Bayer sells environmental science business to Cinven

Bayer Cropscience announced that Bayer AG and Cinven have reached a definitive agreement to sell Bayer’s Environmental Science Professional business for a purchase price of $2.6 billion (€2.4 billion).

Bayer AG (Bayer) is one of the promoters of Bayer Cropscience. It held 8.43% of the company’s capital as of December 31, 2021.

Cinven is an international private equity firm focused on building world-class global companies. Its funds invest in six key sectors: business services, consumer, financial services, healthcare, industrials and TMT (technology, media and telecommunications).

“This divestment represents a very attractive purchase price and allows us to focus on our core agricultural business and the successful execution of our Crop Science division’s growth strategy,” said Board Member Rodrigo Santos. Board of Directors of Bayer AG and Chairman of Crop Science. Division.

Environmental Science Professional is a global leader providing environmental solutions to control pests, diseases and weeds in non-agricultural areas such as vector control, professional pest control, vegetation management, forestry, turf and ornamental plants. As of 2021, the company had approximately 800 employees supporting operations and sales in over 100 countries.

Bayer announced its decision to sell the business in February 2021.

The transaction is expected to close in the second half of this year, subject to the satisfaction of customary closing conditions. Its net proceeds are to be used to reduce Bayer’s net financial debt.

Bayer CropScience is a global company with core competencies in the fields of health and nutrition life sciences.

The company reported a standalone net profit of Rs 84.80 crore in the quarter ended December 2021, compared to a net loss of Rs 45.10 crore in the previous quarter ended December 2020. Sales increased by 7, 83% year-on-year to reach Rs 990.10 crore in the December 2021 quarter.

Shares of Bayer CropScience were currently trading up 1.31% at Rs 4,499.85 on BSE.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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