Akzo Nobel, Axalta Coating Systems Announce All-stock Merger Of Equals

Axalta Coating Systems

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(RTTNews) - Akzo Nobel N.V. (AKZA.AS) and Axalta Coating Systems Ltd. (AXTA) have entered into a definitive agreement to combine in an all-stock merger of equals, creating a global coatings company with an enterprise value of approximately $25 billion. Axalta shareholders will receive 0.6539 shares of AkzoNobel stock for each share of Axalta common stock owned. AkzoNobel will pay a special cash dividend to AkzoNobel shareholders equal to 2.5 billion minus the aggregate amount of any regular annual and interim dividends paid by AkzoNobel to AkzoNobel shareholders in 2026 prior to completion. AkzoNobel shareholders will own 55% and Axalta shareholders will own 45% of the combined company on a pro forma basis immediately after closing.

The combined company will assume a new name and ticker symbol. Following a period of dual listing on Euronext Amsterdam and the NYSE, shares of the combined company's common stock will be listed solely on NYSE. AkzoNobel and Axalta have agreed to suspend any ongoing or announced share buyback programs, effective immediately.

Current AkzoNobel CEO, Greg Poux-Guillaume, will serve as CEO of the combined company. Axalta CEO, Chris Villavarayan, will serve as Deputy CEO. Current Axalta SVP and CFO, Carl Anderson, will serve as the CFO of the combined company. AkzoNobel CFO, Maarten de Vries, will retire from AkzoNobel.