ISLAMABAD:

The Competition Commission of Pakistan (CCP) has approved a proposed joint venture between Nestle and Forward I, an entity controlled by Platinum Equity, following a phase-I assessment under the Competition Act, 2010. The transaction covers Nestle’s waters and beverages business across multiple jurisdictions, including bottled water operations in Pakistan.

Nestle will transfer the relevant business to WPB JVco, a Luxembourg-incorporated special purpose vehicle, through internal reorganisation. Forward I will subsequently acquire a shareholding, establishing joint control with Nestle.