United States. The transaction, valued at €7.7 billion, marks a new step in BASF's strategy to reorganize its portfolio and maintain a stake in the future growth of the coatings business.
BASF and investment firm Carlyle completed the coatings business transaction announced in October 2025 on June 30, 2026, after obtaining all necessary regulatory approvals. The transaction reached an enterprise value of 7,700 million euros and represents one of the most important strategic moves of the German company within the framework of its transformation plan.
As a result of the closing of the transaction, BASF received pre-tax cash income of approximately €5.8 billion and retained a 40% equity stake in Surventis, the new company spun out of what was previously BASF Coatings. This company brings together the operations of OEM coatings for automobiles, coatings for automotive refinish and surface treatments.
The sale, coupled with the divestment of the decorative paints business completed in October 2025, values BASF's former Coatings division at a total of €8.7 billion, with an implied EV/EBITDA multiple of approximately 13 times over 2024 results before special items.
"This successful closing marks a key milestone in the execution of our Winning Ways strategy, aimed at unlocking the value of our independent businesses," said Dr. Markus Kamieth, Chairman of the Executive Board of Management of BASF SE. Maintaining a 40% stake will allow the company to continue to benefit from Surventis' value creation, while BASF strengthens its strategic approach.
For his part, Anup Kothari, Member of the Executive Board of Management of BASF SE, noted that the new ownership structure provides a solid foundation for Surventis' profitable growth and expressed his best wishes to the employees who are now part of the independent company.
Financial Impact
BASF reported that the coatings business was classified as discontinued operation as of September 30, 2025. Consequently, the financial results of the business were retroactively reclassified to January 1, 2025 under the heading of "income after tax from discontinued operations", including the gain derived from the sale.
At the end of 2025, the carrying amount of the business's net assets amounted to close to 3,000 million euros. From July 2026, BASF's 40% stake in Surventis will be accounted for as a financial investment using the equity method, while its contribution to net profit will be reflected in EBITDA before special items within the "Other" segment.
With this transaction, BASF advances in its portfolio optimization strategy, while Surventis begins a new stage as an independent company focused exclusively on the development of solutions for the automotive coatings and surface treatment sectors.
