FIMI Opportunity Funds, an Israeli private equity firm, has purchased Deere & Company's irrigation operations. The deal was announced Feb. 26.
The deal is expected to close in the second quarter of the 2014 calendar year.
Deere has been manufacturing irrigation products for seven years. The terms of sale have not been made public. FIMI Opportunity Funds was founded in 1996. The FIMI website claims that the group has more than $2 billion in assets under management. FIMI has completed 73 investments.
For more information on FIMI, visit its website. For more information on John Deere visit its website here.
Yahoo Finance reports that "John Deere Water is one of the world's largest full-line drip irrigation manufacturers with significant distribution in North and South America, Asia, Europe, and Africa." John Deere will continue to develop and offer products and services to help customers improve the overall performance of their farming operations, including the current in-field moisture and climate sensing technology, John Deere Field Connect.
To view the Yahoo Finance story click here.
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