March 27 (Reuters) - 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 a 50%
Nestle pushes ahead with about $5.75 billion Perrier and San Pellegrino deal, FT reports
Progress and Details of Nestle's Water Business Stake Sale
Advancement of Bidding Process
March 27 (Reuters) - 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.
Valuation and Interested Parties
Estimated Value of the Deal
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.
Responses from Stakeholders
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.
Background and Strategic Moves
Brands Involved in the Sale
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.
Advisory and Retention Plans
Role of Rothschild
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.
Additional Information
($1 = 0.8693 euros)
(Reporting by Bipasha Dey in Bengaluru; Editing by Shreya Biswas and Devika Syamnath)
