Akzo Nobel N.V. (AMS: AKZA; OTCMKTS: AKZOY) has signed binding agreements to sell its Decorative Paints business in Southeast Asia, Papua New Guinea and Australia to Nippon Paint at an enterprise value of approximately $1.35 billion (€1.20 billion), the company announced Oct. 5. The deal concludes AkzoNobel’s review of its decorative paints portfolio in Asia.
The sale comes less than three months after AkzoNobel rebuffed multiple non-binding Nippon Paint proposals for its Decorative Paints business as a whole.
The agreements cover AkzoNobel’s decorative business in seven countries: Vietnam, Indonesia, Malaysia, Thailand, Singapore, Papua New Guinea and Australia. The price represents
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