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Akzo Nobel sells Unit for € 10.1 billion to Carlyle



Akzo Nobel NV

AKZA

On Tuesday, the company will sell its specialty chemicals business to US private equity firm Carlyle Group LP

CG, -0.47%

for an enterprise value of 10.1 billion euros ($ 12.5 billion) and said it would receive the bulk of the proceeds from the sale to shareholders to distribute.

The sale is expected The Dutch chemical company, which received shareholder approval to sell the business in November, posted net sales of EUR 7.5 billion.

"Today marks an important milestone in the creation of two focused, high-performance companies" We have completed our commitment to separate the Specialty Chemicals business prematurely, "said Thierry Vanlancker, CEO of Akzo Nobel.

After Akzo Nobel's billions of dollars Takeover averted Last year, US competitor PPG Industries Inc. (PPG) announced its intention to divest its specialty chemicals segment, either through a private sale or a spin-off, to focus on the paint and coatings business. [More] 1

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