Nippon Paint to Buy Akzo’s Southeast Asia Unit for $1.35 Billion

Nippon Paint Holdings Co. is acquiring the decorative paints business of Akzo Nobel NV in Southeast Asia for $1.35 billion. This transaction allows Nippon Paint to secure a regional portion of a business it previously attempted to purchase in its entirety. Following the announcement of this $1.35 billion deal for the Southeast Asia paint arm, shares of Nippon Paint have risen. The sale of the Southeast Asia paints business was confirmed by Reuters reports.