Volume increased, but the dollar value of those deals plummeted 38 percent to $367 billion last year from $594 billion in 2021.
A Diamondback Energy facility. The Midland-based oil and gas producer agreed last year to buy Lario Permian in a deal totaling $1.55 billion, including $850 million in cash and more than 4 million shares of Diamondback common stock.Corporate dealmakers in Texas bucked the national trend in 2022 by doing more mergers, acquisitions and joint ventures than ever before, but most of those transactions were smaller in value and involved middle-market and privately held companies.
“M&A in 2022 was more halting and cautious than in 2021, but not any less busy,” Ryan Maierson, a partner in the Houston offices of Latham & Watkins, said.The Texas market significantly outpaced M&A activity in the rest of the U.S., which declined in deal count by more than 30 percent, according to data by the independent research firm Dealogic. Dealogic data also shows Texas M&A deal count increased but that aggregate deal value shrank.
Dealmakers credit the Texas market’s resilience to creativity and the large inventory of unspent cash.
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