Akzo To Sell Chemicals Arm To Carlyle For €10.1B

3/27/18

By Yoel Minkoff, SeekingAlpha

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).

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