Raízen to Sell Downstream Business in Argentina

Cleary Gottlieb is representing Raízen, a joint venture between Cosan and Shell, in the sale of its downstream business in Argentina to Mercuria Energy Group Ltd., for an estimated total enterprise value of $1.42 billion.

The transaction was announced on June 4, 2026, and is expected to close within the current year, subject to customary conditions and applicable regulatory and court approvals.

The Raízen group is Brazil’s leading sugarcane processor and ethanol producer, the country’s second-largest energy and fuel distributor, and its third-largest company by net revenue (excluding financial institutions).

The Cleary team was led by partner Juan Giraldez and included associate Jose Andres de Saro, international lawyer Marina Rotman, and law clerk Amanda Pareja Villegas. Partner Jason Factor, counsel Jonathan Gifford, and associate Michael Hughes advised on tax matters. Partner Beau Sterling and associate Madison Bush advised on environmental matters. Partner Duane McLaughlin and associate Anirudh Sivaram advised on debt finance matters.