June 23, 2026 [Reuters]- Private equity firm IG4 is aiming to finalize a ‌potential acquisition of Brazilian sugar and ethanol producer Raizen by the end of March 2027, pending a successful pitch to creditors, its top executives told Reuters on Monday.

IG4, which recently gained co-control of petrochemical firm Braskem, is now seeking to acquire control of ​Raizen following the producer’s announcement of a 65 billion reais ($12.7 billion) debt restructuring agreement, a plan that ​is set to be completed by the end of March.

IG4’s pursuit of Raizen follows ⁠closely on the heels of its divestment of a controlling stake in Corredor Logistica e Infraestrutura (CLI) to AD Ports ​Group for $835 million, in partnership with Macquarie Group, underscoring the fund’s growing focus on the agribusiness sector.

“We’re turning our ​attention to the agro sector, which remains robust but is facing several difficulties,” Helio Novaes, IG4’s newly appointed chief executive, said.

According to Paulo Mattos, IG4 co-founder and chairman, the non-binding offer to Raizen’s creditors provides some options, including a cash payment, as well ​as a choice for creditors who prefer to continue investing in Raizen by receiving quotas in an IG4 ​fund.

Mattos did not disclose the specific cash amount offered to creditors.

Last week, Reuters reported that independent investment bank Moelis & Company and ‌financial ⁠consultancy Journey Capital, advisers to Raizen´s creditors, received a non-binding offer, from IG4. Both declined to comment.

According to Mattos, IG4 has a track record of taking control or co-control of companies and believes that a turnaround is only effective with a majority stake. He also denied reports of investment bank BTG’s involvement in the deal, clarifying that ​while BTG has invested in ​IG4’s funds, it does ⁠not have a controlling or equity stake in the company.

The executives said that IG4’s strategy does not involve hostile takeovers, but instead seeks to build support from creditors ​and stakeholders. If it is able to secure commitments from creditors and other ​stakeholders equivalent to ⁠50% plus one of Raizen’s shares, it will seek to negotiate with remaining major shareholders.

In a separate interview on Monday, Raizen Chairman Rubens Ometto was dismissive of IG4’s bid, telling Reuters that it was just a rumor. “The financial market is full of ⁠creative ideas,” ​he said.

IG4’s growth, currently counting 40 professionals, and the divestment of ​CLI have created opportunities for new deals, Mattos and Novaes said.

The private equity management firm is focusing on investing in a smaller number ​of companies, targeting larger, complex, and global deals, they added.