AkzoNobel and Axalta to Merge in All-Stock Transaction
AkzoNobel N.V. and Axalta Coating Systems Ltd. announced Nov. 18 they have agreed to an "all-stock merger of equals, creating a premier global coatings company with an enterprise value of approximately $25 billion."
The joint news release from the companies notes their complementary products will allow the combined company "to better serve customers across key end markets and enhance value for shareholders, employees and other stakeholders" and "bring global capabilities to local customers" with its footprint spanning 160 countries.
The combined portfolio of the two companies provides products in the powder, aerospace, refinish, mobility, marine and protective, industrial coatings, and decorative paints in approximately 100 brands.
Related from 2017: AkzoNobel Confirms Axalta Merger Discussions
The release notes 2024 revenues of approximately $17 billion and $1.5 billion in pro forma Adjusted Free Cash Flow, while the merger is expected to result in "identified and actionable run-rate synergies of approximately $600 million, 90% of which are expected to be achieved within the first three years following the close of the transaction."
After completion of the merger, the combined and newly named company will have a new ticker symbol on the New York Stock Exchange. It will be organized under a Dutch holding company with tax residency in the Netherlands, with dual headquarters in Amsterdam and Philadelphia.
For more information:
https://www.akzonobel.com/en/media/media-releases/akzonobel-and-axalta-to-combine-in-all-stock-merger-of-equals-creating-a-premier-global-coatings-company