Nestle’s sale of a multibillion euro stake in its water business has moved forward, with private equity firms CD&R, KKR and PAI advancing to the next round of bidding for the stake, the Financial Times reported on Friday.
The 50% stake sale could value the business at about 5 billion euros ($5.75 billion), and Platinum Equity has also expressed interest in the deal, the report said, citing people familiar with the matter.
Reuters could not immediately verify the report. Nestle, KKR, PAI and Platinum Equity did not immediately respond to requests for comment. CD&R declined to comment.
Nestle has been working with investment bankers to explore a stake sale in its European water business, which includes brands such as San Pellegrino, Perrier and Acqua Panna, with bids due earlier this month, according to the report.
The Swiss food giant had hired Rothschild to advise on the sale of its water division, Reuters previously reported, adding that Nestle was aiming to retain a stake in the business.
