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AkzoNobel has signed binding agreements to sell its Decorative Paints businesses in seven countries to Nippon Paint, but the transactions have not yet closed. The agreed sale covers Vietnam, Indonesia, Malaysia, Thailand, Singapore, Papua New Guinea and Australia. Indonesia is expected to close separately in late 2026; the other transactions are expected to close in mid-2027, subject to customary conditions including regulatory approvals.
Who is buying AkzoNobel’s Decorative Paints business?
Nippon Paint is the buyer. AkzoNobel announced the binding agreements on October 5, 2026; the U.S. Securities and Exchange Commission’s contemporaneous Form 425 filing reproduces the announcement. Nippon Paint executive Wee Siew Kim said the company intends to build on the businesses’ existing foundations and continue serving customers with local expertise. That is the buyer’s stated intention, not a description of changes already made.
Which countries are included in the sale?
The agreed transactions cover Decorative Paints businesses in seven countries. Although the deal is often described as a Southeast Asia sale, its stated scope also includes Papua New Guinea and Australia.
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- Vietnam
- Indonesia
- Malaysia
- Thailand
- Singapore
- Papua New Guinea
- Australia
Transaction counsel Baker McKenzie describes the main transaction as covering Vietnam, Malaysia, Thailand, Singapore, Papua New Guinea and Australia, with Indonesia handled as a separate proposed sale.
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How much is Nippon Paint paying?
AkzoNobel put the transaction’s enterprise value at approximately $1.35 billion (€1.20 billion), equivalent to 21 times FY25 EBITDA. Separately, it estimates net cash proceeds of approximately $1 billion (€0.9 billion) after taxes and payments to minority partners. These are different measures: enterprise value is the stated transaction valuation, while net cash proceeds are the amount AkzoNobel expects to receive after those deductions. The announcement does not provide standalone revenue or EBITDA dollar figures for the businesses being sold.
When are the transactions expected to close?
The timetable differs by country group. AkzoNobel’s dates are expectations, not confirmed completion dates, and the agreements remain subject to customary closing conditions, including regulatory approvals.
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| Transaction | Countries | Expected closing |
|---|---|---|
| Separate Indonesia sale | Indonesia | Late 2026 |
| Main transaction | Vietnam, Malaysia, Thailand, Singapore, Papua New Guinea and Australia | Mid-2027 |
Baker McKenzie also distinguishes the proposed Indonesia sale from the main carve-out transaction. Until the relevant conditions are met and each transaction closes, the businesses should be described as agreed for sale, not as already transferred.
What is AkzoNobel keeping?
AkzoNobel says it will retain full ownership of its Coatings activities and its Global Business Services organization. The announced sale concerns the listed Decorative Paints businesses, rather than all of AkzoNobel’s operations in the countries involved.
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Why is AkzoNobel selling the businesses?
AkzoNobel says the planned divestments, following earlier sales of its Decorative Paints businesses in India and Pakistan, conclude its Asia Decorative Paints portfolio review. The company says it will now focus on successfully closing its merger with Axalta. CEO Greg Poux-Guillaume described the portfolio review as part of a strategy to focus on areas where AkzoNobel believes it can achieve differentiating scale and strengthen its position. These are the company’s stated strategic reasons; the announcement does not quantify the businesses’ individual performance or the financial effects of the sale.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What has not been disclosed?
The announcement and transaction counsel’s account do not state the businesses’ standalone revenue or EBITDA in dollar terms, employee totals, market shares, country-by-country brand details or quantified synergies. They also do not establish what the sale will mean for particular customers or employees, or describe integration plans. Those matters should not be inferred from the announced valuation or timetable.
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