Pakistan, Nov. 8 -- The Competition Commission of Pakistan (CCP) has approved a proposed joint venture between Nestle S.A. and Forward I S.a r.l., an entity controlled by Platinum Equity, following a Phase-I assessment under the Competition Act, 2010.

The transaction covers Nestle's waters and beverages business across multiple jurisdictions, including bottled water operations in Pakistan, read a statement on Saturday.

Under the JV, Nestle will transfer the relevant business to WPB JVco S.a r.l., a Luxembourg-incorporated special purpose vehicle, through internal reorganisation. Forward 1 will subsequently acquire a shareholding, establishing joint control with Nestle. In Pakistan, Nestle Pakistan Limited's water business will be transf...