According to a report in the Italian newspaper Corriere della Sera, Nestlé plans to begin selling its water division at the start of next year.
Various private equity firms have expressed interest in acquiring the division, which could be valued at around €5 billion.
In the sale process, which is being led by Rothschild Bank, investment firm PAI Partners remains the favourite. Nestlé has been running a joint venture with PAI Partners in the ice cream business under the name Froneri since 2016. It cannot be ruled out that the acquisition of Nestlé Waters could follow a similar pattern, resulting in another partnership between the Swiss group and the French fund.
According to the Italian newspaper, US financial investors CD&R and One Rock Capital are also interested in a purchase. One Rock acquired the Swiss group’s North American water brands in 2021 together with investor Metropoulos.
There has been speculation for months about a possible sale of the water division, which is considered a ‘problem child’ and includes well-known brands such as Perrier, San Pellegrino and Vittel. Back in November 2024, the food company announced that it was seeking partnerships for the division. Since the beginning of 2025, the water division has also been run as a separate entity.
In France in particular, the water business has been under pressure from the authorities and consumer protection groups for some time. Nestlé Waters is alleged to have used prohibited methods to improve the quality of its brands. In the middle of the year, there was even a search of the French Nestlé headquarters.
A Nestlé spokeswoman told the AWP news agency on Friday that the food company would not comment on rumours.
