Nestlé, Platinum Equity plan 50:50 water and premium beverages JV valued at $5.71 billion; Pakistan operations included

Nestlé S.A. and Platinum Equity have agreed to create Peranel, a 50:50 joint venture that will house Nestlé’s global waters and premium beverages business, including its water operations in Pakistan.

Nestlé Pakistan Limited disclosed the development to the Pakistan Stock Exchange on July 23, saying its majority shareholder, Nestlé S.A., had entered into an exclusive arrangement with Platinum Equity for the proposed transaction.

The companies aim to establish Peranel as a dedicated operator in the water and premium beverages category, with a separate management structure and a greater focus on growth.

The ​Financial Times reported on Wednesday that Platinum Equity is nearing a deal ​to acquire about a 50% stake ​in Nestlé's European water business in a ⁠transaction that would value the joint ​venture at almost €5 billion ($5.71 billion).

The transaction remains subject to employee consultation processes and applicable regulatory approvals. It is expected to close during the first half of 2027.

Nestlé’s waters and premium beverages portfolio spans more than 30 brands whose products are sold in 120 countries.

The business includes natural mineral water brands S.Pellegrino, Source Perrier and Acqua Panna, alongside premium and functional hydration products, the global Nestlé Pure Life brand and other local water brands.

Peranel is expected to be headquartered in Paris and led by Muriel Lienau, the current chief executive officer of Nestlé’s waters and premium beverages business.

Nestlé Pakistan said its local water operations formed part of the business covered by the announced transaction.

However, the structure through which the transaction will be implemented in Pakistan has not yet been finalised.

The company said implementation remained subject to a definitive agreement, completion of the proposed arrangements and receipt of the required corporate and regulatory approvals.

At this stage, Nestlé Pakistan intends only to incorporate a local entity in connection with the proposed transaction.

The company said it would issue further disclosures if material developments arose during the implementation process.