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 USD200 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 USD56.6 billion), Baker Botts’ totals exceeded USD250 billion, representing a 233% increase over 2013.
“Large energy transactions continued to lead the way in 2014,” says David Kirkland, Co-Chair of Baker Botts's Corporate Department.
“While deal volume increased, deal size is what really drove M&A totals to much higher levels than in 2013,” says Kelly Rose, who also serves as Co-Chair of Baker Botts's 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.”
Notable transactions from the second half of the year include:
• Halliburton Company – USD35 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) – USD70 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, LP – USD50 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. – USD7.6 billion acquisition by Siemens AG (antitrust counsel). The transaction was led by Washington, DC Partners Sean Boland and Paul Cuomo.
• Liberty Media Corporation – spin-off of Liberty Broadband Corporation (valued at USD4.8 billion). New York Partners Frederick (Buzz) McGrath and Renee Wilm led the transaction.
• Kimberly-Clark Corporation – spin-off of Halyard Health, Inc. (valued at USD1.8 billion). The transaction was led by Dallas Partner Don McDermett.
• Noble Corporation – spin-off of Paragon Offshore plc. (BV of assets at the time of spin was USD3.5 billion). The transaction was led by Dallas Partner David Emmons and Houston Partner Hillary Holmes.
