SINGAPORE (THE BUSINESS TIMES) - Singapore's investment company, Temasek, has signed an agreement to acquire a majority stake in Rivulis, an Israel-headquartered provider of global micro-irrigation products and solutions.

The acquisition, which is subject to government authorisation, is expected to be completed in the fourth quarter of 2020, the companies said in a joint statement on Tuesday (Sept 15).

Temasek's US$214 billion (S$291 billion) portfolio includes significant exposure to the agribusiness space, 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 and represents the successful integration of four industry pioneers and veterans: Plastro, T-Systems, Roberts Irrigation and Eurodrip.

The company innovates and deploys smart micro- and drip-irrigation solutions, which it says help growers achieve higher yields and higher quality while safeguarding the sustainability of grower land and livelihood.

It has more than 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 globally, and three research and development centres in the agricultural hot spots of Israel, California and Greece.