Bayer completes sale of Currenta stake

Further step in Bayer’s efforts to sharpen focus on core business

03-Dec-2019 - Germany

Bayer has completed the sale of its 60 percent stake in chemical park operator Currenta to funds managed by Macquarie Infrastructure and Real Assets (MIRA). The two companies had entered into an agreement to this effect back in August. The closing conditions, including approval by the responsible authorities, have now been met. The main reasons for Bayer selling its stake are that its position as a Chempark customer has changed following the carve-out of Covestro and that it has stepped up its focus on its core activities.

“We are delighted to announce that in MIRA, the world’s leading infrastructure asset manager, we have found the right partner to drive the successful development of Currenta while leveraging its international expertise,” said Dr. Hartmut Klusik, member of the Board of Management and Labor Director of Bayer AG. “In addition, MIRA has a long-term focus and will also be a reliable employer for Currenta’s employees.” Bayer and MIRA had also reached an agreement on long-term service and supply contracts. “We will continue to work closely with Currenta moving forward,” Klusik underlined.

Currenta manages and operates infrastructure, energy supply and other essential services across the chemical parks in Leverkusen, Dormagen and Krefeld-Uerdingen. Including a real estate portfolio transferred by Bayer, Currenta is valued with a total enterprise value of 3.5 billion euros before deduction of net debt and pension obligations. In addition, Bayer is selling an extensive package of real estate and infrastructure to the Currenta Group for 180 million euros in order to strengthen the company.

https://www.chemeurope.com/en/news/1163947/bayer-completes-sale-of-currenta-stake.html