Nestlé water division to form joint venture with Platinum Equity

The European Commission has approved the creation of a joint venture between Nestlé and the US-based private equity firm Platinum Equity. The new entity, named Peranel and headquartered in Paris, will house Nestlé’s water division, which includes prominent brands such as Perrier, San Pellegrino, and Henniez.

Under the agreement, both partners will hold a 50 percent stake in the joint venture. The water division is valued at approximately 4.9 billion euros. Through this partial divestment, Nestlé is expected to receive 2.8 billion Swiss francs. The transaction is slated for completion in the first half of 2027.

The move is part of a broader restructuring strategy led by Nestlé CEO Philipp Navratil to shift the company’s focus toward higher-growth and higher-margin business sectors. The water division has been viewed as a slower-growth segment, contributing roughly 4 percent to the group’s total revenue in 2025, and has faced challenges including legal issues regarding mineral water treatment methods in France.