The combined group would first be listed on the Amsterdam and New York stock exchanges, before being listed solely on Wall Street. It would retain two headquarters, in Amsterdam and Philadelphia, and would be led by Greg Poux-Guillaume, who is currently CEO of Akzo Nobel. "This merger will enable us to accelerate our growth ambitions by bringing together highly complementary technologies," he said in a statement.
The new entity expects annual revenue of $17bn, EBITDA of $3.3bn, and adjusted free cash flow of $1.5bn. It aims to achieve annual savings of $600m, 90% of which should be realized within three years of the transaction's closing, expected in late 2026 or early 2027.
Single listing in New York and special dividend
The agreement provides for a merger by exchange of securities between Akzo Nobel and Axalta, in a transaction described as a merger of equals. Each Axalta shareholder would receive 0.6539 shares of Akzo Nobel for each share held. Upon completion of the transaction, AkzoNobel shareholders would hold 55% of the capital of the new group, compared with 45% for Axalta shareholders. The combined company will be organized as a Dutch holding company, with dual domicile in Amsterdam and Philadelphia, before switching to a single listing on the New York Stock Exchange.
A difficult journey for both players over the last ten years (excluding dividends)
Parallel to the transaction, AkzoNobel will pay a special dividend to its shareholders of up to €2.5bn, adjusted for ordinary dividends distributed prior to the transaction's completion, which is expected to take place in late 2026 or early 2027. In the meantime, both groups have suspended their share buyback programs, and Akzo Nobel will continue to pay regular dividends in accordance with its current policy. The agreement remains subject to approval by both companies' shareholders, the necessary regulatory approvals and the fulfillment of customary closing conditions.
