BASF and funds managed by global investment firm Carlyle, in partnership with Qatar Investment Authority (QIA), have entered into a binding agreement relating to BASF’s automotive OEM coatings, automotive refinish coatings, and surface treatment businesses (BASF Coatings) to create a standalone company.
The enterprise value of the transaction amounts to EUR 7.7 billion. Subject to customary regulatory approvals, the transaction is expected to close in Q2 2026. BASF will reinvest in BASF Coatings holding a 40% equity stake.
Milbank LLP advised Carlyle comprehensively on the transaction, as well as in respect of BASF’s reinvestment and the partnership with QIA.
Carlyle is a global investment firm with deep industry expertise, deploying private capital across three business segments: Global Private Equity, Global Credit, and Carlyle AlpInvest. As of June 30, 2025, Carlyle manages USD 465 billion in assets.
BASF Coatings is a global player in the development, production and marketing of innovative and sustainable automotive OEM and refinish coatings as well as applied surface treatments for metal, plastic and glass substrates in a wide range of industries. The business operates in Europe, North America, South America and Asia Pacific, and generated sales of approx. EUR 3.8 billion in 2024.
The Milbank team advising Carlyle on the transaction was led by Sebastian Heim and Norbert Rieger (both Corporate/M&A, Munich) and included the partners Pascal Haerdtner (Corporate/M&A, Munich), Jan Haeller (Corporate/M&A, Frankfurt), Paul Bennett (Corporate/M&A, New York), Rolf Fueger, Matthias Schell (both Tax, Munich), Max A. Goodman (Tax, New York) and Alexander Rinne (Antitrust, Munich), special counsel David Schwenneker (Corporate/M&A, Munich) as well as associates Sarah-Maria Resch (Corporate/M&A, Frankfurt), Julian Jaschinski, Lea-Marie Weischede, Lucas Stumpf, Jana Kasakow, Janik Klotzsche, Rabea Regh, Moritz Vogt-Hohenlinde (all Corporate/M&A, Munich), Sarah Griffin, Jacklyn Weon (both Corporate/M&A, New York), Arne Hammerich, Jil Windau, Sven Leber (all Tax, Munich), Michael Rivkin (Tax, New York) and Marlies Zeck (Antitrust, Munich).
