Cinven Limited entered into a definitive agreement to acquire Environmental Science Professional business from Bayer Aktiengesellschaft (XTRA:BAYN) for $2.6 billion on March 10, 2022. A team drawn from London and New York Finance and Capital Markets groups, led by partners Michael Dakin, Taner Hassan and Daniel Winick, advised in respect of underwritten debt financing for the acquisition comprising senior secured loans to be syndicated, a bridge to senior notes to be issued and a revolving credit facility to be made available to BESP under Cinven's ownership. Anne Drakeford advised Cinven with respect to hedging arrangement connected with the transaction. The transaction is subject to the satisfaction of customary closing conditions and is expected to close in the second half of 2022. The net proceeds from the transaction will be used to reduce Bayer's net financial debt. BofA Securities, Inc. acted as the financial advisor and Matthias Hentzen, Martin Ulbrich, Christian Wentrup, Wolfgang Kellenter, Matthias Scheifele, Gunther Wagner, Christian Hoefs, Thorsten Mäger, Henning Hilke and Dirk Uwer, counsel Patrick Wilkening, Stefanie Budde, Christian Häußer and Marius Marx of Hengeler Mueller Partnerschaft von Rechtsanwälten mbB acted as the legal advisor to Bayer. Jörg Rhiel, Anselm Raddatz, Jonny Myers, Kevin Lehpamer, Gunnar Sachs, Mark Aschenbrenner, Susanne Werry, Daryl Fairbairn, Christopher Fischer, Pascal Weber, Esther Giesbrecht, Michael Dakin, Taner Hassan, Daniel Winick, Anne Drakeford, Stefan Simon, Cécile Zoro, Dimitri Slobodenjuk, Timothy Cornell, Thomas Voland, Claudia Milbradt, Ronny Amirsehhi, Paul Seraganian, Dominik Engl, Howard Adler, Anthony Candido, Marcel Lucas, Laurent Schoenstein, Wassilla Kameche and Jacqueline Landells of Clifford Chance acted as legal advisors to Cinven. Christopher Carlisle of Opus Corporate Finance LLP, Jan-Philip Pfander of Proventis Partners GmbH, Credit Suisse AG and KPMG acted as financial advisors to Cinven. Alan Rockwell, Tomasz Kulawik, Kristen Garry, Jordan Altman, Florian Ziegler, and Jann Jetter of Shearman & Sterling LLP advised Credit Suisse and a large UK investment bank, as Arrangers, Bank of Montreal, as First & Second Lien Administrative Agent, a large UK investment bank, as ABL Administrative Agent, and additional Arrangers, on a $2.021 billion financing for the acquisition. Itir Çiftçi of Clifford Chance Partnerschaftsgesellschaft acted as legal advisor to Cinven Limited.

Cinven Limited completed the acquisition of Environmental Science Professional business from Bayer Aktiengesellschaft (XTRA:BAYN) on October 5, 2022. The business generated sales of approximately €600 million ($588.62 million) in 2021.