KUALA LUMPUR: AkzoNobel’s US$1.35 billion sale of its decorative paints businesses to Nippon Paint is expected to be completed mid-2027, except for the Indonesian business, which is expected to be completed separately later this year.
Global law firm Baker McKenzie, which advised AkzoNobel on the transaction, said the deal is subject to customary closing conditions, including regulatory approvals.
"Having already sold its Deco businesses in India and Pakistan, the planned divestments mark the conclusion of AkzoNobel’s decorative paints portfolio review in Southeast and South Asia,” it said in a statement.
The law firm said the "highly complex, multi-jurisdictional” transaction required close coordination across jurisdictions, workstreams and legal disciplines.
AkzoNobel said on Monday it had agreed to sell its Decorative Paints businesses in Southeast Asia and other markets to Nippon Paint, covering operations in Vietnam, Indonesia, Malaysia, Thailand, Singapore, Papua New Guinea and Australia. - Bernama
