LANXESS to sell 40% stake in chemical park operator Currenta
- Currenta valued at enterprise value of EUR 3.5 billion (100% including real estate)
- Equity value of LANXESS‘ 40% stake approximately EUR 780 million pre tax
- Buyer is the world’s largest infrastructure investor Macquarie Infrastructure and Real Assets
- LANXESS‘ strategic interest will be secured by 10 year service- and supply contracts for the three production sites in Leverkusen, Krefeld-Uerdingen und Dormagen
Specialty chemicals company LANXESS signed on August 6, 2019, an agreement to sell its 40% share in the chemical park operator Currenta to funds managed by Macquarie Infrastructure and Real Assets (MIRA). Currenta manages and operates the chemical parks in Leverkusen, Dormagen and Krefeld-Uerdingen.
The transaction is subject to the approval of the responsible regulatory authorities. Closing is expected until the end of April 2020. Currently, Currenta is a joint venture of Bayer (60%) and LANXESS (40%).
The 40% stake of Currenta held by LANXESS accounts for an equity value (after deduction of net debt and pensions) of approximately EUR 780 million pre tax. In addition, LANXESS is entitled to a profit participation until completion of the transaction. Moreover, LANXESS has reached an agreement with MIRA on service and supply contracts for the three sites in Leverkusen, Dormagen and Krefeld-Uerdingen, which will initially run for 10 years.
With the long-term contract package, LANXESS has secured a reliable infrastructure at competitive conditions for the future. At the same time the sale of the 40% stake will give LANXESS additional financial leeway.