Scotts Miracle-Gro takes majority stake in Boulder-based AeroGrow

BOULDER — The Scotts Miracle-Gro Co., which bought a 31 percent stake in Boulder-based AeroGrow International Inc. in 2013, has increased its stake in the local firm to 80 percent.

AeroGrow this week announced that Scotts had exercised warrants to purchase the additional shares for $47.8 million in cash. The exercise price was established by a formula negotiated during Scotts’ original deal to buy a minority stake in AeroGrow.

Just prior to the exercise, Scotts had owned about 45 percent of AeroGrow’s issued and outstanding voting and capital stock, including about 2.6 million shares of Series…