20/07/2026 19:43 - Economia
Adecoagro, a leading South American agro-industrial company founded in 2002 and listed on Wall Street, announced on July 20, 2026, a key acquisition to consolidate its regional leadership. The firm spent USD 148 million (approximately 760 million reais) to buy Usina Caarapó from Grupo Raízen, an energy joint venture between Cosan and Shell.
The deal includes the industrial plant, the assignment of owned sugarcane, and supply contracts with linked producers. The payment will be made in cash at the closing of the transaction, which is subject to approval by Brazil's Administrative Council for Economic Defense (CADE) and is expected to be finalized before October 1, 2026.
The Caarapó mill is located in the Brazilian state of Mato Grosso do Sul, just 100 kilometers away from the Angélica and Ivinhema plants already operated by Adecoagro. This geographical proximity is the cornerstone of the business: it will allow the creation of an industrial cluster to optimize logistics, share infrastructure, and reduce fixed costs.
During the 2025/26 harvest, the complex processed around 3.5 million tons of sugarcane. With marginal investments, Adecoagro's total processing capacity in the region is estimated to jump by 25%. Besides sugar, the plant has the capacity to produce hydrated and anhydrous ethanol, as well as renewable energy from biomass.
The acquisition comes at a time of strong momentum for biofuels in Brazil. On July 14, 2026, the neighboring country raised the mandatory ethanol blend in gasoline to 32%, with a projection to reach 35% through its Future Fuel Law. This clear regulatory framework drives demand and guarantees profitability at the source.
In contrast, Argentina maintains its mandatory mandate at 12%, with a voluntary cap of 15% enabled only in March 2026, although there are initiatives in Congress to debate an increase.
| Acquisition Detail | Information |
|---|---|
| Buyer | Adecoagro |
| Seller | Grupo Raízen (Cosan and Shell) |
| Deal Amount | USD 148 million (760M reais) |
| Asset Location | Mato Grosso do Sul, Brazil |
| Distance to own mills | 100 km |
| 2025/26 harvest processing | 3.5 million tons |
| Expected closing | Before October 1, 2026 |
The move in Brazil adds to a series of strategic acquisitions positioning Adecoagro as a South American giant. In 2025, the company was acquired by the crypto group Tether —issuer of the USDT stablecoin— which disbursed over USD 615 million to take 70% of the capital, injecting huge liquidity that drives this expansion phase.
In December 2025, Adecoagro and the Argentine Cooperatives Association (ACA) took full control of Profertil, the country's leading urea producer, in a deal worth nearly USD 1,200 million. Adecoagro consolidated 90% of the capital after buying the stakes of YPF and Nutrien. This move is already paying off: in the first quarter of 2026, the fertilizer business contributed USD 52.5 million to adjusted EBITDA, becoming its most profitable unit.
The firm is also looking at the dairy sector. It is one of ten bidders who bought the documents to acquire assets of SanCor, the historic Argentine dairy cooperative declared bankrupt in April 2026. The process, which includes six industrial plants and brands valued at USD 52.1 million, is temporarily suspended by court decisions.
Mariano Bosch, co-founder and CEO of Adecoagro, stated that the acquisition 'reinforces our position as one of the most efficient producers in the industry.' Meanwhile, financial analyst Claudio Maulhardt noted on social media that Adecoagro found 'a motivated seller' and adds 'a cheap asset to its portfolio.' Following the announcement on July 20, 2026, the company's shares on Wall Street rose by over 1%.
Sources: Infobae, Clarín, El Cronista, and Ámbito.
Alfredo S. Quiroga
