AkzoNobel Announces Sale of AkzoNobel Pakistan to Packages Group

AkzoNobel has entered into an agreement to divest Akzo Nobel Pakistan Limited to IGI Investments (Pvt.) Limited, a part of the Packages Group. The deal values the business at approximately PKR 16.2 billion (around €50 million), reflecting an EV/EBITDA multiple of 14x.

The divestment represents the latest step in AkzoNobel’s ongoing strategic portfolio review, aimed at sharpening its focus on core global markets and strengthening leadership positions. AkzoNobel Pakistan Limited primarily operates in the Decorative Paints segment. Under the new ownership of the Packages Group, future coatings activities will be conducted under royalty arrangements.

“This transaction represents a further step in executing our strategy,” says Greg Poux-Guillaume, CEO of AkzoNobel. “We’re proud of the strong business and team we’ve built in Pakistan, and we’re confident that IGI and the Packages Group are well positioned to take it forward and unlock its full potential.”

Syed Hyder Ali, Chairman of IGI Investments (Pvt.) Limited, adds: “We’re pleased to welcome Akzo Nobel Pakistan Limited into the Packages Group. The business has a strong heritage and a talented team, and we see significant opportunities to build on its success. We are committed to investing in the business, supporting its people and further strengthening its position in Pakistan’s paints and coatings industry, while continuing to deliver value to all stakeholders.”

The transaction remains subject to customary closing conditions and is anticipated to be completed in the second half of 2026. The planned divestment follows the recent sale of AkzoNobel India Limited, which was finalised in December 2025.

Source: AkzoNobel