Rivulis Pte. Ltd. received full regulatory approval for the acquisition of multiple overseas subsidiaries including the International Irrigation Business of Jain Irrigation.
Rivulis is a global micro-irrigation leader focused on promoting a sustainable agri-food supply chain both to feed our planet and save it from the perils of climate change.
“As mentioned during the deal announcement last June, we are thrilled to have both companies join forces to build a long-lasting, purpose-led company, spearheading the transformation of agriculture through its focus on accessibility, innovation and sustainability. Since then, the employees of all companies have worked hard to jointly plan for this day, when we all become one company," said Richard Klapholz, Rivulis CEO. "Together, we will benefit from significant operational economies of scale and far reaching in-the-field presence, enabling us to be close to growers and business partners. I wholeheartedly welcome the Jain USA, AVI, IDC and global NaanDanJain teams and am certain that, as one company, we will become a formidable force as we establish ourselves as a global irrigation and climate leader."
With this acquisition, Rivulis will lead the mass adoption of modern irrigation solutions and digital farming by growers and business partners to create an irrigation and climate leader globally.
The acquisition has been finalized after all government authorizations and the precedent conditions required by the Share Purchase Agreement have been obtained and completed. Rivulis will finance the acquisition with additional investment from Temasek as well as newly issued shares to Jain India; In addition, debt issuances of Jain USA and NaanDanJain will be refinanced immediately post-Closing through a syndicated facility signed with leading banks including HSBC, Rabobank, State Bank of India, ING, Bank Leumi and the First International Bank of Israel.