AkzoNobel and Axalta agree $25 billion all‑stock merger of equals

Davis Polk represented Akzo Nobel N.V. (AkzoNobel) in connection with its $25 billion all‑stock merger of equals with Axalta Coating Systems Ltd. The transaction is structured as an all‑stock merger of equals valued at $25 billion. Under the terms of the agreement, Axalta shareholders will receive 0.6539 shares of AkzoNobel stock for each share of Axalta common stock owned. On a pro forma basis immediately following closing, AkzoNobel shareholders are expected to own 55% of the combined company and Axalta shareholders 45%. The companies expect the transaction to close in the second half of 2026, subject to the receipt of requisite regulatory approvals and the satisfaction of other customary closing conditions. AkzoNobel, established in 1792, supplies paints and coatings and maintains a portfolio of brands including Dulux, International, Sikkens and Interpon. The company operates in more than 150 countries and positions its expertise as supporting and enhancing everyday life. Axalta is a global coatings leader offering solutions for light and commercial vehicles, refinish applications, electric motors, building facades and other industrial uses; its coatings aim to prevent corrosion, increase productivity and enhance durability. With more than 150 years of experience, Axalta serves over 100,000 customers in more than 140 countries. Davis Polk represented Akzo Nobel N.V. (AkzoNobel) with a team composed by: partners H. Oliver Smith and Michael Gilson and associate Katherine Anne Cody. Partner Connie I. Milonakis and counsel Maxim Van de Moortel provided capital markets advice. Partner Jennifer S. Conway and counsel Andrew H. Braid provided executive compensation advice. Partner William A. Curran provided tax advice. Partner Howard Shelanski provided antitrust and competition advice. Partner Pritesh P. Shah provided intellectual property advice. Members of the Davis Polk team were based in the New York, Northern California, Washington, D.C., and London offices.

AkzoNobel and Axalta agree $25 billion all‑stock merger of equals

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