Nippon Paint Plans to Buy French Paint Maker Cromology for EUR1.15 Billion
October 20 2021 - 4:08AM
Dow Jones News
By Kosaku Narioka
Nippon Paint Holdings Co. said Wednesday that it plans to
acquire French construction paint maker Cromology Holding SAS for
1.15 billion euros ($1.34 billion), in a move to expand its
business in Europe.
The Japanese paint company plans to buy the French paint maker
from Wendel SE and other shareholders after Cromology holds talks
with labor representatives.
Nippon Paint said Cromology has a high market share for
construction paint in several major European markets such as
France, Italy, Spain and Portugal.
The Japanese company plans to borrow funds from banks for the
acquisition and doesn't plan to issue new shares.
Nippon Paint said the transaction is expected to be completed in
the first half of 2022. HSBC acted as financial adviser and
Clifford Chance was legal adviser for the Nippon Paint unit
undertaking the acquisition, the Japanese company said.
Write to Kosaku Narioka at kosaku.narioka@wsj.com
(END) Dow Jones Newswires
October 20, 2021 03:53 ET (07:53 GMT)
Copyright (c) 2021 Dow Jones & Company, Inc.
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