PPG and Bain Capital signed a Sale and Purchase Agreement upon the completion of discussions with appropriate employee representative bodies.
The total transaction value, including assumed debt, is approximately €2.2 billion. The acquisition continues to be subject to receipt of regulatory approvals.
“The process of consulting with and obtaining advice from the relevant employee representative bodies was cooperative and constructive,” said Michael H. McGarry, Vice President, Coatings, and Managing Director, PPG Europe. “As a result, we completed this phase of the process and are now seeking approvals from several regulatory agencies in Europe and elsewhere.”
Based in Uithoorn, Netherlands, SigmaKalon produces architectural, protective, marine and industrial coatings, and is a leading coatings supplier in Europe and other key markets across the globe. The acquisition would give PPG a stronger, more balanced coatings business in Europe.
"We are pleased with how the sale process has progressed, and continue to be pleased with management’s efforts to move the business forward,” said Steve Barnes, Managing Director at Bain Capital based in Boston. "SigmaKalon has very successfully developed over the last four years into a best-in-class global coatings company, and we believe the combination with PPG will allow the company to continue – and in some areas accelerate – its successful strategy,” added Walid Sarkis, a Managing Director at Bain Capital based in London.