Press release from the Competition Council regarding the economic concentration project concerning the acquisition of exclusive control of the division ‘BASF Coatings GmbH’ by the company ‘Bond UK MidCo 4 Ltd’

In accordance with Article 13 of Law 104-12 on freedom of prices and competition as amended and supplemented, and Article 10 of Decree No. 2-14-652 for its implementation, the Competition Council makes available to the public the ‘operation summary’ below, containing the information provided by the parties.

This information has been prepared by the notifying parties, who are solely responsible. Any inaccurate or distorted information contained therein does not in any way prejudge the Competition Council’s position on the proposed operation.

The publication of this press release does not attest to the completeness of the file provided for in Article 9 of Decree No. 2-14-652 for the implementation of Law 104-12 on freedom of prices and competition.

Names of the companies and groups concerned:

• The direct acquirer: ‘Bond UK MidCo 4 Ltd’;
• The indirect acquirer: ‘Carlyle Group, Inc.’;
• The target: the division ‘BASF Coatings GmbH’ controlled by the company BASF SE.

Nature of the operation

• Acquisition of exclusive control.

Economic sectors concerned

• Solutions for the surface treatment value chain;
• Manufacture and supply of Industrial coating products and automotive coating products.

Deadline for interested third parties to submit their comments

• 10 days from the date of publication of this press release, i.e. December 15, 2025.

NON-CONFIDENTIAL SUMMARY OF THE OPERATION PROVIDED BY THE PARTIES

The Competition Council has received notification of an economic concentration project concerning the acquisition by the company ‘Bond UK MidCo 4 Ltd,’ indirectly controlled by entities affiliated with ‘Carlyle Group, Inc.,’ of the division ‘BASF Coatings GmbH’ controlled by the company BASF SE.

‘Bond UK MidCo 4 Ltd’ is a private limited company by shares, established in accordance with the laws of Jersey registered with the Jersey Financial Services Commission under number 161931 and having its registered office at 47 Esplanade, St. Helier, Jersey, JE1 0BD. ‘Bond UK MidCo 4 Ltd’ is an acquisition vehicle, ultimately owned by ‘The Carlyle Group Inc.’

‘The Carlyle Group Inc.’ is a global asset manager divided into three business segments: (i) Global Private Equity (including corporate private equity and real estate funds); (ii) Global Credit (including liquid credit, illiquid credit, and real asset credit); and (iii) Carlyle AlpInvest (including primary investments, secondary investments, and co-investments, common funds, and separate account mandates). Its headquarters are located at 1001 Pennsylvania Avenue NW, Washington, DC 20004-2505, United States of America.

The ‘BASF Coatings GmbH’ division consists of the following business units: surface treatment, coatings for automotive manufacturers, and coatings for automotive repair. The ‘BASF Coatings GmbH’ division is currently controlled by BASF SE, a European company registered in the commercial register at the local court (Amtsgericht) of Ludwigshafen am Rhein under number HRB 6000 and having its registered office at Carl-Bosch-Straße 38, Ludwigshafen am Rhein, 67056, Germany.

 

Done in Rabat on December 3, 2025