Nestlé Nigeria Seeks Approval for Business Transfer to Peranel

Nestlé Nigeria Plc is pursuing regulatory and shareholder approval for the transfer of its waters and premium beverages business to Peranel, a 50:50 joint venture formed with Platinum Equity and its parent company, Nestlé S.A. This move was disclosed in a notice to the Nigerian Exchange Limited (NGX) and the investing public.

The board of Nestlé Nigeria met on October 28, 2026, to review management's report regarding developments since the initial announcement made on July 30, 2026, about the exclusive arrangement to establish Peranel. The proposed transaction involves transferring Nestlé Nigeria's existing waters and premium beverages business to a newly established company that will be integrated into Peranel.

The board's resolution to seek necessary approvals follows a review of three reports assessing the valuation and fairness of the transaction. Nestlé Nigeria clarified that this restructuring will not impact the ownership interest of its parent company in the Nigerian subsidiary.

Further announcements will be made as required by regulatory obligations.