The Carlyle Group and Singapore sovereign wealth fund GIC have agreed to acquire the specialty chemicals unit of Akzo Nobel for approximately $12.5 billion (including debt).

Why it's a big deal: Mega-buyouts are back, regardless of sector, geography or record-high public equity prices.

Plus, this one has some interesting history in that Carlyle quick-flipped Axalta Coatings, which last fall discussed a mergerwith Akzo Nobel.

Bottom line, per WSJ's Ben Dummett: "Akzo’s chemicals are used in a wide range of products from plastic bags to solar panels. The sale is a key part of the Amsterdam-based manufacturer’s plan to boost its share price to appease Elliott Management, the U.S. activist hedge fund, and other shareholders after successfully fending off a $27.6 billion takeover bid last year from U.S. rival PPG Industries"