AkzoNobel sells Decorative Paints South East Asia to Nippon Paint for $1.35 billion
- Transaction enterprise value about $1.35 billion (€1.20 billion), implying an EV/FY25 EBITDA multiple of 21x.
- Net cash proceeds after taxes and minority partners expected to be approximately $1 billion (€0.9 billion).
- Sale covers Decorative Paints businesses in Vietnam, Indonesia, Malaysia, Thailand, Singapore, Papua New Guinea and Australia.
- Closings expected in mid‑2027, with the Indonesia sale completing separately in late‑2026.
Deal terms
AkzoNobel has entered binding agreements to sell its Decorative Paints business in South East Asia to Nippon Paint for a total enterprise value of approximately $1.35 billion (€1.20 billion). The transaction implies an EV/FY25 EBITDA multiple of 21x and is expected to yield net cash proceeds of roughly $1 billion (€0.9 billion) after taxes and minority partners.
Geographic scope
The agreement covers Decorative Paints operations across seven countries: Vietnam, Indonesia, Malaysia, Thailand, Singapore, Papua New Guinea and Australia. AkzoNobel will retain full ownership of its Coatings activities and its Global Business Services organization.
Strategic context
The disposals conclude AkzoNobel’s Decorative Paints portfolio review in Asia following earlier sales in India and Pakistan. The company says the move is part of a strategy to focus its portfolio on areas with differentiating scale.
Timing and conditions
The transactions are subject to customary closing conditions, including regulatory approvals; completion is expected in mid‑2027, except for Indonesia which is expected to close separately in late‑2026. AkzoNobel will continue to focus on the planned merger with Axalta.
Source: AkzoNobel