The deal may have been aimed at avoiding a takeover from its rival PPG Industries.

On Tuesday, Akzo Nobel disclosed that it will be selling its Specialty Chemicals business to U.S. private equity firm Carlyle Group and Singapore’s GIC for $12.6 billion (10.1 billion euros).

In April 2017, Akzo had first announced its plans of selling the business, which incidentally accounts for one third of its sales and profit, as it looked to evade a takeover from PPG Industries, its peer.

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Tags: Azko Nobel, Carlyle Group, deal, GIC, M&A, Mergers & Acquisition, PPG Industries, private equity, specialty chemicals