Akzo Nobel N.V. and Axalta Coating Systems Ltd. have entered into a definitive agreement to combine in an all-stock merger, creating a global coatings company with an enterprise value of approximately $25 billion. The combined company will adopt a new name and ticker symbol, which will be announced later, and will operate dual headquarters in Amsterdam and Philadelphia, with a Dutch holding company structure. Axalta shareholders will receive 0.6539 shares of AkzoNobel stock for each share of Axalta common stock owned. The new entity will initially have a dual listing on Euronext Amsterdam and the New York Stock Exchange before transitioning to a sole NYSE listing. The board will be chaired by current Axalta Chair Rakesh Sachdev, and AkzoNobel CEO Greg Poux-Guillaume will serve as CEO of the combined company.