Bayer has agreed to sell off approximately $9 billion in businesses and assets to BASF in order to gain approval of its purchase of Monsanto, the Justice Department announced today.

Far-reaching restrictions on three neonicotinoid insecticides in the European Union have been upheld by the EU’s general court, prompting criticism from neonic manufacturers Syngenta and Bayer, and praise from environmental groups.

Bayer's proposed acquisition of Monsanto is still subject to pending regulatory approval, but the company announced the selection of a new Executive Leadership Team for the Crop Science Division, which will go into effect as of the closing.

Bayer said it will sell its digital farming business to BASF as part of an agreement with regulators to receive approval of its acquisition of Monsanto, which is expected to be finalized in the second quarter of this year.

The Justice Department has decided to approve Bayer’s acquisition of Monsanto after DOJ and the two companies reached an “agreement in principle,” according to the Wall Street Journal.

Bayer says it is pushing back the expected date of closing its proposed $66 billion acquisition of Monsanto Co. and that it is prepared to make additional concessions – including selling its entire vegetable seed business – to win approval from antitrust authorities in the EU, the U.S. and elsewhere.