Monsanto Company (MON) Is Acquiring The Climate Corporation For $930 Million
Monsanto Company (NYSE:MON) has announced that they have signed a definitive agreement to buy The Climate Corporation for a cash price of approximately $930 million. This acquisition will combine The Climate Corporation’s agriculture analytics and risk management solutions with Monsanto’s research and development capabilities. Farmers will get access to more information about factors that affect the success of their crops.
“The Climate Corporation is focused on unlocking new value for the farm through data science,” stated Monsanto chairman and CEO Hugh Grant. “Everyone benefits when farmers are able to produce more with fewer resources. The Climate Corporation team brings leading expertise that will continue to greatly benefit farmers and their bottom-line, and we want to expand upon this tremendous work and broaden their reach to more crops and more world areas. We look forward to working closely with our distribution partners and others in the agricultural industry to bring this suite of information resources to the farm.”
Founded in 2006, The Climate Corporation was founded by engineers and scientists that worked at Google and other Silicon Valley based tech companies.
The acquisition is subject to customary closing conditions and is expected to close in Q1 2014 of Monsanto’s 2014 fiscal year. The Climate Corporation will retain their brand identity.