The Global Professional section of the company markets professional products to commercial growers and those involved in ornamentals, turf, parks and green spaces and speciality agriculture all over the world.
Scotts Miracle-Gro chief executive Jim Hagedorn said: "Over the past two years we have evolved our business portfolio to better leverage growth opportunities within our Global Consumer segment, allowing us to better shareholder value.
"While we are proud of the efforts that our Global Professional team has put forward over the years, we believe their ability to continue driving growth will be enhanced by being part of ICL, which has articulated a clear vision to invest in this business and support its growth."
The company’s US professional seed business is not included in the offer and global professional will continue to develop its grass seeds activities in Europe.
ICL president Akiva Mozes said: "We are very excited about the potential of combining our two companies’ speciality fertilisers and horticultural and turf inputs business, thereby forming a strong basis for the strategic expansion that we have planned for this area.
"By combining Global Professional’s branded products, experienced global sales and marketing organisation and significant R&D capabilities with our own leading products and superior access to raw materials, we believe that we will be able to create a speciality fertilisers and horticultural and turf inputs powerhouse positioned for accelerated growth in a growing marketplace."