Approved · Notification · Phase 1 · decided in 21 days, 18 Dec 2025
The Carlyle Group Inc. acquired sole control of BASF’s Coatings division, a global developer and producer of automotive and industrial coatings, including in Australia. BASF SE, the seller, reinvested for a 40% non-controlling stake, with Qatar Investment Authority also acquiring approximately 16%.
The Carlyle Group Inc. (together with its controlled funds and affiliates, Carlyle ) proposes to acquire sole control of BASF’s Coatings division ( BASF Coatings ) from BASF SE (the Seller ), a German publicly listed chemical company. The Seller, through its wholly-owned direct subsidiary, BASF Handels- und Exportgesellschaft mbH, will reinvest in BASF Coatings, acquiring a 40% non-controlling stake on a look-through basis, and Qatar Investment Authority ( QIA ), through its wholly owned investment-holding company, Qatar Holding LLC, will acquire a non-controlling stake of approximately 16% in BASF Coatings on a look-through basis at closing. BASF Coatings is a global company which develops, produces and markets automotive original equipment manufacturer and refinish coatings, as well as applied surface treatments for various industries. The business operates in Europe, North America, South America and the Asia Pacific, including Australia.