Nestlé’s water portfolio is set to move into Peranel, a business to be owned equally with US investment firm Platinum Equity.
The Swiss food group expects the arrangement to yield around €3 billion (US$3.43 billion) in cash proceeds.
Announcing the plan on Thursday (July 23), Nestlé assigned Peranel an enterprise value of €4.9 billion.
The transaction is expected to close in the first half of next year, with Nestlé anticipating receipt of the proceeds at closing.