February 9, 2021
Brazilian sugar and ethanol company Raízen said Monday that it agreed to acquire rival Biosev in a cash and stock deal that could be worth more than BRL4 billion ($745 million).
Raízen, a joint venture between Shell and Cosan, said it will pay BRL3.6 billion in cash and issue 4.99% in new shares to Biosev's controlling shareholder Hédera.
The São Paulo-based sugar company could also make an earn-out payment of BRL350 million to Hédera after five years, but any "liquidity event," such as an initi
Brazilian sugar and ethanol company could pay more than $745 mln to buy the Louis Dreyfus-owned rival