Petrotahlil :German chemical firms Bayer AG and Lanxess AG are selling their stakes in chemical park operator Currenta to Macquarie Infrastructure and Real Assets (MIRA), a leader in alternative asset management worldwide, specialising in infrastructure, real estate, agriculture and other real asset classes.
The €3.5bn transaction will require further approvals from responsible authorities, the two companies announced in a 6 Aug statement.
Currenta manages and operates infrastructure, energy supply and other essential services across the chemical parks in Leverkusen, Dormagen and Krefeld-Uerdingen and is currently a 60:40 joint venture between Bayer and Lanxess respectively.
“We are delighted to announce that in MIRA, the world’s leading infrastructure asset manager, we have found the right partner to drive the successful development of Currenta while leveraging its international expertise,” said Dr. Hartmut Klusik, member of the board of management and labour director of Bayer AG.
Bayer and MIRA have reached an agreement on long-term service and supply contracts, he added.
Bayer’s 60% stake in Currenta has an equity value of approximately €1.17bn after deduction of net debt and pension obligations. In addition, Bayer is selling an extensive package of real estate and infrastructure for €180m to strengthen Currenta.
Bayer announced in November 2018 that it was looking to sell its stake in Currenta, mainly due to a change in its position as a chempark customer following the carve-out of Covestro in 2016.
Bayer expects its part of the transaction to close in the fourth quarter of 2019.
As one of Currenta's main customers, Lanxess said it would continue to provide MIRA with operational support during the transition phase and also hold its stake in Currenta “for several months longer.”
The company expects to complete its part of the deal by the end of April next year.
Lanxess has reached an agreement with MIRA on service and supply contracts for the three sites in Leverkusen, Dormagen and Krefeld which will initially run for 10 years. Lanxess operates a significant portion of its global production facilities there.
"The heart of Lanxess production beats at the Lower Rhine sites. It was therefore crucial for us that the future Currenta owner structure should safeguard our strategic interest in an industry-oriented set-up of the chemical parks,” said Lanxess CEO and chairman Matthias Zachert.
MIRA has been active in Germany for 30 years, and has extensive experience in areas including utilities, transport, logistics, storage, waste management and treatment services - Currenta’s core businesses.
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