# Cosan Capital Increase Paves Way for Ometto Succession

*BTG and Perfin inject $1.45 billion; 75-year-old chairman secures six years at the helm and paves way for transition.*

- Published: 2025-09-22
- Section: Insights
- Tags: BTG, Cosan, perfin, Rubens Ometto
- URL: https://brazilstockguide.com/insights/cosan-capital-increase-paves-way-for-ometto-succession/

**By Brazil Stock Guide –** With the capitalization of **Cosan S.A. (B3: CSAN3; NYSE: CSAN)**, bringing in **BTG Pactual Holding** and **Perfin Infra** as new strategic investors, the group founded by Rubens Ometto, 75, is preparing for its future succession. Ometto will retain control through **Aguassanta, his family office**, with 50.01% of the shares tied to the shareholders’ agreement, and will remain as chairman for three consecutive terms, or six years. He may step down earlier by appointing a successor.

“Addressing succession in time was urgent. In practice, Rubens himself needs to build a model of continuity and sustainability for shareholders. An orphaned succession is not an option: the four-year lock-up, the 20-year shareholders’ agreement, and the six-year secured chairmanship lay the foundation for a structured transition,” said Marcelo Martins, Cosan’s CEO.

The capital increase foresees the issuance of up to **R$10 billion ($2 billion)** in shares, in two stages. The first tranche, already anchored by the consortium, will raise **R$7.25 billion ($1.45 billion)** at R$5.00 per share — more than 30% below market price. The second, scheduled for November, could add up to **R$2.75 billion ($550 million)** with the participation of minority shareholders. Those who do not follow on will see their stakes diluted.

### Organized succession

Ometto’s succession was addressed as a priority. The new 20-year shareholders’ agreement gives him time to organize a transition without disruptions. The entry of BTG Pactual and Perfin Infra reinforces this agenda. Both committed to a **four-year lock-up** on part of their subscribed shares, creating stability in the short term and reducing the risk of disputes while Cosan prepares for a leadership transition.

### Governance and portfolio

To consolidate succession, Cosan will also strengthen governance. Aguassanta will appoint five board members, while BTG and Perfin will nominate four. The company will also create a **People Committee**, focused on succession and talent management, and an **Operational & Financial Committee**, dedicated to capital discipline and execution.

Cosan controls some of Brazil’s most strategic businesses. **Raízen** (a joint venture with Shell) is seeking new partners as it expands its bioenergy platform. **Compass** operates in natural gas and energy, **Rumo Logística (B3: RAIL3)** is the country’s largest rail operator, and **Moove** is active in lubricants and specialties.

In recent years, Cosan also sought diversification by acquiring a **5% stake in Vale S.A. (B3: VALE3; NYSE: VALE)**. The move backfired: the group had to unwind the position at a loss, an episode seen as one of the triggers for the current deleveraging strategy. With the new investors, Cosan’s net debt will fall from **R$21.5 billion ($4.3 billion)** to **R$7.5 billion ($1.5 billion)** on a pro forma basis.

*More on Cosan’s capital raise in our full report:* [Cosan, controlled by Ometto, plans $2.2 billion share sale with BTG and Perfin](https://brazilstockguide.com/insights/cosan-controlled-by-ometto-plans-2-2-billion-share-sale-with-btg-and-perfin/)

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Source: Brazil Stock Guide, https://brazilstockguide.com/insights/cosan-capital-increase-paves-way-for-ometto-succession/