"BASF Enters €7.7 Billion Agreement with Carlyle for Automotive Coatings Business"

Global law firm Freshfields and BASF's legal department participated in a significant transaction, with Freshfields advising BASF on its binding agreement with Carlyle regarding BASF's automotive OEM coatings, automotive refinish coatings, and surface treatment businesses. The transaction, valued at €7.7 billion, is subject to customary regulatory approvals and is expected to close in Q2 2026. BASF will receive approximately €5.8 billion in pre-tax cash proceeds at closing and will retain a 40% equity stake in the coatings business post-closing. BASF Coatings is recognized as a global leader in the development, production, and marketing of innovative and sustainable automotive coatings and surface treatments across various industries. The legal teams involved in the transaction included: **BASF's Legal Department:** - Dr. Michael Winter (Corporate/M&A) - Dr. Sophie Stüben (Corporate/M&A) - Stephan Purps (Antitrust Law) **Freshfields Team:** - **Partners:** - Rick van Aerssen (Corporate/M&A, Frankfurt/Düsseldorf) - Maximilian Lasson (Corporate/M&A, Munich) - Frank Röhling (Antitrust Law, Berlin) - Rafique Bachour (Antitrust Law, Brussels) - Norbert Schneider (Tax, Düsseldorf) - Claude Stansbury (Tax, Washington) - Frank Schaer (Employment Law, Frankfurt) - Thomas Granetzny (Employment Law, Düsseldorf) - Christel Cacioppo (Employment Law, Paris) - Michael Ramb (Regulatory, Düsseldorf/Berlin) - **Counsel:** - Judit Gajdics (Corporate/M&A) - Marius Scherb (Commercial, Hamburg) - **Principal/Senior Associates:** - Sandra Jung (Corporate/M&A) - Thomas Richter (Tax, Düsseldorf) - Johanna Hirth (Employment Law, Frankfurt) - Sebastian Breder (Real Estate, Frankfurt) - Jonas Köster (Regulatory, Düsseldorf) - Célia Kirren (Employment Law, Paris) - **Associates:** - Samuel Schulze (Corporate/M&A, Munich) - Julius Raddatz (Corporate/M&A, Munich) - Valentin Bingger (Commercial, Hamburg) - Julia Suttrup (Commercial, Hamburg) - Christopher Sickinger (Berlin) - Miriam Swamy-von Zastrow (Munich) - Helena Haag (Berlin, Antitrust Law) - Armin Wulfinghoff (Tax, Düsseldorf) - Lorena Faggioli (Employment Law, Frankfurt) - Natalia Gegechkori (Real Estate, Frankfurt) - Vinzent Will (Regulatory, Berlin) - **Additional Support:** - Professional Support Lawyer Inna Pustal (Frankfurt) - Senior Transaction Lawyer Franz Dahl (Hamburg) - Transaction Lawyer Stephan Clavien (Hamburg)

"BASF Enters €7.7 Billion Agreement with Carlyle for Automotive Coatings Business"

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