BakerHostetler will present data regarding Texas’ robust M&A market each quarter, with useful comparisons to the U.S. market overall. The alert focuses on M&A volume and value, identifies the most active industries, and includes market commentary from our Texas-based M&A attorneys.

M&A activity in Texas had a mixed performance for 3Q20 compared with 2Q20, with overall U.S. M&A activity faring better. Texas activity, reflected by number of deals, decreased approximately 15% compared to 2Q20, while the U.S. reflected an uptick of 8% by the same measure. The most striking quarter-over-quarter change was a substantial increase in both Texas and U.S. deal values, with both markets showing significant increases in the aggregate and average transaction values. This increase is due to the return of large M&A transactions signed in 3Q20, including the $21 billion acquisition of Speedway by 7-Eleven Inc., the $19.4 billion acquisition of Immunomedics by Gilead Sciences Inc. and the $13 billion acquisition of Noble Energy Inc. by Chevron Corporation, which significantly increased aggregate deal value. Nonetheless, deal activity remains significantly below its pre-pandemic levels, as demonstrated by the charts reflecting the number of deals for the last 12 months.