BASF Enters €7.7 Billion Agreement to Sell Automotive Coatings Business to Carlyle and QIA

"BASF has entered into a binding agreement to sell its automotive coatings and surface treatment businesses to Carlyle, in partnership with Qatar Investment Authority, for €7.7 billion. The transaction is expected to close in Q2 2026, pending regulatory approvals. Latham & Watkins LLP is advising Carlyle on various legal matters related to the deal."

Latham & Watkins LLP represented Carlyle in the transaction involving BASF’s automotive OEM coatings, automotive refinish coatings, and surface treatment businesses, while also advising on carve-out, debt financing, and regulatory matters. BASF and funds managed by Carlyle, in partnership with Qatar Investment Authority (QIA), have entered into a binding agreement for BASF Coatings, with an enterprise value of €7.7 billion. The transaction is subject to customary regulatory approvals and is expected to close in the second quarter of 2026. The legal team from Latham & Watkins LLP includes private equity M&A partners Shaun Hartley (Chicago) and Paul Sheridan (Washington, D.C.), along with Washington, D.C. partners Jeff Chenard, Manu Gayatrinath, Patrick Shannon, and Jason Licht, who provided advice on debt financing matters. New York partners Steven Betensky and Pelin Serpin advised on TSA and IP matters, while Washington, D.C. partner Ian Conner handled US antitrust matters. Brussels partner Luca Crocco and Hamburg partner Jana Dammann de Chapto addressed ex-US antitrust and FDI matters.

BASF Enters €7.7 Billion Agreement to Sell Automotive Coatings Business to Carlyle and QIA

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