The Permira fund is cashing in on irrigation equipment company Netafim. Permira is selling its 61.35% stake in the company; Kibbutz Magal is reportedly selling its 6% holding, while Kibbutz Hatzerim in the Negev, where Netafim was founded in 1965, is reportedly selling a 12.7% stake out of its 32.7% total holding, and will remain with a minority holding of 20%. The consideration is $1.5 billion, giving Netafim a valuation of $1.9 billion. The buyer is Mexican company Mexichem. Netafim pioneered drip and micro-irrigation, and is a world leader in the field.
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