Blackstone Inc has entered the bidding for Akzo Nobel’s paints business, joining other interested parties such as JSW Group and Pidilite. Berger Paints has exited the race due to high valuations. Akzo Nobel is conducting a strategic review to focus on its core coatings businesses, with a sell-off expected to conclude by late 2025.
American private equity giant Blackstone Inc has joined the competition to acquire the paints division of Akzo Nobel, which markets its products under the well-known “Dulux” brand. Other potential bidders include the JSW Group and Pidilite, while Berger Paints has withdrawn from the process due to concerns over high valuations. Non-binding offers from interested parties are anticipated by mid-March, with expectations of additional private equity firms entering the bidding.
The entry of Blackstone and other private equity firms into the bidding for Akzo Nobel’s paints business highlights the interest in this sector, creating competitive pressures that may elevate valuations. Akzo Nobel is strategically reviewing its portfolio to focus efforts on core businesses, with an expectation to finalize the sale before the end of 2025. This move, while promising for Akzo Nobel, poses challenges for local bidders who may face increased competition in valuations.
Original Source: www.business-standard.com
Leave a Reply