en.Wedoany.com Reported - On August 5, Colombia's state-owned oil company Ecopetrol announced that its Brazilian subsidiary, Ecopetrol Investimentos do Brasil, had completed the public tender auction for approximately 25% of the shares of Brazil's Brava Energy. The auction involved 116,110,717 common shares at a price of 23 Brazilian reais per share, corresponding to a transaction value of approximately 2.671 billion reais.

According to the transaction arrangement, the relevant shares are scheduled to complete settlement and payment on August 17. Prior to the completion of settlement, the transaction remains in the delivery phase following confirmation of the auction results, and Ecopetrol has not yet formally acquired the aforementioned shares. The company has obtained short-term bridge financing through its subsidiary Ecopetrol Capital AG, with plans to subsequently refinance through a combination of long-term debt and equity contributions.

This public tender is part of Ecopetrol's acquisition of controlling interest in Brava Energy. In April 2026, Ecopetrol signed share purchase agreements with shareholders such as Jive and Yellowstone to acquire 120,813,490 shares of Brava Energy, representing approximately 26% of its share capital. The shares under these agreements are also scheduled for delivery on August 17. Upon completion of both transactions, Ecopetrol is expected to hold approximately 51% of Brava Energy's voting shares.

The public tender was originally scheduled to hold its auction on June 25, but was subsequently suspended by the Brazilian Securities and Exchange Commission due to the need for adjustments to the tender offer documents. On July 14, the regulatory authority ruled on the administrative appeal filed by Ecopetrol, rendering the previous suspension ineffective; Ecopetrol resumed the tender on July 20 and rescheduled the auction date to August 5.

Brava Energy was established in 2024 through the merger of 3R Petroleum and Enauta, operating onshore and offshore oil and gas assets in Brazil. The company's average oil and gas production in 2025 was approximately 81,000 barrels of oil equivalent per day, with disclosed proven reserves of approximately 459 million barrels of oil equivalent.