JSW Agrees to Buy Akzo Nobel India Unit in $1.6 Billion Deal
Paint spread test sheets at an Akzo Nobel India paint factory in Gwalior, Madhya Pradesh, India.
Photographer: Udit Kulshrestha/BloombergJSW Group agreed to buy up to 75% of Akzo Nobel NV’s Indian business as the conglomerate seeks to expand its presence in areas such as paints.
The deal is valued at about €1.4 billion ($1.6 billion) including debt, according to a statement on Friday. The transaction, which is expected to close in the fourth quarter, will generate about €900 million in net cash proceeds for the Amsterdam-based company.