Ecopetrol to Acquire 26% Stake in Brava Energia S.A., Eyes Controlling Position Through Tender Offer

Strategic Acquisition Boosts Ecopetrol’s Presence in Brazil’s Energy Sector

Ecopetrol S.A. (NYSE: EC), Colombia’s leading integrated energy company, has announced a major step to expand its international footprint: the signed agreement to acquire approximately 26% of Brava Energia S.A., a prominent oil and gas company operating across Brazil’s offshore and onshore fields. This agreement gives Ecopetrol access to 120.81 million shares, representing a significant stake in Brava’s total equity.

Path to Control: Premium Tender Offer at 27.8% Above Market Average

The transaction is only the first phase of Ecopetrol’s ambitions. To cement control, Ecopetrol, or one of its affiliates, plans to launch a Voluntary Tender Offer (OPA) on the B3 stock exchange to reach a 51% equity position in Brava. Notably, the offer is set at R$23.00 per share, a premium of 27.8% over the 90-day volume-weighted average price (VWAP), demonstrating a willingness to pay above current market levels for long-term strategic value.

Immediate Reserve and Production Uplift via Brava’s Broad Asset Portfolio

Brava Energia, formed from the recent merger of 3R Petroleum and Enauta Participações, is now Brazil’s second-largest independent energy company by reserves and production. Its diverse portfolio includes offshore and onshore production as well as midstream and downstream operations across several Brazilian basins. With 459 million barrels of oil equivalent (MMboe) in 1P reserves and an average production rate of 81,000 barrels/day in 2025, Ecopetrol’s pro-rata stake unlocks both immediate and sustainable cash flow influence in a high-growth market.

Tender Offer Structure Seeks Regulatory and Shareholder Approval

The acquisition is subject to regulatory approval from Brazil’s antitrust authority (CADE) and requires certain consents regarding Brava’s financing and commercial agreements. Ecopetrol intends to fund the purchase through a bridge loan, pending fulfillment of these conditions. Upon closing, Ecopetrol will consolidate reserves and production in Brazil while furthering the group’s 2040 Strategy for disciplined capital allocation and improved Return on Average Capital Employed (ROACE) and EBITDA metrics.

Strategic Rationale: Deepening Latin American Energy Integration

This deal fits squarely within Ecopetrol’s broader international expansion plans. Already prominent in power transmission, road concessions, and telecom from Colombia to Chile, Peru, and Brazil, Ecopetrol is diversifying into Brazil’s core energy sector—one of Latin America’s most dynamic markets. The move not only strengthens Ecopetrol’s operational scale and portfolio diversification but also positions the group for future growth opportunities in the region.

What’s Next for Ecopetrol and Brava Shareholders?

Investors will be watching the timeline for regulatory approvals and the acceptance rate of the tender offer, which could determine how quickly—if at all—Ecopetrol secures a controlling position. A controlling stake would mark a milestone in energy integration across the continent, immediately boosting Ecopetrol’s production base and giving the company a bigger seat at the table in the increasingly competitive Brazilian energy sector.

Key Takeaways: Scale, Diversification, and Growth Potential

This acquisition signals Ecopetrol’s commitment to disciplined growth, geographic diversification, and value creation. If successful, it will mark an important step in Ecopetrol’s international ambitions—while offering Brava and its shareholders a significant premium and the potential for future collaboration. Investors and industry watchers should keep an eye on regulatory developments and the final results of the voluntary tender offer, as these milestones will determine the full strategic impact of this bold move.

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