Key points

  • The Competition Commission of Pakistan has approved a joint venture between Nestlé S.A. and a Platinum Equity-controlled entity.
  • Nestlé Pakistan's bottled water business will be transferred to a newly incorporated subsidiary under the plan.
  • The transaction was authorised following a Phase-I assessment under the Competition Act, 2010.

According to Business Recorder, the Competition Commission of Pakistan has officially cleared a proposed joint venture that brings Nestlé's local bottled water operations under a broader international reorganisation. The transaction, greenlit after a Phase-I assessment, authorises the restructuring of Nestlé Pakistan Limited's water business under Section 31(1)(d)(i) of the Competition Act, 2010.

Key Details

Business Recorder reported that the merger order, dated October 16, 2026, involves separating Nestlé Pakistan's bottled water business into a newly incorporated subsidiary identified as "Newco Pakistan". Under this scheme of arrangement, the water business will be transferred as a going concern in exchange for shares in the subsidiary.

These shares will subsequently be moved to an upstream Nestlé entity, placing the Pakistani operations within the international Nestlé Waters structure. The global transaction features Forward I S.à r.l., a Luxembourg special purpose vehicle incorporated on July 1, 2026, which will acquire a shareholding in WPB JVco S.à r.l. to establish joint control alongside Nestlé S.A., according to Business Recorder.

The Competition Commission of Pakistan defined the relevant product market as bottled water products within Pakistan and noted that the Phase-I assessment found no horizontal or vertical overlap between the concerned businesses in the country.

Context and Impact

As reported by Business Recorder, Forward 1 was established specifically for this transaction and carries no independent operations, while Platinum Equity is a global investment firm holding diverse portfolio businesses. The Pakistani restructuring is part of a wider global realignment of Nestlé's waters and beverages business across multiple jurisdictions. Nestlé Pakistan currently produces and distributes bottled water under the Nestlé Pure Life brand.

Summary and What Next

The regulatory clearance paves the way for the internal corporate reorganisation and the subsequent integration of Nestlé's Pakistani water assets into the global joint venture structure. Further implementation timelines and operational updates will depend on the participating entities as the international transaction proceeds.