Mexican group Mexichem is to buy 80 percent of Israel's world leading micro-irrigation firm Netafim for $1.5 billion, the Israeli company announced on Monday.

Netafim, created in 1965, specialises in water-saving "smart drip" and micro-irrigation systems for agriculture.

It is active in 30 countries, owns 17 production plants, employs 4,300 people and sells its products in more than 100 countries.

Its turnover last year was $855 million.

Mexichem, which specialises in plastics, chemicals and petrochemicals, had a turnover last year of $5.4 billion.

Under the deal, the two firms agreed to maintain Netafim's base of operations, production, research and development facilities in Israel for at least 20 years.

The Permira investment fund will sell its 61 percent stake in Netafim.

The two other main shareholders, Kibbutz Hatzerim and Magal, will also sell a portion of their stakes, the Netafim statement said.

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