Company: PRMB
Filing Date: 2025-01-24
Form Type: CORRESP
Source: 0001193125-25-012417
Chunk: 3

Company: Primo Brands Corp
Filing Date: 2025-01-24
Form: CORRESP
Chunk 3
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 are from legacy Primo, and the estimated fair value of the transaction was based on the market price of the Primo shares.                                                                                                      |

Response:The Company respectfully notes the Staff’s comment and has revised the disclosure on page 44. Notes to the Unaudited Pro Forma Condensed Combined Financial Information, page 45

| 12. | Please refer to transaction adjustment 5(g). We note your disclosure that Primo Water’s incremental                                                                                                           
 advisory, legal, accounting, and other professional fees not included in the Transaction Accounting Adjustments are estimated at $68.0 million. Please explain to us how Primo Water’s transaction costs were 
 accounted for in the pro forma financial statements and why they do not appear to be included in the Transaction Accounting Adjustments.                                                                      |

Response:The Company respectfully notes the Staff’s comment and advises the Staff that its interpretation of the presentation of the pro forma financial information was made in light of the Staff’s remarks at the 2022 AICPA & CIMA Conference on Current SEC and PCAOB Developments, where the Staff addressed the treatment of transaction costs in pro forma financial information for a business combination. The Company understands that the Staff noted that the accounting for such costs depends on which entity incurred them, whether they were reflected in the historical financial statement periods presented, and whether they were incurred in periods after the historical periods. For transaction costs applicable to the acquiree (in the case of the Transaction, Primo Water), the Company understands that the Staff’s position at the conference was that any costs that were reflected in the historical income statement periods presented should remain as presented and that no pro forma adjustments were needed for transaction costs incurred by the acquiree in periods after the historical financial statements periods presented, because the pro forma financial information is intended to present the Company’s accounting for the transaction, which does not include the acquiree’s transaction costs. In light of these clarifying remarks, we concluded that no pro forma adjustment was required to include the $68.0 million transaction costs incurred by the acquiree (Primo Water) after the historical period. However, considering the magnitude of the amount, the transaction costs incurred by the acquiree (Primo Water) were disclosed in Note 5(g).

January 24, 2025 Page 5 Management’s Discussion and Analysis of Financial Condition and Results of Operations of BlueTriton Results of Operations, page 57

| 13. | Where you describe two or more business reasons that contributed to a material change in a financial