2025 has been a huge year for mergers and acquisitions among the leading paint and coatings industry. There have been a series of major moves, headlined by AkzoNobel and Axalta’s plans for a merger, and BASF’s plans to sell its Coatings division to Carlyle and the Qatar Investment Authority. JSW Group’s acquisition of AkzoNobel India Limited shook up the India paint segment, while, at the end of 2024, PPG’s sale of its North American and Canadian decorative paint business to American Investment partners, and its subsequent rebranding to Pittsburgh Paints, was a significant move.

Here are some recent sales, in chronological order:

Merging Companies: AkzoNobel, Axalta to Combine
Date of Acquisition: November 2025

Comments: AkzoNobel and Axalta Coating Systems announced they’ve entered into a definitive agreement to combine in an all-stock merger of equals, creating a premier global coatings company with an enterprise value of approximately $25 billion. The combined company will be well positioned to drive substantial growth and shareholder value creation, building on 2024 revenues of approximately $17 billion and $1.5 billion in pro forma adjusted free cash flow. The combination is expected to drive synergies of approximately $600 million. The expected close is late 2026 or early 2027.

Link to More Information:
AkzoNobel and Axalta to Combine in All-stock Merger of Equals, Creating a Premier Global Coatings Company

Acquiring Company: Carlyle, in partnership with Qatar Investment Authority (QIA)
Acquired Company: BASF Coatings
Date of Acquisition: October 2025

Comments: BASF and funds managed by global investment firm Carlyle, in partnership with Qatar Investment Authority (QIA), have entered into a binding agreement relating to BASF’s automotive OEM coatings, automotive refinish coatings, and surface treatment businesses. The enterprise value of the transaction amounts to €7.7 billion. Subject to customary regulatory approvals, the transaction is expected to close in Q2 2026. This transaction, together with the already closed divestiture of the decorative paints business, value BASF’s entire Coatings division at an enterprise value of €8.7 billion and an implied 2024 EV/EBITDA multiple before special items of approximately 13x. The business operates in Europe, North America, South America and Asia Pacific, and generated sales of approximately €3.8 billion in 2024. BASF will also reinvest in the coatings business, holding a 40% equity stake, and will receive pre-tax cash proceeds of approximately €5.8 billion at closing of the transaction.

Link to More Information:
BASF and Carlyle Reach Binding Transaction Agreement on Coatings Business

Acquiring Company: Sherwin-Williams
Acquired Company: BASF’s Brazilian Architectural Paints Business
Date of Acquisition: October 2025

Comments: The Sherwin-Williams Company  completed the acquisition of BASF’s Brazilian architectural paints business – Suvinil – following the announcement of a definitive agreement in February 2025 and subsequent customary regulatory approvals. Suvinil is a leading provider of architectural paints in Brazil and had sales of approximately $525 million for the year ended December 31, 2024. The company employs approximately 1,000 employees and operates two production facilities strategically located in the Northeast and Southeast regions of Brazil.

Link to More Information:
Sherwin-Williams Completes Acquisition of BASF’s Brazilian Architectural Paints Business

Acquiring Company: JSW Group 
Acquired Company: AkzoNobel India Limited
Date of Acquisition: June 2025

Comments: Akzo Nobel N.V. has signed an agreement to sell its shareholding in Akzo Nobel India Limited (ANIL) to the JSW Group, one of India’s leading diversified conglomerates. The transaction is based on a total enterprise value of approximately €1.4 billion, representing an EV/EBITDA multiple of 22x, and includes AkzoNobel’s liquid paints and coatings business in India. The net cash proceeds are expected to be approximately €900 million, of which around €500 million will be used for deleveraging.

Link to more information:
AkzoNobel to Sell AkzoNobel India to JSW Group

Acquiring Company: American Industrial Partners
Acquired Company: PPG’s Architectural Coatings U.S. & Canada Business
Date of Acquisition: December 2024

Comments: PPG has completed the sale of 100% of its architectural coatings business in the U.S. and Canada at a transaction value of $550 million to American Industrial Partners (AIP), an industrials investor. The deal was first announced in October 2024. The architectural coatings business in the U.S. and Canada represented approximately $2 billion of PPG’s 2023 total net sales, with low-single-digit EBITDA margin. PPG’s architectural coatings businesses in other regions around the world remain core businesses within the company’s portfolio, including in Latin America, Europe and Asia Pacific, where PPG holds strong #1 or #2 positions in a number of key countries. The division has been renamed Pittsburgh Paints.

Link to More Information:
PPG Completes Sale of Architectural Coatings U.S. & Canada Business to American Industrial Partners