Nestlé has announced the termination of a deal to sell its Canadian Pure Life bottled water business to private bottled water company Ice River Springs.
Nestlé Canada said that the two companies had not been able to work through the Competition Bureau’s regulatory approval process within Nestlé’s set timeframe to allow for a successful sale.
Announced in July, the proposed agreement – for an undisclosed sum – included two factories located in Puslinch, Ontario and Hope, British Columbia, along with a well in Erin, Ontario.
The transaction was reportedly contingent on ‘efficient’ regulatory approval. If this was not achieved, there was the potential that the Pure Life business would continue to be part of the North American review announced in June, according to Nestlé.
The review is exploring ‘strategic options’, including a possible sale, for the Nestlé Waters business in the US and Canada.
The Nestlé Waters North America unit includes regional spring water brands, the Pure Life brand and the ReadyRefresh beverage delivery service.
The North American strategic review is expected to be completed by early 2021.