PARIS — After months of buzz, EQT Northern Europe Private Equity Funds has signed an agreement to buy Haarmann & Reimer, the wholly owned fragrance and flavors arm of Bayer AG, for $1.67 billion, the firms said Wednesday. Figures are converted at current exchange rates from the euro.

EQT also said it will take a majority stake in Dragoco, another fragrance-and-flavors firm, with the intent of merging the two firms into a yet-to-be-named entity. Dragoco and H&R are based in Holzminden, Germany.

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