Adecoagro S.A. acquired Profertil S.A. for Approximately US$1.1 billion for its 90% stake (US$596.3 million consideration transferred per Adecoagro's audited FY2025 20-F note), a transaction completed in December 2025, structured as combination — existing cash, a long-term credit facility, and a US$300 million equity issuance (41,379,311 shares at US$7.25, anchored by a US$220 million commitment from Tether).
Profertil S.A. operates in Fertilizers (new vertical), is based in Bahia Blanca / port of Ingeniero White, Province of Buenos Aires, Argentina, had revenue of about Average annual EBITDA of approximately US$390 million over 2020-2024. Adecoagro acquired a 90% controlling interest in Profertil S.A., the largest producer of granular urea in South America, buying Nutrien Ltd.'s 50% stake (through an 80%-20% partnership with Asociacion de Cooperativas Argentinas, "ACA") and then YPF S.A.'s remaining 50%; ACA retains 10%. Profertil's Bahia Blanca industrial complex (port of Ingeniero White, Buenos Aires) has annual capacity of roughly 1.3 million metric tons of granular urea and 790 thousand metric tons of ammonia, supplies about 60% of Argentina's urea consumption, runs a fully dollarized export-oriented revenue base, and generated average annual EBITDA of approximately US$390 million over 2020-2024. Adecoagro completed the acquisition on December 18, 2025; the transaction added roughly US$1,303 million of property, plant and equipment (about US$1,107 million tied to the fertilizer complex).
Bosch framed Profertil as a low-cost, strategically located urea producer in a region that is a net importer of urea, an excellent fit for Adecoagro's agro-industrial platform that diversifies operations and reduces earnings volatility; the deal also leverages Vaca Muerta gas to support long-term competitiveness.
One of the most cost-efficient global producers of urea and ammonia, supplying ~60% of Argentina's urea, with dollarized export revenue and access to competitively priced Vaca Muerta natural gas. Diversifies Adecoagro's agro-industrial platform, extends its low-cost-producer model into fertilizers, and is expected to nearly double Adjusted EBITDA and take the group past US$2 billion in sales. Held via Avaldi S.A.; Adecoagro 90% / ACA 10% ownership of Profertil
This transaction constitutes a strategic opportunity for Adecoagro. Profertil is one of the best companies in Argentina, strategically located with access to competitive gas supply, in a region that is a net importer of urea. At Adecoagro we have always focused on being the lowest-cost producer, and Profertil shares this same philosophy. We believe this acquisition is an excellent fit for our agro-industrial platform, enabling us to continue diversifying our operations and reduce volatility in our results.Mariano Bosch, Co-Founder & CEO, Adecoagro
This acquisition is a transformative milestone for Adecoagro. It greatly expands our scale, enhances our production capabilities, and further diversifies our portfolio, strengthening the Company's ability to perform across different market cycles. Profertil is uniquely positioned as a low-cost urea producer, leveraging the vast potential of Vaca Muerta to boost Argentina's competitive advantages and support sustainable, long-term growth.Mariano Bosch, Co-Founder & CEO, Adecoagro (deal-completion release, Dec 15, 2025)
Advisory firms were not disclosed for this transaction.