AkzoNobel to sell Specialty Chemicals business to Carlyle and GIC

AkzoNobel announced the sale of its Specialty Chemicals business to investors The Carlyle Group and Government of Singapore Investment Corporation (GIC) for an enterprise value of EUR 10.1 billion. According to AkzoNobel, this transaction creates two businesses – Paints and Coatings, and Specialty Chemicals – as part of its strategy announced in April 2017. The transaction is subject to customary closing conditions and is expected to be completed before the end of 2018.