The Algemeiner reports: JNS.org – The Mexican chemical company Mexichem has agreed to acquire an 80-percent stake in the Israeli drip irrigation pioneer Netafim for about $1.5 billion, the Hebrew-language news website Calcalist reported on Monday.
The acquisition boosts Netafim’s value to $1.9 billion. Netafim, the world’s largest producer of drip and micro-irrigation systems, was founded in 1965 in the Negev-based Kibbutz Hatzerim, and pioneered the cutting-edge agricultural technology.
The kibbutz, which held a 32.7-percent stake in the company, will sell 12.7 percent of its holdings to Mexichem in the deal, with Israel’s Permira fund selling 61.4 percent of its holdings and Kibbutz Magal selling 6 percent of its stake.
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