Prime Highlights
- Nippon Paint agrees to acquire AkzoNobel’s Southeast Asia and Australasia Decorative Paints business for $1.35 billion in a landmark Asean chemicals deal.
- A&O Shearman and Baker McKenzie guide the carve-out and sale of Decorative Paints operations spanning seven Asia Pacific markets.
Key Facts
- Binding agreements cover Vietnam, Indonesia, Malaysia, Thailand, Singapore, Papua New Guinea, and Australia.
- AkzoNobel keeps full ownership of its coatings activities and global business services organization.
Background
Nippon Paint has agreed to buy AkzoNobel’s Decorative Paints business in Southeast Asia and Australasia for $1.35 billion, and two global law firms guided the carve-out and sale.
Both companies have signed binding agreements for operations in Vietnam, Indonesia, Malaysia, Thailand, Singapore, Papua New Guinea and Australia. AkzoNobel will hold on to its coatings activities and its global business services organization.
A&O Shearman acted for Nippon Paint under partners Ayesha Thapar and Gijs Linse. Saranpaal Calais handled the separation agreements, while James Webber covered antitrust work.
Thapar told Asia Business Law Journal the transaction stands among the largest chemicals and manufacturing deals announced in Asean so far this year. She praised both sides for their operational strength and their shared aim of delivering steady quality to customers in every market.
Baker McKenzie advised AkzoNobel, led by partners Denise Ozmis, Joost Polman and Mo Almarini. Its team worked on M&A, carve-out, antitrust, employment, commercial, intellectual property and real estate matters. The firm also advises on the separate Indonesian sale to Nippon Paint. It said the deal’s reach across many jurisdictions brought legal teams and workstreams together in close coordination.
Customary closing conditions, including regulatory approvals, still apply. The Indonesian sale should wrap up in late 2026, and the wider Southeast Asia and Australasia sale should close in mid-2027.
Nippon Paint, based in Tokyo and Osaka, is Asia’s largest paint maker. Dutch group AkzoNobel supplies paints, performance coatings and specialty chemicals to industrial and consumer customers.
