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FINWIRES

Keo Capital to Boost PetroUrdaneta Stake to 40%

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Keo Capital (KEOC.ST) said Tuesday it agreed to invest $37.5 million to increase its indirect shareholding in Venezuelan oil company PetroUrdaneta to 40% from 24%.

The financial solutions provider will purchase the additional interest under a deal with Novonor Latinvest Energy to acquire the remaining 40% stake in Odebrecht E&P España. The consideration is payable in three installments.

The transaction is expected to close by Nov. 30, subject to preceding conditions. Upon completion, Keo Capital will share ownership of PetroUrdaneta with Petróleos de Venezuela.

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