日本涂料控股公司（Nippon Paint Holdings Co.）以13.5亿美元收购阿克苏诺贝尔公司（Akzo Nobel NV）在东南亚的装饰涂料业务，从而获得了此前曾试图全资收购的该业务在当地的份额。
Paint Holdings Co. is buying Akzo Nobel NV’s decorative paints business in Southeast Asia for $1.35 billion, acquiring a regional slice of a business it had sought to buy in full.
日本排名第一的涂料公司此前曾计划以75亿欧元（合84亿美元）收购阿克苏诺贝尔全部的住宅和商业涂料部门。该公司在一份声明中表示，这项覆盖七个国家的交易将在2027年中期完成后，为其带来利润增长。
Japan’s No. 1 paint company, which had previously sought to buy Akzo’s entire residential and commercial paints unit for €7.5 billion ($8.4 billion), said in a statement that the deal spanning seven countries will be accretive to profits once the transaction is completed by mid-2027.
此次收购对日本涂料而言是一次部分胜利，因为阿克苏诺贝尔此前拒绝了其多次提出的全面收购装饰涂料业务的提议。同时，该收购也巩固了日本涂料在越南、印度尼西亚、马来西亚、泰国、新加坡和澳大利亚的业务。根据此次交易，日本涂料为这些地区业务支付的估值倍数，高于其此前提出的更广泛收购方案。
The acquisition represents a partial victory for Nippon Paint after Akzo rejected multiple approaches for all of its decorative paints business, and bolsters its operations in Vietnam, Indonesia, Malaysia, Thailand, Singapore and Australia. Based on the deal, Nippon Paint is paying a higher multiple for the regional units compared with its prior, broader offer.
日本涂料称，这些新收购的业务是“极具前景的企业，拥有强大的分销网络、品牌认知度以及制造和供应体系”。声明指出，阿克苏诺贝尔将保留其涂料业务和全球商业服务组织的全部所有权。
Nippon Paint called the new units “highly promising businesses, supported by robust distribution networks, brand recognition, and manufacturing and supply systems.”Akzo Nobel will retain full ownership of its coatings activities and global business services organization, according to the statement.
周一东京早盘交易中，日本涂料的股价一度上涨1.7%。今年迄今，该股已上涨约12%。这家日本公司通过银行贷款和现金而非发行新股来为此次收购融资。
Shares in Nippon Paint rose as much as 1.7% in early morning trading in Tokyo on Monday. The stock is up around 12% this year. The Japanese company is financing the purchase with bank borrowings and cash rather than new shares.
此前，日本涂料与宣伟公司（Sherwin-Williams Co.）曾试图联合出价收购这家荷兰涂料制造商的全部业务，但该提议遭到拒绝。随后，这一计划演变为对装饰涂料业务的收购提议，并最终促成了此次交易。对阿克苏诺贝尔而言，此次出售是在完成对亚洲装饰涂料业务组合的评估之后进行的，此前该公司已出售了其在印度和巴基斯坦的业务。
Nippon Paint and Sherwin-Williams Co. had previously sought a joint bid for the entirety of the Dutch paint maker, but the proposal was rejected. That evolved into an offer for the decorative paints business, and culminated in the latest deal. For Akzo, the disposal completes an Asian decorative-paints portfolio review following sales of its operations in India and Pakistan.
根据立邦涂料的演示材料，阿克苏即将剥离的东南亚业务在2025年创造了2.91亿美元的收入和6500万美元的息税折旧摊销前利润（EBITDA），两项数据均低于上年水平。
The Southeast Asia businesses to be divested by Akzo generated $291 million in revenue and $65 million in earnings before interest, taxes, depreciation and amortization in 2025, both down from a year earlier, according to a presentation by Nippon Paint.
阿克苏将此次交易的价值定为2025年EBITDA的21倍，而立邦则将其估值约为2026年预期EBITDA的16倍。相比之下，立邦此前被否决的、针对阿克苏整个装饰涂料部门的收购方案所隐含的倍数约为2025年EBITDA的11.5倍。
Akzo values the transaction at 21 times 2025 Ebitda, while Nippon puts it at about 16 times projected 2026 Ebitda. By comparison, Nippon’s rejected proposal for Akzo’s entire decorative-paints division implied a multiple of roughly 11.5 times 2025 Ebitda.
立邦涂料表示，其预计整合效应将支撑这一价格，通过联合采购、生产与物流、交叉销售以及降低管理费用，每年可节省销售额高个位数的成本。
Nippon Paint said it expects integration benefits to support the price, with annual savings in high-single-digit percentages of sales from joint procurement, production and logistics, cross-selling and lower overhead.
阿克苏正在与Axalta Coating Systems Ltd.合并，预计在完成交易后，税后并支付少数股东款项后，将获得约10亿美元的可支配现金。
Akzo, which is merging with Axalta Coating Systems Ltd., expects net cash proceeds of about $1 billion after taxes and payments to minority partners.