The firm, which floated its former subsidiary on the stock market in 1999 but kept almost a third of the shares, will use the money to cut debts and improve scope for enlarging its business.
Investment bank Goldman Sachs bought the stake, amounting to 42m shares, to sell to pension funds and institutional share holders.
Agfa UK director of graphics systems Laurence Roberts said he was "quite pleasantly surprised" that Goldman Sachs had been able to place the shares. "It's positive to think that people are investing in Agfa in the long term," he said.
He added that Bayer had always intended to sell its stake because "we're not a chemical company".
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