Ecopetrol has completed an auction to acquire approximately 25% of Brava Energia under a voluntary tender offer to take control of the Brazilian energy producer, Ecopetrol announced on Wednesday.
Ecopetrol’s Brazilian subsidiary Ecopetrol Investimentos do Brasil acquired 116,110,717 common shares, representing approximately 25% of Brava’s issued and outstanding share capital, through Brazil’s B3 securities exchange, at approximately USD 4.49 per share.
Settlement and payment for the shares are scheduled for August 17, 2026. On the same date, Ecopetrol expects to complete a share purchase agreement signed on April 23, 2026, with Brava shareholders that collectively hold approximately 26% of its share capital.
Together, the transactions are expected to give Ecopetrol approximately 51% of Brava’s voting share capital and a controlling interest in the company. Ecopetrol plans to initially finance the acquisition through a short-term credit facility before refinancing it with a combination of long-term debt and equity contributions.
Ecopetrol has operated in Brazil for around 20 years. The company holds a portfolio of offshore exploration and production assets in the Santos Basin, including a 30% interest in the Gato do Mato development. The Brava transaction aims to add onshore and offshore oil and gas assets as well as midstream operations.