By Brazil Stock Guide – Raízen S.A. (B3: RAIZ4), jointly controlled by Shell and Cosan (B3: CSAN3), has decided to end its Grupo Nós joint venture with Mexico’s FEMSA, launched in 2019. Under the deal, Raízen will take control of 1,256 Shell Select and Shell Café outlets, while FEMSA will assume 611 Oxxo quick-shopping stores and a distribution center in Cajamar, São Paulo. The transaction was structured as an asset swap with no cash involved, reflecting Raízen’s strategy to streamline its business portfolio.
In addition to the stores, FEMSA will take over Grupo Nós’ debt and available cash. The group will continue providing logistics and supply services to Shell Select and Shell Café outlets, ensuring delivery from the Cajamar hub.
Strategy in focus
Raízen said the decision aligns with its plan to recycle assets and concentrate resources on the Shell Integrated Offering, with convenience expansion driven by franchising. The company is also considering bringing in a new shareholder to support growth, as already disclosed to the market. For FEMSA, the move represents a chance to accelerate Oxxo’s role as Brazil’s leading quick-shopping platform.
The move underscores Raízen’s strategy to prioritize assets directly tied to fuel and energy operations. Shell reinforces its integrated approach across refining, distribution, and retail. Cosan, which co-controls Raízen, is undergoing a restructuring to cut debt and simplify its operations. The closing of the transaction is subject to approval by Brazil’s antitrust watchdog CADE and to the fulfillment of contractual conditions.
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