AkzoNobel Sells Pakistan Business to IGI Investments
Posted on Wednesday, June 10, 2026
AkzoNobel (Amsterdam, The Netherlands) has signed an agreement to divest Akzo Nobel Pakistan Limited to IGI Investments (Pvt.) Limited, a member of the Packages Group, one of Pakistan's most diversified conglomerates. The deal is valued at a total enterprise value of 16.2 billion Pakistani rupee (approximately €50 million), structured at a 14x EV/EBITDA multiple.
The divestment is the latest move in AkzoNobel's ongoing strategic portfolio review, which is designed to redirect the company's capital and resources toward strengthening its positions in priority global markets. The Pakistan operation is primarily a decorative paints business, and any future coatings activities conducted under Packages Group ownership will be subject to royalty agreements.
AkzoNobel CEO Greg Poux-Guillaume called the transaction a further step in executing the company's strategy, adding that the company is proud of the business and team it has built in Pakistan. He expressed confidence that IGI and the Packages Group are well positioned to take the business forward and unlock its full potential.
IGI Investments Chairman Syed Hyder Ali welcomed the acquisition, highlighting the business's strong heritage and talented workforce. He outlined plans to invest in the operation, support its people and further strengthen its standing in Pakistan's paints and coatings industry while continuing to deliver value to all stakeholders.
The deal is subject to customary closing conditions and is anticipated to be finalized in the second half of 2026. It follows AkzoNobel's earlier divestment of Akzo Nobel India Limited, which was completed in December 2025.