AkzoNobel, Axalta near merger approvals with two unit sales
AXTA•AkzoNobel and Axalta are closing in on U.S. and EU approvals for their $25 billion merger after agreeing to sell AkzoNobel’s European vehicle refinishing business and Axalta’s U.S. wood finishes business. The deal is set up to close in early 2027, while the EU antitrust decision is expected in November.
1. Proposed divestitures
AkzoNobel CEO Greg Poux-Guillaume said the sales are the only remedies regulators have requested for the merger, aiming to secure U.S. Federal Trade Commission approval and Phase 1 clearance from European regulators. “There's no regulator anywhere that has asked us to do anything else in terms of remedies,” he said.
2. Approval timeline
The companies have said the deal is expected to close in early 2027. Jefferies analysts said the EU antitrust decision is expected in November. Axalta disclosed the planned sale of its wood coatings unit in a U.S. regulatory filing on Tuesday.
3. AkzoNobel’s prior bid
AkzoNobel proceeded with the all-stock merger after rejecting a €12.5 billion cash bid from Nippon Paint and Sherwin-Williams in May, saying the bid undervalued the business and would have split it between two suitors.
