Mexican company Mexichem announced today that it has reached a definitive agreement to acquire an 80% stake in Netafim, Ltd. the world’s largest irrigation company, from a company backed by the Permira Funds and other minority shareholders for $1.895 billion. Kibbutz Hatzerim, the founder, will retain the remaining 20% stake of Netafim’s share capital.
A Mexichem release notes, "Netafim is a global leader in developing, manufacturing and distributing advanced drip and micro-irrigation solutions, with local presence in more than 30 countries, 17 manufacturing plants, more than 4,300 employees and sales in more than 110 countries worldwide. Netafim’s advanced technologies and end-to-end solutions help growers across the world achieve higher and better crop yields while reducing usage of water and other inputs, such as manpower, nutrients and crop protection."