Nestlé Nigeria plans business transfer to Peranel joint venture

Nestlé Nigeria Plc is pursuing regulatory and shareholder approval to transfer its waters and premium beverages business to Peranel, a joint venture formed with Platinum Equity and Nestlé S.A. This announcement was made in a notice to the Nigerian Exchange Limited on October 30, 2026.

The decision follows a board meeting on October 28, 2026, where management's report on the developments since the initial announcement on July 30, 2026, was reviewed. The proposed transaction involves transferring Nestlé Nigeria's existing waters and premium beverages business to a newly established company that will be part of Peranel.

The board also reviewed three reports on the valuation and fairness of the transaction to ensure an independent evaluation. Nestlé Nigeria clarified that this transaction would not impact its parent company's ownership interest in the Nigerian subsidiary.

The restructuring comes as Nestlé Nigeria reports improved financial performance for the nine months ending September 30, 2026, attributed to stronger gross margins and lower net finance costs.