Brava Energia has secured approval from the remaining bondholders required for the acquisition of its controlling stake by Ecopetrol Investimentos do Brasil, satisfying one of the precedent key conditions precedent established under the public tender offer launched by the Colombian energy company. With bondholder consent now in place, the transaction moves closer to completion, subject to the remaining regulatory approvals and contractual requirements.
According to the company, holders of debentures issued by the former 3R Petroleum and former Enauta approved the prior consent required for the change of control. The resolutions were approved during meetings held on June 8 and, together with a previous authorization obtained from holders of another Enauta debt issuance, fully satisfy the debt-related condition precedent outlined in the offer documents.
The approval was considered a significant milestone for the transaction, as the change of control could have triggered early-maturity provisions in certain debt instruments issued by the company. With bondholders granting their consent, that potential hurdle has been removed, substantially reducing execution risk for the deal.
The tendered offer was launched by Ecopetrol as part of its strategy to expand its presence in Brazil’s oil and gas sector. The Colombian state-controlled company had previously announced the acquisition of a significant stake in Brava Energia and is now seeking to consolidate a controlling position through the ongoing transaction.
If completed, the acquisition will further strengthen Ecopetrol’s presence in one of Latin America’s most important offshore oil and gas markets, increasing its exposure to Brazilian offshore production assets and enhancing its regional portfolio.
The transaction remains subject to the fulfillment of the remaining conditions established in the offer documents, including applicable regulatory approvals and the successful completion of the share acquisition process.
