Nestlé Nigeria Plc will transfer its water business into a new global joint venture being created by its majority shareholder, Nestlé S.A., and private equity firm Platinum Equity, subject to regulatory approvals in Nigeria and shareholder ratification.
The company disclosed on Thursday that Nestlé S.A. and Platinum Equity have entered into an exclusive agreement to establish Peranel, a 50:50 joint venture that will house Nestlé’s global waters and premium beverages business.
According to the statement, the transaction will see Nestlé Nigeria’s existing waters business transferred to the new joint venture for adequate consideration once the required local approvals are obtained.
Peranel will combine more than 30 brands sold across 120 countries. The portfolio includes San Pellegrino, Source Perrier, Acqua Panna, Nestlé Pure Life and other local water brands. The company is expected to be headquartered in Paris and led by Muriel Lienau, the current chief executive officer of the business.
Nestlé said the transaction is subject to employee consultation processes, regulatory approvals, and shareholder ratification. The deal is expected to close in the first half of 2027.
The company said the proposed transaction will not affect the shareholding of Nestlé S.A. in Nestlé Nigeria.
“Nestlé Nigeria will make further announcements in relation to the transaction, where required,” the company said.