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# Bunge offloads 50% share in BP Bunge Bioenergia to BP

Publication Date: 25.06.2024, 10:00

Agreement with BP marks strategic shift for Bunge.

Bunge Global SA has entered into definitive agreements to sell its 50% share in BP Bunge Bioenergia to BP, its joint venture partner. Formed in 2019, BP Bunge Bioenergia combined both companies’ Brazilian bioenergy and sugarcane ethanol businesses, operating a total of 11 mills across the Southeast, North, and Midwest regions of Brazil. Upon closing, BP will become the sole owner of BP Bunge Bioenergia.

Bunge’s Chief Executive Officer Greg Heckman stated that the joint venture with bp has been successful, but the business is not core to Bunge’s long-term strategy. The sale will enable Bunge to focus on its core businesses and strengthen its balance sheet, while wishing bp and the team continued success.

The transaction is expected to close by the end of the fourth quarter of 2024. This final divestment of Bunge’s shareholding in the business is anticipated to generate net proceeds of $800 million, subject to the timing of closing and customary closing adjustments.

J.P. Morgan is acting as exclusive financial advisor to Bunge, and Tauil & Chequer Advogados associated with Mayer Brown is acting as legal counsel.

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