Nov 18 (Reuters) - Dulux paint maker AkzoNobel said on Tuesday that it plans to acquire paintmaker Axalta Coating Systems in a deal that will create a combined company with an enterprise value of $25 billion.

AkzoNobel shareholders are expected to own 55% of the new group and Axalta investors 45%, initially dual‑listed in Amsterdam and New York before moving to a single NYSE listing, and maintaining dual headquarters in Amsterdam and Philadelphia.

The combined company will be led by current AkzoNobel chief executive Greg Poux‑Guillaume as CEO.

"This merger will allow us to accelerate our growth ambitions by bringing together highly complementary technologies," AkzoNobel CEO Greg Poux‑Guillaume said in a statement.

The new company expects annual revenues of $17 billion, an annual adjusted core earnings (EBITDA) of $3.3 billion, and $1.5 billion in adjusted free cash flow.

It expects to deliver annual cost savings of $600 million, 90% of which are expected within the first three years following the close of the transaction.

Completion of the merger is expected to close late 2026 to early 2027.