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Nippon Paint has agreed to acquire AkzoNobel decorative-paints businesses in seven countries for an announced enterprise value of approximately $1.35 billion (€1.20 billion). A&O Shearman advised Nippon Paint, while Baker McKenzie advised AkzoNobel on the carve-out and proposed sale. The $1.4 billion figure in the headline is a rounded description of the announced value; the transactions have not yet closed.
Who advised each side?
A&O Shearman advised Nippon Paint. The firm said the deal was signed on October 3, 2026. Its core team was led by Singapore partner Ayesha Thapar and Amsterdam partner Gijs Linse. Saranpaal Calais in Singapore supported separation agreements, and James Webber in London handled antitrust matters.
Baker McKenzie advised AkzoNobel on the carve-out and proposed sale, including the Indonesia business. The firm described work spanning M&A, carve-out, antitrust and competition, employment and compensation, commercial, and real-estate matters. Its Amsterdam-led team was led by Denise Ozmis, Joost Polman, and Mo Almarini.
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- Nippolac Antique gold paint gives a rich and excellent Antique luster to the applied surface. SURFACE PREPARATION: Surface must be cleaned well and ensure that it is dry and free from other contaminants. DILUTION: Add Maximum 5% NC thinner if necessary. APPLICATION: Mix well before use. Apply with a brush, roller or spray . Recoat after allowing it to dry for not less than an hour. CLEANING: Clean utensils with Thinner after Use
Baker McKenzie also named Goldman Sachs, KPMG, and BCG as advisers to AkzoNobel, but did not specify their individual mandates.
What is being sold—and where?
The agreement covers AkzoNobel’s Decorative Paints businesses in Vietnam, Indonesia, Malaysia, Thailand, Singapore, Papua New Guinea, and Australia. It is not a sale of all AkzoNobel or of its entire coatings business. AkzoNobel says it will retain its Coatings activities and Global Business Services organization.
Rank #2
- Nippolac Antique gold paint gives a rich and excellent Antique luster to the applied surface. SURFACE PREPARATION: Surface must be cleaned well and ensure that it is dry and free from other contaminants. DILUTION: Add Maximum 5% NC thinner if necessary. APPLICATION: Mix well before use. Apply with a brush, roller or spray . Recoat after allowing it to dry for not less than an hour. CLEANING: Clean utensils with Thinner after Use
AkzoNobel describes the disposals as concluding its review of its decorative-paints portfolio in Asia, following earlier sales in India and Pakistan. CEO Greg Poux-Guillaume said the review was part of a strategy to focus the portfolio on areas where the company can achieve differentiating scale and strengthen its position.
How much is the deal worth?
AkzoNobel announced total enterprise value of approximately $1.35 billion (€1.20 billion), equivalent to 21 times FY25 EBITDA. That enterprise-value figure is not the amount AkzoNobel expects to receive as cash after the transaction.
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Rank #3
The company estimates net cash proceeds of approximately $1 billion (€0.9 billion) after taxes and minority partners. Enterprise value and net cash proceeds measure different things, so they should not be treated as interchangeable prices.
When are the transactions expected to close?
The schedule differs by geography. The main transactions are expected to complete in mid-2027, subject to customary closing conditions, including regulatory approvals. The Indonesia transaction is separate and is expected to complete in late 2026. These are AkzoNobel’s expected timings, not completed closings.
Rank #4
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What the deal means for the companies
For Nippon Paint, the acquisition adds decorative-paints businesses across seven Asia-Pacific markets. Co-President Wee Siew Kim said the company was excited to welcome the businesses and their teams, citing a shared ambition to create lasting value for customers and partners.
For AkzoNobel, the sale advances a portfolio shift away from these decorative-paints operations while leaving its Coatings activities and Global Business Services in place. The announced transaction is therefore a defined regional business sale, not an exit from coatings altogether.
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- Nippolac Antique gold paint gives a rich and excellent Antique luster to the applied surface. SURFACE PREPARATION: Surface must be cleaned well and ensure that it is dry and free from other contaminants. DILUTION: Add Maximum 5% NC thinner if necessary. APPLICATION: Mix well before use. Apply with a brush, roller or spray . Recoat after allowing it to dry for not less than an hour. CLEANING: Clean utensils with Thinner after Use
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