Nestle to Divest Half of Bottled Water Unit for Approximately €3 Billion

Deep News13:30

Nestle S.A. has agreed to sell a 50% stake in its bottled water business to Platinum Equity for approximately €3 billion ($3.4 billion) in cash.

This move by the Swiss food giant's CEO, Philipp Navratil, advances the plan to streamline underperforming operations within the company's portfolio.

Private equity firm Platinum Equity, backed by billionaire Tom Gores, emerged victorious over other bidders in the auction process. The bottled water division includes well-known brands such as Perrier and S.Pellegrino.

According to a joint statement released by both companies on Thursday, a new 50/50 joint venture named Peranel will be established, with the enterprise valued at €4.9 billion.

In related news, Nestle S.A. also reported organic sales growth of 3.6% for the first half of the year, surpassing analyst expectations of 3.51%.

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