Ecopetrol has received approval from the Brazilian regulator CADE to reactivate its Public Offering for Acquisition (OPA) aimed at gaining control of Brava Energía, a company focused on hydrocarbon exploration and production in Brazil. The operation seeks to consolidate a 51% stake in the Brazilian firm.
Ecopetrol, the largest oil and gas company in Colombia, has obtained the green light from the Administrative Council for Economic Defense (CADE) in Brazil to reactivate its acquisition offer for Brava Energía. This move is part of its internationalization and diversification strategy in the hydrocarbons sector.
The operation is designed to allow Ecopetrol to acquire an additional 26% of Brava Energía, in which it already holds a stake following an initial agreement. The purchase of 120.8 million shares will be made at a price of 23 Brazilian reais per share, representing a premium of 27.8% over the weighted average price of the last 90 days. The OPA will remain open until June 25, 2026, with the transaction closing scheduled for early July.
Brava Energía, established in 2024 through the merger of 3R Petroleum and Enauta Participações, specializes in oil and gas exploration and production. The approval from CADE is seen as a key milestone in Ecopetrol’s expansion strategy in the Brazilian market, which is witnessing increasing participation from private companies following a divestment process by Petrobras.
As the OPA progresses, uncertainties related to the behavior of Brava shareholders during the auction must be considered. If the transaction materializes, Ecopetrol will solidify its position in the Latin American energy sector, although it may also increase its level of indebtedness.
