Axalta’s $25 Billion Merger of Equals with AkzoNobel

On November 18, 2025, Axalta Coating Systems Ltd. (“Axalta”) and Akzo Nobel N.V. announced that they have entered into a definitive agreement to combine in an all‑stock merger of equals, creating a premier global coatings company with an enterprise value of approximately $25 billion. Cravath is representing Axalta in connection with the transaction.

The Cravath team is led by partners Mark I. Greene, Aaron M. Gruber and Edward O. Minturn and associates Ryan J. Wichtowski, Nathanael Ham and Rohan Sagar Naik on M&A matters; partner Matthew J. Bobby, senior attorney Aaron S. Cha and associates Anna Mikaelyan, Nicholas J. Celli, S. Celine Li and Caroline Wyatt on executive compensation and benefits matters; partner Margaret T. Segall, of counsels Michael B. Singer and John F. Kendrick and associate Timothy O’Neill on antitrust matters; partner J. Leonard Teti II, of counsel Kiran Sheffrin and associate Carolyn Liziewski on tax matters; partner Sasha Rosenthal‑Larrea and senior attorney Carys J. Webb on intellectual property matters; partner Michael L. Arnold and associate Zachary B. Ramirez-Brunner on corporate governance matters; partner Michael P. Addis and associate Jacob B. Seeley on litigation matters; senior attorney Annmarie M. Terraciano on environmental matters; and senior attorney Joyce Law on real estate matters. Luke Hinrichs and Mohamed Camara also worked on antitrust matters, and Istvan van Vianen also worked on litigation matters.