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Nippon Paint builds Asia-Pacific presence through USD1.35 billion acquisition

Nippon Paint builds Asia-Pacific presence through USD1.35 billion acquisition
Published Date
Oct 6, 2026
Related people
Image of Ayesha Thapar
Ayesha ThaparPartner, Singapore
Image of Gijs Linse
Gijs LinsePartner, Amsterdam
Image of Saranpaal Calais
Saranpaal CalaisPartner, Singapore
Image of James Webber
James WebberPartner, London
Nippon Paint Holdings Co., Ltd. (Nippon Paint) has signed definitive agreements to acquire Akzo Nobel N.V.'s (AkzoNobel) decorative paints businesses in Southeast Asia, Australia, and Papua New Guinea for a total consideration of USD1.35bn (approximately JPY216bn). A&O Shearman advised Nippon Paint on the transaction, which signed on October 3, 2026, and is expected to close by mid-2027 following receipt of necessary regulatory approvals and merger control clearances, except for the transaction in Indonesia which is separate and expected to close in late 2026.
The acquisition represents a significant milestone in Nippon Paint's strategy to drive sustainable growth across Asia-Pacific. Combining AkzoNobel's decorative paints businesses in Southeast Asia with the NIPSEA Group's established regional platform, the transaction strengthens its presence across key growth markets, enhances scale and market reach, and unites the “Dulux” brand across Southeast Asia.

“This transaction reflects Nippon Paint's strategic ambition to expand its successful business across the Asia-Pacific region through disciplined, high-value growth.”

“This transaction reflects Nippon Paint's strategic ambition to expand its successful business across the Asia-Pacific region through disciplined, high-value growth. Our cross-border collaboration across Asia, Europe, and the United States enabled us to manage a highly complex and competitive process, delivering a seamless outcome that underscores both the scale and sophistication of Nippon Paint's regional vision.” Ayesha Thapar A&O Shearman partner, commented. 

The core A&O Shearman team was led by partners Ayesha Thapar (Singapore) and Gijs Linse (Amsterdam), with support from Saranpaal Calais (Singapore) on separation agreements and James Webber (London) on antitrust. They were supported by multidisciplinary teams spanning M&A, tax, financing, and regulatory practices across Asia-Pacific, Europe, and the United States.

This transaction continues a period of strong activity for A&O Shearman's Singapore M&A team, which has advised on more than USD7bn of announced M&A and strategic investment transactions in the past three months, including Allianz's acquisition of HSBC Life Singapore, Danantara's investment in JBS Australia, and Grab's acquisition of Atome Financial.

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