Raízen is a joint venture created in 2011 between an affiliate of Shell and Cosan and is a leading biofuels producer and fuels distributor in Brazil currently managing more than 6,000 Shell-branded service stations, according to a release.
The sale includes the Buenos Aires Refinery, around 645 retail stations, liquefied petroleum gas, marine fuels, aviation fuels, bitumen, chemicals and lubricants businesses, as well as supply and distribution activities in the country. The businesses acquired by Raízen will continue their relationships with affiliates of Shell through various commercial agreements with an estimated value of $300 million, the release stated.
The Haynes and Boone team representing the Shell affiliates in the transaction was led by partner Ricardo Garcia-Moreno and included partners Alberto de la Peña and Patricia Mastropierro, and associates Valisa Berber-Thayer, Janna Mouret, and Fernando Villasenor.
The Shell affiliates’ local counsel included partners Diego Chighizola and Santiago Soria of Argentine firm Marval, O’Farrell & Mairal.