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)

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