Specialty chemicals company Lanxess completed the sale of its 40 % stake in chemical park operator Currenta to Macquarie Infrastructure and Real Assets (MIRA) on 30 April 2020.
Both companies had reached an agreement to this effect in August 2019. Lanxess realized an equity value of EUR 780 million (after deduction of net debt and pensions) for the sale of its stake and received a profit participation of EUR 150 million pre tax. Moreover, Lanxess has reached an agreement with Currenta on service and supply contracts for the three sites in Leverkusen, Dormagen and Krefeld, all Germany, which will initially run for ten years. Lanxess operates a significant portion of its global production facilities there.
Currenta manages and operates infrastructure, energy supply and other essential services in the chemical parks in the Lower Rhine region and was previously a joint venture between Bayer (60 %) and Lanxess (40 %). Bayer had already completed the sale of its Currenta stake to MIRA at the end of November 2019. Lanxess, one of Currenta’s main customers, provided operational support to the new owner during the transition phase. MIRA has been active in Germany for 30 years, and has extensive experience in Currenta’s core business areas including utilities, transport, logistics, storage, waste management and treatment services.
www.lanxess.com
www.currenta.de
www.mirafunds.com
www.bayer.de