AkzoNobel Begins Buyer Search for European Refinishing Business

AkzoNobel has begun approaching potential buyers for its European vehicle-refinishing business as it works to meet regulatory requirements for its proposed all-stock merger with Axalta Coating Systems.

AkzoNobel Chief Executive Greg Poux-Guillaume said Oct. 21 that the company had started contacting prospective buyers and that the process was still in its early stages. A signed agreement with an acceptable buyer must be in place before the merger closes, though the sale itself does not have to be completed by then.

The European Commission’s review remained ongoing in Phase I. The companies submitted commitments on Oct. 15, and Nov. 6 is the provisional decision deadline. No decision had been recorded.

Axalta has separately planned to divest its North American Building Products business to address regulatory requirements. The merger remained on track for the first quarter of 2027, subject to remaining regulatory approvals and other closing conditions.

AkzoNobel and Axalta announced their merger of equals in November 2025. The all-stock transaction had an enterprise value of about $25 billion. The companies projected about $17 billion in revenue based on 2024 results and identified about $600 million in annual cost synergies.

The original announcement put the expected closing window at late 2026 to early 2027. AkzoNobel’s latest target is early 2027, subject to regulatory approvals. The European review’s provisional decision deadline is Nov. 6.