HOUSTON/NEW YORK, January 7, 2015 – Baker Botts, an international business law firm, advised clients on over 35 major M&A transactions (including spin-offs and split-offs) valued at nearly $200 billion in the second half of 2014. When combined with M&A deal volume and value from the first half of the year (38 deals for a total value of $56.6 billion), Baker Botts’ totals exceeded $250 billion, representing a 233% increase over 2013.
“Large energy transactions continued to lead the way in 2014,” said David Kirkland, Co-Chair of Baker Botts Corporate Department.
“While deal volume increased, deal size is what really drove M&A totals to much higher levels than in 2013,” said Kelly Rose, who also serves as Co-Chair of Baker Botts Corporate Department. “We saw a significant increase in spin-off and split-off activity over the course of the year, and we expect activity in the area to continue into 2015,” added Ms. Rose.
Notable transactions from the second half of the year include:
- Halliburton Company – $35 billion acquisition of Baker Hughes Incorporated. Houston Partners Kelly Rose and David Kirkland led the transaction.
- Conflicts Committee of Kinder Morgan Energy Partners (KMP) and Special Committee of Kinder Morgan Management (KMR) – $70 billion purchase of KMP, KMR and El Paso Pipeline Partners by Kinder Morgan, Inc. Collectively, the transaction represents the largest energy M&A transaction since the merger of Exxon and Mobil. Houston Partners Josh Davidson and Tull Florey led the transaction.
- Conflicts Committee of Williams Partners, L.P. – $50 billion merger of Williams Partners with Access Midstream Partners, L.P. Houston Partners Josh Davidson and Tull Florey led the transaction.
- Dresser-Rand Group Inc. – $7.6 billion acquisition by Siemens AG (antitrust counsel). The transaction was led by Washington, D.C. Partners Sean Boland and Paul Cuomo.
- Liberty Media Corporation – spin-off of Liberty Broadband Corporation (valued at $4.8 billion). New York Partners Frederick (Buzz) McGrath and Renee Wilm led the transaction.
- Kimberly-Clark Corporation – spin-off of Halyard Health, Inc. (valued at $1.8 billion). The transaction was led by Dallas Partners Don McDermett and Samantha Crispin.
- Noble Corporation – spin-off of Paragon Offshore plc. (BV of assets at the time of spin was $3.5 billion). The transaction was led by Dallas Partner David Emmons and Houston Partner Hillary Holmes.
Additional information about the firm’s M&A practice is available here.
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