Nestlé Nigeria Plc has moved to seek regulatory and shareholder approvals for the proposed transfer of its waters and premium beverages business to a new company that will become part of Peranel, a 50:50 joint venture between its parent company, Nestlé S.A., and private equity firm Platinum Equity.

The company disclosed this in a statement signed by Toju Egbebi, Corporate Communications, Public Affairs and Sustainability Lead, Nestlé Nigeria, on October 29, 2026, following a board meeting on October 28, where directors reviewed progress on the transaction first announced on July 30, 2026.

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Under the proposed arrangement, Nestlé Nigeria’s existing waters and premium beverages business will be transferred to a new company for adequate consideration, subject to approvals from the Securities and Exchange Commission, the Federal Competition and Consumer Protection Commission, and shareholders.

The board said it had reviewed two valuation reports on the business, prepared by Niyi Fatokun & Co and KPMG, alongside an independent fairness opinion from Deloitte on the proposed carve-out.

Following the review, the board agreed to seek the necessary regulatory and shareholder approvals to proceed with the transaction.

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The proposed transfer forms part of a broader arrangement between Nestlé S.A. and Platinum Equity to establish Peranel, a joint venture that will house Nestlé’s waters and premium beverages business.

Nestlé Nigeria said the transaction would not affect or alter Nestlé S.A.’s shareholding in the Nigerian subsidiary.

The company added that it would issue further announcements on the transaction where required.