Petrobras inform the market that our Board of Directors approved, in a meeting held, the signing of the contract for sale of Liquigas Distribuidora SA to Companhia Ultragaz SA, a subsidiary of Ultrapar Participacoes SA.
Liquigas is Petrobras wholly owned subsidiary , and operates in the bottling, distribution and marketing liquefied petroleum gas (LPG). The company is present in almost all Brazilian states and has 23 operating centers, 19 warehouses, a storage base and road - rail loading and a network of approximately 4,800 authorized dealers.
Ultragaz, the first LPG distributor in Brazil, serves approximately 11 million homes in the bottled segment and 50 thousand customers in the bulk segment.
the total value of sales corresponds to an Enterprise value of R $ 2.8 billion. The amount to be paid will be adjusted by the Interbank Deposit Certificate (CDI), between the dates of signature and closing of the transaction. The value will still be subject to adjustment on account of changes in working capital and net debt position of Liquig?s between 31/12/2015 and the transaction closing date.
The operation, conducted through competitive process, it is part of our plan Divestments 2015-2016 and is aligned with our Strategic Plan, which aims at optimizing the business portfolio, focusing on oil and gas, totally out of LPG distribution activities.
This transaction is subject to approval by the General Meetings of Petrobras and Ultrapar and the fulfillment of customary conditions, including approval by the Administrative Council for the Defense of Competition (CADE).
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