Akzo Nobel sells its specialty chemicals business to Carlyle
Akzo Nobel has agreed to sell its specialty chemicals business to U.S. private equity firm Carlyle Group and Singapore’s GIC for EUR 10.1 billion.
AkzoNobel expects to receive a cash payment of EUR 8.9 billion. According to the Dutch company, the net proceeds of the deal are expected to amount to EUR 7.5 billion. The bulk of that amount is going to shareholders.
Carlyle had to beat out several rival firms in the auction. Investors Apollo Global Management, Hal Investments and a consortium made up of Bain Capital and Advent International had bid for the business unit. The Dutch company will now focus on its paint and coatings business.
The deal is subject to regulatory approvals and is expected to be concluded before the end of the year.
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