EN 
PT_BR 
SAO PAULO (Reuters) - Raízen, the world's largest sugarcane processor, which is struggling to reduce its debt, announced on Friday an agreement to sell its Rio Brilhante and Passa Tempo mills for R$1.54 billion, according to a statement to the market.
The plants, both located in the municipality of Rio Brilhante (MS) and with an installed capacity of approximately 6 million tons per harvest, were sold to Cocal Agroindústria.
The agreement involves R$1.325 billion for the assets and approximately R$218 million related to investments in off-season maintenance this year, which will be fully assumed by the buyer, according to the company.
"This transaction is in line with the company's strategy of optimizing its asset portfolio, simplifying operations, and capturing efficiencies, with a focus on improving the profitability of its agro-industrial portfolio," Raízen said.
When releasing its latest quarterly results, a loss of R$1.8 billion, Raízen reported that its net debt jumped to R$49.2 billion.
After the completion of the sale of the two plants and the others already announced, Raízen will operate a portfolio of 25 plants, with an installed grinding capacity of approximately 75 million tons per harvest, according to a statement.
The conclusion of the transaction announced this Friday is subject to approval by the Administrative Council for Economic Defense (Cade), Raízen added.
Payment will be made in cash upon completion of the transaction, subject to any adjustments customary for transactions of this nature.
(By Roberto Samora and Gabriel Araujo)
