Amaggi completes purchase of 40% of FS, corn ethanol giant
Amaggi concluded the acquisition of 40% of corn ethanol producer FS, after approval of the transaction by the Administrative Council for Economic Defense (Cade) and with compliance with all precedent conditions.
The transaction includes an investment of US$ 100 million in the company, through a primary issue of shares. Furthermore, it provides for the acquisition of shares held by FS shareholders.
FS was a pioneer in the production of ethanol exclusively from corn in Brazil, starting operations in 2017. Currently, the company has three plants in Mato Grosso, with a combined capacity of around 2.5 billion liters per year. The company's net revenue reached R$12.8 billion in the 12 months up to December 2025, the third quarter of the 2025/26 harvest year.
The company is also progressing with the construction of a fourth industrial unit in Campo Novo do Parecis (MT), scheduled to come into operation at the end of 2026.
The movement occurs amid the accelerated expansion of corn ethanol in the Center-South of Brazil. According to data from the Sugarcane and Bioenergy Industry Union (Unica), the fuel accounted for 27% of the region's total ethanol production in the 2025/26 harvest. The segment's advancement is also driven by investments from companies like Inpasa.
To the Reuters news agency, the CEO of FS, Rafael Abud, stated that the operation with Amaggi did not occur due to financial necessity. According to him, the company already had strong cash generation and recorded the best result in its history in the last fiscal year.
The companies stated that the partnership should generate synergies in areas such as corn origination, logistics, operational optimization and exports.
FS is controlled by Summit Agricultural Group, owned by American businessman Bruce Rastetter, and has a minority stake in Tapajós Participações, owned by Brazilian businessman Marino Franz.
According to the companies, the current FS board will be maintained, while Amaggi's participation will occur through the board of directors.
Source: CNN