New Delhi, Mar 10 (PTI) Bayer CropScience Ltd on Thursday said its parent firm Bayer AG has signed a definitive agreement with global private equity firm Cinven to sell its environmental science professional business for USD 2.6 billion.

The transaction is expected to close in the second half of this year, subject to the satisfaction of customary closing conditions. Its net proceeds are to be used to reduce Bayer's net financial debt, Bayer CropScience Ltd said in a regulatory filing.

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Bayer had announced its decision to divest the business in February 2021, it added.

"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, Member of the Board of Management of Bayer AG and President of the Crop Science Division.

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Environmental Science Professional is a global leader, offering environmental solutions to control pests, diseases and weeds in non-agricultural areas such as vector control, professional pest management, vegetation management, forestry, and turf and ornamentals.

In 2021, the business had approximately 800 employees supporting operations and sales in more than 100 countries. It is headquartered in Cary, North Carolina, USA.

"Bayer's Environmental Science Professional business is a global leader in a highly attractive and critical industry. We thank Bayer for the trust they have placed in Cinven and plan to build on the strong foundations established by Bayer by significantly investing in it," said Pontus Pettersson, Partner and Head of Industrial at Cinven.

As a long-established global investment firm, Cinven is well-positioned to continue to drive innovation and accelerate growth at Environmental Science Professional, including the delivery of digital and data-enabled solutions, as well as make the business more agile in responding to the unique needs of its markets and customers, he added.

BofA Securities acted as financial advisor to Bayer, while Hengeler Mueller acted as legal advisor, the filing added.

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