AkzoNobel completes sale of AkzoNobel Pak to Packages Group

LAHORE - AkzoNobel has finalized the sale of its AkzoNobel Pakistan Limited subsidiary to IGI Investments (Pvt) Limited, a part of the Packages Group, one of Pakistan's largest conglomerates. This transaction is valued at approximately €50 million (PKR 16.2 billion) and incorporates AkzoNobel's Decorative Paints and Liquid Coatings businesses in the country. The deal marks the completion of a total enterprise value multiple of 14x EV/EBITDA.

Greg Poux-Guillaume, CEO of AkzoNobel, expressed satisfaction with the transaction, stating, "Today's closing is another important milestone in the execution of our ongoing strategic portfolio review." He acknowledged the dedication of colleagues in Pakistan and expressed confidence in the Packages Group's ability to guide the business towards future growth.

Syed Hyder Ali, CEO and Managing Director of Packages Limited, expressed pleasure at welcoming AkzoNobel Pakistan into the group. He emphasized that the acquisition reflects a significant step in their mission to develop and strengthen high-quality businesses in Pakistan, backed by trusted brands, robust market positions, and long-term growth potential.

Both parties recognized the importance of maintaining continuity for employees, customers, distributors, and partners. They also appreciated the professional and constructive manner in which the transaction was concluded. The divestment is part of AkzoNobel's ongoing portfolio refocus, currently concentrating on its Decorative Paints positions in Southeast Asia. This follows the recent sale of Akzo Nobel India Limited, completed in December 2025.