Texas Lawbook said the 89 mergers, acquisitions and joint venture transactions completed by Texas companies in 2020Q2 represented a decline of 68 percent from 2019Q2 as activity in the state reached historic lows. Texas Lawbook, with data from Mergermarket, said the value of the transactions dropped 93.7 percent. The 89 deals were the fewest in a quarter since 88 in 2009Q1. Before the 2020Q2 slump, according to Houston Chronicle, Texas had experienced 26 consecutive quarters with at least 200 M&A deals.
“It’s every bit as bad as the numbers are portraying,” Jeff Munoz of Houston law firm Latham & Watkins told Houston Chronicle. “No one is doing any of what you might call regular M&A work.”