According to a Feb. 2 report by the Reuters, food & beverage giant Nestle is in talks with a group of buyers over the potential sale of its North American Waters Business in a deal that would fetch Nestle about $4 billion including debt.
The report cites people briefed on the matter saying that the leading buyer candidate is private equity firm One Rock Capital and that a deal could be reached within weeks.
Switzerland-based Nestle first announced in June that it was exploring a majority sale for its North American Waters business, saying that much of its US and Canada water brands lie outside the company's current focus.
Nestle's North American bottled water unit is led by the Poland Spring and Pure Life brands.
Reuters noted that Nestle has had talks with numerous potential buyers since June, including its large rivals in Europe, but that New York City-based One Rock has pitched the highest bid.
According to One Rock's website, the firm manages about $3.2 billion of committed capital.
Reuters noted that research from Mordor Intelligence estimates that the global bottled water packaging market is expected to grow from $182 billion in 2020 to $278 billion by 2026.