Raízen Closes US$1.42 Billion Sale of Argentina Business to Mercuria
Raízen completed the US$1.42 billion sale of its Argentina downstream business to Mercuria, a key cash step in Brazil's largest-ever debt restructuring. The post Raízen Closes US$1.42 Billion Sale of Argentina Business to Mercuria appeared first on The Rio Times .
Raízen has finalized the sale of its Argentine downstream business to Mercuria Energy Group, concluding the US$1.42 billion transaction on Tuesday, 1 September. The deal involved the Dock Sud refinery, 894 Shell-branded service stations, a lubricants plant, airport fueling platforms, and fuel terminals. The company cited this sale as part of its capital-structure management in the largest debt restructuring in Brazilian history, covering about R$65 billion (US$12.6 billion).
Mercuria, partnered with Argentine businessman José Luis Manzano's Integra Capital, aims to expand its presence in Argentina beyond Vaca Muerta. Despite the sale, Raízen shares have plummeted 68% this year, and leverage reached 5.3 times net debt to EBITDA. The company now plans to split into two units: Raízen Energia, focusing on sugar, ethanol, and bioenergy, and Raízen Combustíveis, concentrating on fuel distribution and Shell-branded lubricants.
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