M&A · Energy · Paints, Varnishes, Lacquers, Enamels & Allied Prods
AkzoNobel to acquire Axalta Coating Systems Ltd.
Announced Nov 18, 2025 · Pending Jun 24, 2026
Deal value—
Premium—To unaffected price
EV / Adj. EBITDA—
ConsiderationAll stock
Transaction
- Acquirer
- AkzoNobel
- Target
- Axalta Coating Systems Ltd. (AXTA)
- Buyer type
- Strategic
- Offer price per share
- —
- Enterprise value
- —
- Status
- Pending Jun 24, 2026
Deal protections
- Break fee (target pays)
- —
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- —
Advisors
- To the acquirer
- Morgan Stanley, Lazard
- To the target
- Evercore, JPMorgan
- Evercore fee
- $45.0M
- JPMorgan fee
- $45.0M
Sector context · Energy
- Comparable deals
- 41 in the prior 24 months
- Premium
- Sector median 19.0%
- EV / Adj. EBITDA
- Sector median 8.6x
- Break fee
- Sector median 3.0%
Timeline
- AnnouncedNov 18, 2025
- Proxy filedJun 24, 2026
- Definitive proxyJun 24, 2026
- Shareholder votePending
- ClosedPending
Valuation · fairness opinions
Discounted cash flowEvercore$29.02$41.55
Discounted cash flowEvercore$41.00$71.43
Trading comparablesEvercore$28.34$38.93
Trading comparablesEvercore$28.16$39.40
Trading comparablesEvercore$38.08$55.41
Trading comparablesJPMorgan$25.60$52.90
Discounted cash flowJPMorgan$39.80$59.10
Implied value per Axalta Coating Systems Ltd. share by analysis, from Evercore and JPMorgan · DCF discount rate 8.5%–10%.