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The Sale of Liquigás Is Aligned with Petrobras’ Strategy to Focus Its Resources on World-Class Assets in Deep and Ultra-Deep Waters.
Petrobras informed yesterday (12/23) in a relevant fact that it finalized the sale of its entire stake in Liquigás to Copagaz and Nacional Gás Butano for R$4 billion. The completion of the transaction occurred shortly after the Itaúsa issued billion-dollar debentures to purchase the leader in the national market for Liquefied Petroleum Gas (LPG) distribution.
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Copagaz will be the new controller of Liquigás, together with Itaúsa — an investment company of Itaú Unibanco shareholders. Nacional Gás will acquire a minority stake and, after a corporate reorganization, will hold the equivalent of 18% of the LPG volume sold.
According to Petrobras President Roberto Castello Branco, finalizing the sale of the stake in Liquigás marks a milestone in Petrobras’ strategy to divest to reduce debt and focus on world-class assets. “We are focusing on what we do best and what brings the most value to our shareholders. Maximizing the return on invested capital is one of the pillars of our Strategic Plan for the 2021-2025 five-year period. Copagaz and Nacional Gás Butano have great expertise in the marketing and distribution of liquefied petroleum gas (LPG) and will continue to provide quality and safety to Brazilian consumers,” said Castello Branco.
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For Celso Rocha, managing director of Nacional Gás, the purchase will enable an increase in the availability of LPG to consumers. “The acquisition also represents an important milestone in the history of Nacional Gás and in the LPG sector. This will allow our company to expand its business and consolidate its presence in the South and Southeast regions of the country.”
Remembering the Case
Petrobras’ first attempt to sell Liquigás occurred at the end of 2016 to Ultrapar for R$ 2.8 billion, but the deal was vetoed by CADE after the agency declared the negotiation with the Ultra group “complex.” This took place during Pedro Parente’s management at Petrobras.
The negotiations between Petrobras and the Copagaz, Itaúsa, and Nacional Gás Butano group have been ongoing since August 2019, when the consortium was selected to present its best proposal. The dispute also included an international investment fund, Mubadala, and the Consigaz/GP Investimentos consortium.
About Liquigás
A wholly-owned subsidiary of Petrobras, Liquigás is present in almost all Brazilian states and has 23 operational centers, 19 depots, a road-rail storage and loading base, and a network of approximately 4,800 authorized resellers, holding about 21.4% market share.
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