BASF has completed the €7.7 billion sale of its coatings business to Carlyle, marking a major milestone in the company's portfolio transformation and the execution of its Winning Ways strategy.
The transaction, first announced on October 10, 2025, closed on June 30, 2026, after securing all required regulatory approvals. BASF received approximately €5.8 billion in pre-tax cash proceeds upon closing.
As part of the deal, BASF retained a 40 percent equity stake in Surventis, formerly BASF Coatings, which includes the automotive OEM coatings, automotive refinish coatings, and surface treatment businesses.
Combined with the divestiture of BASF's decorative paints business completed in October 2025, the transactions value the company's former Coatings division at an enterprise value of €8.7 billion, implying an approximately 13x 2024 EV/EBITDA multiple before special items.
"This successful closing marks a key milestone in the execution of our Winning Ways strategy aimed at unlocking the value of our standalone businesses,” said Markus Kamieth, Chairman of the Board of Executive Directors of BASF SE. “By holding a 40 percent equity stake, we will continue to participate in the future value creation of the coatings business while sharpening BASF’s strategic focus.”
“We are convinced that the new ownership structure provides an excellent foundation for future profitable growth of Surventis,” said Anup Kothari, member of the Board of Executive Directors of BASF SE. “We wish the former BASF Coatings employees every success as they move forward into their future as an independent company.”
The coatings business has been reported as discontinued operations since September 30, 2025. Effective January 1, 2025, BASF began reporting the business's income after taxes separately under "Income after taxes from discontinued operations," with prior-year figures restated accordingly.
The disposal gain from the transaction, which closed on June 30, 2026, will also be recognized under discontinued operations and reflected in BASF Group's net income and earnings per share. At the end of 2025, the book value of the coatings disposal group's net assets stood at approximately €3.0 billion.
Beginning in July 2026, BASF's remaining 40 percent stake in Surventis will be accounted for as a financial investment using the equity method, with the company's share of net income reported in EBITDA before special items under Other.
