Platinum Equity has emerged as the final bidder for Nestle SA's water business after Clayton Dubilier & Rice exited the process, according to people familiar with the negotiations. The private equity firm, backed by billionaire Tom Gores, is working to finalize terms for the 50% stake that includes premium brands like Perrier and S.Pellegrino. Talks remain ongoing with no guarantee of completion.

Nestle is pursuing the sale as part of CEO Philipp Navratil's turnaround strategy to refocus on core brands. The Swiss consumer giant previously aimed to separate the water unit before shifting to full divestiture. Previous contender PAI Partners also withdrew from bidding, leaving Platinum as the lone interested party. Some potential buyers had concerns about restrictive financing conditions and the asking price.

The water business has faced challenges including weak consumer demand and legal scrutiny over filtration methods. Nestle has sought approximately €5 billion ($5.7 billion) for the asset, with debt financing of €2 billion to €3 billion reportedly in development. Bankers continue structuring financing packages while Platinum negotiates final terms. The outcome will shape Nestle's portfolio restructuring as it recovers from recent product recalls and regulatory issues.