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 two billion people lack safe drinking water, and 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.

Updates From The Block

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.

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 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 WW’s 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.

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