AkzoNobel and Axalta Coating Systems have agreed to merge in an all-stock “merger of equals,” creating a global coatings leader with an enterprise value of about $25 billion. Pro-forma revenue for the combined company is expected to be around $17 billion. The merger targets approximately $600 million in annual cost synergies, with roughly 90% expected to be realized within three years after closing.
Under the terms, each Axalta shareholder will receive 0.6539 shares of AkzoNobel stock. After the deal, AkzoNobel shareholders will own about 55% of the combined business, while Axalta stakeholders will hold roughly 45%. As part of the agreement, AkzoNobel will pay a special cash dividend of €2.5 billion to its shareholders.
The merged company will operate with dual headquarters in Amsterdam and Philadelphia, and will eventually list solely on the New York Stock Exchange, following a brief period of dual listing. Governance will be led by AkzoNobel’s current CEO as chief executive of the combined entity, with Axalta’s chair serving as board chair.
The merger brings together complementary strengths: decorative, industrial, and specialty coatings from AkzoNobel, combined with Axalta’s strong offerings in automotive, refinish, and industrial coatings. The combined global footprint, diverse portfolio, and improved scale aim to enhance innovation, expand geographic reach, and deliver greater value to customers and shareholders. The companies expect the deal to close in late 2026 to early 2027, pending regulatory and shareholder approval.
https://www.wsj.com/business/deals/akzonobel-axalta-to-merge-in-25-billion-all-stock-deal-including-debt-0697d782
