Colombia’s state oil company Ecopetrol has agreed to acquire a roughly 26% stake in Brazilian energy firm Brava. But that’s just the first step. Ecopetrol plans to launch a public tender offer to gain enough shares to take majority control of the company.
Both firms disclosed the deal in separate securities filings on Thursday. The transaction would mark a significant cross-border move for Ecopetrol and expand its footprint in one of Latin America’s largest oil markets.
Ecopetrol’s planned offer on Brazil’s B3 stock exchange will price Brava shares at 23 reais — roughly $4.60 each. That represents a 27.8% premium over Brava’s 90-day volume-weighted average price.
What still needs to happen
The deal isn’t done yet. Completion requires approval from CADE, Brazil’s antitrust regulator. If cleared, Ecopetrol would move to consolidate its position through the public tender offer, aiming for a controlling stake.
Brava’s shares dipped about 1% on the news, paring gains from earlier in the session.
Why it matters
The acquisition would give Ecopetrol direct access to Brazilian oil and gas assets — a strategic move at a time when Latin American energy companies are looking to diversify and scale up operations across the region.
For Brava, the deal brings in a well-capitalized state-backed partner. For Ecopetrol, it’s a bet on Brazil’s energy sector and a signal that the Colombian firm is serious about growing beyond its home market.