Nestle-Platinum JV approved

The Competition Commission of Pakistan has cleared a planned joint venture between Nestle and Forward I, a company controlled by Platinum Equity, after its initial review under the Competition Act, 2010. The Express Tribune reported that the deal includes Nestle’s water and beverage operations in several markets, including its bottled-water business in Pakistan.

Nestle is to move the relevant operations into WPB JVco, a special-purpose company registered in Luxembourg, as part of an internal reorganisation. Forward I will then take an ownership stake, leaving Nestle and Forward I with joint control of the venture. The approval therefore relates to a change in ownership structure for bottled water and beverages, rather than an announcement of new products or capacity.