Marval advised on the sale and acquisition of Raízen’s downstream business in Argentina to Mercuria Energy Group for US$1.420 billion

Marval, O’Farrell & Mairal advised Raízen in the acquisition and sale of 100% of Raízen’s downstream business in Argentina to Mercuria Energy Group. As announced to the São Paulo Stock Exchange on June 4, 2026, the preliminary purchase price amounts to US$1.420 billion, positioning the transaction as one of the most significant local transactions in Argentina’s recent history.

The legal structuring of the purchase and sale was carried out through the acquisition of 100% of the share capital of Raízen Argentina S.A.U., Raizen Energina S.A., Estación Lima S.A. and Deheza S.A.I.C.F.eI., together with the transfer of a strategic interest in Terminales Marítimas Patagónicas S.A. (TERMAP).

Through this transaction, Mercuria Energy Group acquires control over a strategic infrastructure ecosystem that includes the Dock Sud refinery; a lubricants plant in the City of Buenos Aires; aviation fuel facilities; fuel terminals in Arroyo Seco and Santa Fe; and a network of more than 800 service stations currently operating under the Shell brand, representing approximately 18% of Argentina’s fuel dispatch market. The acquired business is complemented by strategic B2B marketing divisions, the supply of aviation hydrocarbons, and the provision of asphalt and chemicals for the industrial sector.

The final closing of the transaction is expected to take place within the current year, subject to the satisfaction of customary conditions precedent, including the obtaining of regulatory, governmental and judicial approvals in various jurisdictions.

Marval’s team was led by partners Santiago Soria, Diego Chighizola and Bárbara Ramperti, together with associates Delfina Majdalani and Julia Mulville. The firm also had the support of other key practice areas involved in the transaction, led by partner Walter Keiniger (tax); partner Francisco Abeal (banking and finance); senior expert associate Gabriel Fortuna (environmental law); partner Guillermo Osorio and associate Paola Forchiassin (labor law); and partner Manuela Adrogué (intellectual property).