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Akzo Nobel and Axalta agree to merge in an all-stock transaction
Akzo Nobel and Axalta have signed a merger-of-equals agreement, aiming to create a coatings group with an enterprise value of around 21,5 Mrd. EUR The deal would expand global scale and consolidate positions across key coatings markets.
Akzo Nobel and Axalta Coating Systems have entered into a definitive all-stock merger agreement. Under the terms, Axalta shareholders will receive 0.6539 Akzo Nobel shares for each Axalta share. Following completion, expected between late 2026 and early 2027, Akzo Nobel shareholders would own approximately 55 %, with Axalta shareholders holding 45 % of the combined company.
The merged organization is projected to generate annual revenue of about 14,6 Mrd. EUR. Identified run-rate cost synergies of roughly 516 Mio. EUR are expected, with most realized within the first three years. The company plans a dual listing in Amsterdam and New York initially, followed by a transition to a single NYSE listing.
The combination brings together extensive portfolios in automotive OEM coatings, refinish, powder coatings, industrial coatings, and marine and protective coatings. For the coatings sector, the merger marks another step in ongoing consolidation, with potential implications for regional supply structures, technology development and competitive dynamics.
The combined company will be organized under a Dutch holding structure with dual headquarters in Amsterdam and Philadelphia. Governance and management roles will be shared between the two companies.
