The coatings transaction between Carlyle and BASF was completed on June 30, following receipt of all required regulatory approvals.

The enterprise value of the transaction amounted to EUR 7.7 billion. On June 30, BASF received pre-tax cash proceeds of around EUR 5.8 billion.

Following completion of the transaction, BASF now holds a 40% equity stake in Surventis, formerly BASF Coatings, comprising the automotive OEM coatings, automotive refinish coatings, and surface treatment businesses.

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BASF and Carlyle reach binding transaction agreement on coatings business

“By holding a 40% equity stake, we will continue to participate in the future value creation of the coatings business while sharpening BASF’s strategic focus,” said Dr. Markus Kamieth, Chairman of the Board of Executive Directors of BASF SE.

This transaction, together with the divestiture of the decorative paints business closed in October 2025, values BASF’s entire former Coatings division at an enterprise value of EUR 8.7 billion and an implied 2024 EV/EBITDA multiple before special items of approximately 13x.

BASF has reported the coatings business as discontinued operations starting September 30, 2025. Retroactively to January 1, 2025, the income after taxes of the coatings business was presented in the income after taxes of BASF Group as a separate item (“Income after taxes from discontinued operations”).

The coatings transaction between Carlyle and BASF was completed on June 30, following receipt of all required regulatory approvals.

The enterprise value of the transaction amounted to EUR 7.7 billion. On June 30, BASF received pre-tax cash proceeds of around EUR 5.8 billion.

Following completion of the transaction, BASF now holds a 40% equity stake in Surventis, formerly BASF Coatings, comprising the automotive OEM coatings, automotive refinish coatings, and surface treatment businesses.

Related news: 

BASF and Carlyle reach binding transaction agreement on coatings business

“By holding a 40% equity stake, we will continue to participate in the future value creation of the coatings business while sharpening BASF’s strategic focus,” said Dr. Markus Kamieth, Chairman of the Board of Executive Directors of BASF SE.

This transaction, together with the divestiture of the decorative paints business closed in October 2025, values BASF’s entire former Coatings division at an enterprise value of EUR 8.7 billion and an implied 2024 EV/EBITDA multiple before special items of approximately 13x.

BASF has reported the coatings business as discontinued operations starting September 30, 2025. Retroactively to January 1, 2025, the income after taxes of the coatings business was presented in the income after taxes of BASF Group as a separate item (“Income after taxes from discontinued operations”).