TEL AVIV Six international companies and funds have made it to the second round of https://www.walmart.com/c/kp/landscaping-stones bidding for buyout group Permira's [PERM.UL] 61.3 percent stake in Israeli irrigation firm Netafim, Israel's Calcalist financial newspaper said on Wednesday.
The contenders are Mexican chemical firm Mexichem (MEXCHEM.MX); U.S. industrial technologies company Fortive Corp (FTV.N), Singapore's Temasek Holdings [TEM.UL], U.S. tools maker Stanley Black & Decker (SWK.N), Chinese investment fund Primavera and Chinese pipe maker Ningxia Qinglong (002457.SZ).
The sale has set a minimum value of $1.5 billion for the company.
Netafim said in March it had hired Goldman Sachs (GS.N) to handle a possible sale or public offering of the company. Centerview and Bank of Amer ica (BAC.N) were also appointed to advise on the deal.
The company is hoping for a valuation of between 10 and 12 times its expected 2017 earning before interest, taxes, depreciation and amortization (EBITDA) of around $120 million, a banking source told Reuters in May.
Any offer reflecting a value of more than $1.8 billion allows Permira to force Sprinkler System the remaining shareholders to Sprinkler System Installation Arlington s ell their holdings in Netafim, Calcalist said. Kibbutz Hatzerim owns 32.7 percent of Netafim and Kibbutz Magal owns 6 percent.
A spokesman for Netafim declined to comment.
The date of the third round has yet to be set.
Netafim, which has 4,300 employees and 17 factories in 10 countries, provides irrigation products for agriculture, greenhouse and mining applications.
(Reporting by Tova Cohen, editing by Louise Heavens)