Nestlé expects to receive about €3 billion ($3.43 billion) in cash from the carve-out of its global water business into a 50:50 joint venture with US private equity firm Platinum Equity, as the Swiss food giant sharpens its focus on higher-growth core brands. The new company, to be named Peranel, has been assigned an enterprise value of €4.9 billion and will house premium water brands such as Perrier, S.Pellegrino and Acqua Panna, alongside the Nestlé Pure Life business and several local water brands. The transaction is expected to close in the first half of 2027.