Deal Dispatch: Billionaire Circles Cricket's RCB, Nestle Water Sale Heats Up

• Diageo is exploring a potential sale of part or all of Royal Challengers Bengaluru, the Indian Premier League cricket franchise, as interest from bidders builds. Diageo has explored selling part or all of RCB at a valuation of up to $2 billion. RCB was previously owned by Vijay Mallya before Diageo took control. Vaccine billionaire Adar Poonawalla plans to submit a "strong and competitive" bid, according to Bloomberg. Blackstone and Temasek have reportedly submitted bids. Advent, PAG, and Carlyle are also among firms evaluating potential offers.

• Nestlé is moving ahead with the sale of its €5 billion ($5.8 billion) water business, which includes brands such as Perrier and S.Pellegrino. The company has reportedly asked potential buyers to submit first-round bids this month and is working with Rothschild & Co. on the transaction. Private equity firms, including PAI Partners, Blackstone, KKR, Bain Capital, and Clayton Dubilier & Rice, have shown interest, while banks are lining up €2 billion to €3 billion in leveraged loan financing to support a potential deal.

Updates From The Block

• Netflix Inc. (NASDAQ:NFLX) is making waves with a proposed $82.7 billion all-cash deal for Warner Bros. Discovery (NASDAQ:WBD) assets, marking a dramatic shift from the streaming giant's traditional ‘build-not-buy' philosophy. In a Thursday interview with Stratechery‘s Ben Thompson, Netflix co-CEO Greg Peters identified Alphabet Inc (NASDAQ:GOOGL) (NASDAQ:GOOG) owned YouTube as the company's most “formidable competitor.”

• Brex was reportedly not shopping itself in a formal auction. Still, Capital One Financial (NYSE:COF) agreed to buy it for $5.15 billion in cash and stock. That’s well below the $12 billion price tag Brex commanded in early 2022. Founded in 2017 as a startup-focused alternative to traditional corporate cards, Brex raised nearly $1.7 billion from investors including Ribbit Capital, Y Combinator, Greenoaks, DST Global, Kleiner Perkins, and Tiger Global.

• EQT agreed to acquire secondaries specialist Coller Capital in a deal valued at up to $3.7 billion, deepening its push into the rapidly growing private-market secondaries space as alternative assets move closer to retail channels like 401(k)s. The transaction includes $3.2 billion paid in EQT stock plus up to $500 million in contingent cash payments. Coller founder Jeremy Coller will remain in charge and retain independence over investment and origination decisions. State Street, which bought a minority stake in Coller just three months ago, will roll that position into EQT equity. Coller, founded in 1990, manages nearly $50 billion in assets.

• London-based insurer Beazley rejected a $10.3 billion takeover offer from Zurich Insurance Group, signaling confidence in its standalone growth prospects amid renewed M&A interest in specialty insurance.

• Deutsche Börse agreed to acquire Amsterdam-listed Allfunds in a €5.35 billion cash-and-stock deal, expanding its reach into fund distribution and strengthening its position across the investment services value chain.

• Industrial giant Eaton is considering a sale or spinoff of its vehicle business, which could be valued at up to $5 billion, according to Bloomberg—another sign of conglomerates sharpening focus on core operations.

• Payoneer acquired Boundless, an Irish employment and contractor management platform backed by investors including Nine Dots Recruitment, Seedcamp, and Fyrfly Venture Partners, as fintechs race to capture cross-border payments tied to remote work.

Off The Block

TikTok is officially off the block.

A new majority American–owned entity, TikTok USDS Joint Venture LLC, agreed to comply with an executive order signed by President Donald Trump on September 25, 2025, and to address long-standing U.S. national security concerns.

The joint venture will oversee TikTok's U.S. operations with a mandate to secure American user data, the app, and its recommendation algorithm through enhanced data privacy, cybersecurity, and content moderation safeguards.

U.S. user data and the algorithm will be hosted in Oracle's U.S.-based cloud, with ongoing third-party audits and certifications aligned with NIST, ISO, and CISA standards. The venture will also oversee trust and safety policies for U.S. content and conduct continuous source-code reviews with Oracle, its trusted security partner.

The joint venture operates independently and is governed by a seven-member, majority-American board that includes TikTok CEO Shou Chew, senior executives from Silver Lake, TPG, Susquehanna, Oracle, and MGX, and DXC Technology CEO Raul Fernandez, who chairs the security committee.

Adam Presser was appointed CEO of TikTok USDS Joint Venture, with Will Farrell named chief security officer. The investor group is led by Silver Lake, Oracle, and MGX, each holding 15%.

Its original parent company, ByteDance, retains a 19.9% stake

Bankruptcy

Saks Global, the parent of Saks Fifth Avenue, Neiman Marcus, and Bergdorf Goodman, has filed for Chapter 11 bankruptcy protection, marking a major setback for the largest luxury department store group in the U.S.

The company said stores will remain open during the restructuring, though some locations could close as it seeks new ownership and relief from debt that has weighed on operations. Newly appointed CEO Geoffroy van Raemdonck called the filing a "defining moment," saying the process offers a chance to stabilize the business and reposition it for the future.

Analysts point to a combination of factors behind the bankruptcy, including heavy debt taken on during the acquisition of Neiman Marcus, online shopping and softer demand for ultra-high-end luxury goods.

Amazon.com Inc. (NASDAQ:AMZN) failed to block a proposed financing deal to aid Saks during its Chapter 11 bankruptcy.

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