A consortium led by Carlyle Group (NASDAQ:CG) and Singapore's GIC has agreed to buy the specialty chemicals business of Akzo Nobel (OTCQX:AKZOY) for €10.1B, including debt.
The sale is a key part of the company's plan to boost its share price to appease Elliott Management and other shareholders after successfully fending off a $27.6B takeover bid last year from PPG Industries (NYSE:PPG).