Akzo Nobel to sell chemicals business to Carlyle, Singapore's GIC in $12.6b deal

Akzo Nobel to sell chemicals business to Carlyle, Singapore's GIC in $12.6b deal

FILE PHOTO: Akzo Nobel's logo is seen in Amsterdam, Netherlands, February 16, 2012. REUTERS/Robin van Lonkhuijsen/United Photos/File Photo

Akzo Nobel has agreed to sell its specialty chemicals business to U.S. private equity firm Carlyle Group and Singapore’s GIC for 10.1 billion euros ($12.6 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.

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