Carlyle Group set to acquire BASF’s coatings business

US private equity firm the Carlyle Group, is edging closer to acquiring BASF’s coatings business for around $7 billion.

According to the Financial Times, the Carlyle Group has outbid competing financial investors interested in the division.

BASF’s coatings business includes its automotive OEM coatings, refinish coatings and surface treatment operations.

A leader in the automotive refinish sector, BASF is the parent company of the Glasurit and R-M paint brands.