Bayer, a global company in health and nutrition life sciences, has completed the sale of its Environmental Health Professional Solutions business unit to Cinven.
Bayer has completed the sale of its Environmental Health Professional Solutions business unit to international private equity firm Cinven, following the agreement signed between the two companies in March. Thus, the necessary conditions for the completion of the process, including the approval of the license, were met. It was stated that the business unit, which reached a sales figure of approximately 600 million Euros in 2021, was sold for 2.6 billion dollars.
Rodrigo Santos, Member of the Board of Directors of Bayer AG and Head of the Agricultural Products Department, said: “I would like to thank our colleagues in the Environmental Health Professional Solutions business unit for their long-standing commitment and the success they have brought to Bayer. Cinven is a strong company committed to contributing to the long-term growth potential of its business unit and its employees. With the completion of this process, we can focus on our basic agricultural activities and successfully implementing our growth strategy in the Agricultural Products division.”
Proceeds from the sale will be used to reduce Bayer’s net financial debt. Following the conclusion of the process, the sold business unit will continue its activities as an independent company under the name Envu.
Pontus Pettersson, one of the partners of Cinven, said, “Envu exists in an extremely attractive and important industry and is a global leader. We thank Bayer for their trust in Cinven. We plan to advance this strong foundation created by Bayer by making significant investments.”