Nestle to raise €3 billion from spin off of its water business.
Nestle (NESN.S), opens new tab said on Thursday it expects to raise around €3 billion ($3.43 billion) from spinning off its water business into a 50-50 joint venture with U.S. investment firm Platinum Equity.
The new company, to be called Peranel, will include the Source Perrier, S.Pellegrino and Acqua Panna premium water brands, as well as the Nestle Pure Life business and local water businesses.
