Latham & Watkins, Linklaters and Homburger advised on the creation of Peranel, Nestlé and Platinum Equity’s €4.9 billion joint venture for Nestlé’s waters and premium beverages business.

Nestlé and Platinum Equity have agreed to create Peranel, a 50:50 joint venture for Nestlé’s waters and premium beverages business, assigning the venture an enterprise value of €4.9 billion (CHF 4.5 billion).

Spanning more than 30 brands with products sold in 120 countries, Peranel includes iconic natural mineral water brands such as S.Pellegrino, Source Perrier and Acqua Panna as well as premium and functional hydration beverages, the global Nestlé Pure Life brand and other leading local water brands.

The transaction is subject to employee consultation processes and applicable regulatory approvals and is expected to close in H1 2027.

Latham & Watkins advised Platinum Equity on the transaction.

The Latham team was led by Washington, D.C. partner David Brown, London partners Thomas Forschbach and Maarten Overmars, and Paris partner Simon Lange, with Milan partner Stefano Sciolla, and associates Antonina Semyachkova, Joanne Amos, Julien Zeitoun, François Blanchet, Angus James Baird, Josie Levick, Ezio Martinez, Marit Bjornlund, Benedict Tansey, Harrison Halberg, Milena Raffaldi, and Mathilda Kanski.

Linklaters advised Nestlé on the creation of the joint venture, reinforcing its role on complex global cross-border separations, joint ventures, and carve-out transactions.

Homburger advised Nestlé on the Swiss carve-out and all Swiss law aspects of the transaction.

The team was led by Partners Frank Gerhard, Dieter Grünblatt, Peter Müller and Richard Stäuber; together with Corporate / M&A lawyers Magdalena Stock and Constantin Khovrin, Tax lawyer Arbnor Sheholli, Competition lawyer Anna-Katharina Leitz, Compliance lawyer Roman Richers, and Employment and Executive Compensation lawyer Jeremy Reichlin.