Baker McKenzie counsels AkzoNobel on Titan Spain acquisition

Baker McKenzie has counselled Dutch multinational AkzoNobel on the acquisition of Spain’s Industrias Titan

With this operation, the Netherlands-headquartered AkzoNobel, experts in the craft of making paints and coatings, is to further grow in Europe after agreeing to acquire the decorative paints business of Spain’s Industrias Titan S.A.U. Completion is subject to regulatory approvals and expected before the end of Q1, 2021.

Titan – which also has a relevant presence in Portugal – is one of Spain’s best-known brands. The business shares AkzoNobel’s commitment to sustainable product innovation, with much of its portfolio having received recognition for environmental performance.

“The Spanish market has strong growth potential, and this is an excellent opportunity for us to reinforce our position in the region,” says AkzoNobel CEO, Thierry Vanlancker. “The acquisition will enable us to better serve our customers and provides added momentum, while also offering further proof of us being the reference in paints and coatings in Europe. The fact that a significant part of Titan’s portfolio has been awarded the European Ecological label also offers exciting possibilities for combining our technologies and expertise, which will result in us developing better and more sustainable products.”

Baker McKenzie Spanish team was led by Barcelona office M&A partner Javier Menor (pictured left) Competition partner Valeria Enrich (pictured centre) and senior associate Laura Pons (pictured right).

Industrias Titan has been advised by Cuatrecasas on the sale (beauty contest process) and on the previous corporate restructuring with a Barcelona office team led by Tax partner Ignacio Costa and M&A partner Gerard Correig, assisted by Tax senior associate Cristina Coca and M&A senior associate Roger Freixes, among others.

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