According to a report in the Financial Times, U.S. private equity firm Carlyle is poised to acquire BASF's coatings business, which is currently up for sale, for around €7 billion.
Carlyle beat out other private equity investors who had expressed interest in the coatings division and is now in exclusive talks with the Ludwigshafen-based chemical giant, the newspaper reported, citing people familiar with the sale process.
The BASF division, with more than 10,300 employees, generated €3.8 billion in sales last year and primarily produces automotive coatings. BASF put the business up for sale at the beginning of the year.
The company declined to comment specifically on the report. A spokesperson pointed out that the company has been exploring the market since the second quarter to explore strategic options for the business.
A decision is expected before the end of the current year.
