Israel Chemicals (ICL), a fertilizer and specialty chemicals maker, said on Tuesday it agreed to buy the Global Professional business unit of Scotts Miracle-Gro for $270 million. Scotts' global professional business sells specialty fertilizers and plant protection products. The unit generated about $242 million in revenue for its financial year ended Sept. 30, ICL said in a statement.

ICL said the deal will expand its portfolio of specialty fertilizers and horticultural inputs products.

"This acquisition will establish ICL as the leading player in certain specialty fertilizers and specialty inputs markets in which we have been active for many years," Yossi Shahar, ICL's executive vice president, said.

ICL said it intends to finance the deal from its own resources.