Duluxgroup (Investments) Pty Ltd agreed to acquire Cromology SAS from Wendel (ENXTPA:MF) and others for approximately ¥150 billion on October 20, 2021. Under the terms Duluxgroup (Investments) Pty Ltd will acquire 52.5 million shares. Consideration is Fully financed through existing cash and new debt facilities.

For the period ended December 31, 2020, Cromology SAS reported equity of ¥41 billion, Total assets of ¥117.8 billion, sales of ¥82 billion, EBITDA of ¥8.38 billion. There will be no change to the post-acquisition management structure in which Cromology's management team will stay on and work together with DuluxGroup's management team to drive growth of the company to the next level. The transaction was resolved by the Nippon Paint board on October 20, 2021.

The transaction is subject to regulatory authorizations and is expected to close in H-1 2022. HSBC acted as financial advisor and Clifford Chance acted as legal counsel to DuluxGroup. Olivier Assant, Florence Haas, Florence Haas and Arthur schaefer (corporate); Yelena Trifounovitch, Yohann Chevalier, Lucie Portier and Quentin Colombier (competition); Pierre-Henri Durand, Adrien Soumagn and Paul Cauchin (fiscal law); Laetitia Tombarello and Guilhem Seronie-Doutriaux (social right); and Lauriane Billette (tech) of Bredin Prat acted as legal advisors to Wendel in the transaction.

As of December 29, 2021 approval from relevant overseas authorities have been obtained and transaction is expected to close in mid January 2022.