Bayer concludes sale of Environmental Science Professional business to Cinven
The divested business is set to operate as an independent company called Envu.;
Bangalore: Bayer has completed the sale of its Environmental Science Professional business to the international private equity firm Cinven, after the two companies had entered into a corresponding agreement in March. The conditions for closing the transaction – including the receipt of regulatory approval – have now been met. The purchase price for the business, which generated sales of approximately 600 million euros in 2021, amounts to 2.6 billion U.S. dollars.
"We thank the employees of Environmental Science Professional for their many years of commitment and the associated success of Bayer. In Cinven, we have found a strong new owner with a firm commitment to the long-term growth potential of the business and to its people," said Rodrigo Santos, member of the Board of Management of Bayer AG and head of the Crop Science Division. "At the same time, we can concentrate on our core agricultural business and the successful implementation of our growth strategy in the Crop Science Division." Bayer will use the net proceeds from the transaction to reduce its net financial debt.
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