BASF Completes €7.7 Billion Coatings Transaction with Carlyle, Launches Surventis as Independent Company

BASF has successfully completed its previously announced coatings transaction with global investment firm Carlyle, which is an important turning point in the company's strategic transformation under its "Winning Ways" strategy. Following the receipt of all required regulatory approvals, the transaction officially closed on June 30, 2026, with an enterprise value of €7.7 billion.

As part of the deal, BASF received approximately €5.8 billion in pre-tax cash proceeds while retaining a 40% equity stake in the newly established company, Surventis, formerly known as BASF Coatings. Surventis now operates as an independent business encompassing BASF's automotive OEM coatings, automotive refinish coatings, and surface treatment businesses. Combined with the divestiture of BASF's decorative paints business completed in October 2025, the transactions value the former BASF Coatings division at €8.7 billion, representing an implied 2024 EV/EBITDA multiple of approximately 13x before special items.

BASF stated that the transaction sharpens its strategic focus while allowing the company to continue participating in the future value creation of the coatings business through its minority ownership.

The coatings business has been reported as discontinued operations since September 2025, and the disposal gain will be reflected in BASF Group's net income and earnings per share. Beginning in July 2026, BASF's 40% stake in Surventis will be accounted for using the equity method as a financial investment. The transaction underscores BASF's ongoing portfolio optimization strategy aimed at unlocking shareholder value while positioning Surventis for independent growth in the global automotive coatings and surface technologies market.

Source: BASF