Dulux maker Akzo Nobel to merge with Axalta in $25bn deal
By Michele Maatouk
Date: Tuesday 18 Nov 2025
(Sharecast News) - Dulux maker Akzo Nobel said on Tuesday that it has agreed an all-share merger with US paint and coating manufacturer Axalta that will create a global coatings company with an enterprise value of about $25bn.
Akzo said the deal "brings together two coatings industry leaders with complementary portfolios of highly regarded brands to better serve customers across key end markets and enhance value for shareholders, employees and other stakeholders".
Akzo Nobel shareholders will own 55% and Axalta shareholders will own 45% of the combined company after closing.
The combination is expected to drive run-rate synergies of about $600m, 90% of which are expected to be achieved within the first three years after the deal closes.
Akzo said revenues are expected to be approximately $17bn, with adjusted EBITDA of $3.3bn and pro forma adjusted free cash flow of $1.5bn.
Akzo Nobel chief executive and chairman Greg Poux-Guillaume said: "We're excited to enter a new chapter in our long and proud history as a leader in the paints and coatings industry. This merger will allow us to accelerate our growth ambitions by bringing together highly complementary technologies, expertise and passionate people to unlock our full combined potential.
"I'm excited to lead our talented teams in bringing the best of both companies to our customers and shareholders, delivering outstanding value to both."
Axalta shares shot higher in pre-market trade, up 11% to $31.19, while Akzo Nobel was 1.1% lower at €56.04 at 0940 GMT.
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