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Mexichem Completes the Acquisition of Netafim
HOUSTON, February 8, 2018 (PCW) -- Mexichem, S.A.B. de C.V. announced that it has completed the acquisition of an 80% stake in Netafim, Ltd. from a company backed by the Permira funds, after all of the governmental authorizations and all the precedent conditions required by the Share Purchase Agreement have been completed.
Netafim is a privately-held Israeli company and a leader in precision irrigation solutions.
The total enterprise value of the transaction is $1.895 billion.
Kibbutz Hatzerim retains 20% ownership in Netafim, which will maintain its headquarters in Israel. As previously-disclosed, Mexichem financed the acquisition with a combination of cash and debt.
The completion of this transaction has significantly advanced Mexichem’s long-term strategy to position itself as a world leader in specialty products and solutions serving high-growth markets.
Commenting on the completion of the transaction, Juan Pablo del Valle, Chairman of Mexichem said, “The Netafim acquisition has enabled Mexichem to develop a strategic presence in the dynamic field of micro irrigation, a sector that is effectively addressing challenges related to global food and water shortages.”
Netafim is the global leader in precision irrigation, with 29 subsidiaries, 17 manufacturing plants and 4,500 employees worldwide, and sales in over 110 countries. Founded in 1965, Netafim pioneered the drip revolution, creating a paradigm shift toward precision irrigation. -- Donna Todd