Nobel has agreed to sell its specialty chemicals business to US private equity firm Carlyle
Group and Singapore’s GIC
for €10.1 billion ($12.6 billion), including debt.
The net proceeds of the deal are expected to amount to €7.5 billion, Akzo
said, with the bulk going to shareholders.
first announced plans to sell the business, which accounts for a third of its sales and profit, in April, as it looked to evade a takeover from rival PPG Industries.
The company considered both a private sale and a separate stock listing for the chemicals division, ultimately concluding that a sale to Carlyle
was in the best interest for all involved “including employees, shareholders and customers.”
has significant experience in the chemicals industry and a proven track record when it comes to health, safety, innovation and sustainability”, Akzo
Chief Executive Thierry Vanlancker said.
The deal is subject to regulatory approvals and is expected to be concluded before the end of the year.