Raízen shells out for Biosev

Raízen shells out for Biosev

Corporate & Sovereign Strategy Equity M&A Debt Brazil Latin America

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

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