JSW Agrees to Buy Akzo Nobel India Unit in $1.6 Billion Deal (1)

JSW Group agreed to buy up to 75% of Akzo Nobel NV’s Indian business as the conglomerate seeks to expand its presence in areas such as paints.

The deal is valued at about €1.4 billion ($1.6 billion) including debt, according to a statement on Friday. The transaction, which is expected to close in the fourth quarter, will generate about €900 million in net cash proceeds for the Amsterdam-based company.

JSW Paints will buy up to 74.76% stake in Akzo Nobel India Ltd. from the Dutch parent and its affiliates for as much as 89.9 billion rupees ($1.1 billion).

JSW ...