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Aug 31, 2021 to Sep 02, 2021
Valmont Industries has entered into a definitive agreement to acquire Prospera Technologies Inc. The transaction, valued at approximately $300 million, is expected to close in the second quarter of 2021.
Valmont is a global provider of engineered products and services for infrastructure and irrigation equipment. Prospera is a privately held Israeli-based artificial intelligence company, focused on machine learning and computer vision in agriculture.
Building on accomplishments
Since 2019, Valmont and Prospera have integrated AI technologies with center pivot irrigation to develop real-time crop analysis and anomaly detection solutions. The partnership is monitoring five million acres in 2020 – the original estimate was one million acres – and twice as many growers are using the service compared to 2019. Grower adoption is expected to double in 2021.
Valmont to Acquire Prospera Technologies, Global Leader in Agricultural Artificial Intelligence & Machine Learning – Consumer Electronics Net consumerelectronicsnet.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from consumerelectronicsnet.com Daily Mail and Mail on Sunday newspapers.
A private equity firm that specializes in shale drilling fired 111 people at its Houston headquarters.
(Bloomberg) EnerVest Ltd., a private equity firm that specializes in shale drilling, fired 111 people at its Houston headquarters, citing “challenging times for the industry.”
The job cuts were made “in an effort to right-size our company and ensure a successful future,” company spokeswoman Lindsey Welch said in an email on Monday.
EnerVest sold its Eagle Ford Shale wells and drilling rights in 2018 for $2.4 billion in a transaction that created Magnolia Oil & Gas Corp. Under the terms of that deal, EnerVest operated the assets on behalf of Magnolia, which is led by former Occidental Petroleum Corp. Chief Executive Officer Stephen Chazen. A Magnolia spokesman declined to comment.