Deal Dispatch: Performance Food Group And Claire's Lead A Week Of Big Auctions, Retail Woes

New On The Block

• Performance Food Group PFGC is typically the buyer in deal talks, having recently inked the $1.8 billion acquisition of Cheney Brothers, a move aimed at expanding its distribution reach. Recently, it’s been a target. US Foods USFD made a takeover approach, Axios reports. Performance Food rejected the offer.

• Bachan’s, a Japanese BBQ sauce brand, is for sale. Centerview Partners is handling the auction. Axios first broke the news. The Sebastopol, California-based company raised $17 million, with Prelude Growth Partners and Sonoma Brands Capital among its investors.

• Buyout firm Hg is preparing for a potential sale of its financial data company, FE fundinfo. The price could be over 20 times its expected 2024 EBITDA of £70 million ($93.2 million), according to Reuters.

• Yomeishu Seizo Co. received buyout offers from multiple investment firms, per Bloomberg. The Japanese medicinal liqueur maker tapped Mitsubishi UFJ Morgan Stanley Securities Co. to review options, including going private. The first round of bidding is complete. In a statement, Yomeishu confirmed it is evaluating several possibilities.

• AT&T T is exploring a potential divestiture of its Mexico operations, according to Bloomberg. The telecom giant has enlisted advisers to assess a sale, with hopes of fetching over $2 billion. Talks are still underway. AT&T has faced difficulties expanding in Mexico, where the market is primarily controlled by Carlos Slim, one of the wealthiest men in the world.

Updates From The Block

• Lufthansa has reportedly dropped its pursuit of a stake in Air Europa, leaving Turkish Airlines as the only known suitor.

• KKR boosted its takeover bid for Spectris to £41.75 per share, surpassing Advent International's revised £41 offer, signaling intensified interest despite Spectris shares nearing all-time highs.

• The FTC filed a lawsuit to block Edwards Lifesciences’ $945 million purchase of JenaValve, a VC-backed maker of heart valve implants. Backers include Bain Capital Life Sciences, Rosetta Capital, QIA, and Peijia Medical, among others.

• Duolingo DUOL acquired NextBeat, a London-based music gaming startup.

• MasterBrand MBC will merge with American Woodmark AMWD, forming a $3.6 billion cabinetry giant.

• Publicis Health has agreed to acquire life sciences communications firm P-value Group, based in New Jersey, for a price tag ranging between $250 million and $300 million, according to Axios.

• The NFL is transferring NFL Network, RedZone, and other media rights to Disney's ESPN in exchange for a 10% ownership stake. The NFL retains NFL Films and NFL.com. The deal enhances ESPN's streaming push and extends the league's global reach.

• Boeing BA received U.K. competition clearance for its $4.7 billion buyout of Spirit AeroSystems SPR, a supplier it originally spun off 20 years ago.

• CorMedix CRMD will acquire Melinta Therapeutics, a New Jersey-based developer of antibiotics, from Deerfield Management for $300 million in cash and equity.

• Doximity DOCS is spending up to $63 million to acquire Pathway Medical, a Montreal-based clinical reference startup backed by Yamaha Motor Ventures and others.

• Meta META, the largest social media company in the world, has purchased WaveForms, a San Francisco-based audio AI startup that previously raised $40 million from a16z and others.

• Ripple is acquiring Canadian stablecoin platform Rail for $200 million. Rail previously raised $15 million from backers including Galaxy Ventures and Sapphire Ventures.

Off The Block

• Skydance Media completed its $8 billion acquisition of Paramount Global. Sen. Elizabeth Warren (D-Mass.) claimed President Trump approved the deal shortly after receiving a $16 million settlement from Paramount over a "sham lawsuit" related to a 60 Minutes interview. Warren suggested this "wink-wink" arrangement signals that Trump is open to business with corporations and billionaires.

Bankruptcy Block

• Claire's—the mall icon best known for glittery earrings and impromptu ear piercings—has filed for Chapter 11 bankruptcy for the second time in under 10 years. The retailer blamed online competition, rising debt, economic uncertainty, and tariffs for making imports costlier. CEO Chris Cramer called the move "difficult but necessary." Stores will stay open while exploring options, including a possible sale. Once boasting over 4,500 locations, Claire's now operates about 2,750 worldwide and has stopped paying rent on some underperforming stores. It joins other retailers like Forever 21 and Liberated Brands in recent bankruptcies.

• Lyten, a San Jose-based battery startup valued at nearly $1.2 billion, will acquire the remaining Swedish and German assets of bankrupt rival Northvolt.

For the previous edition of Deal Dispatch, click here.

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