Lanxess, Bayer sells chemical park operator Currenta €3.5 billion

Lanxess, Bayer sells chemical park operator Currenta for €3.5 billion

4:36 AM, 7th August 2019
Lanxess logo

LEVERKUSEN/COLOGNE, GERMANY: Lanxess and Bayer AG sells their stakes in the chemical park operator Currenta to Macquarie Infrastructure and Real Assets (MIRA), for an enterprise value of €3.5 billion ($3.9 billion). MIRA is world's largest infrastructure investor.

Currenta is a joint venture of Bayer (60 percent) and LANXESS (40 percent). Currenta manages and operates infrastructure, energy supply and other essential services across the chemical parks in Leverkusen, Dormagen and Krefeld-Uerdingen.

Bayer and Currenta to continue to work together closely. Lanxess as one of Currenta's main customers will provide MIRA with operational support during the transition phase and will therefore continue to hold its stake in Currenta for several months longer.

Moreover, 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.

“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. In addition, MIRA has a long-term focus and will also be a reliable employer for Currenta’s employees. Bayer and MIRA have reached an agreement on long-term service and supply contracts. We will continue to work closely with Currenta moving forward,” said Dr. Hartmut Klusik, member of the Board of Management and Labor Director of Bayer AG.

“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. With MIRA as an experienced and strong partner and with the long-term contract package, we have achieved this and secured a reliable infrastructure at competitive conditions for the future. At the same time, the sale of our stake will give us additional financial leeway to drive forward our growth course in specialty chemicals,” said Matthias Zachert, Chairman of the Board of Management of Lanxess AG.

“MIRA is delighted to partner with Bayer and Lanxess to acquire Currenta. As a long-term owner of essential infrastructure, MIRA is committed to working with the Currenta management team to ensure the longevity and ongoing success of the business for both customers and employees,” added Hilko Schomerus, Head of Germany, MIRA.

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