Bayer Sells Stake in Chemical Park Operator Currenta for $3.9 BillionBy
Bayer has completed the sale of its 60% stake in the 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 2019. Currenta is valued at EUR 3.5 billion ($3.9 billion).
Bayer had announced in November 2018 that it was looking to sell its stake in Currenta due to a change in Bayer’s position as a Chempark customer following the carve-out of Covestro, Bayer’s former materials-science business, and to focus on core activities following its $63-billion acquisition of the crop-protection and agrochemical company, Monsanto, in 2018.
MIRA has been active in Germany for 30 years and has experience in Currenta’s core business areas, including utilities, transport, logistics, storage, waste management and other treatment services. MIRA is part of Macquarie Group, a top 10 Australian company with offices in Frankfurt and Munich, Germany.
Currenta manages and operates infrastructure, energy supply and other essential services across the chemical parks in Germany in Leverkusen, Dormagen and Krefeld-Uerdingen, Germany. Including a real estate portfolio transferred by Bayer, Currenta is valued with a total enterprise value of EUR 3.5 billion ($3.9 billion) before deduction of net debt and pension obligations. Bayer’s 60% stake in Currenta has an equity value of approximately EUR 1.17 billion (after deduction of net debt and pension obligations). In addition, Bayer is selling a package of real estate and infrastructure to the Currenta Group for EUR 180 million ($199 million).
Source: Bayer, Macquarie Infrastructure and Real Assets