-- Ecopetrol (EC) agreed to acquire a 26% stake in Brava Energia and plans a $23-per-share tender offer to secure a 51% controlling interest, the company said Thursday.
The company signed a share purchase deal on April 23 with Jive, Yellowstone and Bloco Somah Printemps Quantum, key Brava shareholders, to acquire 120,813,490 shares representing about 26% of its equity, it said.
Brava was formed in 2024 after 3R Petroleum Oleo e Gas merged with Enauta Participacoes, creating a Brazil-focused oil and gas player with operations across offshore and onshore basins.
Brava reported $806 million in EBITDA for 2025 with a 39% margin and ranks as the second-largest independent oil company listed in Brazil by reserves and production, the company said.
Ecopetrol will complete the transaction only after meeting conditions, including Brazil's Administrative Council for Economic Defense approval, financing consents, and acquiring enough shares to reach a 51% voting stake, Ecopetrol added.
The company plans a voluntary tender offer on Brazil's B3 exchange at 23 Brazilian reais ($4.58) per share to acquire additional equity and reach majority control, the company added.
The offer implies a 27.8% premium over Brava's 90-day volume-weighted average price and will extend on equal terms to all shareholders under applicable regulatory rules, the company said.
Ecopetrol expects to fund the acquisition through a bridge loan, subject to closing conditions and regulatory approvals tied to the transaction, it said.
The deal would add proportional reserves from Brava's 459 million barrels of oil equivalent reported at year-end 2025 under Petroleum Resources Management System standards, Ecopetrol added.
Ecopetrol would also gain a proportional share of Brava's 2025 output of about 81,000 barrels of oil equivalent per day, boosting production stability and cash flow, it said.
Ecopetrol said the deal will expand its footprint in Brazil, diversify assets in a high-growth region, and strengthen its international portfolio once it meets all closing requirements.
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