- The divested business is set to operate as an independent company called Envu
- The business generated sales of approximately €600 million in 2021
- Envu is active in over 100 countries and nearly 900 employees will transfer from Bayer to the company
Bayer announced that it has completed the sale of its environmental science professional business to Cinven. Negotiations for the sale of the business had been underway since March and a purchase price of €2.6 billion had been agreed. The divested business, which generated sales of approximately €600 million in 2021, is set to operate as an independent company called Envu.
Envu offers services to control pests, disease and weeds in non-agricultural areas. Envu is headquartered in Cary, North Carolina and nearly 900 employees will transfer from Bayer to the new entity.
Bayer will use the net proceeds from the deal to reduce its net financial debt.
London-headquartered Cinven is a global private equity firm that has made over 140 investments, making more than €44 billion in realised proceeds. It invests within the business services, consumer, industrial, financial services, healthcare and TMT sectors in Europe and North America.
Bayer is a global company with core competencies in the life science fields of healthcare and nutrition. In the fiscal year 2021 the group had sales of €44.1 billion. The company is headquartered in Leverkusen.