The deal world never sleeps, and this week's action spans cricket teams worth billions, sparkling water empires, streaming giants making unprecedented moves, and luxury retail's reckoning with reality.

When Liquor Meets Cricket Money

Diageo is exploring a potential sale of part or all of Royal Challengers Bengaluru, the Indian Premier League cricket franchise that could fetch up to $2 billion. Yes, you read that right—a cricket team valued at two billion dollars.

The franchise was previously owned by Vijay Mallya before Diageo took control. Now, as bidder interest builds, vaccine billionaire Adar Poonawalla plans to submit a "strong and competitive" bid, according to Bloomberg. He's not alone in the hunt. Blackstone and Temasek have reportedly already submitted bids, while Advent, PAG, and Carlyle are evaluating potential offers.

Cricket might not be America's game, but in India, it's big business—and private equity knows it.

Nestlé's Water Works

Nestlé is moving ahead with the sale of its €5 billion ($5.8 billion) water business, which includes brands like 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. Banks are already lining up €2 billion to €3 billion in leveraged loan financing to support a potential deal. Nothing says "we believe in sparkling water" quite like billions in debt financing.

Major Moves and Market Shifts

Netflix Inc. (NFLX) is making waves with a proposed $82.7 billion all-cash deal for Warner Bros. Discovery (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. (GOOGL) (GOOG) owned YouTube as the company's most "formidable competitor."

This isn't just big—it's transformational. Netflix has long prided itself on building its content empire organically. An $82.7 billion all-cash offer represents a complete strategic pivot, and it signals just how serious the streaming wars have become.

Meanwhile, Brex was reportedly not shopping itself in a formal auction, but Capital One Financial (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—a reminder that valuations from the pandemic era often had little relationship with reality.

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. Sometimes the best deal is the one you don't do.

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. The era of sprawling industrial empires continues its slow fade.

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.

TikTok's American Makeover

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. After years of political drama, national security debates, and uncertain deadlines, TikTok has officially become an American business story.

Luxury Retail's Moment of Reckoning

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. It turns out that piling debt onto legacy retail businesses in an era of Amazon and changing consumer behavior is not a winning formula.

Amazon.com Inc. (AMZN) failed to block a proposed financing deal to aid Saks during its Chapter 11 bankruptcy. Even in bankruptcy, Saks remains competitive enough that Amazon is paying attention.