BASF and Carlyle Complete Coatings Transaction
The Coatings transaction between Carlyle and BASF, announced on October 10, 2025, was completed on June 30, 2026, after all necessary regulatory approvals were received. The company now operates under the new name Surventis.
The enterprise value of the transaction is €7.7 billion. On June 30, 2026, BASF received a pre-tax cash inflow of approximately €5.8 billion. Following the completion of the transaction, BASF now holds a 40% equity stake in the new company named Surventis, formerly BASF Coatings, which consists of the Automotive Original Equipment Coatings, Automotive Refinish Coatings, and Surface Technology business units. The enterprise value of the entire former BASF Coatings division following this transaction—together with the divestiture of the architectural coatings business completed in October 2025 – is €8.7 billion and implies a 2024 EV/EBITDA multiple, excluding special items, of approximately 13.
“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. Markus Kamieth, Chairman of the Board of Executive Directors of BASF SE. “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.”
“We are convinced that the new ownership structure provides an excellent foundation for future profitable growth of Surventis,” said Anup Kothari, member of the Board of Executive Directors of BASF SE. “We wish the former BASF Coatings employees every success as they move forward into their future as an independent company.”
BASF has reported the coatings business as discontinued operations starting September 30, 2025. Retroactively to January 1, 2025, the income after taxes of the coatings business was presented in the income after taxes of BASF Group as a separate item (“Income after taxes from discontinued operations”). Prior-year figures were restated accordingly. The disposal gain from the transaction, which closed on June 30, 2026, is also recognized in “Income after taxes from discontinued operations” and will therefore be reflected in net income and earnings per share of BASF Group. The book value of the net assets of the coatings disposal group was around €3.0 billion at year-end 2025. As of July 2026, BASF’s 40 percent equity stake in the new company will be accounted for as a financial investment using the equity method. BASF’s share in net income of the financial participation will be reported in EBITDA before special items in Other.
