BY Fraser Tennant
In a deal valued at €3.5bn, German chemical groups Bayer AG and Lanxess AG are to sell their stakes in chemical park operator Currenta to infrastructure investor Macquarie Infrastructure and Real Assets (MIRA).
Managing and operating infrastructure, energy supply and other essential services across chemical parks in Leverkusen, Dormagen and Krefeld-Uerdingen, Currenta is a joint venture of Bayer, with a 60 percent stake, and Lanxess, with 40 percent.
“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, a member of the board of management and labor director at Bayer. “In addition, MIRA has a long term focus and will also be a reliable employer for Currenta’s employees.”
Active in Germany for 30 years, MIRA has extensive experience in Currenta’s core business areas including utilities, transport, logistics, storage, waste management and treatment services. Through these investments MIRA has demonstrated its commitment to sustainability and helping to create stronger businesses.
“MIRA is delighted to partner with Bayer and Lanxess to acquire Currenta,” said Hilko Schomerus, head of Germany at MIRA. “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.”
As one of Currenta's main customers, Lanxess will provide MIRA with operational support during the transition phase and will continue to hold its stake in Currenta for several months longer than Bayer, which expects its part of the transaction to close in the fourth quarter of 2019.
“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,” said Matthias Zachert, chairman of the board of management at Lanxess. “At the same time, the sale of our stake will give us additional financial leeway to drive forward our growth course in specialty chemicals.”
The transaction is expected to be fully completed by the end of April 2020.