CCP clears Nestlé bottled water joint venture with Platinum Equity

The Competition Commission of Pakistan has approved a joint venture that will place Nestlé Pakistan's bottled water business inside a Luxembourg company jointly controlled by Nestlé and an entity backed by Platinum Equity.

The commission's merger order, dated October 16, 2026, authorises the transaction under Section 31(1)(d)(i) of the Competition Act, 2010, after a Phase-I review found no horizontal or vertical overlap in Pakistan's bottled water market.

Under the scheme of arrangement, Nestlé Pakistan Limited will transfer its water business as a going concern to a new wholly owned subsidiary identified in the order as Newco Pakistan, and will receive shares in that company in return. Those shares will then move to an upstream Nestlé entity, bringing the Pakistani operations into the international Nestlé Waters structure that will sit inside the joint venture. Nestlé sells bottled water in Pakistan under the Nestlé Pure Life brand.

At the global level, Forward I S.à r.l., a Luxembourg special purpose vehicle incorporated on July 1, 2026, is acquiring a shareholding in WPB JVco S.à r.l., which was incorporated in Luxembourg a day later and is initially wholly owned by Nestlé. Nestlé and Forward I will jointly control the company once the acquisition is complete.

The order does not disclose the size of the stake being acquired, the consideration, or Nestlé Pakistan's estimated market share for FY2025.

Forward I has no operations of its own and is ultimately controlled by Platinum Equity LLC through investment entities managed or advised by Platinum Equity Advisors. Platinum-controlled companies already work in Pakistan in IT distribution, pharmaceuticals, educational materials and industrial power generation, but the commission found those activities do not overlap with the bottled water business being transferred.

Market shares will therefore stay where they are, the commission concluded. It cited established, certified manufacturers and the ability of consumers to switch between compliant brands, and found the deal would not raise entry barriers, substantially lessen competition, or create or strengthen a dominant position in the market.

The clearance covers merger review under Section 11 only. Other laws and other regulators still apply to the transaction.

TechJuice reported that the commission said its merger process is meant to facilitate investment, including foreign direct investment, while protecting competition, consumer choice and opportunities for business. Business Recorder reported that the commission announced the approval in a statement on Saturday.