Nestle Said in Talks to Sell U.S. Bottled Water Unit to One Rock

Nestle SA is in talks to sell its U.S. bottled-water business to private equity firm One Rock Capital Partners, according to a person familiar with the matter.

The deal could fetch more than $4 billion and be announced as soon as this month, the person said, asking not to be identified as the matter is private. Talks are ongoing and there’s no certainty they will lead to a transaction, the person said.

Representatives for Nestle and One Rock declined to comment.

Nestle in June announced its strategic review of the unit, which includes brands like Pure Life, Poland Spring and Deer Park. Nestle’s North American water business had sales of about 3.4 billion francs ($3.8 billion) in 2019, excluding international brands like Perrier and San Pellegrino.

Reuters reported the talks with One Rock earlier Tuesday, citing people familiar with the matter.

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