Approved · Waiver · decided in 17 days, 31 Aug 2026
UnclassifiedWA-75048ACCC register
Global private equity firm Platinum Equity and Nestlé S.A. have established a 50:50 joint venture for the Nestlé Waters business. Platinum Equity, through Forward I S.à r.l., acquired 50% of the share capital of WPB JVco S.à r.l., a special purpose vehicle holding Nestlé Waters. Nestlé retains the remaining 50%.
The proposed acquisition concerns the establishment by Platinum Equity, LLC ( Platinum Equity ) and Nestlé S.A. ( Nestlé ) of a 50:50 joint venture in the Nestlé Waters business. On 23 July 2026, Forward I S.à r.l. (owned and controlled by investment entities that are directly or indirectly managed and/or advised (including through intermediaries and funds) by Platinum Equity Advisors, LLC and ultimately controlled by Platinum Equity) and Nestlé, entered into a Put Option Agreement. Pursuant to the Put Option Agreement, which includes a Sale and Purchase Agreement in agreed form ( SPA ), the Forward I S.à r.l. has irrevocably committed to acquire from Nestlé 50% of the issued share capital and voting rights of WPB JVco S.à r.l., a special purpose vehicle incorporated to hold Nestlé Waters, with Nestlé retaining the remaining 50% (the Acquisition ). Platinum Equity is a US-headquartered global private equity and investment strategies firm. The Platinum Equity Group specialises in the merger, acquisition and operation of companies providing services and solutions to customers in a broad range of sectors including, business services, information technology, telecommunications, logistics, metal services, manufacturing and distribution. Nestlé is a Swiss company headquartered in Vevey, Switzerland, and publicly listed on the SIX Swiss Exchange (ticker: NESN). Nestlé is primarily involved in the production, marketing, and sale of a large variety of food and beverage products. The Nestlé Waters business offers waters, comprising still, sparkling and flavoured water, as well as non-alcoholic beverages, including flavoured sparkling beverages. Its international brands (S.Pellegrino, Acqua Panna, the SanPellegrino Italian Sparkling Drinks, and Sanbitter range) are sold in Australia through third-party distributors. WPB JVco S.à r.l. is a special purpose vehicle established solely for the Acquisition to hold Nestlé Waters. It does not itself supply goods or services in any industry.