{"id":98777,"date":"2026-06-03T14:39:43","date_gmt":"2026-06-03T17:39:43","guid":{"rendered":"https:\/\/murray.adv.br\/?p=98777"},"modified":"2026-06-03T14:39:43","modified_gmt":"2026-06-03T17:39:43","slug":"raizen-nears-1-4-billion-sale-of-argentina-business","status":"publish","type":"post","link":"https:\/\/murray.adv.br\/en\/raizen-nears-1-4-billion-sale-of-argentina-business\/","title":{"rendered":"Ra\u00edzen nears $1.4 billion sale of Argentina business"},"content":{"rendered":"
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Deal with Swiss trader Mercuria would provide major cash infusion as Brazilian energy group restructures R$65bn in debt<\/em><\/h6>\n<\/div>\n<\/div>\n
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Ra\u00edzen\u00a0<\/strong>is in advanced negotiations to sell its operations in Argentina for $1.4 billion (about R$7 billion) to a consortium led by Swiss commodities trader\u00a0Mercuria Energy Group<\/strong>,\u00a0Valor\u00a0<\/strong>has learned.<\/p>\n<\/div>\n

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The transaction, which could be signed within the coming days, is expected to close within three months and would provide a significant cash boost to Ra\u00edzen. The energy company, a joint venture between\u00a0Cosan and Shell<\/strong>, is currently restructuring R$65 billion in debt through an out-of-court reorganization process. Some contractual details are still pending approval.<\/p>\n<\/div>\n

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Ra\u00edzen\u2019s assets in Argentina include a refinery, a lubricants plant, and a fuel station network that previously belonged to Shell. Those assets were sold to the joint venture in 2018 for $950 million.<\/p>\n<\/div>\n

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The sale process, which began about 18 months ago, attracted interest from major industry players, including Trafigura, Vitol, and Saudi Aramco. Local investors also reviewed the asset, and Argentine businessman Jos\u00e9 Luis Manzano\u2014already a partner of Mercuria in other ventures\u2014is part of the buying consortium, according to sources.<\/p>\n<\/div>\n

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With leverage remaining elevated\u2014net debt stood at 5.3 times EBITDA as of March\u2014Ra\u00edzen has sold roughly R$5 billion in assets since early last year, including sugarcane mills and distributed-generation businesses.<\/p>\n<\/div>\n

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The Argentina operation, however, represents the company\u2019s largest divestment to date and has been closely watched by creditors, who are nearing completion of negotiations over Ra\u00edzen\u2019s restructuring plan.<\/p>\n<\/div>\n

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Broadly speaking, the proposed restructuring includes an injection of at least R$3.5 billion from Shell and a potential R$500 million contribution from a vehicle controlled by\u00a0Aguassanta<\/strong>, the family office of Rubens Ometto, Cosan\u2019s controlling shareholder. The plan also calls for a\u00a0swap of 45% of the debt into equity and the restructuring of the remaining 55% debt profile<\/a>.<\/p>\n<\/div>\n

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BTG Pactual is advising Ra\u00edzen on the sale of its Argentina business, while UBS is advising Mercuria. Ra\u00edzen declined to comment, and Mercuria had not responded by press time.<\/p>\n<\/div>\n

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According to sources,\u00a0Ra\u00edzen is also expected to finalize the wording of the documentation required to obtain creditor approval of its out-of-court restructuring plan in the coming days<\/a>. There had been expectations that the process would be completed by last weekend, but several adjustments were required given the complexity of the negotiations, Valor has learned.<\/p>\n<\/div>\n

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The broad terms of the agreement have already been settled, including with holders of the company\u2019s international bonds, who had temporarily withdrawn from negotiations several weeks ago. As a result, the company expects to secure support from more than half of the outstanding debt volume required to approve the restructuring plan.<\/p>\n<\/div>\n

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As previously reported by Valor, the group of foreign bondholders succeeded in obtaining a modest improvement in the interest rate on the remaining debt that will be extended, from 7.5% to 8%, prompting them to return to the negotiating table.<\/p>\n<\/div>\n

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Of the R$65 billion in debt subject to restructuring, 45% will be converted into equity, effectively making creditors the company\u2019s controlling shareholders.<\/p>\n<\/div>\n

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It remains unclear whether Ometto will ultimately provide the planned R$500 million capital injection, as creditors have demanded that he step down as chairman.<\/p>\n<\/div>\n

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Upon completion of the restructuring, the company will be split into two separate entities: Ra\u00edzen Energia and Ra\u00edzen Combust\u00edveis. Ra\u00edzen has until June 8 to obtain approval for its out-of-court restructuring plan.<\/p>\n

*By\u00a0M\u00f4nica Scaramuzzo,\u00a0Stella Fontes\u00a0and\u00a0Fernanda Guimar\u00e3es\u00a0\u2014 S\u00e3o Paulo<\/p>\n

Source: Valor International<\/p>\n

https:\/\/valorinternational.globo.com\/<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/article>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Deal with Swiss trader Mercuria would provide major cash infusion as Brazilian energy group restructures R$65bn in debt   06\/03\/2026 Ra\u00edzen\u00a0is in advanced negotiations to sell its operations in Argentina for $1.4 billion (about R$7 billion) to a consortium led by Swiss commodities trader\u00a0Mercuria Energy Group,\u00a0Valor\u00a0has learned. The transaction, which could be signed within the […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8106],"tags":[26958],"class_list":["post-98777","post","type-post","status-publish","format-standard","hentry","category-murray-news","tag-raizen-nears-1-4-billion-sale-of-argentina-business"],"yoast_head":"\nRa\u00edzen nears $1.4 billion sale of Argentina business - Murray Advogados<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/murray.adv.br\/en\/raizen-nears-1-4-billion-sale-of-argentina-business\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Ra\u00edzen nears $1.4 billion sale of Argentina business - Murray Advogados\" \/>\n<meta property=\"og:description\" content=\"Deal with Swiss trader Mercuria would provide major cash infusion as Brazilian energy group restructures R$65bn in debt   06\/03\/2026 Ra\u00edzen\u00a0is in advanced negotiations to sell its operations in Argentina for $1.4 billion (about R$7 billion) to a consortium led by Swiss commodities trader\u00a0Mercuria Energy Group,\u00a0Valor\u00a0has learned. 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