Platinum Equity has emerged as the final remaining bidder for Nestlé’s water division after rival bidders withdrew from the process, according to a report by Bloomberg citing people familiar with the matter.

The private equity firm is negotiating final terms for the acquisition of a 50% stake in the business, which includes bottled water brands such as Perrier and S.Pellegrino. Discussions remain ongoing and there is no certainty a transaction will be completed.

Nestlé launched the process as part of a broader turnaround strategy under Chief Executive Philipp Navratil aimed at sharpening focus on core categories. Earlier in the process, long-standing private equity partner PAI Partners and Clayton Dubilier & Rice were both viewed as potential acquirers but are no longer pursuing the asset.

The sale process has reportedly been complicated by financing requirements and valuation expectations, with Nestlé seeking a valuation of approximately €5bn for the business. Debt financing of between €2bn and €3bn has previously been explored to support a transaction.

Nestlé announced plans to separate the water business in late 2024 before later opting to pursue a sale. The division has faced operational and market challenges in recent years amid weaker consumer demand and scrutiny surrounding treatment practices across parts of the bottled water sector.