Overview
- Ecopetrol signed a share purchase agreement to acquire 120,813,490 Brava shares, about 26% of the company, from Jive, Yellowstone and Bloco Somah Printemps Quantum.
- The company said it will launch a voluntary tender offer on Brazil’s B3 at R$23 per share to raise its stake to 51%, a price about 27.8% above the 90‑day average.
- Closing depends on approval by Brazil’s antitrust authority CADE, waivers tied to Brava’s financing and commercial contracts, and Ecopetrol securing a bridge loan for funding.
- Brava reported 2025 output near 81,000 barrels of oil equivalent per day, reserves of 459 million barrels of oil equivalent, and EBITDA of $806 million, which Ecopetrol would add on a proportional basis after closing.
- The planned control would expand Ecopetrol’s presence in Brazil and diversify its asset base in line with the company’s 2040 Strategy.