AkzoNobel, Axalta to merge in all-stock deal

Amsterdam – AkzoNobel NV and Axalta Coating Systems Ltd have announced plans to combine in an all-stock merger-of-equals to form “a global coatings company” valued at $25 billion (€21.7 billion).

Under the deal, Axalta shareholders will receive 0.6539 AkzoNobel shares for each Axalta share. The new company will be listed solely on the NYSE, with dual headquarters in Amsterdam and Philadelphia.

AkzoNobel CEO Greg Poux-Guillaume will serve as CEO of the combined company, while current Axalta chair Rakesh Sachdev will become chairman of the board.

The unified board will have 11 directors: four from each legacy company in addition to three independents.

The transaction reflects expected cost synergies of around $600 million, 90% of which the companies believe can be realised within three years.

From a business-segment perspective, the merger brings together complementary portfolios.

According to the joint press release, AkzoNobel will contribute its strengths in industrial, protective, powder and automotive coatings, while Axalta adds its established refinish, mobility and industrial coatings portfolio.

Both firms also have products relevant to the rubber/elastomer value chain: AkzoNobel’s “polymer chemistry” business makes polymer additives for synthetic rubbers as well as thermoplastics.

According to its website, AkzoNobel also offers rubber-blend coatings, such as anti-squeak coatings designed for rubber substrates such as windscreen wipers.

Axalta, meanwhile, supplies thermoplastic powder coatings, particularly used in automotive parts.

The companies said the merger “will drive stronger revenue growth, enhanced profitability and increased value for customers.”

The deal is expected to close in late 2026 to early 2027, pending regulatory and shareholder approvals.