Nestlé sells half its water business to Platinum Equity for €3B
What's the deal? Nestlé has agreed to sell a 50% stake in its bottled water business to private equity firm Platinum EquityDealroom has a profile for this one. Try Dealroom → for about €3 billion ($3.4 billion) in cash. The two will form a 50-50 joint venture called Peranel, holding brands including PerrierDealroom has a profile for this one. Try Dealroom → and S.Pellegrino, with an enterprise value of €4.9 billion.
Why now? The sale advances chief executive officer Philipp Navratil's plan to prune underperforming units at the Swiss foodmaker. Platinum, backed by billionaire Tom Gores, outbid other suitors for the business.
What changes? Nestlé keeps a foothold through the joint venture rather than exiting the category entirely. Its water portfolio remains anchored by premium brands Perrier and S.Pellegrino.
The signal: Nestlé reported organic sales rose 3.6% in the first quarter of 2026. The deal shows major consumer groups increasingly willing to hand control of non-core assets to private equity while retaining a stake in the upside.
Read more: Bloomberg Law
