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Sherwin-Williams buys rival for $9.3B cash

The deal, according to a Fox Business report, has an enterprise value of about $11.3 billion with Sherwin-Williams paying $113 a share.

March 22, 2016

Sherwin-Williams is buying rival paint vendor Valspar for $9.3 billion in cash.

The deal, according to a Fox Business report, has an enterprise value of about $11.3 billion with Sherwin-Williams paying $113 a share.

"The combination expands our brand portfolio and customer relationships in North America, significantly strengthens our Global Finishes business, and extends our capabilities into new geographies and applications, including a scale platform to grow in the Asia-Pacific and EMEA (Europe, the Middle East and Africa)," Sherwin-Williams Chief Executive John Morikis said in a release.

The companies estimate an annual savings of $280 million within two years, according to the report, and the deal is due to close by the first quarter of 2017.