AKZOY Akzo Nobel NV (QX)

By Maryam Cockar and Carlo Martuscelli

Akzo Nobel NV (AKZA.AE) said Tuesday that it will sell its specialty chemicals unit to U.S. private equity company Carlyle Group LP (CG) for an enterprise value of 10.1 billion euros ($12.5 billion), and said it would distribute the vast majority of proceeds of the sale to shareholders.

The sale is expected to result in net proceeds of EUR7.5 billion, said the Dutch chemicals company, which received shareholder approval for the sale of the business in November.

"Today is a key milestone in creating two focused, high-performing businesses, to generate value for all stakeholders. We delivered on our commitment to separate the Specialty Chemicals business and did so ahead of schedule," said Thierry Vanlancker, chief executive of Akzo Nobel.

After Akzo Nobel fended off a multi-billion-dollar takeover bid from U.S. rival PPG Industries Inc.(PPG) last year, the company said it would separate from its specialty chemicals segment, either through a private sale or a demerger, in order to focus on its paints and coatings business.

Write to Maryam Cockar at maryam.cockar@dowjones.com and Carlo Martuscelli at carlo.martuscelli@dowjones.com

(END) Dow Jones Newswires

March 27, 2018 02:30 ET (06:30 GMT)

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