Nestlé is progressing with the divestment of a 50% stake in its European water business, which encompasses well-known brands such as Perrier, S.Pellegrino, and Acqua Panna. The deal could value the entire business at approximately $5.75 billion (€5 billion).
Initially, several private equity firms, including CD&R, KKR, and PAI Partners, advanced to the advanced bidding rounds, with Platinum Equity also expressing significant interest. Nestlé had engaged Rothschild & Co. to advise on the sale process.
More recently, Platinum Equity has emerged as the sole remaining bidder for the 50% stake after Clayton Dubilier & Rice (CD&R) withdrew from the process. Platinum Equity, backed by billionaire Tom Gores, is now looking to finalize the terms of the deal.
This divestment is part of a broader strategic review and restructuring program undertaken by Nestlé, aiming to refocus on core categories such as coffee, petcare, nutrition, and snacks. The company is seeking to free up capital for investments in higher-growth areas and address regulatory and environmental concerns associated with bottled water. Nestlé expects the business to be deconsolidated from 2027 following the sale.
