Raízen acquires 50% of Paraguayan operator Barcos & Rodados
The $130 million acquisition will see the Shell brand return to Paraguay.
Brazilian operator Raízen has reached an agreement to acquire 50% of leading Paraguayan fuel retailer Barcos & Rodados for $130 million, according to a press release.
Barcos & Rodados is Paraguay’s leading gas station brand with some 350 sites in the country. It also operates the convenience store chain Rapidito. According to the agreement, the acquired stations will progressively switch over to the Shell brand.
Raízen, a joint venture formed by Shell and Corsan, will pay $40 million with the signature of the contract while the remaining $90 million will be divided in five annual quotas. As part of the deal, Barcos & Rodados will be able to use the Shell brand.
The Barcos & Rodados business includes over 350 gas stations, 150 Rapidito convenience stores, a fuel distributing business for fleets and a fuel terminal currently under construction.
The move signifies the return of the Shell brand to Paraguay. The Brazilian company currently has a network of over 7,300 Shell-branded sites in Argentina and Brazil and more than 1,300 Shell Select stores.
Last week, Raízen launched an IPO thatraised R$6.0bn (USD $1.15bn) to fund the company’s growth programme.
