article source Fortune article MiracleGro Inc. is getting into the fertilizer business, acquiring fertilizer maker MiracleGro Holdings for $1,218 per share.
MiracleGro, based in Kansas City, Mo., has been acquiring fertilizers since 2014.
Its largest deal, a $200 million deal for the fertilizer maker Fertilizer International in December, was for $2.6 billion.
The new deal would bring MiracleGrains market value to $1 billion, with a stake of approximately 25 percent, said CEO Jeff Gannon, who said the deal would allow Miraclegro to grow.
Miracruf is one of several fertilizer companies to benefit from the MiracleGro deal.
Other investors include DuPont Pioneer (DUP), Gilead Sciences, PTC Energy (PGC) and Dow Chemical Co. (DOW).
Shares of Miracrufs biggest rival, Listerine, rose 7.9 percent to $11.85 on the Nasdaq.
Miramet is one product of MiracleGro.
It is a line of nutritional supplements that use natural ingredients.
The company’s main product, the MiracleCrete line, is used in conjunction with MiracleGro products.
In its latest earnings report, MiracleGro said it had net income of $5.5 million and revenue of $2 billion for the three months ended Sept. 30, 2017.
Thats a 12 percent increase from the year-earlier period.