Bayer has completed the sale of its 60% stake in chemical park operator and site services provider Currenta to funds managed by Australia-based Macquarie Infrastructure and Real Assets (MIRA).

Finalization of the transaction follows all approvals.

Both Leverkusen-based Bayer and Cologne-based Lanxess – which has owned 40% of Currenta since its spin-off from Bayer in 2005 – agreed to divest their respective shares to MIRA in August this year.

When Bayer announced plans to exit Currenta in November 2018, both Lanxess and the former Bayer MaterialScience – now Covestro – declined to take over any of their former parent’s share.

The joint transaction values the park operator at €3.5 billion in total before deduction of net debt and pension obligations; the deal also includes a real estate portfolio to be sold by to Bayer to the new owner for €180 million.

Bayer’s stake in Currenta was assigned a pretax equity value of €1.7 billion, and the Lanxess stake was valued at €780 million.

Hartmut Klusik, Bayer managing board member and labor director, said Bayer and MIRA have also reached agreement on long-term service and supply contracts for infrastructure, energy and other essential services across the chemical parks in Leverkusen, Dormagen and Krefeld-Uerdingen.

Klusik added that MIRA has a long-term focus and will also be a reliable employer for Currenta’s employees.

Lanxess said earlier it expected to retain its share in the park operator until April next year and will provide MIRA with operational support during the transitional phase while receiving a share of the profits.

Selling the Currenta stake will give Lanxess additional leeway to drive forward our growth course in specialty chemicals, CEO Matthias Zachert said.