Nippon Paint to buy Singapore's Wuthelam assets for $16.67b

As part of the deal, Nippon Paint will sell $15.37 (JPY1.19t) worth of shares to Wuthelam.

Nippon Paint Holdings on 21 August said it inked a deal worth $16.67b (JPY1.29t) with Singaporean paint manufacturer Wuthelam Group, whose stake in the Japanese company will rise to just under 60% from 39%.

Following the announcement of one of the biggest transactions in Asia this year, shares of Nippon Paint closed up 6.5% in a near-flat broader market.

As part of the deal, Nippon Paint will sell $15.37b (JPY1.19t) worth of shares to Wuthelam.

Japan’s top paint maker said it will use the funds raised as well as $1.3b (JPY100b) in cash to buy out Wuthelam from their Asian joint ventures in countries including China, Malaysia and Thailand, as well as acquire Wuthelam’s wholly owned business in Indonesia.

The 139-year-old Japanese firm is seeking growth outside its mature domestic market, and has prioritised global expansion.

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