March 27, 2018 / 6:11 AM / 6 months ago

BRIEF-Akzo Nobel To Sell Specialty Chemicals To Carlyle Group And GIC For 10.1 Billion Euros

March 27 (Reuters) - AKZO NOBEL NV:

* TODAY ANNOUNCES THE SALE OF 100% OF ITS SPECIALTY CHEMICALS BUSINESS TO THE CARLYLE GROUP AND GIC FOR AN ENTERPRISE VALUE OF €10.1 BILLION‍​

* KEY MILESTONE IN CREATING A FOCUSED, HIGH PERFORMING PAINTS AND COATINGS COMPANY

* TRANSACTION IS EXPECTED TO BE COMPLETED BEFORE END OF 2018

* THIS TRANSACTION CREATES TWO FOCUSED AND HIGH PERFORMING BUSINESSES - PAINTS AND COATINGS, AND SPECIALTY CHEMICALS

* ‍ON BASIS OF YEAR-END BALANCE SHEET, AKZONOBEL EXPECTS TO RECEIVE A CASH PAYMENT OF EUR 8.9 BILLION​

* FOLLOWING DEDUCTION OF DEAL AND SEPARATION RELATED COSTS, AS WELL AS OTHER PREVIOUSLY ANNOUNCED LIABILITIES, THE NET PROCEEDS ARE EXPECTED TO BE AROUND €7.5 BILLION

* THE VAST MAJORITY OF NET PROCEEDS WILL BE DISTRIBUTED TO SHAREHOLDERS Source text for Eikon: Further company coverage:, (Gdynia Newsroom)

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