Axalta and AkzoNobel have entered into an agreement to combine in a merger of equals, creating a premier global coatings company with an enterprise value of approximately USD 25 billion. NautaDutilh acts as legal advisor to Axalta.
The combination brings together two coatings industry leaders with a diversified portfolio of leading brands to better serve customers across key end markets and enhance value for shareholders, employees and other stakeholders. The combined business will have a global footprint spanning over 160 countries to bring global capabilities to local customers, further strengthening customer relationships. The combination is expected to generate run-rate synergies of approximately USD 600 million.
The combined company will have its corporate seat in the Netherlands and dual headquarters in Amsterdam and Philadelphia. Following a period of dual listing on Euronext Amsterdam and NYSE, the shares of the combined company will be listed solely on NYSE. The combined company will have a one-tier board, led by the current Chair of Axalta and with AkzoNobel’s current CEO serving as CEO of the combined company. AkzoNobel shareholders will own 55% and Axalta shareholders 45% of the combined company.
The transaction is expected to close in late 2026 to early 2027, subject to - among others - approval by the shareholders of both AkzoNobel and Axalta and receipt of requisite regulatory approvals.
The NautaDutilh team advising Axalta included partners Stefan Wissing, Paul van der Bijl, Mauricette Schaufeli, Nina Kielman (Taxation) and Daniël Kuiper (Employment).
