Bayer (OTCPK:BAYRY) and Lanxess (OTCPK:LNXSF) agree to sell their stakes in chemical park operator Currenta to Macquarie Infrastructure and Real Assets for an enterprise value of €3.5B ($3.9B), including net debt and pension obligations as well as a related real estate portfolio.
Bayer’s stake in Currenta fetched an equity value of €1.17B after deducting net debt and pension obligations, and the company agreed to sell real estate on which Currenta operates for €180M.
Bayer initially had planned to sell the Currenta stake – a legacy asset with little benefit for its core drugs and agriculture businesses – to its former industrial chemicals subsidiary Covestro, but the two could not agree on a valuation.
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