Petrobras sells 35% of BR Distribuidora for US$ 2,5 billion

The deal closed on Tuesday, July 23. The state-owned company reduced its stake from 71,25% to 45,25% in the company.

Settlement of domestic assets continues at an accelerated rate; this Tuesday, July 23, Petrobras, under the command of Roberto Castello Branco, sold 35% of BR Distribuidora for US$ 2,5 billion, around R$ 9 billion; with the operation, Petrobras stayed with 37% and, with that, BR Distribuidora became a private company.

The transaction attracted 160 investors from different countries, from the United Kingdom, Canada and the United States, among others. The banks involved in the operation are Merrill Lynch, Citi, Credit Suisse, JP Morgan, Santander, Itaú and XP.

With the sale, Petrobras reduced its stake from 71,25% to 45,25% in the company and the funds should enter the company's cash to help reduce its indebtedness.

The subsidiary is a partner in the new distribution company for piped gas in Espírito Santo, ES Gás, formally created on Monday, 22. The company owns 60,34% of the total capital of the state-owned company in Espírito Santo and 49% of common shares, with control of State government with 51% of the common shares.

Although already created, ES Gás will only assume the services after the signature of the new concession contract. Meanwhile, Petrobras Distribuidora will continue to operate the distribution of piped natural gas. The payment of capital by the state government and BR will take place within 12 months, informed the oil company.

On the second, during the event for the formation of ES Gás, executives from BR Distribuidora had already confirmed that the sale process was underway, but did not say whether this would have any impact on the subsidiary's stake in the company in Espírito Santo.

In addition to gas distribution in the state, BR is the leader in the Brazilian fuel and lubricants distribution market, with more than 7500 service stations under its flag, also operating with the BR Mania and Lubrax+ convenience franchises. In the B2B market, its portfolio includes approximately 14 large customers in segments such as aviation, asphalt, transport, chemical products, supply house and energy.

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