A $4.3 billion Nestlé Water joint venture shows how major FMCG companies are separating premium from mainstream brands

Nestlé has announced a transaction that will reorganise approximately half of its waters portfolio into a new joint venture with private equity firm Platinum Equity. Under the terms announced on 23 July 2026, Nestlé will contribute a defined group of North American regional spring water brands to the joint venture, receiving approximately $2.9 billion in cash proceeds and retaining a 43% stake in the new entity. Platinum Equity will hold the majority position. The transaction values the business contributed to the joint venture at approximately $4.3 billion. Completion is expected in the first quarter of 2027, subject to regulatory approvals.