March 28, 2018 / 2:38 PM / a year ago

UPDATE 1-Nestle agrees to sell Brazilian water brands to local company

(Updates with official confirmation from companies)

SAO PAULO, March 28 (Reuters) - The Brazilian unit of Nestlé SA has agreed to sell its water business in Brazil to Grupo Edson Queiroz, both companies said on Wednesday.

Nestlé said it will sell local brands Sao Lourenço and Petropolis and three factories in the country to the Brazilian group. The deal value was not disclosed by the companies.

Grupo Edson Queiroz will have the licensing rights to produce Nestle´s brand Pureza Vital and distribution contracts of global brands Perrier, S. Pellegrino and Acqua Panna in the country.

The Brazilian group owns competitor water brands Indaiá and Minalba. The transaction is subject to approval by antitrust regulators, the statements said.

Newspaper Valor Economico reported the transaction earlier on Wednesday on its website. (Reporting by Tatiana Bautzer Editing by Chizu Nomiyama and Marguerita Choy)

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