Ecopetrol enters into an Agreement to acquire an equity stake in Brava Energia S.A. a company domiciled in Brazil

Rhea-AI Summary

Ecopetrol (NYSE:EC) announced on April 23, 2026 a Share Purchase Agreement to acquire 120,813,490 shares of Brava Energia, equal to ~26% of Brava's share capital, and plans a Voluntary Tender Offer at R$23.00 per share to seek a 51% controlling stake.

The transaction would add pro‑rata 459 MMboe 1P reserves and ~81 Mboed pro‑rata production (2025), and is subject to CADE approval, financing waivers and customary conditions.

Positive

• Acquisition of 120,813,490 Brava shares (~26%)
• Planned OPA at R$23.00 per share (≈27.8% premium)
• Adds 459 MMboe pro‑rata 1P reserves (2025)
• Adds ~81 Mboed pro‑rata production (2025)

Negative

• Transaction subject to CADE antitrust approval
• Completion depends on financing via a bridge loan
• Requires waivers/consents on Brava financing agreements

News Market Reaction – EC

+0.77%

2 alerts

+0.77% Session close to close

$28.39B Market Cap

0.3x Rel. Volume

In the Apr 23 session, EC gained 0.77%, reflecting a mild positive market reaction. Our momentum scanner triggered 2 alerts that day, indicating moderate trading interest and price volatility.

Data tracked by StockTitan Argus on the day of publication.

Market Context

This announcement outlines Ecopetrol’s plan to gain control of Brava Energia, starting with 120,813,...

Analysis

This announcement outlines Ecopetrol’s plan to gain control of Brava Energia, starting with 120,813,490 shares (~26%) and a tender offer at R$23.00 per share. Brava brings USD 806 million in 2025 EBITDA, a 39% margin, 459 MMboe of 1P reserves and 81 Mboed production. Investors may watch antitrust review, tender participation levels, bridge-loan financing terms, and how the deal fits into Ecopetrol’s 2040 Strategy execution.

Key Figures

Shares to acquire: 120,813,490 shares Initial equity stake: 26% Tender offer price: R$23.00 per share +5 more

8 metrics

Shares to acquire 120,813,490 shares Brava Energia stake from significant shareholders

Initial equity stake 26% Brava share capital represented by agreed shares

Tender offer price R$23.00 per share Proposed Voluntary Tender Offer on B3

Offer premium 27.8% Premium over 90‑day VWAP of Brava shares

Brava EBITDA USD 806 million Reported for 2025

EBITDA margin 39% Brava 2025 operating profitability

1P reserves 459 MMboe Brava total proved reserves at 2025 year-end

Average production 81 Mboed Brava average daily production in 2025

Previous Acquisition Reports

5 past events · Latest: Nov 28 (Positive)

Same Type Pattern 5 events

Date	Event	Sentiment	24h Move	Catalyst
Nov 28	Solar project talks	Positive	+1.3%	Negotiated potential acquisition of seven Colombian solar project companies from Grenergy.
Nov 13	Solar portfolio buy	Positive	+3.8%	Closed acquisition of ~0.6 GW solar projects in Colombia for USD 157.5 million.
Jul 07	Wind project acquisition	Positive	-3.3%	Completed purchase of Windpeshi wind project, 205 MW capacity and 1,006 GWh/year output.
May 21	Large renewables deal	Positive	-1.4%	Signed to acquire up to 1.3 GW solar and wind portfolio from Statkraft in Colombia.
Feb 05	CPO‑09 stake buyout	Positive	+2.0%	Acquired Repsol’s remaining 45% in Block CPO‑09 for USD 452 million, reaching full ownership.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Pattern Detected

Acquisition announcements have generally been viewed positively, but market reactions are mixed: three past deals saw gains while two, including a large renewable project, saw declines, indicating no uniform pattern.

Recent Company History

Over the past year, Ecopetrol has repeatedly used acquisitions to advance its 2040 Strategy. Deals included Colombian solar portfolios up to 1.3 GW, a 205 MW Windpeshi wind project, and the remaining 45% of Block CPO‑09 for USD 452 million. These moves strengthened both renewable and hydrocarbon positions. Today’s planned control stake in Brazil’s Brava Energia extends that acquisition-driven growth into offshore and onshore Brazilian production.

Key Terms

ebitda, volume–weighted average price (vwap), voluntary tender offer, bridge loan, +4 more

8 terms

ebitda financial

"the Company reported EBITDA of USD 806 million, with an EBITDA margin of 39%"

EBITDA stands for earnings before interest, taxes, depreciation, and amortization. It measures a company's profitability by focusing on the money it makes from its core operations, ignoring expenses like taxes and accounting adjustments. Investors use EBITDA to compare how well different companies are performing financially, as it provides a clearer picture of operational success without the influence of financial structure or accounting choices.

View in glossary

volume–weighted average price (vwap) financial

"represents a premium of approximately 27.8% over the Volume–Weighted Average Price (VWAP)"

Volume–weighted average price (VWAP) is the average price at which a security traded over a specific time period, where each trade is weighted by its number of shares so larger trades influence the average more. Investors use VWAP as a benchmark to judge trade execution and short-term price fairness; like checking the average cost per item when shoppers buy different quantities, being above or below VWAP shows whether recent trading occurred at relatively higher or lower prices and can guide timing or algorithmic orders.

voluntary tender offer financial

"plans to launch a Voluntary Tender Offer (Oferta Pública de Aquisição – OPA) on the B3"

A voluntary tender offer is a public proposal by an investor, group, or company to buy shares from existing shareholders at a set price for a limited time, where selling is optional. It matters to investors because the offer can provide a quick chance to sell at a premium or signal a change in control or strategy; think of it like a temporary buyout sale where owners decide whether to accept the cash on the table.

bridge loan financial

"expects to secure the funding required to consummate the transaction through a bridge loan"

A bridge loan is a short-term loan used to quickly provide funds until a larger, long-term financing option is in place. It acts like a temporary bridge, helping individuals or businesses cover immediate expenses or complete transactions without delay. For investors, it’s important because it offers quick access to cash but often comes with higher costs and short repayment periods.

1p reserves technical

"pro–rata 1P reserves based on its ownership interest from Brava's total reported reserves"

1P reserves are the volume of oil or gas that geologists and engineers consider proved recoverable with high confidence—commonly interpreted as about a 90% chance the resource can be produced using current technology and under current economic conditions. For investors, 1P is like a company’s confirmed inventory: it helps gauge the baseline value, predict future production and cash flow, and set a conservative floor for asset worth compared with less-certain reserve categories.

mmboe technical

"total reported reserves of 459 million barrels of oil equivalent (MMboe) as of year-end 2025"

mmboe stands for million barrels of oil equivalent, a unit that converts different forms of energy (natural gas, condensates and other hydrocarbons) into the energy value of one million barrels of crude oil. Investors use mmboe to compare production, reserves and project size across companies and assets—like using a single currency to add apples and oranges—so it helps gauge potential supply, future revenue and company scale.

mboed technical

"Brava's average reported production of approximately 81 thousand barrels of oil equivalent per day (Mboed)"

mboed stands for “thousand barrels of oil equivalent per day,” a unit that combines oil, natural gas and other hydrocarbons into a single daily production measure by converting gas into an oil-equivalent amount. Think of it like converting different fruits into apple-equivalents so you can compare total output easily. Investors use it to gauge a producer’s scale, revenue potential and operating efficiency because higher mboed usually means more product to sell and greater cash flow.

petroleum resources management system (prms) technical

"under the Petroleum Resources Management System (PRMS) standard"

A petroleum resources management system (PRMS) is an industry-standard framework for estimating and classifying quantities of oil and gas in the ground and how likely they are to be produced and sold. It gives consistent categories and confidence levels—like a map that marks which deposits are proven versus speculative—so investors can compare companies’ resource size, commercial prospects, and risk more reliably when valuing assets and making investment decisions.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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BOGOTA, Colombia, April 23, 2026 /PRNewswire/ -- Ecopetrol S.A (BVC: ECOPETROL; NYSE: EC) hereby announces that on April 23, 2026, it entered into a Share Purchase Agreement with Jive, Yellowstone and Bloco Somah Printemps Quantum, which together constitute a group of significant shareholders holding approximately 26% of the outstanding common shares of the Brazilian company Brava Energia S.A. (B3: BRAV3) ("Brava"), for the acquisition by Ecopetrol S.A., or one of its affiliates or subsidiaries within the Ecopetrol Group, of 120,813,490 shares of Brava, representing approximately 26% of Brava's share capital.

Brava was incorporated in 2024 from the merger between 3R Petroleum Óleo e Gás S.A. and Enauta Participações S.A., two oil and gas companies operating in Brazil. Brava currently conducts crude oil and natural gas production activities in offshore and onshore fields across multiple basins in Brazil as well as participates in the midstream and downstream segments. As of December 2025, according to Brava's public information, the Company reported EBITDA of USD 806 million, with an EBITDA margin of 39%. Brava is positioned as the second-largest independent company listed in the Brazilian market in terms of reserves and production.

The completion of this transaction is subject to certain customary conditions precedent, including, among others, approval by Brazil's Administrative Council for Economic Defense (CADE), the grant of certain waivers and consents considering Brava's financing instruments and relevant commercial agreements, as well as the purchase by Ecopetrol S.A., or one of its affiliates or subsidiaries within the Ecopetrol Group, of the number of shares required to achieve a 51% controlling stake of Brava's voting share capital.

Therefore,  Ecopetrol S.A., or one of its affiliates or subsidiaries within the Ecopetrol Group, plans to launch a Voluntary Tender Offer (Oferta Pública de Aquisição – OPA) on the B3 stock exchange in Brazil, at a price of R$23.00 per share, to acquire the additional number of Brava shares required to secure a 51% equity interest in the Company. This offer price represents a premium of approximately 27.8% over the Volume–Weighted Average Price (VWAP) of the Company's shares during the 90 trading days immediately preceding the date of this announcement. The tender offer is addressed to all of Brava's shareholders, ensuring equal treatment and conditions, and will be subject to applicable regulatory requirements and certain conditions precedent.

Ecopetrol S.A., or one of its affiliates or subsidiaries within the Ecopetrol Group expects to secure the funding required to consummate the transaction through a bridge loan, subject to the fulfillment of the applicable conditions precedent.

Upon completion of the transaction, the Ecopetrol Group would incorporate pro–rata 1P reserves based on its ownership interest from Brava's total reported reserves of 459 million barrels of oil equivalent (MMboe) as of year-end 2025, under the Petroleum Resources Management System (PRMS) standard, through a diversified portfolio of offshore and onshore assets. In addition, the transaction would allow the immediate addition of pro–rata production from Brava's average reported production of approximately 81 thousand barrels of oil equivalent per day (Mboed) in 2025, strengthening production sustainability and cash flow generation in a geography where the Ecopetrol Group already has an established presence. This transaction directly supports the objectives set forth in the Ecopetrol Group's 2040 Strategy. Moreover, the transaction is aligned with the Ecopetrol Group's capital discipline and, upon closing, is expected to contribute to metrics such as ROACE and EBITDA. Finally, this transaction would expand the Ecopetrol Group's footprint in Brazil, diversifying its asset base in a high–growth region and strengthening its international portfolio.

Once the applicable conditions precedent and legal requirements for closing the transaction have been satisfied, Ecopetrol will disclose relevant information in accordance with the applicable legal and regulatory framework through this same channel and/or any other required means.

Ecopetrol is the largest company in Colombia and one of the main integrated energy companies in the American continent, with more than 19,000 employees. In Colombia, it is responsible for more than 60% of the hydrocarbon production of most transportation, logistics, and hydrocarbon refining systems, and it holds leading positions in the petrochemicals and gas distribution segments. With the acquisition of 51.4% of ISA's shares, the company participates in energy transmission, the management of real-time systems (XM), and the Barranquilla - Cartagena coastal highway concession. At the international level, Ecopetrol has a stake in strategic basins in the American continent, with Drilling and Exploration operations in the United States (Permian basin and the Gulf of Mexico), Brazil, and Mexico, and, through ISA and its subsidiaries, Ecopetrol holds leading positions in the power transmission business in Brazil, Chile, Peru, and Bolivia, road concessions in Chile, and the telecommunications sector.

This release contains statements that may be considered forward-looking statements within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended. All forward-looking statements, whether made in this release or in future filings or press releases, or orally, address matters that involve risks and uncertainties, including in respect of the Company's prospects for growth and its ongoing access to capital to fund the Company's business plan, among others. Consequently, changes in the following factors, among others, could cause actual results to differ materially from those included in the forward-looking statements: market prices of oil & gas, our exploration, and production activities, market conditions, applicable regulations, the exchange rate, the Company's competitiveness and the performance of Colombia's economy and industry, to mention a few. We do not intend and do not assume any obligation to update these forward-looking statements. 

For more information, please contact:

Investor Relations Office 
Email: investors@ecopetrol.com.co 

Head of Corporate Communications (Colombia)   
Marcela Ulloa   
Email: marcela.ulloa@ecopetrol.com.co 

View original content:https://www.prnewswire.com/news-releases/ecopetrol-enters-into-an-agreement-to-acquire-an-equity-stake-in-brava-energia-sa-a-company-domiciled-in-brazil-302752209.html

SOURCE Ecopetrol S.A.

FAQ

What did Ecopetrol (NYSE:EC) announce on April 23, 2026 regarding Brava Energia?

Ecopetrol agreed to buy 120,813,490 Brava shares, about 26% of share capital. According to the company, it will then launch a Voluntary Tender Offer at R$23.00 per share to pursue a 51% controlling stake, subject to conditions and approvals.

How much is Ecopetrol offering per Brava share in the planned tender offer (NYSE:EC)?

Ecopetrol plans an OPA at R$23.00 per Brava share, a ~27.8% premium. According to the company, that price is based on the 90‑day VWAP prior to the announcement and applies to all Brava shareholders under equal terms.

What reserves and production would Ecopetrol (NYSE:EC) gain from the Brava deal?

The transaction would add pro‑rata 1P reserves of 459 million barrels of oil equivalent. According to the company, it would also add approximately 81 thousand barrels of oil equivalent per day of average 2025 production pro‑rata.

What regulatory and financing conditions must Ecopetrol (NYSE:EC) satisfy to close the Brava transaction?

Closing requires CADE approval, waivers/consents on Brava financing and relevant contracts, and securing bridge loan financing. According to the company, these are customary conditions precedent before consummation and disclosure of closing information.

Will Ecopetrol (NYSE:EC) finance the Brava acquisition with cash or debt?

Ecopetrol expects to secure required funds through a bridge loan to consummate the transaction. According to the company, the bridge financing is subject to fulfillment of applicable conditions precedent before closing and funding the OPA.