ICL agrees to buy Brazilian plant nutrition firm for $120 mln

Reuters
·1 min read

TEL AVIV, Oct 26 (Reuters) - Israel's ICL said on Monday it has agreed to acquire Agro Fertilaqua Participacoes SA, a Brazilian specialty plant nutrition company, for $120 million from private equity firm Aqua Capital.

The deal is expected to expand ICL's specialty plant nutrition portfolio and its customer base in Brazil, ICL said.

Fertilaqua provides products for plant nutrition and stimulation, soil revitalization, seed treatment and plant health for key Brazilian crops, including soybeans, corn, sugarcane, cotton, coffee, fruits and vegetables.

Fertilaqua serves over 500 customers in 24 Brazilian states, including retailers, cooperatives and large farms, ICL said. It has over 350 employees, two production sites and two research and development centers.

Following the closing of the deal, which is expected by early 2021, ICL expects to leverage Fertilaqua's market presence and distribution capabilities to increase the sales of its organic fertilizers, controlled-released fertilizers and other plant nutrition products in Brazil. (Reporting by Tova Cohen, Editing by Ari Rabinovitch)