Nestlé is moving forward with the sale of a stake in its European water business, which includes popular brands such as Perrier, San Pellegrino, and Acqua Panna. The Swiss food giant had set a deadline for initial bids earlier this month, actively working with investment bankers to explore this stake sale.
Reuters previously reported that Nestlé engaged Rothschild to advise on the sale of a significant stake in its water division, with the aim of retaining a portion of the business. The financial press estimates the deal to be worth around €5 billion, which translates to approximately $5.75 billion.
More recently, reports indicate that Platinum Equity, backed by billionaire Tom Gores, has emerged as the sole remaining bidder for a 50% stake in the unit, after rival Clayton Dubilier & Rice withdrew from the process. Platinum Equity is currently negotiating the final terms, though there remains no certainty that a deal will be finalized.
