CCP Approves Nestlé–Platinum Equity Joint Venture for Waters and Beverages Business

The Competition Commission of Pakistan (CCP) has approved a proposed joint venture between Nestlé S.A. and Forward I S.à r.l., an entity controlled by Platinum Equity, following a Phase-I assessment under the Competition Act, 2010. The transaction covers Nestlé’s waters and beverages business across multiple jurisdictions, including bottled water operations in Pakistan.

Nestlé will transfer the relevant business to WPB JVco S.à r.l., a Luxembourg-incorporated special purpose vehicle, through internal reorganisation. Forward I will subsequently acquire a shareholding, establishing joint control with Nestlé.

In Pakistan, Nestlé Pakistan Limited’s water business will be transferred as a going concern to a newly incorporated subsidiary through a scheme of arrangement. Its shares will subsequently move to an upstream Nestlé entity, bringing the business within the joint venture structure.

Forward I was established specifically for this transaction and has no independent operations. Platinum Equity is a global investment firm with portfolio businesses across several industries. Nestlé’s Pakistani operations include bottled water marketed under the Nestlé Pure Life brand.

CCP defined the relevant product market as “Bottled Water Products” and the geographic market as Pakistan. It found no horizontal or vertical overlap between the target business and Forward I or Platinum-controlled companies operating in Pakistan. Consequently, the transaction would not alter existing market shares.

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The Commission noted that multiple established, certified manufacturers and alternative compliant brands support inter-brand competition and consumers’ ability to switch products. The transaction would neither create entry barriers nor restrict existing competitors’ ability to compete effectively.

CCP concluded that the joint venture would not substantially lessen competition or create or strengthen a dominant position. It therefore authorised the transaction under Section 31(1)(d)(i) of the Competition Act, 2010.

CCP’s timely and transparent merger reviews facilitate investment, including foreign direct investment, by providing regulatory certainty while safeguarding competition. This approach supports business expansion and economic growth, allowing transactions to proceed without undermining competitive markets or consumer interests. The review process balances investment facilitation with the need to preserve effective rivalry, consumer choice and opportunities for businesses to compete.