Warburg Pincus acquires 64.6% of Voll from Localiza for USD$72 M

Warburg Pincus has entered into a definitive agreement to acquire Localiza’s full stake in the corporate travel startup Voll. The deal, announced on Thursday night (Dec. 13), marks an important shift in the company’s ownership structure and supports Voll’s next phase of growth in Brazil’s business travel market.

Localiza Sells Its 64.6% Stake in Voll

Localiza confirmed that it will sell its 64.6% ownership in Voll, representing its entire voting and total capital stake. The company had originally acquired Voll in April 2022 through its subsidiary, Localiza Fleet.

The transaction values the startup at R$ 606 million, with R$ 382 million to be paid to Localiza Fleet by Warburg Pincus. Payment will be made in three annual, consecutive installments, with the first—equal to 45% of the total—scheduled for completion when the deal closes, expected during the first quarter of 2026.

Voll’s Growth and Performance Under Localiza

Localiza highlighted Voll’s strong performance during the period in which it held control. According to the company:

“While Localiza was a shareholder of Voll, the company solidified itself as one of Brazil’s leading platforms for corporate travel and expense management, increasing its revenue more than sixfold and strengthening governance to serve the country’s largest enterprises.”

Voll ended 2024 with R$ 936 million in revenue and had projected R$ 1.7 billion for 2025, reflecting its rapid momentum in the corporate mobility sector.

Continued Commercial Partnership Between Localiza and Voll

Even after the sale, Localiza stated that it intends to maintain a strong commercial relationship with Voll. The company emphasized that it will continue to be one of the platform’s key clients as both organizations advance their strategic collaboration.

Announcement Coincides With Localiza’s Quarterly Results

The news came on the same day Localiza disclosed its quarterly earnings. For the period, the company reported:

• Net revenue: R$ 10.7 billion
• EBITDA: R$ 3.5 billion
• EBIT: R$ 2.3 billion
• Net income: R$ 871 million

With this transaction, Voll enters a new chapter supported by one of the world’s leading investment firms, while Localiza maintains a beneficial commercial partnership. As the deal moves toward completion in early 2026, the acquisition sets the stage for continued innovation and expansion within Brazil’s corporate travel and expense management sector.