Akzo Nobel to sell chemicals arm to Carlyle, GIC for $16.5 bil

AMSTERDAM (Mar 27): 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 euros ($16.5 billion), including debt.

The net proceeds of the deal are expected to amount to 7.5 billion euros, 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.

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