, in 2022. The deal follows WildFire’s acquisition of Hawkwood Energy last year.

WildFire’s Outside Counsel: Locke Lord led by Mitch Tiras, Kevin Peter, Hunter Summerford, Jennie Simmons and Terry Radney (all of Houston). Additional assistance was provided by Lauren Richter, Pat Beaton, Steve Boyd, Derrick Carson, Laura Ferguson, Jerry Higdon, Sara Longtain, Ed Razim, Buddy Sanders, Elizabeth Guffy, Lani Durio, Case Towslee, Emily Travis and Kenton Wilson (all of Houston), Peter Wynacht (Chicago), Van Jolas (Dallas) and Andrew Capalbo (Providence).

Notes: LL also counseled WildFire on the Hawkwood deal, including Tiras, Peter and Simmons.

ION Solar attracts an investment from Greenbelt Capital

Deal Description: ION Solar, a provider of rooftop solar sales and installations, announced March 8 an investment led by Greenbelt Capital Partners. Investors included Trilantic Energy Partners II North America, Blackstone Credit and Energy Impact Partners. Greenbelt, Blackstone Credit and EIP have worked together in the energy transition sector before. Matthew Rasmussen, David Rasmussen and Jeremy Call, founders of ION, will continue to own a majority equity stake and will lead it through its next phase of growth. Since its founding in 2013, ION has built a residential solar company with operations in eight states across the U.S. Based in Provo, Utah, ION has installed 200 megawatts across 30,000 households, expanding to be a top 10 residential rooftop solar contractor in the U.S. The U.S. residential market remains untapped with solar installed in only 5% of viable homes.

Greenbelt’s Outside Counsel: Kirkland & Ellis led by corporate partners Shubi Arora, Jhett Nelson and Leon Johnson and associates Adam Ott, Emma Balls and Niki Namazi; tax partners Vincent Thorn and Liam Murphy; regulatory partner Olivia Adendorff; labor and employment partner R.D. Kohut and associate Anusheh Khoshsima; executive compensation partners Jabir Yusoff and Stephen Jacobson; employee benefits partner Maureen O’Brien and associate Iris Grossman; technology and IP transactions partner Shellie Freedman and associate Josefin Sjöström; and rep and warranty insurance partner Hayley Hollender.

ION’s General Counsel: Matt Powers, who was previously in Houston offices of Sidley Austin and Mayer Brown

Petro-Hunt completes Delaware Basin acquisition from Admiral

Deal Description: Petro-Hunt Permian, a unit of Petro-Hunt, announced March 9 it completed the acquisition from APR Operating (doing business as Admiral Permian Resources) of predominantly operated oil and gas production and leasehold in northwest Reeves and northeast Culberson Counties, Texas, in the Delaware Basin. Terms were not disclosed. The leasehold covers 21,430 net acres. Petro-Hunt plans to begin an active development drilling program on the assets later this year. Petro-Hunt is a privately owned exploration and production company headquartered in Dallas.

Admiral’s Outside Counsel: Kirkland & Ellis led by corporate partners Chris Heasley, Kyle Watson, R.J. Malenfant and Brice Lipman and associates Alia Heintz, Alexiz Magro-Malo and Nick McTyre and including tax partners Mark Dundon and Lane Morgan and environmental transactions partner Jonathan Kidwell and associate Tyler Burgess. Also advising were Houston partners Lucas Spivey and Jordan Roberts along with associates Daniel Kirksey and Brett Mele.

 

UK alt energy firm invests in ERCOT sites

Deal Description: Gore Street, an energy transition firm based in London, announced March 10 that it is acquiring eight energy storage assets in Texas from Perfect Power Solutions Texas. The eight sites included in the portfolio total 9.9 megawatts. The assets are network participants in the Electric Reliability Council of Texas (ERCOT) and represent Gore Street’s first investment in the U.S. energy markets.

PPST Outside Legal Counsel: Jones Day provided legal advice led by David Stringer in its Dallas office.

Note: PPST is a portfolio company of SER Capital Partners, based in Belmont, California, and an affiliate of Perfect Power Solutions, an energy conglomerate based in India.

 

CAPITAL MARKETS/FINANCINGS

Anvil Channel Energy Solutions completes $51.35M acquisition financing

Deal Description: Anvil Channel Energy Solutions announced March 10 the final close of a $51.35 million senior secured term loan facility to ROK Resources Inc., supporting the acquisition of producing oil and gas assets primarily in Saskatchewan and Alberta, Canada, from Federated Co-operatives Ltd. Total consideration paid for the deal was about C$72 million. Anvil’s loan facility was sized at U.S dollar equivalent to C$65 million. Anvil Channel provides debt capital to lower middle market companies active across the North American upstream energy market seeking to boost their expansion through acquisition and development.

Anvil Channel’s Outside Counsel: Latham & Watkins with a finance team led by Houston partner Catherine Ozdogan with Houston associate Benjamin Gelfand, Austin associate Erin Cusenbary and Houston associate Kirby Swartz. Advice was provided on corporate matters by Houston associate Alice Parker and on tax by Houston partner Jim Cole with Houston associate Dominick Constantino.

Anvil Channel’s Canadian Counsel: Borden Ladner Gervais 

Magnolia proposes block trade of its Class A shares by EnerVest affiliates

Deal Description: Magnolia Oil & Gas Corp. announced March 10 the proposed underwritten block trade of 7.5 million shares of its Class A common stock by affiliates of EnerVest Ltd. The shares will be offered from time to time for sale through negotiated transactions or otherwise at market prices prevailing at the time of sale by Citigroup. Magnolia won’t sell any shares of its class A common in the offering and won’t receive any proceeds from the sale. Magnolia intends to acquire from the selling stockholders 2.5 million shares of its Class B common stock at a price per share equal to the price at which the underwriter purchases shares of its Class A common. The offering isn’t conditioned upon the completion of the class B purchase, but the class B purchase is conditioned upon the completion of the offering.

Citigroup’s Outside Counsel: Baker Botts, including corporate partners Doug Getten and Clint Rancher, senior associate Garrett Hughey and associates Parker Hinman and Chandler Block, all in Houston; tax partner Jon Lobb in Houston; employee benefits partner Jason Loden in Dallas; global projects special counsel Brian Finch in Austin; and environmental partner Scott Janoe in Houston.

EnerVest’s Outside Counsel: Gibson Dunn including partner Gerry Spedale as well as Harrison Tucker, Patrick Cowherd and Stefan Koller

Magnolia’s Outside Counsel: Kirkland & Ellis led by capital markets partners Matt Pacey and Michael Rigdon and associates Billy Vranish and Jake Haskins and tax partner David Wheat and associate Ryan Phelps.

ADDENDA

Bracewell announced March 3 it represented Invenergy and energyRe as project sponsors in forming a consortium of investors that secured one of six leases in the New York Bight offshore wind auction, which closed on Feb. 25. The deal was led out Washington, D.C., but included partners Matthew B. Grunert, Lytch T. Gutmann and Rebecca L. Baker and associate Shannon M. Rice in Houston. Invenergy Wind Offshore’s $645 million bid was selected as the provisional winner for lease OCS-A-542, one of largest awarded by the U.S. Bureau of Ocean Energy Management in the auction. The consortium that will fund the project also includes Blackstone Infrastructure Partners, CDPQ, FirstLight Power and Ullico Infrastructure Fund. (Kirkland & Ellis said March 30 the firm advised Blackstone led by corporate partners Rhett Van Syoc and Rob Goodin with help from associates David Jean-Baptiste, Austin Johnson and Brett Mele and tax partner Mark Dundon, among others). Invenergy and its affiliates have developed more than 30,000 megawatts of projects, including wind, solar, natural gas power generation and energy storage.