AkzoNobel completes sale of AkzoNobel India to JSW Group
10 Dec, 2025
Media release
AkzoNobel to sell AkzoNobel Pakistan to the Packages Group
April 17, 2026
(AKZA; AKZOY)
AkzoNobel has signed an agreement to sell Akzo Nobel Pakistan Limited to IGI Investments (Pvt.) Limited, which is part of the Packages Group, one of Pakistan’s most diversified conglomerates. The transaction is based on a total enterprise value of 16.2 billion Pakistani rupee (approximately €50 million), at an EV/EBITDA multiple of 14x.
The divestment marks the latest phase of AkzoNobel’s ongoing strategic portfolio review, which is designed to refocus the company’s capital and capabilities on leading positions in key global markets. Akzo Nobel Pakistan Limited is mainly a Decorative Paints business. Future Coatings activities under Packages Group ownership will be subject to royalties.
“This transaction represents a further step in executing our strategy,” says Greg Poux-Guillaume, CEO of AkzoNobel. “We’re proud of the strong business and team we’ve built in Pakistan, and we’re confident that IGI and the Packages Group are well positioned to take it forward and unlock its full potential.”
Syed Hyder Ali, Chairman of IGI Investments (Pvt.) Limited, adds: “We’re pleased to welcome Akzo Nobel Pakistan Limited into the Packages Group. The business has a strong heritage and a talented team, and we see significant opportunities to build on its success. We are committed to investing in the business, supporting its people and further strengthening its position in Pakistan’s paints and coatings industry, while continuing to deliver value to all stakeholders.”
The transaction is subject to customary closing conditions and is expected to be completed in the second half of 2026. The intended divestment follows on from the recent sale of Akzo Nobel India Limited, which was finalized in December 2025.
About AkzoNobel
Since 1792, we’ve been supplying the innovative paints and coatings that help to color people’s lives and protect what matters most. Our world class portfolio of brands – including Dulux, International, Sikkens and Interpon – is trusted by customers around the globe. We’re active in more than 150 countries and use our expertise to sustain and enhance everyday life. Because we believe every surface is an opportunity. It’s what you’d expect from a pioneering and long-established paints company that’s dedicated to providing more sustainable solutions and preserving the best of what we have today – while creating an even better tomorrow. Let’s paint the future together.
