Colombia’s Ecopetrol Moves to Take Stake in Brazil’s Brava Energia
April 24, 2026
Ecopetrol has signed a share purchase agreement to acquire about 26% of Brava Energia and plans to launch a tender offer to gain majority control of the company.
The agreement covers the purchase of 120,813,490 common shares from a group of selling shareholders, including Somah Printemps Quantum Group, Jive Group and Yellowstone, as well as other minority shareholders.
The transaction is subject to customary conditions, including approval from Brazil’s antitrust regulator CADE.
Ecopetrol said it intends, through the transaction and additional acquisitions, to reach a controlling stake of 51% of the voting shares.
The company plans to launch a partial voluntary public tender offer for shares to achieve that level of ownership, at a price of 23 reais per share.
The offer price represents a premium of about 27.8% over the volume-weighted average price of the company’s shares over the previous 90 days.
Ecopetrol said the tender offer will be open to all shareholders and subject to regulatory requirements and conditions to be detailed in the offer documents.
The company added that completion of the private acquisition is contingent on achieving a controlling stake and obtaining required consents and waivers under the target company’s financing and commercial agreements.
