AkzoNobel has signed an agreement to sell Akzo Nobel Pakistan Limited to IGI Investments (Pvt.) Limited, part of the Packages Group.

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 is part of AkzoNobel’s ongoing strategic portfolio review aimed at focusing capital and resources on leading positions in key global markets. Akzo Nobel Pakistan Limited primarily operates in the decorative paints segment. Future coatings activities under Packages Group ownership will be subject to royalties.

“This transaction represents a further step in executing our strategy,” said 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, said: “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 divestment follows the sale of Akzo Nobel India Limited, which was finalized in December 2025.

PCI has been closely following AkzoNobel's recent announcements as part of the planned merger of equals with Axalta. Read more of that coverage here: 

• AkzoNobel Raises €1.1 Billion to Support Axalta Deal
• AkzoNobel Moves to Reshape Supervisory Board as Strategic Talks Continue
• AkzoNobel Adjusts CFO Plans Ahead of Proposed Axalta Merger
• What the AkzoNobel–Axalta Merger Means for the Future of Coatings