Tonon Buys Peer

Tonon Buys Peer

Brazil M&A

Tonon Bioenergia has agreed to purchase fellow Brazilian Paraiso Bioenergia, it says, for BRL170m ($85m), according to a report from Fitch. In the deal, Tonon will pay BRL50m cash and BRL120m in shares, preserving the proceeds, the buyer says, from Tonon’s $300m international DCM debut in January for other uses. Paraiso operates a sugar, ethanol and renewable energy mill with a 2.5m ton annual crushing capacity. The deal awaits regulatory approval. “The acquisition is strategically positive for

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