Jim-
I believe the Watts part number for this was DFV-M1. After a brief search, I could not find a source to buy a new one, except for
this site (which has signs it might not have the item, either).
Watts sells a 3-way valve that looks like the core of the DFV-M1. Link is here:
LFB6780-M1
"LF" in their part number scheme stands for "Lead Free," which implies why the DFV-M1 is no longer available (all non-lead-free products phased out). There appear plenty of places to buy the new unit.
Please don't take my word for whether or not the new unit can take the place of the old one; confirm for yourself.
You could always go for discrete valves, per
this post and picture: