Baker Botts advised clients on over 35 major M&A transactions (including spin-offs and split-offs) valued at nearly $200 billion in second-half 2014. When combined with M&A deal volume and value from the first- half of the year (38 deals for a total value of $56.6 billion), Baker Botts’ totals exceeded $250 billion, representing a 233% increase over 2013.

“Large energy transactions continued to lead the way in 2014,” said David Kirkland, co-chair of the firm’s corporate department.

“While deal volume increased, deal size is what really drove M&A totals to much higher levels than in 2013,” said Kelly Rose, who also serves as co-chair of Baker Botts’ 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 Co.—$35 billion acquisition of Baker Hughes Inc.
• Conflicts Committee of Kinder Morgan Energy Partners (KMP) and Special Committee of Kinder Morgan Management (KMR)—$70 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.
• Conflicts Committee of Williams Partners L.P.—$50 billion merger of Williams Partners with Access Midstream Partners L.P.
• Noble Corporation—spin-off of Paragon Offshore plc. (BV of assets at the time of spin was $3.5 billion).