New On The Block
Nestlé (SWX: NESN) is trying to offload its premium bottled water biz—including Perrier and S.Pellegrino—for a thirst-quenching 5 billion euros ($5.6 billion), and it's tapped Rothschild to play matchmaker. Reuters, which broke the news, reports that Nestle wants to keep a stake.
The move comes amid some political backwash in France. Authorities just told Nestlé to yank microfilters from two Perrier plants, raising eyebrows and maybe a few pH levels.
Enter One Rock Partners. The firm, which previously helped extract Poland Springs from Nestlé in 2021 and now owns Primo Brands (NYSE:PRMB), is expected to make an offer.
The deal comes as water scarcity intensifies globally. According to the World Wildlife Fund, over 2 billion people lack safe drinking water. Some projections show up to 2.4 billion facing urban shortages by 2050.
Other companies up for sale include:
- Hellman & Friedman has kicked off a sale process for Enverus, a Texas-based energy software firm. The deal is expected to fetch around $6 billion. The private equity firm is working with Citi on the sale, which Reuters reports has drawn interest from both other PE firms and strategic buyers.
- Speedcast is exploring a sale of its ground stations business. The transactionprice could exceed $1 billion, according to Bloomberg. Backed by Centerbridge Partners, the Houston-based satellite communications firm is working with an adviser and plans to run three separate auctions covering its services, infrastructure, and government-focused units. Speedcast's ground stations enable it to deliver internet via satellite to clients like cruise lines and maritime shippers across its five business segments.
- UBS Group AG is in talks to sell its hedge fund unit, O'Connor, to Cantor Fitzgerald LP, after over 30 years of ownership. The deal may include a revenue-sharing agreement, allowing UBS to receive a portion of future proceeds, Bloomberg reported. This move comes as UBS looks to shed riskier assets in light of stricter Swiss regulations that could require up to $25 billion in additional capital. O'Connor, originally a Chicago-based derivatives firm acquired in 1992, had $16.5 billion in regulatory assets under management as of December.
Updates From The Block
- OpenAI has agreed to buy Windsurf, an artificial intelligence-assisted coding tool, for about $3 billion, according to Bloomberg. The deal hasn't closed yet. If successful, it positions OpenAI to better compete in the growing market for AI-powered coding assistants, where rivals like Anthropic, GitHub, and newer startups like Anysphere are gaining traction. Windsurf, also known as Exafunction Inc. and previously as Codeium, was recently valued at $3 billion.
- VivoPower International (NASDAQ:VVPR) announced that Energi Holdings has completed the first phase of due diligence for its proposed $180 million takeover. Energi, a global energy firm based in Abu Dhabi with $1 billion in annual revenue, will now move to an accelerated second phase focused on regulatory matters. Folks involved expect the deal to conclude by June 2.
- Coinbase (NASDAQ:COIN) is acquiring crypto options exchange Deribit in a $2.9 billion cash-and-stock deal, aiming to become the largest crypto derivatives platform by open interest and volume. The deal includes $700 million in cash and 11 million Coinbase Class A shares. It’s expected to close by year-end pending regulatory approval. Deribit processes over $1 trillion in annual trading volume and has $30 billion in open interest, mainly from institutional clients. This is the latest in a string of acquisitions by Coinbase. It follows past purchases like Xapo (custody), Tagomi (prime brokerage), FairX (futures exchange), and One River Digital (asset management).
- Pershing Square's Bill Ackman wants to turn Howard Hughes Holdings Inc (NYSE:HHH) into a “modern-day Berkshire Hathaway.” Pershing Square announced plans to invest $900 million in real estate company Howard Hughes on Monday. Ackman’s firm will purchase 9 million shares for $100 each, representing a stake of 46.9%. The investment will allow Howard Hughes to acquire controlling stakes in “high-quality” public and private operating companies, while continuing to invest in its real estate development business.
Off The Block
- WhiteHawk Income Corp. will acquire PHX Minerals Inc. in a deal that values PHX at about $187 million including debt. The acquisition adds 1.8 million gross unit acres of natural gas mineral and royalty assets to WhiteHawk. It also enters the SCOOP/STACK region in Oklahoma.
- FiscalNote Holdings Inc. agreed to sell its Australian subsidiary, TimeBase, to Thomson Reuters Corporation FiscalNote acquired TimeBase in 2021, bringing Australian legislative data services to its portfolio for legal professionals. Operating largely apart from FiscalNote’s core customer base, TimeBase contributed just $1.3 million to the company’s $120.3 million in 2024 GAAP revenue. The divestiture is part of FiscalNote’s effort to streamline operations, reduce debt, and refocus on its core strengths—particularly the enhanced PolicyNote platform, which will continue serving clients in the Australian market. Proceeds from the sale will be used to pay down the company’s senior-term loan.
- Sunoco LP (NYSE:SUN) shares are trading lower on Monday after the company agreed to acquire Parkland Corporation (OTC:PKIUF) in a deal valued at approximately $9.1 billion, including debt. The transaction, announced Monday, involves a mix of cash and equity and will create a new entity called Sunoco LP (NYSE:SUN) shares are trading lower on Monday after the company agreed to acquire Parkland Corporation (OTC:PKIUF) in a deal valued at approximately $9.1 billion, including debt. SUNCorp, LLC. Parkland operates as a major fuel distributor and convenience retailer across 26 countries in the Americas. With around 4,000 locations, it serves both consumers and businesses with fuel and energy solutions, including renewables, EV charging, and carbon credit options.
Bankruptcy Block
WW International (NASDAQ:WW) just put its financial strategy on a strict plan of its own. The company, known as WeightWatchers, announced a "pre-packaged" Chapter 11 reorganization that will eliminate a chunky $1.15 billion in debt. The goal? To slim down its liabilities and sprint toward long-term growth—no crash diets involved.
WeightWatchers insists it's business as usual. Members won't notice a thing—no plan changes or vanishing telehealth sessions. The company's holistic model (including doctor-recommended programs and prescription support) stays fully operational during the reorganization.
Backed by 72% of its lenders, the 62-year-old brand expects a speedy exit planned in about 45 days—faster than most people's post-holiday detox.
CEO Tara Comonte says this financial cleanse is all about building muscle for innovation, with a focus on digital upgrades and expanding their fast-growing telehealth biz (which bulked up by 57% in Q1 2025 alone).
Weight loss drugs like Ozempic and Wegovy, both from Novo Nordisk (NYSE:NVO), likely disrupted WeightWatchers’ traditional business model.