Philippines food and beverage group Universal Robina Corp. (URC) has revealed that it will pay around US$5m for Nestlé Waters' local bottled water business.

URC disclosed the purchase price in a statement to the Philippines stock market today (6 March). The companies had announced the deal last Friday but had not outlined the financial details surrounding the agreement.

Nestlé Waters decided to quit production in the Philippines after its performance in the country failed to meet expectations.

The deal will see Nestlé Waters' Hidden Spring water brand change hands and URC secure the local franchise to the Nestlé Pure Life brand.

"URC has a successful beverage business, as shown by its green tea-based brand C2," a Nestlé Waters spokesperson told just-drinks on Friday. "Their expertise should help develop Nestlé Pure Life."

Asia as a whole accounts for only 2% of Nestlé Waters' sales, the spokesperson said, with the Philippines representing a fraction of that.