Walkers advises on $25bn international paint company merger
Local law firm Walkers Bermuda has assisted in a global paint company merger that will result in an enterprise value of $25 billion and revenues of $17 billion.
The deal brings together Dutch Dulux paintmaker AkzoNoble and coatings paintmaker Axalta Coating systems, incorporated in Bermuda and headquartered in Philadelphia, Pennsylvania.
Walkers Bermuda acted as local counsel to Axalta.
The team was led by corporate partners Natalie Neto and Rachel Nightingale with assistance from senior counsel Aimee Carroll-Hewitt and senior associate Marah Smith all based on the island.
Walkers said the new entity will be initially dual-listed in Amsterdam and New York before moving to a single New York Stock Exchange listing. They will maintain dual headquarters in Amsterdam and Philadelphia.
Completion of the merger is expected to close late 2026 or early next year, subject to closing conditions and regulatory approvals.
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