Rivulis Pte. Ltd. (Rivulis) announced today that it has acquired complete regulatory permission for the acquisition of numerous overseas companies that form Jain Irrigation's International Irrigation Business (IIB).
Rivulis will spearhead the widespread adoption of new irrigation technologies and digital farming by producers and business partners, establishing the company as a global irrigation and climate leader.
After obtaining and fulfilling all government authorizations and previous conditions required by the Share Purchase Agreement, the transaction was completed. Rivulis will finance the acquisition with additional investment from Temasek as well as newly issued shares to Jain India.
Additionally, Jain USA and NaanDanJain debt issuances 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.
"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," said Rivulis CEO Richard Klapholz.
“Since then, personnel from all companies have worked tirelessly to plan for the day when we will all be one company. We will gain from tremendous operational efficiencies and a broad in-field presence, allowing us to be close to growers and commercial partners. We will also benefit from the most comprehensive micro irrigation and digital farming offering, as well as a fully committed and diversified workforce,” he added.
“I enthusiastically welcome the Jain USA, AVI, IDC, and global NaanDanJain teams, and am confident that as one firm, we will be a strong force as we establish ourselves as a global irrigation and climate leader. Water-efficient, environmentally sustainable solutions, such as micro irrigation, are required to address global food and water security concerns holistically,” Richard said.
“Rivulis' next chapter will be exciting as we accomplish our GROW BEYOND purpose to help farms achieve sustainable lives and become a worldwide sustainability champion with our two shareholders, Temasek and Jain Irrigation," he added.
