Cosan Agrees to Sell Payments Business to Its Raizen Joint Venture
October 17 2022 - 9:09AM
Dow Jones News
By Jeffrey T. Lewis
SÃO PAULO--Brazilian energy, transportation and sugar
conglomerate Cosan SA said Monday it agreed to sell its Payly
payments business to Raizen SA, a joint venture between Cosan and
Shell PLC.
Raizen, a fuel producer and distributor, agreed to pay 78
million reais, the equivalent of $14.7 million, for Payly Holding
Ltda and Payly Instituição de Pagamentos SA, Cosan said. The sale
must be approved by Brazil's competition authority before being
completed.
Payly is a partner of Raizen, and its main business is providing
payment services to Shell gasoline stations in Brazil, Cosan said.
The sale will allow Raizen and Payly to develop more financial
services and find other synergies, according to Cosan.
Cosan said it and Raizen conducted separate decision-making
processes during the negotiation and approval of the sale, and that
people holding seats on the boards of both companies abstained from
voting on its approval.
Write to Jeffrey T. Lewis at jeffrey.lewis@wsj.com
(END) Dow Jones Newswires
October 17, 2022 08:54 ET (12:54 GMT)
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