The U.S. Justice Department has approved Bayer AG’s acquisition of Monsanto Co. after the companies pledged to sell off additional assets to secure government antitrust approval, The Wall Street Journal reported on Monday, citing people familiar with the matter.
The move follows the European Union‘s decision to approve the merger in March, conditional on the divestiture of a seeds, pesticides and digital agriculture package, which BASF has agreed to buy.
The transaction creates the largest global integrated seed and pesticide player. Bayer is paying $66 billion for Monsanto – equivalent to $128 per share – in an all-cash transaction financed through debt and equity. This represents a 44% premium over Bayer’s original offer to acquire Monsanto, first proposed on May 9, 2016.