Israel Chemicals Ltd., which extracts minerals from the Dead Sea to make fertilizer, offered to buy a unit of Scotts Miracle-Gro Co. for $270 million.
The unit, Global Professional, sells specialty fertilizers, greenhouses and specialty crop growers and has anual revenue of about $242 million, Israel Chemicals said in an e-mailed statement today. The Tel Aviv-based company plans to finance the purchase from its own resources.
“This acquisition will establish ICL as the leading player in certain specialty fertilizers and specialty inputs markets,” Yossi Shahar, executive vice president corporate development, said in the statement. The companies plan to enter a sale agreement after Scotts complets pre-sale conditions.
Israel Chemicals rose to the highest level in a month, rising 1.8 percent to 57.20 shekels as of 12:48 p.m. in Tel Aviv.