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Nippon Paint Holdings shares gained on Monday after the Japanese paintmaker agreed to acquire AkzoNobel’s decorative paints businesses across Southeast Asia, Australia and Papua New Guinea for $1.35 billion, strengthening its presence in key regional markets.
Nippon Paint shares rose 1% to 1,169 yen in Tokyo trading, although they underperformed the broader Nikkei 225, which climbed 2.28%.
The acquisition covers AkzoNobel’s decorative paints operations in Vietnam, Indonesia, Malaysia, Thailand, Singapore, Papua New Guinea and Australia. The transaction carries an enterprise value of approximately $1.35 billion.
AkzoNobel said the valuation represents about 21 times the businesses’ 2025 EBITDA. Nippon Paint, meanwhile, estimates the purchase price at roughly 16 times projected 2026 EBITDA.
The acquired operations generated $291 million in revenue and $65 million in EBITDA during 2025, according to Nippon Paint. That translates into an EBITDA margin of approximately 22%.
Nippon Paint expects the AkzoNobel acquisition to contribute positively to earnings after completion. The company sees opportunities to improve profitability through combined procurement, manufacturing and logistics operations, as well as cross-selling initiatives and reductions in overhead expenses.
The deal will be financed using existing cash and bank borrowings, with Nippon Paint opting against issuing new shares. That structure limits immediate dilution for current shareholders.
Due to regulatory requirements, the Indonesian portion of the transaction is expected to close separately in late 2026. Acquisitions in the other markets are scheduled for completion around mid-2027, subject to regulatory approvals and customary closing conditions.
The agreement gives Nippon Paint a significant portion of an asset it had previously sought on a broader scale. AkzoNobel earlier rejected proposals valuing its entire decorative paints business at roughly €7.5 billion.
Nippon Paint and U.S. coatings giant Sherwin-Williams also abandoned an earlier joint effort to acquire AkzoNobel as a whole, making the latest $1.35 billion transaction a more targeted expansion of Nippon Paint’s Asia-Pacific business.
