Amidst the energy transition, Ultrapar sells Oxiteno, after selling Extrafarma and ConectCar, to focus its investments on renewable energy and prepare for the energy transition
Ultrapar announced this Monday (16) the sale of its Oxiteno specialty chemicals unit to Indorama, a group in Thailand. The sales contract had a total value of US$1,3 billion, according to the company. The sale was due to the fact that the company wanted to remain focused on the energy transition, intending to invest more in the renewable energy market.
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Ultrapar sells Oxiteno, Extrafarma and ConectCar
According to Ultrapar, Oxiteno and Indorama have cooperation in the derived and integrated oxides business, mainly in the portfolio downstream of surfactants. Working together, the two companies will create a world-renowned player in the production of ethoxylates. The sale of Oxiteno is directly linked to Ultrapar's strategy of focusing on the renewable energy market.
The company, which recently sold Extrafarma to Pague Menos and 50% of its stake in ConectCar to Porto Seguro, is taking action to develop investment opportunities in renewable energy, with a focus on the growing energy transition. The end of the sale of Oxiteno will have some conditions of use, including approval by both American and Brazilian competition authorities.
Preemptive rights will also be granted to Ultrapar shareholders who intend to purchase Oxiteno shares in proportion to their respective holdings in the company's capital stock and at the same price per share to be paid by the Thai company. The company's shareholders, who acquire the right, will now become direct shareholders of Oxiteno.
Ultrapar's financial and relations director speaks
In addition to the investments being studied by the company in refining, natural gas and others, Ultrapar is evaluating investment opportunities in renewable energy, according to the company's Financial and Relations Director, Rodrigo Pizzinatto.
According to the executive, with the sale of Oxiteno, the group is heading towards businesses focused on energy transition. The sale reinforces the view that the company is at a time of investment opportunities in renewable energy, oil and gas. In addition, Pizzinatto says that the Ultra group is also evaluating opportunities for expansion and competitiveness in assets that remain in the company's portfolio.
Oxiteno's debt will remain with the sale
The strong performance of Oxiteno in recent months, according to Pizzinatto, contributed to the rise in the company's value, with a capital gain on the sale since the book value (R$ 1,7 billion) is lower than that of the sale of US$ 1,3 billion.
The proceeds will be channeled directly into Ultrapar's cash and an intercompany debt of approximately US$750 million owed by Oxiteno with the company upon sale. Therefore, the disbursement of Income Tax on capital gain will be below US$ 70 million according to the executive.
The receipt of the first installment will occur at the beginning of next year, as well as the receipt of funds for the sale of 50% of ConectCar, mentioned above. The second installment referring to Oxiteno will be received in two years after the contract and there will be no precedent for disbursement.
