Marval advises Raízen on the sale of its downstream business in Argentina to Mercuria

Marval, O’Farrell & Mairal advised Raízen, while Pérez Alati, Grondona, Benites & Arntsen (PAGBAM) advised Mercuria Energy Group in the sale and acquisition of 100% of Raízen’s downstream business in Argentina. As announced to the São Paulo Stock Exchange on June 4, 2026, the preliminary purchase price amounts to US$1.42 billion, making the transaction one of the most significant local deals in Argentina’s recent history.

The transaction was legally structured 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 stake in Terminales Marítimas Patagónicas S.A. (TERMAP).

Through the acquisition, Mercuria Energy Group will assume control of a strategic infrastructure platform 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. The network represents approximately 18% of Argentina’s fuel distribution market. The acquired business also includes B2B marketing operations, aviation fuel supply activities, and the provision of asphalt and chemical products for industrial customers.

Closing is expected to occur during the current year, subject to the satisfaction of customary conditions precedent, including regulatory, governmental and judicial approvals in multiple jurisdictions.

Marval’s team was led by partners Santiago Soria, Diego Chighizola and Bárbara Ramperti, together with associates Delfina Majdalani and Julia Mulville. The transaction also involved support from other practice areas 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), and partner Manuela Adrogué (intellectual property). Raízen also received legal advice from Cleary Gottlieb Steen & Hamilton LLP and Pinheiro Neto Advogados.

PAGBAM’s team was led by partner Alan Arntsen, together with partners Manuel Benites, Pedro Eugenio Aramburu and Juan Ignacio Dighero, counsel F. Nicanor Berola, senior associate Marcos Vieito and associate Abril Torres. Additional support was provided by partner Facundo Fernández Santos (tax), counsel Matías Fuse (labor), counsel Eugenio Bauer and associate Felicitas de Luca (litigation), partner Vanina Veiga, senior associate Azul Juarez Pereyra and associate Agustina Martínez Martin (corporate), partner Guillermo Quiñoa and senior associate Alejandro Polivanoff (real estate), partner Nicole Jaureguiberry and senior associate Luciana Casagrande (administrative and regulatory law), senior associate Juan Ignacio Rodriguez Goñi (banking), partner Lucila Guerrero (insurance), and senior associate María Florencia Conde (customs).

Mercuria Energy Group also received legal advice from Sullivan & Cromwell LLP, Herbert Smith Freehills Kramer and Lefosse in connection with the transaction.

marval.com