Kansai Paint has completed its acquisition of Marmara Holding's 50% stake in Turkish paint manufacturer Polisan Kansai Boya for US$93m in cash, Marmara Holding said in a Borsa Istanbul filing on 27 October 2026.
Why Kansai Paint Co., Ltd. is buying Polisan Kansai Boya Sanayi ve Ticaret A.Ş. (50% from Marmara Holding)
The deal makes Polisan Kansai Boya a wholly owned subsidiary of the Japanese coatings group.
Deal terms and financing
Marmara Holding sold shares with a nominal value of 62,501,572 lira, equal to half of the company's capital, for US$93m paid in cash. The board approved the sale on 29 July 2026, after a non-binding preliminary agreement in June. Shareholders who voted against the sale were offered appraisal rights at 2.60 lira per share.
Regulatory approvals and timing
Turkey's Competition Board cleared the transfer in September 2026, and Marmara Holding shareholders approved it at an extraordinary general meeting on 27 October 2026.
Market context
Polisan Kansai Boya makes paints, varnishes, resins and other surface coatings under the Polisan brand.
