Axalta and AkzoNobel sign all-stock merger of equals; Axalta shareholders to receive 0.6539 AkzoNobel shares each

Axalta Coating Systems Ltd.

Exchange ratio of 0.6539 AkzoNobel ordinary shares per Axalta ordinary share; AkzoNobel to pay €2.5B special dividend pre-close.
MergeCo to be dual-headquartered in Amsterdam and Philadelphia; listed on NYSE and Euronext Amsterdam.
Chris Villavarayan (Axalta CEO) to be deputy CEO; Grégoire Poux-Guillaume (AkzoNobel CEO) to be CEO; Rakesh Sachdev to be non-executive chair.
Mutual termination fee of €150M payable under specified circumstances; outside date May 18, 2027 (extendable to Nov 18, 2027).
Conditions include Axalta and AkzoNobel shareholder approvals, HSR and other regulatory clearances, and effectiveness of Form F-4.

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