Akzo Nobel to sell chemical arm to Carlyle, Singapore's GIC for $12 billion

Akzo Nobel has agreed to sell its specialty chemicals business to US private equity firm Carlyle Group and Singapore’s GIC for €10.1 billion ($12.6 billion), including debt.

The net proceeds of the deal are expected to amount to €7.5 billion, Akzo said, with the bulk going to shareholders.

Akzo first announced plans to sell the business, which accounts for a third of its sales and profit, in April, as it looked to evade a takeover from rival PPG Industries.

The company considered both a private sale and a separate stock listing for the chemicals division, ultimately concluding that a sale