AkzoNobel has agreed to sell its Pakistan subsidiary to IGI Investments, part of the Packages Group, in a deal valued at about 16.2 billion Pakistani rupees (around €50 million).
This marks an enterprise value to EBITDA multiple of 14 times.
The divestment is part of AkzoNobel’s ongoing strategy to streamline its global portfolio and focus investment on markets where it holds leading positions. Akzo Nobel Pakistan Limited operates mainly in the Decorative Paints segment, with some future Coatings activities to continue under royalty arrangements following the sale.
Greg Poux-Guillaume, CEO of AkzoNobel, framed the move as part of the company’s broader strategic direction.
He said: “Greg Poux-Guillaume, CEO of AkzoNobel, described the divestment as a continuation of the company’s strategic execution. He emphasized the strength of the business developed in Pakistan and expressed confidence that IGI Investments and the Packages Group are well placed to build on this foundation and drive further growth.”
On the buyer’s side, IGI Investments underscored the long-term potential of the acquisition.
Syed Hyder Ali, Chairman of IGI Investments, said: “Syed Hyder Ali, Chairman of IGI Investments, highlighted the strategic value of the acquisition, noting the strong legacy and skilled workforce of Akzo Nobel Pakistan Limited. He outlined the intention to invest in the company’s future development, strengthen its market position, and deliver long-term value to stakeholders within Pakistan’s paints and coatings industry.”
The transaction is subject to standard closing conditions and is expected to complete in the second half of 2026.
It follows AkzoNobel’s earlier exit from India, completed in December 2025, as the company continues reshaping its global footprint toward higher-priority markets.
