Nestlé Nigeria to Transfer Waters Business into $5.6bn Global Joint Venture with Platinum Equity

 Nestlé Nigeria Plc has announced that its waters business will be transferred into a new 50/50 joint venture between its majority shareholder, Nestlé S.A., and global investment firm Platinum Equity, subject to required local approvals.

The joint venture, named Peranel, will combine Nestlé’s waters and premium beverages operations worldwide into a dedicated company focused solely on that category. In Nigeria, the move means Nestlé Nigeria’s existing waters operations will become part of Peranel in exchange for adequate consideration. Importantly, the transaction will not change Nestlé’s shareholding in Nestlé Nigeria Plc.

Nestlé Nigeria made the disclosure to its shareholders, the Nigerian Exchange Limited (NGX), and the investing public.

Globally, Peranel will house a portfolio of more than 30 brands sold in 120 countries. These include well-known natural mineral waters such as S.Pellegrino, Source Perrier and Acqua Panna, premium and functional hydration drinks, the widely available Nestlé Pure Life brand, and other leading local water brands. The new company is expected to be headquartered in Paris and led by Muriel Lienau, the current chief executive of Nestlé’s waters and premium beverages business.

The deal values Peranel at an enterprise value of €4.9 billion (approximately $5.6 billion). Nestlé S.A. expects to receive about €3 billion in cash proceeds when the transaction closes. Closing is targeted for the first half of 2027, following employee consultations, regulatory approvals, and any necessary shareholder ratifications.

Nestlé S.A. Chief Executive Philipp Navratil said the partnership would give the business greater focus and agility to invest in brands, innovation, and growth. Platinum Equity, which manages about $48 billion in assets, will contribute its experience in corporate separations and operational improvement.

For Nigerian consumers and stakeholders, Nestlé Pure Life and other local water products currently under Nestlé Nigeria are expected to continue under the new structure once the transfer is completed. Nestlé Nigeria emphasised that the proposed transaction does not affect the broader shareholding structure of the listed company.