By Brazil Stock Guide – Vibra Energia (B3: VBBR3) has signed an agreement to sell its full 49.99% stake in ECE S.A., known commercially as Evolua Etanol, to its joint-venture partner Copersucar, exiting the fuel-ethanol trading business created by the two groups. Copersucar, which already held the remaining 50.01%, will assume full ownership following the transaction.
The deal is part of Vibra’s broader strategy to increase flexibility in ethanol supply while reinforcing capital allocation discipline, the company said in a securities filing on Monday. The transaction is expected to close by the end of the first quarter of 2026, subject to customary closing conditions, including approval from Brazil’s antitrust authority, CADE.
Evolua was originally structured as a joint platform to trade and distribute ethanol nationwide, combining Vibra’s logistics and retail footprint with Copersucar’s dominant position in sugar and biofuels. The exit reflects shifting dynamics in Brazil’s ethanol market, where pricing volatility, logistics constraints and changes in regulatory and tax structures have altered strategic priorities for large fuel distributors.
By unwinding the partnership, Vibra signals a pivot toward a more modular and market-driven sourcing model rather than relying on dedicated trading structures. The move also frees up capital at a time when the company is reassessing investments across its fuel distribution, bioenergy and decarbonization portfolio.
Copersucar, in turn, consolidates full control of Evolua and deepens its vertical integration in ethanol commercialization, reinforcing its role as one of the world’s largest sugar-energy trading groups. Vibra said it will continue to update investors on any further developments related to the transaction.
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