The Carlyle Group has a global presence and the financial capacity to help the Specialty Chemicals business achieve its full potential. Carlyle has extensive experience investing in chemicals, unlocking long-term potential and creating value in its portfolio companies. As a responsible investor, Carlyle is focused on driving growth, job creation and long-term financial success.

Thierry Vanlancker, CEO of AkzoNobel, said, "Today is a key milestone in creating two focused, high-performing businesses to generate value for all stakeholders. We delivered on our commitment to separate the Specialty Chemicals business and did so ahead of schedule.

"We are very pleased to announce the sale of Specialty Chemicals to The Carlyle Group and GIC. We believe the business is well positioned to capture growth opportunities and further improve performance. Carlyle has significant experience in the chemicals industry and a proven track record when it comes to health, safety, innovation and sustainability."

Martin Sumner and Zeina Bain, Managing Directors at The Carlyle Group, added, "We are pleased to invest in the Specialty Chemicals business and proud to support a business with such a strong heritage. We are committed to growing the business, and building upon its innovation capability, high quality work force and asset base, as well as its world-class sustainability and environmental practices. We look forward to working with the management team to transition the business to a successful independent company."

The transaction is subject to customary closing conditions including the relevant regulatory approvals and consultation with the relevant employee representative bodies. AkzoNobel obtained shareholder approval for the separation at an Extraordinary General Meeting held on Nov. 30, 2017.