AkzoNobel to sell AkzoNobel India to JSW Group

Akzo Nobel N.V. has signed an agreement to sell its shareholding in Akzo Nobel India Limited (ANIL) to the JSW Group, one of India’s leading diversified conglomerates.

The transaction is based on a total enterprise value of approximately €1.4 billion, representing an EV/EBITDA multiple of 22x, and includes AkzoNobel’s liquid paints and coatings business in India. The India Powder Coatings business and International Research Center, both currently part of ANIL, will be retained by AkzoNobel under full ownership.

This divestment is a first step in the strategic portfolio review announced in October 2024, aimed at focusing the company’s capital and capabilities on leading positions in key global coatings markets.

Greg Poux-Guillaume, CEO of AkzoNobel, said: “This transaction is a significantmilestone in the execution of our strategy. AkzoNobel India has been a consistentlystrong performer, and we are proud of the brand and talent that have made it asuccess. With JSW, we are confident the business is in the hands of a long-termpartner with deep local expertise and strong ambitions in the sector.”

Parth Jindal, Managing Director of JSW Paints, added: “Paints & Coatings is one ofIndia’s fastest growing sectors and JSW Paints is amongst the fastest growing paint companies. Akzo Nobel India is home to some of the most globally renowned brands of paints & coatings like Dulux, International and Sikkens. We are excited towelcome them to the JSW family. Together, along with the Akzo Nobel India family -employees, customers and partners - we aspire to build the paint company of thefuture. With the Magic of Dulux and Thoughtfulness of JSW Paints, we look forwardto delighting customers and building lasting value for our stakeholders.”

The net cash proceeds are expected to be approximately €900 million of whicharound €500 million will be used for deleveraging. Following closing, AkzoNobelintends to launch a €400 million share buyback program. The transaction involves the sale of up to 75% of shares in ANIL, and is subject tocustomary closing conditions including regulatory approvals. The transaction isexpected to be completed in the fourth quarter of 2025.