Sherwin-Williams to acquire BASF's decorative paints business in Brazil for $1.15B cash

SHERWIN WILLIAMS CO

Wholly owned subsidiary Sherwin-Williams do Brasil to acquire all equity of BASF Coatings S.A. for $1.15B cash, subject to customary adjustments.
Transaction includes carve-out of BASF's decorative paints business in Brazil; closing requires Brazilian antitrust approval and completion of carve-out.
Purchase agreement provides termination rights; if antitrust approval not obtained by 18-month end date, Purchaser pays 8% termination fee.
Sherwin-Williams and BASF each guarantee obligations of their respective subsidiary under the agreement.
Deal expands Sherwin-Williams' footprint in the Brazilian decorative paints market.

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