By Nathan Allen

Bayer AG (BAYN.XE) said Monday that it has agreed to sell the Dr. Scholl's foot-care brand to U.S. private-equity firm Yellow Wood Partners LLC for $585 million.

The German chemical group said the sale will allow it to focus on building up its core over-the-counter brands.

Yellow Wood Partners will acquire the rights to Dr. Scholl's products in the Americas, and take on around 30 people in the U.S.

The deal is set to close in the fourth-quarter, Bayer said.

Write to Nathan Allen at nathan.allen@dowjones.com

(END) Dow Jones Newswires

July 22, 2019 09:23 ET (13:23 GMT)

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