AkzoNobel Sells Pakistan Operations to Packages Group Subsidiary
AkzoNobel has completed the sale of its Pakistan-based decorative paints and liquid coatings businesses to IGI Investments, a subsidiary of Pakistan's Packages Group. The transaction is valued at approximately €50 million.
AkzoNobel announced the completion of its divestment of Akzo Nobel Pakistan Limited to IGI Investments (Pvt.) Limited. IGI Investments is part of Packages Group, a large Pakistani conglomerate.
The sale includes AkzoNobel's decorative paints and liquid coatings businesses in Pakistan. The transaction's enterprise value is approximately €50 million, equivalent to PKR 16.2 billion, based on an EV/EBITDA multiple of 14x.
AkzoNobel CEO Greg Poux-Guillaume stated that the closing represents another milestone in the company's ongoing strategic portfolio review. Syed Hyder Ali, CEO and Managing Director of Packages Limited, indicated that the acquisition aligns with Packages Group's strategy to develop businesses with established brands and strong market positions.
Packages Group plans to ensure continuity for employees, customers, distributors, and partners following the acquisition. The divestment is part of AkzoNobel's broader strategy to refocus its portfolio, concentrating on core and more profitable operations.