Bayer completes sale of H.C. Starck to Advent International and The Carlyle Group
The Bayer Group has sold its subsidiary H.C. Starck to Advent International and The Carlyle Group. As of the closing on February 1, 2007, the two financial investors have acquired the Goslar-based manufacturer of metal and ceramic powders, specialty chemicals, and parts made from advanced ceramics and refractory metals. The antitrust authorities in the United States and the European Union have already cleared the transaction, which was agreed on November 23, 2006.
The transaction value of approximately EUR 1.2 billion comprises a cash component of more than EUR 700 million and the assumption of financial liabilities and personnel-related commitments totaling some EUR 450 million. As planned, the proceeds will help to finance Bayer's acquisition of Schering. The divestment reduces Bayer's net debt by about EUR 1 billion.
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