Axalta Coating Systems Ltd. has announced the sale of 41,621,996 common shares on an underwritten basis by affiliates of The Carlyle Group.

Following the offering, Carlyle will not beneficially own any of Axalta’s common shares. As a result, Axalta’s principal stockholders agreement will terminate pursuant to its terms and Carlyle will no longer have the right to designate members to Axalta’s board of directors in accordance with the terms of the principal stockholders agreement.

Axalta will not receive any of the proceeds from the offering of shares by Carlyle. Closing of the offering is expected to occur on or about Aug. 2, subject to customary closing conditions.

The last reported sale price of Axalta’s common shares on July 27, 2016 was $28.97 per share. Goldman, Sachs & Co. is acting as the sole underwriter for the offering. Goldman, Sachs & Co. proposes to offer the common shares to the public at a fixed price.