Baker McKenzie advised Bayer on the sale of its stakes in the chemical park operator Currenta. Bayer and LANXESS sold their shares in Currenta to funds managed by Macquarie Infrastructure and Real Assets (MIRA). MIRA is the world's largest infrastructure investor. Both companies signed corresponding agreements with MIRA. The transaction still requires the approval of the responsible authorities.
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 joint venture of Bayer (60%) and LANXESS (40%). Currenta, including a transferred real estate portfolio by Bayer, is valued with a total enterprise value of EUR 3.5 billion before deduction of net debt and pension obligations.
Bayer’s 60 percent stake in Currenta has an equity value of approximately EUR 1.17 billion (after deduction of net debt and pension obligations). In addition, in order to strengthen the Currenta Group, Bayer is selling to it an extensive package of real estate and infrastructure for EUR 180 million.
Baker McKenzie advised Bayer on all legal aspects of the transaction, including the sale of the properties and infrastructure as well as the conclusion of long-term service and supply contracts between Bayer and Currenta.
"We are very pleased that we could advise Bayer on an M&A transaction for the first time. Thanks to our full-service approach, we were excellently positioned in this complex transaction to provide our client with comprehensive advice not only on the sale of the shares but also on the sale of the properties and the conclusion of long-term service and supply contracts as further key components of the transaction," comments Dr. Ingo Strauss, who led the transaction together with Dr. Heiko Gotsche and Dr. Florian Thamm (Real Estate).
Bayer is a global enterprise with core competencies in the life science fields of health care and nutrition. Its products and services are designed to benefit people by supporting efforts to overcome the major challenges presented by a growing and aging global population. At the same time, the Group aims to increase its earning power and create value through innovation and growth. In fiscal 2018, the Group employed around 117,000 people and had sales of 39.6 billion euros. Capital expenditures amounted to 2.6 billion euros, R&D expenses to 5.2 billion euros.
Macquarie Infrastructure and Real Assets (MIRA) is the world’s largest infrastructure manager and is a part of Macquarie Group. Macquarie has been operating in Germany for 30 years and has extensive experience in Currenta's core business areas. These include supply, transport, logistics, storage, waste management and other disposal services.
Baker McKenzie's Corporate/M&A team regularly advises on domestic and international transactions and restructurings. Most recently, Baker McKenzie advised Evergrande on its JV with hofer powertrain, SPIE on the acquisition of OSMO, Toppan Printing on the acquisition of Germany based Interprint Group, Evonik on the sale of its methacrylates business to Advent International, Mayersche Buchhandlung on merger with Thalia, Sika on its offer to acquire Parex, Rexnord on the sale of VAG Group to Aurelius, DBAG Fund VII on its investment in Kraft & Bauer Holding and Thor Industries on the acquisition of Erwin Hymer Group.
Legal advisor to Bayer:
Lead: Corporate/M&A: Dr. Ingo Strauss (partner, Dusseldorf), Dr. Heiko Gotsche (partner, Dusseldorf)
Real Estate: Dr. Florian Thamm (partner, Frankfurt)
Team: Corporate/M&A: Johanna Jürgens (associate, Düsseldorf), Lena von Richthofen (senior associate, Düsseldorf), Cosima König-Mancini (associate, Düsseldorf), Nikolas Lazaridis (associate, Frankfurt)
Real Estate: Dr. Daniel Bork (senior associate, Düsseldorf), Nadine Uhrner (associate, Frankfurt)
Public Law: Dr. Tim Heitling (partner, Berlin), Dr. Janet Kerstin Butler (counsel, Berlin), Dr. Claire Dietz-Polte (senior associate, Berlin), Maximilian Voll (associate, Berlin), Anna-Sophia Herkenhoff (Associate, Berlin)
IT: Dr. Holger Lutz (partner, Frankfurt), Simone Bach (associate, Frankfurt)
Antitrust: Dr. Christian Burholt (partner, Berlin), Alexander Iken (Associate, Berlin)
Litigation/Arbitration: Dr. Heiko Alexander Haller (partner, Düsseldorf), Dr. Jan Frohloff (associate, Düsseldorf), Dr. Lisa Reiser (senior associate, Frankfurt)
Commercial & Trade: Dr. Johannes Teichmann (partner, Frankfurt), Rebecca Romig (associate, Frankfurt)
Employment: Agnes Herwig (associate, Frankfurt), Dr. Verena Böhm (counsel, Frankfurt)