Nestlé Begins Water Unit Sale, Banks Prep Up to €3 Billion Debt

Nestlé SA is forging ahead with the sale of a stake in its €5 billion ($5.8 billion) water business, which includes the well-known brands Perrier and S.Pellegrino, people familiar with the matter said.

The Swiss food company is asking suitors to submit first-round bids for the holding this month, according to the people, who asked not to be identified discussing confidential information. Nestlé is working with Rothschild & Co. on the sale.

Private equity firms PAI Partners, Blackstone Inc., KKR & Co., Bain Capital and Clayton Dubilier & Rice have shown interest in the asset, Bloomberg News ...