05/06/2026
🛑 EU greenlights a €7.7B acquisition but with a catch: Carlyle must sell off these assets first.
The European Commission has approved Carlyle's purchase of BASF's coatings business, valued at around €7.7 billion. But there's a key condition: Carlyle must divest Nouryon's global polysulfide business.
Polysulfide is an irreplaceable raw material for aerospace sealants, and BASF's coatings business is a strong player in aerospace coatings. The EU is concerned that one owner controlling both a key upstream supplier and downstream operations could distort competition and threaten supply security.
Bottom line: deal allowed, but risky assets must be divested first.