Akzo Nobel Buys Axalta to Build $25 Billion Paint Company (4)

Akzo Nobel NV agreed to acquire smaller rival paint maker Axalta Coating Systems Ltd.in a deal that will create a US-listed leader with combined annual sales of almost $17 billion.

Under the agreement, which confirmed an earlier report by Bloomberg News, Amsterdam-based Akzo Nobel will own 55% of the combined entity, whose brands range from Dulux to Cromax. After trading for some three decades in Amsterdam, the share listing will move to New York while the companies will maintain headquarters in the Netherlands and Philadelphia.

The deal, creating a business with an estimated enterprise value of about $25 billion, ...