Akzo Nobel N.V. (AKZOF) entered a merger agreement on November 18, 2025, to acquire Axalta Coating Systems Ltd. (AXTA) in an all-stock deal valued at $9.24 billion.
Axalta shareholders will receive 0.6539 shares of AkzoNobel stock for each share of Axalta common stock owned.
This implies a value of $47.08 per Axalta share, representing a premium of 67.07% from the stock’s last close.
Axalta Coating Systems is a producer of liquid and powder coatings, serving automotive, industrial, and commercial customers with solutions that prevent corrosion, enhance durability, and improve productivity. It provides innovative coatings and application systems to over 100,000 customers in more than 140 countries.
Akzo Nobel is a paints and coatings company that produces decorative and performance coatings used in buildings, transportation, industrial applications, and consumer goods. With leading brands like Dulux, International, Sikkens, and Interpon, it serves customers in more than 150 countries and brings centuries of expertise to protecting and enhancing surfaces worldwide.
Axalta has a history of attempts at a potential merger. In 2019, it started looking at strategic alternatives, where it went into talks with Clayton, Dubilier & Rice and U.S. paint maker PPG Industries (PPG), but the talks didn’t lead anywhere. In 2017, it went into deal talks with both Nippon Paint and Akzo, but neither of them resulted in a definitive merger.
The combined company will be governed by a one-tier Board chaired by Rakesh Sachdev, currently Chair of Axalta’s Board. Ben Noteboom, Chair of AkzoNobel’s Supervisory Board, will serve as Vice Chair. The Board will consist of 11 directors: four appointed by each company and three independent members. Of these 11 directors, two will serve as executive directors and nine as non-executive directors.
Greg Poux-Guillaume, the current CEO of AkzoNobel, will become the CEO of the combined company. Chris Villavarayan, the current CEO of Axalta, will become the Deputy CEO. Carl Anderson, Axalta’s CFO, will serve as the CFO of the combined company. Maarten de Vries, AkzoNobel’s current CFO, will retire before the deal closes.
The combined company will adopt a new name and ticker symbol and will operate dual headquarters in Amsterdam and Philadelphia. It will be structured under a Dutch holding company with tax residency in the Netherlands.
AkzoNobel will pay its shareholders a special cash dividend equal to €2.5 billion, minus any regular dividends the company pays in 2026 before the deal is completed.
AkzoNobel shareholders will own 55% of the combined company, while Axalta shareholders will hold the remaining 45%.
The deal is expected to close in late 2026 to early 2027.
Evercore, J.P. Morgan, and Incentrum Group served as Axalta’s financial advisors, and Cravath, Swaine & Moore and NautaDutilh provided its legal advice. For AkzoNobel, Morgan Stanley International acted as the financial advisor, while De Brauw Blackstone Westbroek and Davis Polk handled legal matters.
The deal sees Akzo Nobel paying 8.74 times EBITDA for Axalta Coating Systems.
For additional details on this significant M&A transaction, please refer to the Deal Metrics page:
Deal Metrics for the acquisition of Axalta Coating Systems Ltd. (AXTA) by Akzo Nobel N.V. (AKZOF)
The Deal Metrics page provides the following information:
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Editor’s Note: Baranjot Kaur contributed to this article