BASF and Carlyle complete coatings transaction; BASF retains 40% of Surventis

Key highlights
  • Transaction closed June 30, 2026, at an enterprise value of €7.7 billion.
  • BASF received around €5.8 billion in pre-tax cash on closing and holds a 40% equity stake in Surventis.
  • Surventis comprises automotive OEM coatings, automotive refinish coatings and surface treatment businesses; combined former Coatings division valued at €8.7 billion.
  • Coatings reported as discontinued operations from Sept 30, 2025; book value of disposal group ≈€3.0 billion at year-end 2025; BASF will account for its 40% stake by the equity method from July 2026.

Transaction summary

The sale announced October 10, 2025, between Carlyle and BASF completed on June 30, 2026, after receiving all regulatory approvals. The enterprise value of the transaction was €7.7 billion and BASF received roughly €5.8 billion in pre-tax cash on closing.

New company and ownership

The disposed businesses now operate as Surventis (formerly BASF Coatings), covering automotive OEM coatings, automotive refinish coatings and surface treatment. BASF retains a 40 percent equity stake in Surventis. Markus Kamieth said the stake lets BASF "continue to participate in the future value creation of the coatings business while sharpening BASF’s strategic focus."

Valuation context

Including the decorative paints divestiture closed in October 2025, BASF’s former Coatings division is valued at an enterprise value of €8.7 billion with an implied 2024 EV/EBITDA multiple before special items of approximately 13x.

Accounting and reporting

BASF reported the coatings business as discontinued operations starting September 30, 2025, with income from January 1, 2025, presented as "Income after taxes from discontinued operations." The disposal gain from the June 30, 2026 closing will be recognized there. The disposal group's net assets had a book value of about €3.0 billion at year-end 2025. From July 2026 BASF will account for its 40% stake as a financial investment using the equity method, and its share of net income will be reported in EBITDA before special items in Other.

Source: BASF

chemXplore 2026 industry outlook