BASF successfully completed its previously announced coatings business transaction with Carlyle, marking a significant milestone in the company’s ongoing portfolio transformation strategy. The deal, first announced on October 10, 2025, officially closed on June 30, 2026, after receiving all necessary regulatory approvals.
The transaction was completed at an enterprise value of €7.7 billion, with BASF receiving approximately €5.8 billion in pre-tax cash proceeds on the closing date. As part of the agreement, BASF has retained a 40 percent equity stake in Surventis, the newly established company formerly known as BASF Coatings. Surventis now comprises BASF’s automotive OEM coatings, automotive refinish coatings, and surface treatment businesses, positioning it as an independent player in the global coatings market.
Transaction Values Former Coatings Division at €8.7 Billion
The completion of this transaction, together with the divestiture of BASF’s decorative paints business in October 2025, places the total enterprise value of the company’s former coatings division at €8.7 billion. The combined transactions imply an approximately 13x enterprise
value-to-EBITDA multiple (before special items) for 2024, highlighting the strong market valuation of BASF’s coatings portfolio.
BASF Sharpens Strategic Focus While Retaining Future Growth Potential
Dr. Markus Kamieth, Chairman of the Board of Executive Directors of BASF SE, emphasized that the deal represents an important step in the company’s long-term transformation strategy. “This successful closing marks a key milestone in the execution of our Winning Ways strategy aimed at unlocking the value of our standalone businesses,” said Dr. Kamieth. “By holding a 40 percent equity stake, we will continue to participate in the future value creation of the coatings business while sharpening BASF’s strategic focus.”
Surventis Positioned for Independent Growth
BASF believes the new ownership structure will enable Surventis to pursue accelerated growth while operating independently. Anup Kothari, Member of the Board of Executive Directors of BASF SE, expressed confidence in the future of the business and acknowledged the employees transitioning to the new company. “We are convinced that the new ownership structure provides an excellent foundation for future profitable growth of Surventis,” said Kothari. “We wish the former BASF Coatings employees every success as they move forward into their future as an independent company,” Kothari added.
Financial Reporting Reflects Business Separation
Following the strategic divestment, BASF has reported the coatings business as discontinued operations since September 30, 2025. In addition, the company’s financial statements have been retrospectively adjusted from January 1, 2025, with the coatings business’ after-tax income presented separately under “Income after taxes from discontinued operations.” Corresponding prior-year figures have also been restated. Moreover, the disposal gain resulting from the transaction completed on June 30, 2026, will be recorded under the same category. Consequently, the gain will be reflected in BASF Group’s net income and earnings per share.
Strategic Transformation Continues
The successful completion of the Carlyle transaction represents another major step in BASF’s ongoing portfolio optimization strategy. By monetizing its coatings business while retaining a significant minority stake, BASF has strengthened its financial position, sharpened its strategic focus on core businesses, and preserved the opportunity to benefit from Surventis’ future growth and value creation.
