LEVERKUSEN (dpa-AFX) - German pharmaceutical and life sciences company Bayer Group (BAYZF.PK, BAYRY.PK, BYR.L) Thursday announced its agreement to sell its Environmental Science Professional business to investment firm Cinven for $2.6 billion or 2.4 billion euros.
Bayer had announced its decision to divest the business in February 2021. The company said the sale streamlines Crop Science portfolio and ensures greater focus on core agricultural business.
The transaction is expected to close in the second half of this year, subject to the satisfaction of customary closing conditions. The net proceeds will be used to reduce Bayer's net financial debt.
North Carolina, U.S.-based Environmental Science Professional unit offers environmental solutions to control pests, diseases and weeds in non-agricultural areas such as vector control, professional pest management, vegetation management, forestry, and turf and ornamentals. In 2021, the business had approximately 800 employees supporting operations and sales in more than 100 countries.
Pontus Pettersson, Partner and Head of Industrial at Cinven, said, 'As a long-established global investment firm, Cinven is well positioned to continue to drive innovation and accelerate growth at Environmental Science Professional, including the delivery of digital and data-enabled solutions, as well as make the business more agile in responding to the unique needs of its markets and customers.'
BofA Securities acted as financial advisor to Bayer, while Hengeler Mueller acted as legal advisor.
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