• Kyodo

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Nippon Paint Holdings Co. will acquire major Australian peer DuluxGroup Ltd. for ¥300.5 billion ($2.7 billion) to strengthen its foothold in the overseas market, the two companies said Wednesday.

The major paint and coating manufacturer aims to close the deal to buy DuluxGroup, which has the largest share of the paint market in Australia and New Zealand, by mid-August.

Nippon Paint said it hopes to establish a leading position in Asia through the acquisition of DuluxGroup, which is listed on the Australian Securities Exchange and is strong in the decorative paint segment.

No changes in leadership, business portfolio, manufacturing or operations are expected through the deal, DuluxGroup said.

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