The Colombian company signed a share purchase agreement with a group of shareholders representing approximately 26% of Brava’s capital. This move marks a key step towards consolidating a controlling position in the Brazilian energy market.
An operation aimed at shareholder control
Under the terms of the agreement, Ecopetrol will acquire more than 120 million shares of Brava Energia. In addition, the company plans to launch a tender offer on Brazil’s B3 stock exchange to reach a 51% stake with voting rights.
The proposed price of R$23.00 per share implies a premium of approximately 27.8% compared to the weighted average of the last 90 days. This strategy seeks to ensure shareholder control under equal conditions for all shareholders.
Brava Energia, a key player in Brazil
Brava Energia is the result of the merger between 3R Petroleum and Enauta Participações, consolidating itself as one of the main independent companies in the country. It is currently developing activities in onshore and offshore fields in several Brazilian basins.
Impact on Ecopetrol’s reserves and production
With this acquisition, Ecopetrol would incorporate pro rata proved reserves equivalent to 459 million barrels of oil. barrels of oilas well as a production of close to 81 thousand barrels per day.
The integration of these assets would also contribute to strengthening the group’s operational sustainability and cash flow in a region where it already has a presence.
Expansion aligned with the 2040 strategy
The transaction is aligned with the growth objectives defined in Ecopetrol’s Strategy 2040, aimed at diversifying its portfolio and increasing its international exposure.
In addition, the transaction is expected to have a positive impact on financial indicators such as EBITDA and return on capital employed (ROACE), maintaining the group’s investment discipline.
Conditions and next steps
The closing of the transaction is subject to regulatory approvals, including that of Brazil’s Administrative Council for Economic Defense, as well as financial and contractual conditions.
Once these requirements are met, Ecopetrol will move forward with the execution of the tender offer to consolidate its majority stake in Brava Energia.
Source: Ecopetrol
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