By Jeffrey T. Lewis

SÃO PAULO--Brazilian energy, transportation and sugar conglomerate Cosan SA said Monday it agreed to sell its Payly payments business to Raizen SA, a joint venture between Cosan and Shell PLC.

Raizen, a fuel producer and distributor, agreed to pay 78 million reais, the equivalent of $14.7 million, for Payly Holding Ltda and Payly Instituição de Pagamentos SA, Cosan said. The sale must be approved by Brazil's competition authority before being completed.

Payly is a partner of Raizen, and its main business is providing payment services to Shell gasoline stations in Brazil, Cosan said. The sale will allow Raizen and Payly to develop more financial services and find other synergies, according to Cosan.

Cosan said it and Raizen conducted separate decision-making processes during the negotiation and approval of the sale, and that people holding seats on the boards of both companies abstained from voting on its approval.

Write to Jeffrey T. Lewis at jeffrey.lewis@wsj.com

(END) Dow Jones Newswires

October 17, 2022 08:54 ET (12:54 GMT)

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