AkzoNobel has finalized the sale of Akzo Nobel Pakistan Limited to IGI Investments (Pvt.) Limited, a subsidiary of the Packages Group, one of the country's largest and most diversified conglomerates.

The deal values the Pakistani business at a total enterprise value of approximately €50 million. This transaction represents an EV/EBITDA multiple of 14x and encompasses AkzoNobel's liquid Coatings and Decorative Paints operations within the region.

“Today’s closing is another important milestone in the execution of our ongoing strategic portfolio review,” says Greg Poux-Guillaume, CEO of AkzoNobel. “We’re grateful to our colleagues in Pakistan for the passion and commitment they’ve shown and have every confidence that the Packages Group, with its deep roots in Pakistan’s consumer and industrial markets, is ideally placed to take the business to its next stage of growth.”

Syed Hyder Ali, CEO and Managing Director Packages Limited, adds: “We’re very pleased to welcome AkzoNobel Pakistan into the Packages Group. This acquisition represents an important milestone in our journey to build and strengthen high quality businesses in Pakistan with trusted brands, strong market positions and long-term growth potential.

“We have great respect for what AkzoNobel Pakistan has built over many years and our immediate priority will be to ensure continuity for employees, customers, distributors and partners. We’re also grateful to AkzoNobel for the constructive and professional manner in which this transaction has been concluded, and we look forward to maintaining a strong relationship going forward.”

The divestment is part of AkzoNobel’s ongoing portfolio refocus, currently centered on the company’s Decorative Paints positions in South East Asia. It follows the recent sale of Akzo Nobel India Limited, completed in December 2025.