JSW Paints Limited has signed definitive agreements to acquire up to 74.76% of Akzo Nobel India Limited (ANIL) from Akzo Nobel N.V. and its affiliates. The proposed acquisition is valued at up to INR 8,986 crore, subject to certain closing adjustments.
The transaction is subject to regulatory approvals, including from the Competition Commission of India, and the successful completion of a mandatory tender offer to the public shareholders of ANIL.
JSW Paints, part of the US$23 billion JSW Group, is active in the paints industry in India. ANIL is involved in decorative and industrial paints and is part of Akzo Nobel, a Netherlands-headquartered company in the sector.
Parth Jindal, Managing Director, JSW Paints, said, “Paints & Coatings is one of India’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 to welcome 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 the future. With the Magic of Dulux and Thoughtfulness of JSW Paints, we look forward to delighting customers and building lasting value for our stakeholders.”
Greg Poux-Guillaume, CEO of AkzoNobel, said, “This transaction is a significant milestone in the execution of our strategy. AkzoNobel India has been a consistently strong performer, and we are proud of the brand and talent that have made it a success. With JSW, we are confident the business is in the hands of a long-term partner with deep local expertise and strong ambitions in the sector.”
Morgan Stanley acted as exclusive financial advisor to JSW Paints. Khaitan & Co. served as legal advisor, while Deloitte provided financial and tax due diligence services.
