Nestlé has added Deutsche Bank to its advisory line-up as it explores a potential sale of up to 50% of its global water business, a transaction that could value the division at around €5bn, according to Bloomberg.

People familiar with the matter said Deutsche Bank will advise alongside Rothschild & Co. The food group has already circulated marketing information to prospective buyers and is seeking first-round bids by March.

The water unit includes premium brands such as Perrier and S.Pellegrino and was earmarked for separation in late 2024. A renewed push to advance the process follows leadership changes at Nestlé, including the appointment of a new chief executive.

Private equity firms including PAI Partners, Blackstone, KKR, Bain Capital, and Clayton Dubilier & Rice have previously expressed interest. Nestlé is considering a partnership-style transaction, mirroring the structure used for its ice-cream business with PAI Partners.

While the asset benefits from strong global brands, investors are expected to weigh regulatory and environmental scrutiny linked to bottled water operations. No final decision has been taken on the structure or timing of a deal, and Nestlé could opt to retain the business for longer.

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