Bayer AG announced it will sell its Diabetes Care business to Panasonic Healthcare Holdings Co. Total consideration for the transaction is EUR 1,022 million. According to a press release, the sale will include the Contour portfolio of blood glucose monitoring meters and strips, as well as other products such as Breeze2, Elite and Microlet lancing devices. Closing is expected to occur in the first quarter of 2016.
“We are confident that the sale of our Diabetes Care business to our long-standing partner Panasonic Healthcare, with the strong backing of KKR, will support the long-term sustainability of this portfolio,” said Werner Baumann, member of the Board of Management of Bayer AG and CEO of Bayer HealthCare.
Johannes Huth, member and head of KKR Europe, Africa and Middle East, and Hiro Hirano, member and CEO of KKR Japan, said, "We are pleased that Bayer Diabetes Care chose Panasonic Healthcare and KKR as the trusted partners for bringing the business to its next stage of development...Together, we will leverage our experience and network to create a global diabetes care solutions powerhouse in an effort to make this a transformational transaction for the diabetes care industry."