We are advising AkzoNobel on the transaction

Davis Polk is advising Akzo Nobel N.V. (AkzoNobel) on its $25 billion all-stock merger of equals with Axalta Coating Systems Ltd. Under the terms of the agreement, Axalta shareholders will receive 0.6539 shares of AzkoNobel stock for each share of Axalta common stock owned. AzkoNobel shareholders will own 55% and Axalta shareholders will own 45% of the combined company on a pro forma basis immediately after closing. The companies expect the transaction to close in the second half of 2026, subject to the receipt of requisite regulatory approvals and the satisfaction of other customary closing conditions.

Since 1792, AkzoNobel has been supplying the innovative paints and coatings that help to color people’s lives and protect what matters most. Its world class portfolio of brands – including Dulux, International, Sikkens and Interpon – is trusted by customers around the globe. AkzoNobel is active in more than 150 countries and uses its expertise to sustain and enhance everyday life.

Axalta is a global leader in the coatings industry, providing customers with innovative, colorful, beautiful and sustainable coatings solutions. From light vehicles, commercial vehicles and refinish applications to electric motors, building facades and other industrial applications, Axalta’s coatings are designed to prevent corrosion, increase productivity and enhance durability. With more than 150 years of experience in the coatings industry, the global team at Axalta continues to find ways to serve more than 100,000 customers in over 140 countries.

The Davis Polk corporate team includes partners H. Oliver Smith and Michael Gilson and associate Katherine Anne Cody. Partner Connie I. Milonakis and counsel Maxim Van de moortel are providing capital markets advice. Partner Jennifer S. Conway and counsel Andrew H. Braid are providing executive compensation advice. Partner William A. Curran is providing tax advice. Partner Howard Shelanski is providing antitrust and competition advice. Partner Pritesh P. Shah is providing intellectual property advice. Members of the Davis Polk team are based in the New York, Northern California, Washington DC and London offices.

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