Banuelos buys Brazil cotton producer Maeda-report

* Price was 100 million reais ($55 million) – report

* Maeda CEO confirms sale – report

SAO PAULO, May 28 (BestGrowthStock) – Spanish billionaire Enrique
Banuelos has taken control of Maeda, one of Brazil’s biggest
cotton and grain producers, in a deal that could spark further
consolidation in the sector, Valor Economico newspaper reported
on Friday.

Arion Capital fund, which counts Banuelos as its principal
investor, bought 86 percent of the family-owned Maeda Group for
about 100 million reais ($55 million) on Thursday and also
assumed an undisclosed amount of debt, the daily said, citing
an unnamed source involved in the deal.

Jorge Maeda, chief executive of Maeda Group, confirmed the
sale of the business but would not disclose any details, Valor
said.

For the past year and a half, Banuelos has been buying up
Brazilian real estate companies. He intends to use Maeda to
strike similar deals in the agribusiness sector, an unnamed
source told the daily.

Last September, Banuelos helped fund the merger of
Brazilian homebuilders Agra, Klabin-Segall and Abyara to form
Agre (AGEI3.SA: ), which was bought earlier this month by PDG
Realty (PDGR3.SA: ) for $1.5 billion.

Maeda’s executive board will initially remain in place but
Arion will take over the group’s financial management, Valor
said.

Completion of the deal is subject to Arion’s ability to
renegotiate Maeda’s debt with its banks, the daily added.

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($1=1.821 reais)
(Reporting by Samantha Pearson; editing by John Wallace)

Banuelos buys Brazil cotton producer Maeda-report