Singapore investment firm Temasek is acquiring a majority stake in Rivulis, an Israel-based provider of micro-irrigation products and solutions.
The acquisition, which is subject to government authorisation, is expected to be completed later this year, the companies said yesterday.
Temasek's US$214 billion (S$291 billion) portfolio includes significant exposure to agribusiness as well as a focus on sustainable living, which is core to Rivulis' business, they added.
Rivulis chief executive Richard Klapholz said micro-irrigation is a "transformative technology" offering the only viable solution to water scarcity and the resulting global food constraints.
He added that the company was thrilled to have Temasek, which is focused on investments addressing global sustainability challenges, as its largest shareholder.
Rivulis, which has 2,000 employees, was set up in 1966.
The company deploys smart micro-and drip-irrigation solutions, which it says help growers achieve higher yields and higher quality while safeguarding the sustainability of the land.
It has over 3,300 business partners worldwide, including individual growers and large corporate plantations in the agriculture, horticulture, greenhouse, landscape and mining industries.
It boasts 16 factories across 14 countries, five design centres and three research and development facilities, in Israel, California and Greece.
THE BUSINESS TIMES