Akzo Nobel Chemicals India Private Limited completed the acquisition of specialty chemicals business from Akzo Nobel India Limited.

Akzo Nobel Chemicals India Private Limited agreed to acquire specialty chemicals business from Akzo Nobel India Limited (BSE:500710) for INR 3.2 billion on November 7, 2017. Akzo Nobel Chemicals India Private Limited entered into definitive agreement to acquire specialty chemicals business from Akzo Nobel India Limited (BSE:500710) on February 15, 2018. Specialty chemicals business of Akzo Nobel India Limited reported revenues of INR 2.641 billion for the year ended March 31, 2017. As of January 4, 2018, Renier Vree chief financial officer of specialty chemicals business joined Akzo Nobel Chemicals India Private Limited. The transaction is subject to approval of shareholders of Akzo Nobel Chemicals India Private Limited and other approvals from statutory and regulatory authorities, if any. As of November 30, 2017, shareholders of Akzo Nobel N.V, parent of Akzo Nobel Chemicals India Private Limited approved the transaction. As of December 18, 2017, shareholders of Akzo Nobel India Limited (BSE:500710) approved the transaction. The transaction is expected to complete by March 2018. As of January 4, 2018, the transaction is expected to close in April 2018. As of February 15, 2018, the transaction is expected to complete by March 31, 2018. Akzo Nobel India Limited will distribute the proceeds to shareholders. KPMG acted as financial advisor and fairness opinion advisor to Akzo Nobel India Limited. Akzo Nobel Chemicals India Private Limited completed the acquisition of specialty chemicals business from Akzo Nobel India Limited (BSE:500710) on March 30, 2018.