Petrobras Signs Contract for Sale of Power Companies

Source: www.gulfoilandgas.com 7/29/2021, Location: South America

Petrobras, following up on the release disclosed on 09/11/2020, informs that it signed contracts for the sale of its 20% stakes in Termelétrica Potiguar S.A. (TEP) and 40% in Companhia Energética Manauara S.A. (CEM) to Global Participações Energia S.A. (GPE), through its subsidiaries GFT Participações S.A. and GFM Participacoes S.A., respectively. The total amount of the transactions is R$ 160.3 million, of which R$ 81.3 million by TEP and R$ 79 million by CEM, to be paid upon closing of the transactions, subject to the adjustments provided for in the contracts.

The transactions are subject to the fulfillment of precedent conditions, such as approval by the Administrative Council for Economic Defense (CADE).

This disclosure to the market is in accordance with Petrobras' internal rules and with the special regime for divestment of assets by federal mixed economy companies, provided for in Decree 9,188/2017.

This operation is aligned with the company's portfolio optimization strategy and capital allocation improvement, aiming at value maximization.


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