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Petrobras Completes the Sale of Petrobras Chile Distribucion Ltda

Source: www.gulfoilandgas.com 5/3/2016, Location: South America

Petrobras informs that concluded the negotiations with Southern Cross Group of the main terms and conditions for the sale of 100% of Petrobras Chile Distribucion Ltda. (“PCD”), owned through Petrobras Caribe Ltd.

Southern Cross Group is a private equity fund, founded in 1988, with USD 2.9 billion of assets under management and focused on investments in Latin America in companies in the industrial, services, logistics and retail products sectors.

PCD is the distribution company of Petrobras in Chile and has 279 service stations, 8 owned fuel distribution terminals, 11 operations at airports, participation in 2 logistics companies and 1 plant of lubricants.

The final value of the deal, after price adjustments agreed between the parties, is estimated to be USD 490 million.

This transaction, carried out through a competitive process, is part of the Divestment Program envisaged in the Business and Management Plan 2015-2019 and is still subject to the deliberation and approval of its final terms and conditions by the Executive Board and Board of Directors of Petrobras and the Executive Committee of Southern Cross as well as the attainment of the applicable regulatory approvals.

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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