Paint maker Akzo Nobel to acquire Axalta Coating in $25 billion deal

Dulux paint maker AkzoNobel

said on Tuesday that it plans to acquire paintmaker Axalta Coating Systems

in a deal that will create a combined company with an enterprise value of $25 billion.

AkzoNobel shareholders are expected to own 55% of the new group and Axalta investors 45%, initially dual-listed in Amsterdam and New York before moving to a single NYSE listing, and maintaining dual headquarters in Amsterdam and Philadelphia.

The combined company will be led by current AkzoNobel chief executive Greg Poux-Guillaume as CEO.