AkzoNobel has signed an agreement to sell Akzo Nobel Pakistan Limited to IGI Investments (Pvt.) Limited, part of Pakistan-based conglomerate Packages Group, in a transaction valued at 16.2 billion Pakistani rupees, or €50 million ($58.9 million). The deal represents an EV/EBITDA multiple of 14x.
The Pakistan divestment is the next move in AkzoNobel’s strategic portfolio review, which the Amsterdam-based coatings maker announced in October 2024 and which has already reshaped the company’s global footprint.
Akzo Nobel Pakistan Limited is primarily a decorative paints business. Coatings activities that continue under Packages Group ownership will be subject to royalty payments to AkzoNobel,
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