Sherwin-Williams will acquire Valspar for approximately $11.3 billion, the companies announced. The transaction, now a definitive agreement, has been unanimously approved by the boards of directors of both companies.

“Customers of both companies will benefit from our increased product range, enhanced technology and innovation capabilities, and the transaction’s clearly defined cost synergies,” says John G. Morikis, president and chief executive officer of Sherwin-Williams. “We have tremendous respect for the expertise and dedication of the Valspar team and we are excited about the opportunities that this combination will provide to both companies’ employees.”

Adds Gary E. Hendrickson, chairman and chief executive officer of Valspar: “We are confident this transaction will create opportunities to accelerate many of the operating initiatives already underway at Valspar. We look forward to positioning Valspar to enter its next phase of growth and success and to working closely with Sherwin-Williams to seamlessly close this transaction. Together we will continue to build on the solid momentum our team has worked so hard to create.”