Bayer sells Environmental Science Professional business
Private equity firm Cinven has agreed to acquire Bayer’s Environmental Science Professional (ESP) business for €2.4 billion. The deal should close in Q2, subject to customary closing conditions. Bayer had originally announced plans to divest the business, which is headquartered in Cary, North Carolina, in February 2021.
ESP offers pest, disease and weed control in non-agricultural areas such as vector control, professional pest management, vegetation management, forestry, turf and ornamentals. In 2021, it employed about 800 people in over 100 countries.
“This divestment represents a very attractive purchase price and allows us to focus on our core agricultural business and the successful implementation of our Crop Science division growth strategy,” said Rodrigo Santos, president of the division. Bayer will use the proceeds to reduce itsnet financial debt.