Packages Group Completes Acquisition of AkzoNobel’s Pakistan Business

AkzoNobel has completed the sale of Akzo Nobel Pakistan Limited to IGI Investments (Pvt.) Limited, part of the Packages Group, one of Pakistan’s most diversified conglomerates. The transaction is based on a total enterprise value of approximately €50 million (16.2 billion PKR), representing an EV/EBITDA multiple of 14x, and includes AkzoNobel’s Decorative Paints and liquid Coatings businesses in Pakistan. “Today’s closing is another important milestone in the execution of our ongoing strategic portfolio review,” says Greg Poux-Guillaume, CEO of AkzoNobel. “We’re grateful to our colleagues in Pakistan for the passion and commitment they’ve shown and have every confidence that the Packages Group, with its deep roots in Pakistan’s consumer and industrial markets, is ideally placed to take the business to its next stage of growth.”

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