Latham & Watkins Advises on Carlyle’s €7.7 Billion Cross-Border Acquisition of BASF Coatings Business

BASF and funds managed by global investment firm Carlyle (NASDAQ: CG), in partnership with Qatar Investment Authority (QIA), announced that they have entered into a binding agreement relating to BASF’s automotive OEM coatings, automotive refinish coatings, and surface treatment businesses (BASF Coatings). The enterprise value of the transaction amounts to €7.7 billion. Subject to customary regulatory approvals, the transaction is expected to close in Q2 2026.

Latham & Watkins LLP represents Carlyle on carve-out, debt financing, and regulatory matters in connection with the transaction with a team led by private equity M&A partners Shaun Hartley in Chicago and Paul Sheridan in Washington, D.C. Advice was provided on debt financing matters by Washington, D.C. partners Jeff Chenard, Manu Gayatrinath, Patrick Shannon, and Jason Licht; on TSA and IP matters by New York partners Steven Betensky and Pelin Serpin; on US antitrust matters by Washington, D.C. partner Ian Conner; and on ex-US antitrust and FDI matters by Brussels partner Luca Crocco and Hamburg partner Jana Dammann de Chapto.