Akzonobel has announced the sale its specialty chemicals business division to The Carlyle Group and GIC for an enterprise value of €10.1 billion. For Akzonobel, this transaction is a “key milestone in creating a focused, high performing paints and coatings company.”
Akzonobel has announced the sale of 100% of its specialty chemicals business division to The Carlyle Group and GIC for an enterprise value of €10.1 billion. The entire division with all product segments – pulp and performance chemicals, industrial chemicals, surface chemistry, and functional chemicals – will be part of the deal.
On the basis of the year-end balance sheet, Akzonobel expects to receive a cash payment of €8.9 billion. Following deduction of deal and separation related costs, as well as other previously announced liabilities, the net proceeds are expected to be around €7.5 billion.