Buenos Aires, November 26, 2025 – Total News Agency reports that the business group led by José Luis Manzano and Daniel Vila is on the verge of closing one of the year's most significant deals: the acquisition of nearly 900 Shell service stations and the refinery operated by the company Raízen in Argentina.
According to sources in the sector, the entrepreneurs presented a binding offer close to 1.4 billion dollars, a figure that places the negotiation among the most significant of the last decade within the local fuels market. However, this figure shows that Vila and Manzano would only pay a little over Us$ 1.5 million per service station.
The company faces a debt of nearly 50 billion reais (about 9.1 billion dollars), five times higher than its EBITDA, a ratio that analysts consider risky and that pressured the group to seek liquidity through the sale of its assets in Argentina.
The Vila-Manzano tandem's move marks a new expansion within the energy sector. However, sources close to the negotiation indicate that the group's offer appears to be the most advanced in terms of structuring and financing.
The acquisition would reinforce the growing energy network that both entrepreneurs have consolidated in recent years. In this context, they held meetings in Miami during President Javier Milei's visit, presenting Mercuria executives involved in the purchase process.
The deal for Raízen's assets has other heavyweight global competitors: Trafigura —owner of the Puma Energy service stations and the Bahía Blanca refinery—, the international marketer Vitol, and Compañía General de Combustibles (CGC), from businessman Eduardo Eurnekian.
Manzano, based in Geneva with direct ties to Mercuria Energy Group —one of the world's largest energy traders—, personally led key negotiations to secure financial backing.
After purchasing the El Cronista Comercial newspaper in 2021 and maintaining control of América and A24, Vila and Manzano recently finalized the purchase of the Telefe channel for about 95 million dollars, in partnership with businessman Gustavo Scaglione.
The country's media map also bears the imprint of the group. In 2018, they acquired Shell's assets in Argentina for 1 billion dollars, preserving the brand and expanding their network with new service stations.
The next few hours will be decisive to find out if Raízen finally accepts the offer or if the negotiation freezes until further notice.
This year, Manzano completed the sale of 50% of his stake in Refinor to YPF for 25.2 million dollars, an operation he had acquired just three years earlier for 10 million.
They are owners of Edenor and Edemsa, two key electrical distributors in Buenos Aires and Mendoza; they control the oil company Phoenix Global Resources (PGR), one of the main crude oil producers in Río Negro; and they manage Minera Aguilar in Jujuy, with planned expansion towards lithium and uranium.
Additionally, in 2021, they began a 715 million dollar modernization project at the Dock Sud refinery to adapt its capacity to Vaca Muerta crude and new environmental requirements regarding sulfur content.
If the sale is finalized, it will mark a turning point in the Argentine energy market, not only due to the economic volume involved but also for the impact it will have on competition, distribution, and fuel production in the country.
The acquisition of the historic channel, formerly owned by Paramount, consolidated their influence in the Argentine audiovisual ecosystem.
As for Raízen, its exit from the country does not respond to the withdrawal of multinationals observed in recent years, but to an internal strategy of reducing liabilities. Raízen —equally owned by the Brazilian Cosan group and the multinational Shell— is currently evaluating whether to accept the proposal or decide to interrupt the process if the offered value does not meet its financial expectations. The company maintains worldwide operations focused on sugar and sugarcane-derived biofuels, with a strong presence in Brazil.
