Nestlé Nigeria Plc has moved to secure regulatory and shareholder approvals for the proposed transfer of its waters and premium beverages business to a new entity that will become part of Peranel, a 50:50 joint venture between Nestlé S.A. and private equity firm Platinum Equity.
In a statement dated October 29, 2026, the company said its board had agreed to seek approvals from the Securities and Exchange Commission (SEC), the Federal Competition and Consumer Protection Commission (FCCPC) and shareholders for the proposed transaction.
The development follows a board meeting on October 28, at which directors considered a management report on progress since Nestlé S.A., the majority shareholder in Nestlé Nigeria, and Platinum Equity announced an exclusive arrangement on July 30, 2026, to establish Peranel.
The proposed joint venture will house Nestlé’s waters and premium beverages business. In Nigeria, the transaction involves transferring Nestlé Nigeria’s existing waters and premium beverages operations to a new company for adequate consideration, after which the entity will become part of Peranel.
According to the statement, “the proposed Transaction will involve the transfer of Nestlé Nigeria’s existing waters and premium beverages business for adequate consideration to a new company which will then become part of Peranel.”
Nestlé Nigeria said the board reviewed three documents ahead of the next stage of the transaction: an asset valuation report prepared by Niyi Fatokun & Co, a valuation report prepared by KPMG, and an independent expert fairness opinion prepared by Deloitte on the proposed carve-out of the business.
The company’s decision to seek the necessary approvals marks a further step towards implementing the proposed transaction, although completion remains subject to regulatory and shareholder consent.
Nestlé Nigeria also clarified that the transaction would not affect or alter Nestlé S.A.’s shareholding in the Nigerian subsidiary.
