AkzoNobel has announced the sale of 100 per cent of its Specialty Chemicals business to The Carlyle Group and GIC, for an enterprise value of €10.1 billion (approximately £8.8 billion).

As part of its strategy announced in April 2017, AkzoNobel says the transaction creates two focused and high performing businesses, Paints and Coatings and Specialty Chemicals.

The Carlyle Group says as an investor Carlyle is focused on driving growth, job creation and long-term financial success.

The firm also has a strong focus on Environmental, Social and Governance (ESG) aspects and building positive working relationships with wider stakeholders.

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“We delivered on our commitment to separate the Specialty Chemicals business and did so ahead of schedule,” said Thierry Vanlancker, CEO AkzoNobel.

“We are very pleased to announce the sale of Specialty Chemicals to The Carlyle Group and GIC. We believe the business is well positioned to capture growth opportunities and further improve performance. Carlyle has significant experience in the chemicals industry and a proven track record when it comes to health, safety, innovation and sustainability.”

Martin Sumner and Zeina Bain, Managing Directors at The Carlyle Group, added: “We are committed to growing the business, and building upon its innovation capability, high quality work force and asset base, as well as its world-class sustainability and environmental practices. We look forward to working with the management team to transition the business to a successful independent company.”

The transaction is expected to be completed before the end of 2018.