[REVISION HISTORY]

Ecopetrol completes acquisition of Brava Energia

Updated 4 times since CLSTR started tracking revisions of this situation.

What changed

2026-08-19 22:13 UTC → 2026-08-25 12:42 UTC · added ~~removed~~

In July 2026, Colombian state‑controlled oil company Ecopetrol, via its Brazilian subsidiary, filed an amended prospectus for its voluntary public takeover offer of Brava Energia after Brazil’s securities regulator lifted a suspension. The amendment kept the offer price at R$23 per share and set a new auction date for 5 August 2026. On 5 August 2026, the auction was completed, with Ecopetrol acquiring 116,110,717 common shares (approximately 25% of Brava Energia’s capital) at R$23 per share. Combined with a prior share‑purchase agreement for about 26% of the company at R$24 per share, Ecopetrol secured approximately 51% of Brava Energia’s voting capital, achieving a controlling stake. On 17 August 2026, Ecopetrol finalized the acquisition of the 51% controlling stake through its subsidiary, Ecopetrol Investimentos do Brasil Ltda, following the satisfaction of all regulatory approvals and conditions. The total consideration for the deal is approximately US$1.2 billion, funded via an intercompany loan from Ecopetrol Capital AG. Following the takeover, minority shareholders have faced financial challenges. While Ecopetrol paid R$23 per share during the tender offer, market prices for Brava Energia shares fell significantly below that level. Additionally, the removal of a “poison pill” provision from Brava’s bylaws—which previously would have required an investor reaching a 25% threshold to launch a full takeover bid at a premium—facilitated the acquisition but left minority investors with fewer protections. Through this acquisition, Ecopetrol expands its international presence and diversifies its energy portfolio. Brava Energia, formed in 2024 from the merger of 3R Petroleum Óleo e Gás and Enauta Participações, is one of Brazil’s largest independent oil and gas producers. The acquisition adds substantial assets to Ecopetrol, including estimated proved reserves of 459 million barrels of oil equivalent (mmboe) and total proved plus probable reserves of 605 mmboe. For the twelve months ending June 30, 2026, Brava reported unaudited revenue of US$2.341 billion, an EBITDA of US$1.050 billion, and a net income of US$122.2 million. For the first half of 2026, Brava reported an average production of approximately 78,800 barrels of oil equivalent per day, which rose to 84,400 boed in June. Ecopetrol has scheduled a conference call for 25 August 2026 to discuss the transaction.

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