SAO PAULO, Feb 6 (Reuters) - Cargill has finalized a deal to acquire a 50% stake in SJC Bioenergia, thereby gaining complete control of the Brazilian sugar and renewable energy company, as stated in a press release.
The U.S. grain trader chose not to disclose the financial details of the agreement.
Cargill stated that this acquisition aligns with its strategy to expand in the renewable energy sector.
Having established its presence in Brazil six decades ago, the company shared that it has invested over 6.8 billion reais ($1.17 billion) in its local operations in recent years.
The transaction is contingent upon regulatory approval.
SJC Bioenergia, established in 2006 and in partnership with Cargill since 2011, operates two facilities in the central-western state of Goias, employing 4,500 individuals according to the statement.
Cargill noted that the company focuses on processing sugarcane and corn, yielding raw sugar, hydrated and anhydrous ethanol, corn oil, distillers' dried grains (DDGs) with high protein content, and electricity generation.
($1 = 5.8025 reais)