November 18, 2025 – In a landmark move set to reshape the global paint and coatings industry, AkzoNobel (AKZO.AS), maker of the iconic Dulux brand, announced plans to merge with Axalta Coating Systems (AXTA.N) in a transaction valued at approximately $25 billion. This strategic merger is poised to create one of the world’s largest and most profitable paint companies, combining complementary product portfolios and global reach.

Under the terms of the deal, AkzoNobel shareholders will receive a $2.5 billion dividend payout and will hold 55% ownership of the combined entity, while Axalta investors will own the remaining 45%. The transaction is structured as a no-premium merger, with Axalta valued at approximately eight times EBITDA, according to AkzoNobel CEO Greg Poux-Guillaume.

“This merger brings together two highly complementary businesses, creating a company with the best portfolio in the market,” said Poux-Guillaume. “While growth potential is important, what stands out even more is profitability. Combined, the two companies’ operations and synergies position us as market leaders.”

Global Operations and Leadership

The merged company will initially maintain a dual listing on the Amsterdam Stock Exchange and the New York Stock Exchange (NYSE), with dual headquarters in Amsterdam and Philadelphia. Over time, the company plans to consolidate its listing to the NYSE. AkzoNobel’s current CEO, Greg Poux-Guillaume, will lead the combined company.

Axalta is recognized for its strong profitability and well-established coatings business, which complements AkzoNobel’s global presence and brand recognition. By combining operations, the company expects to achieve substantial synergies, strengthening its position across both decorative and industrial coatings markets.

Financial Outlook and Synergies

The newly merged entity is projected to generate:

• Annual revenues of $17 billion
• Adjusted core earnings (EBITDA) of $3.3 billion
• Adjusted free cash flow of $1.5 billion

Additionally, the merger is expected to deliver annual cost savings of $600 million, with 90% of these efficiencies realized within the first three years following the transaction close. Analysts predict that the combination of AkzoNobel’s brand strength and Axalta’s operational efficiency will create a globally competitive paint and coatings leader capable of outperforming industry peers.

Timeline for Completion

The merger is currently slated to close between late 2026 and early 2027, pending regulatory approvals and customary closing conditions. Once finalized, the company will leverage its expanded product portfolio, global customer base, and technological capabilities to accelerate growth and innovation in the coatings sector.

This merger marks one of the largest transactions in the paint and coatings industry in recent years and underscores the ongoing trend of consolidation among global manufacturers seeking scale, profitability, and enhanced market presence.

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Key Takeaways:

• AkzoNobel and Axalta are merging in a $25 billion deal to form a global paint powerhouse.
• AkzoNobel shareholders will own 55%, while Axalta investors hold 45%.
• The new company projects $17B annual revenue, $3.3B EBITDA, and $1.5B free cash flow.
• Annual cost savings of $600M are expected, mostly within three years.
• Dual headquarters in Amsterdam and Philadelphia, with an eventual NYSE listing.