The net proceeds of the deal are expected to amount to
Akzo first announced plans to sell the business, whichaccounts for a third of its sales and profit, in April, as itlooked to evade a takeover from rival PPG Industries.
The company considered both a private sale and a separatestock listing for the chemicals division, ultimately concludingthat a sale to Carlyle was in the best interest for all involved"including employees, shareholders and customers."
"Carlyle has significant experience in the chemicalsindustry and a proven track record when it comes to health,safety, innovation and sustainability", Akzo Chief ExecutiveThierry Vanlancker said.
The deal is subject to regulatory approvals and is expectedto be concluded before the end of the year.
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