The Texas Lawbook: H1 2023 M&A: ‘Meh’ Numbers Worth More Than a Shrug
July 18, 2023
A total of 395 Texas-related mergers and acquisitions valued at US$187 billion occurred in the first half of 2023. According to The Texas Lawbook, the number of H1 2023 deals is a 19% decrease from the 489 transactions reported in H2 2022, and a 22% decrease from the 507 deals reported in H1 2022. “Private equity buyers are employing seemingly more complicated financing structures, including more earn-outs, seller notes, lower debt to equity ratios and all cash financing, while traditional leveraged buyouts have been less frequent,” said Garrett Johnston, a partner at O’Melveny. “Sale processes have been few and far between and less competitive this year, although private equity buyers continue to look for add-on opportunities, particularly those that can be financed with all cash.”
The Texas Lawbook subscribers can read the full article here.