Dentons Cárdenas & Cárdenas advises Ingenio Mayagüez on the sale of its interest in Casur Sugar Holdings

Dentons Cárdenas & Cárdenas, supported by Dentons Panama and Dentons Nicaragua and working jointly with Nieto Abogados, advised Inversiones del Lago B.V., an investment vehicle of Ingenio Mayagüez, on the sale of its 89.65% interest in Casur Sugar Holdings, S.A. to Casur Sugar Partners, Inc. The transaction closed on October 16, 2026, following the satisfaction of the closing conditions and receipt of the applicable regulatory approvals.

Simultaneously, the buyer acquired the remaining interest held by Sugar Consulting Company, S.A. and became the sole shareholder of Casur Sugar Holdings, S.A. and, through it, the owner of 100% of its subsidiaries: Compañía Azucarera del Sur, S.A. (CASUR) and Empresa Generadora de Energía Renovable de Rivas, S.A. (EGERSA) in Nicaragua; and Nunivak Holdings Inc. and Latin American Sugar Investments Inc. in Panama.

These companies operate the Ingenio Benjamín Zeledón sugar mill and EGERSA's renewable energy cogeneration plant in Nicaragua. The US$13.5 million transaction marked Ingenio Mayagüez's successful exit from Nicaragua.

Dentons brought together its teams in Colombia, Panama and Nicaragua to provide the client with an integrated and coordinated legal solution across the three jurisdictions involved. This approach enabled the firm to support the corporate, transactional and regulatory workstreams of a cross-border transaction involving operating companies and investment vehicles in Nicaragua and Panama.

The Dentons team comprised (i) Santiago González, Lead Partner for the transaction in Colombia; (ii) Santiago Miramón, Partner in Colombia; (iii) Tania Solís, Partner in Panama; (iv) Edgard Torres, Partner in Nicaragua; (v) Mario Novoa, Associate in Nicaragua; and (vi) Juan José Macías, Associate in Colombia.

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