Ecopetrol to Acquire 120.8M Brava Energia Shares at BRL23 Each
Ecopetrol signed an agreement to acquire 120.8 million Brava Energia shares at BRL23 each, representing a 26% stake, pending antitrust and financing approvals. The deal precedes a voluntary tender offer to reach 51% control and adds pro-rata to Ecopetrol’s output from Brava’s 459 million boe reserves and 81,000 boe/d production.
1. Deal Structure
Ecopetrol has signed a share purchase agreement to acquire 120.8 million Brava Energia shares at BRL23 each, representing a 26% stake in the Brazilian oil and gas producer. The agreement includes a planned voluntary tender offer to increase Ecopetrol’s holding to 51%.
2. Approval and Financing Conditions
Completion of the transaction is subject to clearance from Brazil’s Administrative Council for Economic Defence, regulatory consents, and waivers for Brava Energia’s existing financing arrangements. Ecopetrol intends to secure a bridge loan to fund the acquisition.
3. Brava Energia Profile
Formed in 2024 from a merger of 3R Petroleum and Enauta Participações, Brava Energia holds 459 million barrels of oil equivalent in reserves and averaged 81,000 boe/d output in 2025, with EBITDA of $806 million and a 39% margin. It ranks as Brazil’s second-largest independent E&P company by reserves.
4. Strategic Impact
The transaction aligns with Ecopetrol’s 2040 growth strategy by expanding its presence in Brazil, consolidating a pro-rata share of Brava’s reserves and production, and is expected to influence key financial metrics such as return on average capital employed and EBITDA upon closing.