Platinum Equity is acquiring a 50% stake in Nestlé's waters and premium beverages business for $3.4bn, establishing a new independent company named Peranel. This 50:50 joint venture, with an enterprise value of €4.9bn ($5.6bn), will encompass over 30 brands, including S.Pellegrino, Perrier, and Nestlé Pure Life. Headquartered in Paris, Peranel will be led by Muriel Lienau and is set to operate with the flexibility to invest in brand growth and development.

The deal represents a strategic carve-out for Nestlé, allowing it to retain exposure to the business's future performance while entrusting operational independence and execution risk to Platinum Equity, a firm experienced in such complex transactions. This move aligns with Nestlé CEO Philipp Navratil's broader strategy to streamline its portfolio, divest underperforming assets, and reallocate capital to growth areas like frozen food.

Navratil stated that the partnership with Platinum Equity will enhance Peranel's agility and strategic execution, enabling focused investment in innovation, premiumisation, operational excellence, and sustainability. This divestment is part of Nestlé's ongoing programme to cut costs and simplify its operations, following previous sales of Blue Bottle Coffee and its ice cream business. The waters unit, contributing approximately 4% of group sales, has faced challenges, making it a logical candidate for this strategic overhaul. Nestlé reported first-half sales of CHF 43bn ($53.7bn), underscoring the impetus for its portfolio simplification strategy.