Davis Polk, Cravath, NautaDutilh and De Brauw Blackstone Westbroek, advised on the $25 billion merger of equals between AkzoNobel and Axalta.

Axalta Coating Systems Ltd. (“Axalta”) and Akzo Nobel N.V. announced that they have entered into a definitive agreement to combine in an all‑stock merger of equals, creating a premier global coatings company with an enterprise value of approximately $25 billion. The combined company will have its corporate seat in the Netherlands and dual headquarters in Amsterdam and Philadelphia. AkzoNobel shareholders will own 55% and Axalta shareholders 45% of the combined company.

Davis Polk advised Akzo Nobel N.V. (AkzoNobel) on its $25 billion all-stock merger of equals with Axalta Coating Systems Ltd. The Davis Polk corporate team includes Partners H. Oliver Smith and Michael Gilson and Associate Katherine Anne Cody. Partner Connie I. Milonakis and Counsel Maxim Van de moortel are providing capital markets advice. Partner Jennifer S. Conway and counsel Andrew H. Braid are providing executive compensation advice. Partner William A. Curran is providing tax advice. Partner Howard Shelanski is providing antitrust and competition advice. Partner Pritesh P. Shah is providing intellectual property advice. Members of the Davis Polk team are based in the New York, Northern California, Washington DC and London offices.

De Brauw Blackstone Westbroek N.V. also served as legal counsel to AkzoNobel, advising on Netherlands law and cross-border aspects of the merger.

Cravath is representing Axalta in connection with the transaction. The Cravath team is led by Partners Mark I. Greene, Aaron M. Gruber and Edward O. Minturn and Associates Ryan J. Wichtowski, Nathanael Ham and Rohan Sagar Naik on M&A matters; Partner Matthew J. Bobby, Senior Attorney Aaron S. Cha and Associates Anna Mikaelyan, Nicholas J. Celli, S. Celine Li and Caroline Wyatt on executive compensation and benefits matters; Partner Margaret T. Segall, of Counsels Michael B. Singer and John F. Kendrick and Associate Timothy O’Neill on antitrust matters; Partner J. Leonard Teti II, of counsel Kiran Sheffrin and Associate Carolyn Liziewski on tax matters; Partner Sasha Rosenthal‑Larrea and Senior Attorney Carys J. Webb on intellectual property matters; Partner Michael L. Arnold and Associate Zachary B. Ramirez-Brunner on corporate governance matters; Partner Michael P. Addis and Associate Jacob B. Seeley on litigation matters; Senior Attorney Annmarie M. Terraciano on environmental matters; and Senior Attorney Joyce Law on real estate matters. Luke Hinrichs and Mohamed Camara also worked on antitrust matters, and Istvan van Vianen also worked on litigation matters.

NautaDutilh acted as legal advisor to Axalta, with team including Partners Stefan Wissing, Paul van der Bijl, Mauricette Schaufeli, Nina Kielman (Taxation) and Daniël Kuiper (Employment).