Deal Dispatch: Boston Red Sox Owner Sets Sights On La Liga Club, At Home Files For Bankruptcy

New On The Block

Spanish La Liga club Getafe is considering a sale, per The Telegraph.

On the buyside is Fenway Sports Group (FSG), the Boston-based firm led by billionaire John W. Henry. FSG already owns Liverpool FC, the Boston Red Sox and Pittsburgh Penguins.

Ángel Torres, Getafe's current owner, intends to leave the club once he renovates Estadio Coliseum. The club expects the project to wrap by December 2027. That timing could suit FSG, which is rumored to be “tight with the purse strings.”

In recent years, FSG has sought outside investors like RedBird Capital to help finance its expansion efforts.

This interest also connects to a major restructuring of FSG's football division in 2024. That shuffle paved the way for Michael Edwards' return as football CEO.

Also for sale:

Sabadell SAB is exploring a sale of British bank TSB, according to the Financial Times.

Updates From The Block

Dan Ives, global head of technology research at Wedbush Securities, said Apple Inc. AAPL “might be forced” to pursue a merger or acquisition with an AI platform like Perplexity or one of several others—similar to its 2014 acquisition of Beats—to meet growing consumer demands.

The Abu Dhabi National Oil Company (ADNOC), a major Abu Dhabi sovereign wealth fund, and private equity giant Carlyle have made a $18.7 billion offer to acquire Santos, one of Australia's largest oil and gas companies. XRG, ADNOC's new $80 billion platform, is spearheading the bid. If successful, this would mark one of Australia's largest-ever takeovers. Whether it works out remains to be seen. The deal will likely face scrutiny from Australian regulators wary of foreign ownership.

Baker Hughes Co. BKR announced that it will sell its Precision Sensors & Instrumentation (PSI) unit to Crane Company CR for approximately $1.15 billion in cash. The move is part of Baker Hughes’ broader strategy to streamline its portfolio and reallocate capital toward higher-return opportunities.

Brookfield Infrastructure Partners has struck a deal to acquire Hotwire Communications, a Florida-based internet service provider. The transaction is expected to value the company at around $7 billion, including debt. The Wall Street Journal first broke the news. Hotwire, which runs fiber networks across nine U.S. states, was previously backed by Blackstone, which invested $1 billion in 2021. The deal underscores Brookfield's growing push into next-gen broadband. Demand for fiber internet is surging, sparking consolidation. Recall Verizon's $9.6 billion Frontier fiber buy and AT&T's $5.75 billion Lumen deal.

Bankruptcy Block

Home decor retailer At Home is seeking Chapter 11 protection in a bid to restructure $2 billion in debt and score $200 million in fresh capital. The Texas-based chain—once known as Garden Ridge Pottery—is shuttering 26 stores as it hands over the keys (and control) to lenders holding 95% of its debt. CEO Brad Weston blamed “a rapidly evolving trade environment”—aka tariffs and turbulence—while analysts say the real pain lies in sluggish home sales and waning consumer demand. Homes are sitting on the market for weeks or even months while prices remain sky-high and mortgage rates are near 6.8%.

Wolfspeed is reportedly preparing to file for a prepackaged Chapter 11 bankruptcy. According to Bloomberg, the filing would hand control of the struggling chipmaker to its creditors, including Apollo Global Management. The deal aims to slash billions in debt and is expected to be announced soon, pending creditor approval.

For last week’s edition of the Deal Dispatch, click here.

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