Raízen sells Caarapó sugar mill to Adecoagro for $760 million

Raízen announced the sale of its Caarapó sugar mill in Mato Grosso do Sul to agribusiness firm Adecoagro for an estimated R$ 760 million. The transaction also transfers the mill’s sugar‑cane supply and related supplier contracts. The deal is part of Raízen’s broader asset‑divestment plan launched after it filed for judicial recovery to restructure about R$ 65 billion of debt and to simplify operations. Analysts note the proceeds will aid liquidity but are unlikely to significantly lower the company’s leverage, which remains high after a fiscal 2025/26 loss of R$ 27 billion.

S&P Global Ratings gave Adecoagro a “BB‑” rating with a stable outlook, saying the acquisition should be offset by EBITDA growth from the new facility and that the firm’s adjusted leverage is expected to stay around 2‑2.5 times. The buyer expects operational synergies in logistics and cane availability, while the added debt to fund the purchase is viewed as manageable.