The closing of the transaction is subject to compliance with precedent conditions
Petrobras headquarters in Rio de Janeiro. (Credit: Eric and Christian/Wikipedia.)
Petróleo Brasileiro S.A. – Petrobras, following up on the releases disclosed on 07/10/2020 and 12/30/2020, informs that it has signed a contract with the company Compass Gás e Energia S.A. (Compass) for the sale of all its stake (51%) in Petrobras Gás S.A. (Gaspetro).
The sale value is R$ 2.03 billion, to be paid at closing, subject to the adjustments provided for in the contract.
The closing of the transaction is subject to compliance with precedent conditions, such as the approval by the Administrative Council for Economic Defense (CADE). In addition, until the closing Petrobras will observe the provisions contained in the shareholders’ agreements of Gaspetro and the natural gas distributors, including the right of preference, as applicable.
This disclosure to the market is in accordance with Petrobras’ internal rules and with the special regime for divestment of assets by federal mixed economy companies, provided for in Decree 9,188/2017.
This transaction is aligned with the Term of Cessation Commitment (TCC) signed with CADE, in July 2019, to promote competition in the natural gas sector in Brazil, as well as with the strategy to optimize the portfolio and improve the allocation of the company’s capital, aiming to generate value.
Source: Company Press Release