Bayer AG is selling selected crop science businesses to German chemicals company BASF SE for €5.9 billion.

The assets in the sale include Bayer's global glufosinate-ammonium business and the related LibertyLink technology for herbicide tolerance, essentially all of the company's field crop seeds businesses, as well as respective research and development capabilities.

The transaction is part of asset sales required by regulators to satisfy competition concerns on Bayer's planned $66 billion takeover of agricultural company Monsanto Co.

The agreement with BASF includes the transfer of relevant intellectual property and facilities, as well as more than 1,800 employees worldwide. BASF pledged to maintain all permanent staff positions for at least three years after deal closing.

The deal is subject to regulatory approvals as well as the successful closing of Bayer's acquisition of Monsanto.

Bayer intends to use net proceeds from the divestiture to partially refinance the Monsanto takeover.

Bank of America Merrill Lynch and Credit Suisse serve as financial advisers to Bayer.