Law firms reported 19 big deals to Law Week in our Q2 2022 survey, exactly half of the 38 deals reported last quarter. Last year, firms reported 46 deals to Law Week in Q2. Deals reported so far this year seem to mirror a downward trend in transactions as a slump hits global markets.
Initial projections for global market growth in 2022 were around 4% earlier this year, but economists have since lowered their forecasts due to various disruptions, including the Russia-Ukraine war and continued supply chain issues.
The following deals were submitted to Law Week by the firms who worked on them. Deal notes and details were edited for clarity, length and style.
Acquisitions
$1,300,000,000
Davis Graham & Stubbs LLP
Client: PDC Energy, Inc.
Team: John Elofson, partner; Sam Niebrugge, partner; Sam Seiberling, partner; Kristin Lentz, partner; Taylor Smith, partner; Jennifer Allen, partner; Brian Annes, associate; Jon Bergman, partner; Andrea Bronson, associate; Randy Dann, partner; Jonathan Marks, partner; Patricia Peterson, senior of counsel; Michael Snider, partner; Kevin Teng, partner; David Weil, of counsel; Eric Wright, associate
Other parties: Sellers were represented by Latham & Watkins LLP
Notes: DGS represented PDC Energy, Inc. in its acquisition of Great Western Petroleum, LLC.
$7,300,000
Davis Graham & Stubbs LLP
Client: Confidential
Team: Lamont Larsen, partner; Kyler Burgi, partner; Kelsey Johnson, associate
Notes: DGS represented the client in its acquisition of oil and gas assets.
$6,500,000
Davis Graham & Stubbs LLP
Client: Confidential
Team: Lamont Larsen, partner; Kelsey Johnson, associate
Notes: DGS represented the client in its acquisition of oil and gas assets.
$25,500,000
Davis Graham & Stubbs LLP
Client: Confidential
Team: Lamont Larsen, partner; Katie Roux, associate; Kelsey Johnson, associate
Notes: DGS represented the client in its acquisition of oil and gas assets.
$120,000,000
Davis Graham & Stubbs LLP
Client: Confidential
Team: Lamont Larsen, partner; Katie Roux, associate; Kelsey Johnson, associate
Notes: DGS represented the client in its acquisition of oil and gas assets.
$160,000,000
Holland & Hart LLP
Client: DCP Midstream, LP
Team: James Crowe, partner; Nate Davis, associate, Kenyon Redfoot, associate
Other parties: Woodland Midstream II, LLC was represented by McDermott Will & Emery
Notes: Holland & Hart represented DCP Midstream, LP, a midstream master limited partnership with a diversified portfolio of gathering, processing, logistics and marketing assets, in its entry into a definitive agreement. DCP wanted to acquire Permian Basin gathering and processing assets, or the James Lake System, from Woodland Midstream II, a portfolio company of EIV Capital, a private equity firm specializing in providing growth equity to the North American energy industry. This transaction is valued at $160 million, subject to certain customary adjustments. The bolt-on acquisition enhances DCP’s Permian gathering footprint, adding approximately 230 miles of gathering pipe and a cryogenic processing facility. The James Lake System’s proximity to DCP’s existing assets provide significant synergies with DCP’s existing Goldsmith processing facility. The deal also secures approximately 250,000 dedicated acres.
$25,000,000
Sherman & Howard LLC
Client: Rowpar Pharmaceuticals, Inc.
Team: Thomas Morgan, member; Jackie Benson, counsel; George Tsai, member; Mike Dubetz, member; Alexander Thomas, associate; Russ Johnson, associate
Other parties: Arcadia Consumer Healthcare
Notes: S&H represented Rowpar Pharmaceuticals in its acquisition by Arcadia Consumer Healthcare in a reverse triangular merger transaction.
$8,000,000
Perkins Coie
Client: 11:11 Systems, Inc.
Team: Sonny Allison, partner; Amelia Davis, counsel; Pam Wang, associate; Tessa Bell, associate; Avinash Ram, associate
Other parties: Static 1 LLC, Anthony Lobretto and Teresita Lobretto were represented by Hinckley Allen
Notes: Represented 11:11 Systems, Inc., a managed infrastructure solutions provider backed by Tiger Infrastructure Partners, in its acquisition of Static 1 LLC, a leader in managed network and IT infrastructure development and services. This deal closed on July 6.
Confidential
Perkins Coie
Client: Alchemer LLC
Team: Nate Ford, partner; Amelia Davis, counsel; Rachel Shapiro, associate; Sara Schroeder, associate
Other parties: KKR was represented by Simpson Thatcher
Notes: Represented Alchemer LLC, a global leader in customer experience, or CX, and voice-of-the-customer, or VOC, technology which received an investment from KKR to support the acceleration of Alchemer's growth.
Debt Finance
$500,000,000
Davis Graham & Stubbs LLP
Client: Tellurian Inc.
Team: John Elofson, partner; Edward Shaoul, partner; Rob McCary, associate; Patricia Peterson, of counsel; Taylor Smith, partner
Other parties: Kirkland & Ellis was co-counsel, Davis Polk and Wardwell was counsel to the placement agent and Latham Watkins was counsel to the investor
Notes: Tellurian issued $500 million in convertible notes in a registered direct transaction.
$500,000,000
Gibson, Dunn & Crutcher LLP
Client: Jabil Inc.
Team: Robyn Zolman, partner; Nick Linke, associate; Sarah Ediger, associate
Other parties: Investment bank underwriters were represented by Cahill Gordon & Reindel LLP
Notes: Gibson Dunn represented Jabil in its SEC-registered offering of 4.25% senior notes due 2027, Jabil's inaugural issuance of green bonds.
$500,000,000
Perkins Coie
Client: Amcor plc
Team: Jason Day, partner; Ned Prusse, partner; Jonathan Schulman, counsel; Kristina Daniels, associate
Other parties: BNP Paribas Securities Corp., BofA Securities, Inc., Citigroup Global Markets Inc. and J.P. Morgan Securities LLC, served as representatives of the underwriters. Sullivan & Cromwell also served as representation.
Notes: Represented Amcor plc, a global leader in developing and producing responsible packaging for food, beverage, pharmaceutical, medical, home and personal care and other products, in its issuance of $500 million of senior notes.
Equity finance
$200,000,000
Davis Graham & Stubbs LLP
Client: Tellurian Inc.
Team: John Elofson, partner; Edward Shaoul, partner; Rob McCary, associate
Other parties: Davis Polk and Wardwell served as counsel to the placement agent
Notes: Tellurian increased the size of its at-the-market offering program from $200 million to $400 million and raised $172 million in Q1 under the program.
$18,000,000
Holland & Hart LLP
Client: Perennial
Team: Mike Dill, partner; Leah Neumann, associate; Dave Glynn, of counsel
Notes: Holland & Hart represented Perennial, formerly Cloud Agronomics — a measurement, reporting and verification, or MRV platform for soil-based carbon removal — in its $18 million Series A financing round. The financing round was co-led by investors Temasek and Bloomberg, with participation from SineWave Ventures and the Microsoft Climate Innovation Fund. Perennial will use this funding to continue developing a world-class MRV platform for soil-based carbon removal that is accurate, cost-effective and scalable to millions of acres globally. The company’s vision is to unlock agricultural soils as the world’s largest carbon sink.
$55,000,000
Holland & Hart LLP
Client: Brimstone
Team: Sam Edwards, partner; Nicki Cerasoli, partner; Allen Paxton, associate; Morgan Thompson, associate; Andrew Murray, paralegal
Notes: Holland & Hart represented Brimstone, a venture-backed manufacturer which uses proprietary technology to produce the world’s only carbon-negative Ordinary Portland Cement and supplementary cementitious materials, in its $55 million Series A financing round. Brimstone will use this funding to build a pilot plant capable of making the first building-scale Ordinary Portland Cement ever made from a calcium silicate rock. The financing round was co-led by existing investors Breakthrough Energy Ventures and DCVC, with participation from other existing investors, including Collaborative Fund and AccelR8. New investors include Amazon’s Climate Pledge Fund and Fifth Wall Climate Tech, whose limited partners represent the global real estate industry. Other investors include Impact Science Ventures, S2G Ventures, Gatemore Capital Management, Osage University Partners and SystemIQ.
$150,000,000
Perkins Coie
Client: Gevo, Inc.
Team: Jason Day, partner; Ned Prusse, partner; Jonathan Schulman, counsel; Chris Wassman, associate
Other parties: H.C Wainwright & Co. was represented by Ellenoff Grossman & Schole LLP
Notes: Represented Gevo, Inc., a renewable chemicals and advanced biofuels company, in a registered direct offering of common stock and warrants.
$100,000,000
Perkins Coie
Client: Knightscope, Inc.
Team: Ned Prusse, partner; Jonathan Schulman, counsel; Kristina Daniels, associate
Other parties: B. Riley Principal Capital was represented by Dorsey & Whitney LLP
Notes: Represented Knightscope, Inc., a developer of advanced physical security technologies focused on enhancing U.S. security operations, in a committed equity financing of up to $100 million of Class A common stock.
Other
$150,000,000
Davis Graham & Stubbs LLP
Client: Mesa Labs
Team: John Elofson, partner; Cornelia Szymanski, associate
Other parties: Wilmer Cutler served as counsel to the placement agent
Notes: Mesa Labs established a $150 million at-the-market offering program in Q2.
$31,380,000
Holland & Hart LLP
Client: Comrit Investments I, LP
Team: Amos Barclay, partner; Andrew Leddy, associate
Notes: Holland & Hart represented Comrit Investments I, LP in seven tender offers for shares of non-traded REITs. These offers resulted in the aggregate purchase by Comrit of approximately $31.4 million in common equity of various non-traded REITs. These deals all closed between April 30 and May 13.
$130,000,000
Dorsey & Whitney LLP
Client: Rezolute, Inc.
Team: Anthony Epps, partner; Michael Weiner, partner; Van Vu, associate
Other parties: Jefferies LLC
Notes: Dorsey represented Rezolute, Inc. in a $130 million financing. This followed an additional capital raise of $55 million in October 2021. Together, these financings position Rezolute for a phase 3 trial to treat congenital hyperinsulinism. The $130 million raise represented one of the largest raises in the U.S. secondary capital markets in 2022 and one of few to be priced at-the-market, according to Rezolute’s lead investment banker, Jefferies LLC. Rezolute did not have sufficient shares of common stock to support a raise of this size, which resulted in significant complexity in the transaction, including three types of pre-funded warrants, two of which are contingent upon Rezolute increasing its authorized shares of common stock at its upcoming annual meeting. Rezolute’s Chairman and long-term partner in Korea contributed $12.4 million to the raise in a concurrent private placement, which was priced simultaneously on May 1. The transaction closed on May 4.