A Dutch lighting giant signed a definitive agreement to acquire Texas-based Fluence, which provides grow lights to cannabis cultivators and other agricultural companies, for $272 million.
Netherlands-based Signify said in a news release that the acquisition is in line with its strategy to expand in “attractive growth segments” as well as its commitment to reduce resource consumption and increase horticultural yields.
Fluence will operate as an entity within Signify’s agricultural lighting business.
Fluence, which currently is a subsidiary of Munich-based Osram, employs more than 200 people and generated $141 million in revenue from October 2020 to September 2021.
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The acquisition is expected to close in the first half of 2022, subject to regulatory approvals and other conditions.
Signify trades on the Euronext exchange as LIGHT.