Carlyle and GIC to acquire 100% of AkzoNobel's Specialty Chemicals business.

AkzoNobel has announced the sale of 100% of its Specialty Chemicals business to The Carlyle Group and GIC for an enterprise value of €10.1 billion. This transaction creates two focused and high performing businesses – Paints and Coatings, and Specialty Chemicals – as part of its strategy announced in April 2017. The transaction is subject to customary closing conditions and is expected to be completed before the end of 2018.

Latham & Watkins LLP represents The Carlyle Group in the transaction with a corporate deal team led by London partner Michael Bond and Washington, D.C. partner David Dantzic, with Washington, D.C. partner Marc Granger and New York partner Steven Betensky. Advice was provided on finance matters by capital markets partners Patrick Shannon and Jason Licht, and leveraged finance partners Jeffrey Chenard and Manu Gayatrinath, in Washington, D.C.