Temasek signs deal to acquire micro-irrigation company Rivulis
Temasek will acquire 85% of Israel-based micro-irrigation company Rivulis Irrigation Ltd
Singapore's government holding company Temasek Holdings has signed a deal to acquire 85% of Israel-based micro-irrigation company Rivulis Irrigation Ltd.
Temasek will purchase the stake from Rivulis’ controlling shareholder, Israel-based private equity firm FIMI Opportunity Funds (56%), and U.S. based Paine & Partners (29%), which had previously controlled Greek micro-irrigation company Eurodrip S.A., before it was merged into Rivulis. FIMI is set to receive approximately $240 million for its shares, while Paine & Partners will get $125 million. Dhanna Engineering of India will maintain its 15% stake in the company. Gillon Beck, is the current chairman of Rivulis and is a Senior Partner at FIMI.
The sale process began over a year ago and was halted during March due to the outbreak of Covid-19. Temasek intends to retain Rivulis' current management, as well as its headquarters in Kibbutz Gvat. Rivulis employs 1,800 people across 16 facilities worldwide, 400 of them in Israel. The company’s main markets are Turkey, Greece and the Balkans, the U.S., Mexico, Brazil, and Argentina.