New Delhi, July 23 -- VEVEY - Nestle SA agreed Thursday to sell half of its water business to private equity firm Platinum Equity in a deal that values the unit at €4.9 billion, creating a joint venture that will hold the Perrier, S.Pellegrino and Acqua Panna brands outside the governance structure of the Swiss food conglomerate for the first time.

The transaction will deliver approximately €3 billion ($3.4 billion) in cash to Nestle at closing, while the company retains a 50 percent stake in the new entity, named Peranel. The combined joint venture is valued at approximately $5.6 billion. The deal is expected to close in the first half of 2027, subject to employee consultation processes and regulatory clearances across more ...