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Leverkusen, November 29, 2019 – 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.
MIRA, the world’s largest infrastructure investor, has been active in Germany for 30 years and has extensive experience in Currenta’s core business areas, including utilities, transport, logistics, storage, waste management and other treatment services.
“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.
Bayer is a global enterprise with core competencies in the life science fields of health care and nutrition. Its products and services are designed to benefit people by supporting efforts to overcome the major challenges presented by a growing and aging global population. At the same time, the Group aims to increase its earning power and create value through innovation and growth. Bayer is committed to the principles of sustainable development, and the Bayer brand stands for trust, reliability and quality throughout the world. In fiscal 2018, the Group employed around 117,000 people and had sales of 39.6 billion euros. Capital expenditures amounted to 2.6 billion euros, R&D expenses to 5.2 billion euros. For more information, go to www.bayer.com.
Find more information at www.bayer.com.
This release may contain forward-looking statements based on current assumptions and forecasts made by Bayer management. Various known and unknown risks, uncertainties and other factors could lead to material differences between the actual future results, financial situation, development or performance of the company and the estimates given here. These factors include those discussed in Bayer’s public reports which are available on the Bayer website at www.bayer.com. The company assumes no liability whatsoever to update these forward-looking statements or to conform them to future events or developments.
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