Advising Axalta in $25bn merger with AkzoNobel

Coatings paintmaker Axalta Coating Systems (AXTA.N) and Dulux paintmaker AkzoNobel (AKZO.N) have announced that they plan to merge in an all-share deal that will create a combined company with an enterprise value of US$25bn and revenues of US$17bn. 

The combined company will be initially dual-listed in Amsterdam and New York before moving to a single NYSE listing and maintaining dual headquarters in Amsterdam and Philadelphia. 

Completion of the merger is expected to close late 2026 to early 2027, subject to closing conditions and regulatory approvals.

Our Bermuda Corporate team acted as Bermuda counsel to Axalta. The team was led by Corporate partners Natalie Neto and Rachel Nightingale with assistance from senior counsel Aimee Carroll-Hewitt and senior associate Marah Smith all based in Bermuda.

Congratulations to Axalta and the Cravath, Swaine & Moore LLP team who acted as U.S. counsel. It has been a pleasure assisting with this transaction and working with you once again.