India, Oct. 4 -- Akzo Nobel (AKZA.AS) announced that it has signed binding agreements to divest its Decorative Paints business in Southeast Asia to Nippon Paint in a transaction valued at approximately $1.35 billion or 1.20 billion euros, as the company sharpens its strategic focus ahead of its planned merger with Axalta.
The sale covers AkzoNobel's Decorative Paints operations in seven markets: Vietnam, Indonesia, Malaysia, Thailand, Singapore, Papua New Guinea and Australia. The company will retain full ownership of its Coatings business and Global Business Services organization.
AkzoNobel expects to receive net cash proceeds of around $1 billion or 0.9 billion euros after taxes and minority partner interests. The divestment follows the...