AkzoNobel has completed the sale of Akzo Nobel Pakistan Limited to IGI Investments (Pvt.) Limited, part of the Packages Group, marking a major change in ownership of the company’s Pakistan operations.

The transaction has an enterprise value of approximately €50 million, equivalent to around PKR 16.2 billion. It represents an enterprise value-to-EBITDA multiple of 14 times.

The deal covers AkzoNobel’s Decorative Paints and liquid Coatings businesses in Pakistan. The transaction is part of AkzoNobel’s wider strategy to streamline and refocus its portfolio.

AkzoNobel CEO Greg Poux-Guillaume said the completion was another important milestone in the company’s ongoing strategic portfolio review. He thanked employees in Pakistan for their commitment and said the Packages Group was well positioned to support the business’s next stage of growth.

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Packages Limited CEO and Managing Director Syed Hyder Ali welcomed the acquisition, describing it as an important step in the group’s efforts to build and strengthen businesses in Pakistan.

He said the group would prioritize continuity for employees, customers, distributors and business partners. He also expressed appreciation for AkzoNobel’s approach during the transaction.

The acquisition brings AkzoNobel Pakistan into the Packages Group, one of Pakistan’s diversified business groups, with interests across consumer and industrial markets.

The sale is part of AkzoNobel’s broader portfolio refocus, which currently includes its Decorative Paints operations in Southeast Asia. The company previously completed the sale of Akzo Nobel India Limited in December 2025.

The completion of the Pakistan transaction marks another step in AkzoNobel’s efforts to reshape its global portfolio while giving Packages Group ownership of an established paints and coatings business in the Pakistani market.