Under the terms of the all cash deal, Carlyle will also assume $250 million in unfunded pension liability from the business unit, which produces coatings for the automotive and industrial sectors, the Associated Press and CNBC noted.
The investment group indicated that it would finance the purchase through its equity funds.
Shares of the Carlyle Group rose fractionally in Thursday morning trading, while DuPont shares slipped slightly.
Carlyle’s acquisition of the coatings unit is anticipated to be completed during the first quarter of next year.
The performance paint business employs about 11,000, and generated annual sales in excess of $4 billion this year.
Yesterday, DuPont said it would sell its insecticide unit to Switzerland-based agricultural firm Syngenta (NYSE:SYT) for $125 million.
Reports of the deal between the Carlyle Group and DuPont surfaced earlier this month. A number of other private equity firms, including Blackstone (NYSE:BX), Kohlberg Kravis Roberts (NYSE:KKR) and Apollo Management, were also said to be interested in DuPont’s performance coating business.