New On The Block

  • Pool supplier Leslie’s Inc. is exploring strategic alternatives to address its debt burden, including a potential Chapter 11 bankruptcy filing, Bloomberg reported. The Phoenix-based company has hired Centerview Partners as its financial adviser and is receiving legal counsel from Simpson Thacher & Bartlett. The company reported $855 million in long-term debt according to regulatory filings.

Updates From The Block

  • Utz Brands (NYSE:UTZ) has agreed to be acquired by Germany-based Intersnack Group in a transaction valued at approximately $2.9 billion, including assumed debt, Reuters reported. The deal will be funded through a combination of roughly $920 million in cash from Intersnack, a $1.1 billion term loan facility, a $250 million asset-based lending facility, and equity contributions rolled over or reinvested by the Rice and Lissette families.
  • Domo, Inc. (NASDAQ:DOMO) agreed to sell all of its assets and employees to Progress Software Corporation in a $400 million cash deal approved unanimously by Domo’s board. The acquisition, which excludes Domo’s net operating loss carryforwards but includes certain liabilities, is expected to close before Progress’ fiscal year ends on Nov. 30, 2026, pending regulatory approvals.
  • Travel + Leisure Co. (NYSE:TNL), a vacation club company, acquired Spinnaker Resorts for $343 million, subject to customary adjustments and contingent performance-based payments of up to $10 million. The acquisition is expected to close in the third quarter of 2026.
  • Dassault Systèmes agreed to acquire ArisGlobal, a U.S.-based life sciences software provider owned by Nordic Capital, in a deal valued at up to $2 billion as the French technology company looks to expand its artificial intelligence capabilities. The transaction is expected to close in the second half of 2026, subject to customary regulatory approvals.
  • Palo Alto Networks (NASDAQ:PANW) plans to buy Embrace, a provider of user-focused observability technology. The cybersecurity company expects to close the deal in the first quarter of fiscal 2027.
  • IBM agreed to acquire HRL Laboratories, a privately held quantum computing research lab co-owned by Boeing and General Motors. Following the transaction, Boeing and GM will continue to partner with IBM. Financial terms of the deal were not disclosed.
  • The Vita Coco Company (NASDAQ:COCO) is broadening its coconut business with the acquisition of Copra Coconuts, a provider of sustainably sourced young Thai coconut products. Financial terms of the deal were not disclosed.

Off The Block

  • KORE Group Holdings has completed its acquisition by affiliates of Searchlight Capital Partners and Abry Partners, taking the provider of Internet of Things (IoT) connectivity and analytics company private. Following the transaction, KORE’s common stock will be delisted from the New York Stock Exchange as the company moves forward under new private equity ownership.

Bankruptcy Block

  • MVMT Labs Inc., the developer behind the Movement blockchain, has filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the District of Delaware, according to court records. The company’s voluntary petition reports estimated assets of between $100,001 and $1 million and liabilities ranging from $1 million to $10 million. The filing lists between 200 and 999 creditors, with the largest creditors including co-founder Rushi Manche, the Delaware Division of Revenue and Anchorage Digital.
  • American Efficient, an energy-efficiency trading firm, filed for Chapter 11 bankruptcy to reorganize amid a dispute with the Federal Energy Regulatory Commission over $1.1 billion in alleged liabilities. The company lists a $722 million FERC penalty and a $410 million order to return "unjust profits" as its largest obligations after regulators accused it of fraud. American Efficient has denied wrongdoing and is using bankruptcy proceedings to avoid a potential shutdown.
  • TGI Friday’s Inc. won court approval for its Chapter 11 liquidation plan, allowing the casual dining chain to wind down its remaining assets and create a liquidating trust to repay creditors. While the corporate entity is dissolving, roughly 460 franchised locations will continue operating in the U.S. and abroad.
  • A bankruptcy judge cleared QVC Group’s Chapter 11 plan to move forward, rejecting preferred shareholders’ bid to halt the restructuring, the Wall Street Journal reported. Investors including Citadel and Cygnus Capital argued the plan wiped out their $1.4 billion preferred equity stake as QVC seeks to eliminate about $5 billion in debt.

For the previous edition of Deal Dispatch, click here.

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