Simply walking past the paint aisle at your local home improvement store is enough to make many hearts race and palms go sweaty — what with all the choices. But those walls of swatches might belie the fact that many of those paint brands are owned by the same companies — and that industry could consolidate even further now that Sherwin-Williams has agreed to put itself in the mixing stand with Valspar for $11.3 billion.

Sherwin-Williams — which already has brands like Dutch Boy, Krylon, Pratt & Lambert, Minwax, and Thompson’s — announced the Valspar deal over the weekend, saying it had already been approved by the boards of both companies. Ohio-based Sherwin-Williams says the acquisition of Valspar gives the company the ability to expand its reach in the Asia-Pacific region, Europe, the Middle East, and Africa.

The deal — $9.3 billion in cash; $2 billion in debt — works out to around $113/share.

“Valspar is an excellent strategic fit with Sherwin-Williams,” John G. Morikis, President and Chief Executive Officer of The Sherwin-Williams Company, said in a statement, noting that the company have highly complementary paints and coating offerings. “Customers of both companies will benefit from our increased product range, enhanced technology and innovation capabilities, and the transaction’s clearly defined cost synergies.”

While Sherwin-Williams will continue to be headquartered in Cleveland, the company intends to maintain a significant presence in Minneapolis, where Valspar is currently headquartered.

The companies expect the deal, which should close in early 2017, to achieve $280 million in annual savings in the areas of sourcing, process, and efficiency within two years.

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