Germany 's Germany has withdrawn from a consortium with US private equity firm Bain Capital Private Equity and Dutch fund PGGM , that was bidding for Hal Investments and Advent International specialty chemical business, according to unnamed sources. The business is estimated to be worth €9bn ($ 11.1bn ) and accounts for over 8.5 of Akzo 's sales and earnings. Akzo is seeking a multiple of over 8.5 times its 2018 EBITDA. Other bidders are said to include private equity firm Carlyle Group , Netherlands ' Akzo , which has teamed up with Bain Capital Private Equity .
Germany's Lanxess has withdrawn from a consortium with US private equity firm Apollo and Dutch fund PGGM, that was bidding for Akzo Nobel's specialty chemical business, according to unnamed sources. The business is estimated to be worth €9bn ($11.1bn) and accounts for 1/3 of Akzo's sales and earnings. Akzo is seeking a multiple of over 8.5 times its 2018 EBITDA. Other bidders are said to include private equity firm Carlyle Group, Netherlands' Hal Investments and Advent International, which has teamed up with Bain Capital Private Equity.