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M&A Transaction Values Hit $50.6 Billion at Baker Botts in 2nd Half of 2013

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HOUSTON, December 18, 2013
– During the second half of 2013, Baker Botts lawyers advised clients on 30 major merger and acquisition transactions valued at a total of more than $50.6 billion, a 30 percent increase from the $38.9 billion in deal values reported by the firm for the same six months in 2012. The firm’s M&A activity for the second half of 2013 brings the yearly total to more than $75 billion.

Transaction values are derived from public filings as well as internal data and closing documents, which are often confidential. Accordingly, the total transaction values reported for the firm by external agencies may differ from the firm’s total number reported above due to the criteria used by the agencies.

“The firm’s activity in merger and acquisition transactions has been strong throughout the year, and we expect the trend to continue into 2014,” said David Kirkland, chair of the Corporate Practice at Baker Botts. “Deal activity in the energy sector continues to lead the way. The number of transactions has remained relatively steady, but we are seeing an increase in the size of deals.”

Several notable transactions on which Baker Botts lawyers worked over the past six months include:

  • Representing Crosstex Energy, Inc. and Crosstex Energy, L.P. in a transaction with Devon Energy Corporation to combine substantially all of Devon’s U.S. midstream assets with Crosstex’s assets to form a new midstream business. The new business will consist of two publicly traded entities: a Master Limited Partnership and a General Partner entity. Dallas partner Doug Rayburn led the Baker Botts team.

  • Representing Regency Energy Partners LP in its $5.6 billion acquisition of PVR Partners, L.P. Houston partner Breen Haire and Dallas partner Neel Lemon led the Baker Botts team.

  • Representing UNS Energy Corporation in its $4.3 billion acquisition by Fortis, Inc. New York partners Bill Lamb and Michael Didriksen led the Baker Botts team.

  • Representing NRG Energy, Inc. in the plan sponsor agreement with Edison Mission Energy, certain of EME’s subsidiaries, the unsecured creditors committee, certain of EME’s unsecured noteholders, and the parties to the Powerton and Joliet sale leaseback transactions to acquire substantially all of the assets of EME, including its equity interests in certain of its subsidiaries, for approximately $3.6 billion, which includes the purchase price of $2.635 billion and the assumption of certain debt obligations. Washington, D.C. partner Elaine Walsh and Dallas partner Luckey McDowell led the Baker Botts team.

Additional information about the mergers and acquisition practice at Baker Botts is available here.



About Baker Botts
Baker Botts is an international law firm of approximately 700 lawyers practicing throughout a network of 15 offices around the globe. Based on our experience and knowledge of our clients’ industries, we are recognized as a leading firm in the energy, technology and life sciences sectors. Throughout our 173-year history, we have provided creative and effective legal solutions for our clients while demonstrating an unrelenting commitment to excellence. For more information, please visit www.bakerbotts.com

 

 

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