Deal Dispatch: NY Giants Look To Score Some Private Equity, Plus — M&A Volume Is Down

New On The Block

The New York Giants are seeking to sell up to a 10% ownership stake. The Giants, regarded as one of the most valuable sports teams in the world because of their history and the New York City market, have hired Moelis & Co. as their banker.

Per ESPN, the Mara and Tisch families, longtime owners, made the move after the NFL approved a policy allowing private equity firms to acquire up to 10% of teams. The Giants are valued between $7.3 billion (Forbes) and $7.85 billion (CNBC). Recent NFL sales include the Eagles selling an 8% stake at a valuation of over $8 billion. Private equity firms Arctos Partners and Ares Management have recently acquired stakes in the Bills and Dolphins, signaling growing institutional investment in NFL teams.

Meanwhile, Global Infrastructure Partners wants to sell its control stake in Vena Energy, a Singaporean renewables company. Morgan Stanley and Mitsubishi UFJ Financial Group are tasked with running the auction, which could attract bids of up to $10 billion, according to Reuters.

Updates From The Block

President Donald Trump previously said he would help negotiate an “investment” between Japanese steelmaker Nippon Steel and United States Steel Corp. X. But when asked this week if he had plans to mediate talks, he said “I don’t know.” CEOs are "in love” with his tariffs, he told reporters, now seemingly in opposition to a proposed sale to Nippon Steel. CEOs were blind sided by Trump’s “investment” talks and the conflicting messages, Bloomberg reports.

Bankruptcy Block

• Joann, the struggling fabric and crafts retailer, plans to close about 500 of its 800 U.S. stores as part of its ongoing financial troubles, according to the Associated Press. The company recently filed for Chapter 11 bankruptcy for the second time in a year, citing weak consumer demand and inventory shortages. Joann first filed for bankruptcy in March 2024 and later went private, but persistent challenges led to another filing in January 2025. The closures aim to streamline operations and facilitate a potential sale. The full list of affected locations is available on Joann's restructuring website.

• Liberated Brands filed for Chapter 11 bankruptcy. The company — owner of Quiksilver, Billabong, and Volcom — blamed high interest rates, inflation, supply chain delays, declining consumer demand, and shifting preferences toward fast fashion and e-commerce as key challenges. Liberated Brands reported $226 million in debt and laid off approximately 1,400 employees. CEO Todd Hymel detailed these issues in a court filing, emphasizing the broader brick-and-mortar struggles causing store closures.

Notes From The Block

For all the ‘deregulation is best-for-business‘ talk, dealmakers don’t have much to show for it. According to LSEG:

• Since Trump took office, cross-border M&A totals $50.5 billion. That’s down 38% compared to a year ago.
• Global equity capital markets activity totals $25.2 billion so far this year. That’s a 40% decrease compared to 2024 levels.
• Global debt capital markets activity totals $1.3 trillion year-to-date 2025 — down 8% from 2024 levels.

Don’t blame the trade war. At Bank of Americas's 33rd annual financial services conference, analysts reported that bankers were optimistic despite “the recent tariff headlines.” A pro-business Trump administration, they said, should “drive strengthening customer activity.”

It’s worth noting that the latest sentiment surveys show consumer confidence in the U.S. is way down.

What can we blame for sluggish M&A? Goldman Sachs' Christina Minnis told Bloomberg that persistent inflation and uncertainty over interest rates are slowing down activity. This affects corporate valuations and deal appetite. Sellers are hoping for rate relief, but higher-for-longer rates pose challenges.

However, credit markets remain favorable, enabling leveraged buyouts at historically low spreads. Cotiviti secured $2 billion in loans for an acquisition at favorable rates. Minnis’ team led the financing.

For the previous edition of Deal Dispatch, click here.

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