Ecopetrol enters into an Agreement to acquire an equity stake in Brava Energia S.A.

On April 23, 2026, Ecopetrol S.A. announced its entry into a Share Purchase Agreement to acquire approximately 26% of Brava Energia S.A., a Brazilian oil and gas company, for an undisclosed amount. The transaction involves the purchase of 120,813,490 shares, representing a significant stake in Brava, which was formed from the merger of 3R Petroleum Óleo e Gás S.A. and Enauta Participações S.A. in 2024. Ecopetrol plans to further increase its ownership to a controlling 51% stake through a Voluntary Tender Offer, with an offer price set at R$23.00 per share, reflecting a 27.8% premium over the volume-weighted average price (VWAP) of Brava's shares during the preceding 90 trading days.

Brava Energia S.A. is positioned as the second-largest independent oil and gas company in Brazil, with significant operations in both offshore and onshore fields. The company reported an EBITDA of USD 806 million as of December 2025, showcasing a robust EBITDA margin of 39%. This acquisition aligns with Ecopetrol's strategic objectives as outlined in its 2040 Strategy, which emphasizes expanding its footprint in Brazil and enhancing its asset portfolio in high-growth regions. The transaction is expected to not only bolster Ecopetrol's production capacity but also strengthen its cash flow generation in a geography where it already has a presence.

The completion of the transaction is contingent upon customary conditions, including regulatory approvals from Brazil's Administrative Council for Economic Defense (CADE) and other necessary consents related to Brava's financing agreements. Ecopetrol's strategy to launch a Voluntary Tender Offer ensures equal treatment for all Brava shareholders, reinforcing its commitment to transparency and regulatory compliance. The acquisition is anticipated to be financed through a bridge loan, subject to the fulfillment of the required conditions.

This transaction reflects broader trends in the oil and gas sector, particularly the increasing consolidation among independent producers in Brazil. As countries seek to enhance energy security and diversify their energy portfolios, strategic acquisitions such as this one are likely to become more prevalent. Ecopetrol's move to secure a controlling stake in Brava not only enhances its operational capabilities but also positions it favorably within the competitive landscape of the Brazilian energy market.

In conclusion, Ecopetrol's acquisition of a significant stake in Brava Energia S.A. underscores the company's commitment to expanding its international presence and diversifying its asset base. The transaction is expected to contribute positively to Ecopetrol's financial metrics, including return on average capital employed (ROACE) and EBITDA, while also aligning with its long-term strategic goals. As the energy sector continues to evolve, such strategic maneuvers will be critical for companies looking to maintain competitiveness in a rapidly changing market environment.