Nestlé expects to receive about €3 billion ($3.43 billion) in cash from the carve-out of its global water business into a 50:50 joint venture with US private equity firm Platinum Equity, as the Swiss food giant sharpens its focus on higher-growth core brands.The new company, to be named Peranel, has been assigned an enterprise value of €4.9 billion and will house premium water brands such as Perrier, S.Pellegrino and Acqua Panna, alongside the Nestlé Pure Life business and several local water brands. The transaction is expected to close in the first half of 2027.The deal marks a significant step in Nestlé's ongoing portfolio overhaul as the world's largest packaged food company seeks to improve growth and profitability under chief executive Philipp Navratil. The company has been reviewing strategic options for its water business for months amid mounting regulatory scrutiny in France over unauthorised water treatment practices and increasing criticism over environmental sustainability and water usage.Nestlé said the transaction would generate cash proceeds of around €3 billion at closing, while allowing the water business to operate independently under a dedicated ownership structure."By partnering with Platinum Equity, Peranel will be better positioned to execute its strategy with enhanced agility," Navratil said in a statement.The reshuffle comes as Nestlé doubles down on its core businesses—including coffee, infant nutrition and pet care—while streamlining operations in segments that have faced regulatory and operational challenges. The company announced the transaction alongside its first-half financial results on Thursday.(With inputs from Reuters)