Akzo Nobel to Sell Specialty Chemicals Unit to Carlyle for EUR10.1 Billion
March 27 2018 - 2:45AM
Dow Jones News
By Maryam Cockar and Carlo Martuscelli
Akzo Nobel NV (AKZA.AE) said Tuesday that it will sell its
specialty chemicals unit to U.S. private equity company Carlyle
Group LP (CG) for an enterprise value of 10.1 billion euros ($12.5
billion), and said it would distribute the vast majority of
proceeds of the sale to shareholders.
The sale is expected to result in net proceeds of EUR7.5
billion, said the Dutch chemicals company, which received
shareholder approval for the sale of the business in November.
"Today is a key milestone in creating two focused,
high-performing businesses, to generate value for all stakeholders.
We delivered on our commitment to separate the Specialty Chemicals
business and did so ahead of schedule," said Thierry Vanlancker,
chief executive of Akzo Nobel.
After Akzo Nobel fended off a multi-billion-dollar takeover bid
from U.S. rival PPG Industries Inc.(PPG) last year, the company
said it would separate from its specialty chemicals segment, either
through a private sale or a demerger, in order to focus on its
paints and coatings business.
Write to Maryam Cockar at maryam.cockar@dowjones.com and Carlo
Martuscelli at carlo.martuscelli@dowjones.com
(END) Dow Jones Newswires
March 27, 2018 02:30 ET (06:30 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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