BASF Coatings becomes Surventis as Carlyle transaction completes
Last update on Jul 2, 2026
The coatings transaction between Carlyle and BASF, announced on October 10, 2025, closed on June 30, 2026, following receipt of all required regulatory approvals.
The entity previously operating as BASF Coatings now operates as Surventis, an independent company covering automotive OEM coatings, automotive refinish coatings, and surface treatment businesses.
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Transaction terms and ownership structure
The enterprise value of the transaction amounts to €7.7 billion. On June 30, 2026, BASF received pre-tax cash proceeds of approximately €5.8 billion. BASF retains a 40 percent equity stake in Surventis.
Considered alongside the divestiture of the decorative paints business, which closed in October 2025, the total enterprise value of BASF's former Coatings division reaches €8.7 billion, representing an implied 2024 EV/EBITDA multiple before special items of approximately 13x.
Dr. Markus Kamieth, chairman of the Board of Executive Directors of BASF SE, stated, "This successful closing marks a key milestone in the execution of our Winning Ways strategy aimed at unlocking the value of our standalone businesses. 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."
Anup Kothari, member of the Board of Executive Directors of BASF SE, added, "We are convinced that the new ownership structure provides an excellent foundation for future profitable growth of Surventis. We wish the former BASF Coatings employees every success as they move forward into their future as an independent company."
Financial reporting implications for BASF Group
BASF reported the coatings business as discontinued operations starting September 30, 2025. Retroactively from January 1, 2025, income after taxes from the coatings business is presented as a separate item in BASF Group's consolidated income statement, designated "Income after taxes from discontinued operations." Prior-year figures were restated accordingly.
The disposal gain from the June 30, 2026, closing is recognized under the same item and will be reflected in BASF Group net income and earnings per share. The book value of net assets of the coatings disposal group was approximately €3.0 billion at year-end 2025.
As of July 2026, BASF's 40 percent equity stake in Surventis is accounted for as a financial investment using the equity method. BASF's share in net income from this financial participation will be reported in EBITDA before special items in Other.
Image credits: BASF