Nov 2025
Conyers acted alongside De Brauw in advising AkzoNobel N.V. (AMS:AKZA) (“AkzoNobel”) on its agreement to enter into a US$25 billion all-stock combination by merger with Axalta Coating Systems Ltd. (NYSE:AXTA) (“Axalta”).
Under the terms of the transaction, Axalta shareholders will receive 0.6539 AkzoNobel shares for each Axalta share. Following completion, AkzoNobel shareholders will hold approximately 55 per cent of the combined company and Axalta shareholders will hold approximately 45 per cent.
The transaction will combine two leading global coatings businesses to create a premier, innovation-focused coatings company with pro forma 2024 revenues of approximately US$17 billion.
The combined company will transition to a single listing on the New York Stock Exchange after completion. It will maintain dual headquarters in Amsterdam and Philadelphia.
Closing is expected in late 2026/early 2027, subject to regulatory approvals.
Directors Neil Henderson, Marcello Ausenda, Jennifer Panchaud and Associate Celine Collis of Conyers’ Bermuda office advised on this transaction, working alongside De Brauw Blackstone Westbroek.