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AkzoNobel has agreed to sell its Decorative Paints businesses in seven Asia-Pacific countries to Nippon Paint for an announced enterprise value of about $1.35 billion (€1.20 billion). The deal includes businesses associated with the Dulux brand, but it is not a sale of the entire global Dulux business.
What AkzoNobel is selling
The agreement covers Decorative Paints operations in Vietnam, Indonesia, Malaysia, Thailand, Singapore, Papua New Guinea and Australia. Nippon Paint is the buyer. The announced scope includes subsidiaries in Vietnam, Malaysia and Singapore; AkzoNobel and its partner’s 100% interest in an Indonesian decorative-paints joint venture; and operations in Thailand, Australia and Papua New Guinea. AkzoNobel’s announcement and NIPSEA Group’s account describe the regional transaction.
Dulux is among the brands in the businesses involved. NIPSEA says Dulux will join Nippon Paint Group’s Southeast Asian portfolio. That does not establish a worldwide transfer of the Dulux brand or all businesses that use it.
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What the $1.35 billion figure means
AkzoNobel describes the approximately $1.35 billion (€1.20 billion) price as enterprise value, not the cash it expects to receive. The company estimates net cash proceeds of approximately $1 billion (€0.9 billion) after taxes and minority partners. It also gives an enterprise-value-to-FY25-EBITDA multiple of 21x.
The announcement does not report standalone revenue or EBITDA for the businesses being sold. The 21x multiple should not be used to present an inferred earnings figure as company-reported financial data.
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What is included—and what stays with AkzoNobel
The deal concerns regional Decorative Paints businesses, not all of AkzoNobel’s paint operations. AkzoNobel says its Coatings activities and Global Business Services organization are excluded and will remain under its full ownership.
NIPSEA says the acquisitions bring three production sites and an R&D Centre in Malaysia. The buyer expects these assets to support product availability, customer choice and service; those are stated expectations, not guaranteed outcomes.
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When the transactions are expected to close
| Transaction | Expected timing | Conditions noted |
|---|---|---|
| Indonesia | Late 2026 | Customary closing conditions, including regulatory approvals |
| Other six markets | Mid-2027 | Customary closing conditions, including regulatory approvals; NIPSEA also cites completion of carve-out procedures |
NIPSEA says the agreements were signed on 3 October 2026. These dates are expected completion windows stated around the 5 October announcement, not confirmation that either sale has closed.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Why AkzoNobel is exiting these markets
AkzoNobel says the sale concludes its Decorative Paints portfolio review in Asia, following earlier divestments of its decorative-paints businesses in India and Pakistan. Baker McKenzie, which advised AkzoNobel on the transaction, says the review began in 2024. AkzoNobel says it will now focus on successfully closing its merger with Axalta.
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Chief Executive Greg Poux-Guillaume said: “The successful completion of our Asia portfolio review is part of an ongoing strategy to focus our portfolio on areas where we can achieve differentiating scale and strengthen our position,”
NIPSEA Group CEO Wee Siew Kim said: “These acquisitions reflect our confidence in the future of our business, our markets, and most importantly, our people. Southeast Asia is a region of resilient growth, and we look forward to welcoming these businesses to the Group.”
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What has not been disclosed
The reviewed announcements do not state standalone sales or EBITDA, employee numbers, country-by-country brand rights, a detailed purchase-price allocation or the status of specific regulatory filings. The transaction remains pending, and the announced closing schedule is subject to conditions.
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