Luxembourg – September 07, 2026 -- Adecoagro S.A. (NYSE: AGRO) has completed its acquisition of the Caarapó sugar mill from Raízen Group for R$705 million (approximately US$136 million), paid in cash at closing, following the deal first announced on July 20, 2026.
Deal values crushing capacity at $39 per ton
Based on Caarapó's crushing volume of 3.5 million tons during the 2025/26 harvest, the transaction implies a purchase price of roughly US$39 per ton of crushing capacity. The mill, now under Adecoagro's ownership and management, has installed capacity to process 6 to 7 million tons of cane annually, well above recent throughput levels.
Company targets 4.5 million tons crushed at the site in 2027
Adecoagro plans to redirect excess sugarcane from its existing Mato Grosso do Sul operations to Caarapó, initially by extending the harvest season and eventually shifting to a continuous-harvest model. The company projects crushing 4.5 million tons at the mill during 2027, up from 3.5 million tons in the prior season.
Mato Grosso do Sul cluster to crush 17 million tons in 2027
With Caarapó integrated, Adecoagro expects its broader Mato Grosso do Sul cluster to process 17 million tons in 2027, positioning it among the largest sugarcane clusters in Brazil. Renato Junqueira Santos Pereira, Adecoagro's VP of Sugar, Ethanol and Energy, said the company will apply its existing operating model and agricultural know-how, using its current G&A structure to manage the new asset and benefit from added storage capacity and commercial flexibility.
Adecoagro expects EBITDA convergence with existing operations
The company said it sees opportunities to lift Caarapó's operating KPIs -- including industrial efficiency, asset utilization and energy exported per ton of cane -- toward levels achieved across its existing cluster, driving cash cost dilution over time. Mariano Bosch, Co-Founder and CEO of Adecoagro, said the company is expanding crushing capacity at an attractive price and expects the acquisition to create shareholder value by applying practices that have made its Sugar & Ethanol platform a low-cost global producer.