LONDON, July 29, 2026 – Proskauer advised the financing sources in connection with an agreement by Platinum Equity to create Peranel, a 50/50 joint venture with Nestlé for its waters and premium beverages business. The transaction assigns Peranel an enterprise value of $5.6 billion (€4.9 billion).
Peranel will have more than 30 brands with products sold in 120 countries, including mineral water brands such as S.Pellegrino, Source Perrier, and Acqua Panna, as well as premium and functional hydration beverages, and the global Nestlé Pure Life brand and other leading local water brands. The company will be headquartered in Paris, France.
The cross-border Proskauer team was led by partners Warren Newton, Jake Keaveny and Philip Bowden, associates Sonali Kapoor, Alice Cunliffe and Ali Zein and special counsel Morgan Hill (Global Finance). The team also included London-based partner Liam Arthur and associate Charles Jemmett and Paris-based partner Laurent Asquin and associate Arthur Deschamps (Private Equity M&A); London-based partner Daniella Abel, Paris-based partner Gwenaël Kropfinger and associate Luis de Freitas (Tax) and London-based partner Dorothy Murray and Paris-based partners Ana Vermal and Bryan Sillaman (Litigation).
The transaction is subject to employee consultation processes and applicable regulatory approvals.