Ecopetrol Resumes the Tender Offer in Brazil to Complete the Acquisition of a Controlling Equity Stake in Brava Energia S.A.

Rhea-AI Summary

Ecopetrol (NYSE: EC) reported that its Brazilian subsidiary, Ecopetrol Investimentos do Brasil LTDA, has resumed on the B3 exchange the voluntary tender offer (OPAV) for shares of Brava Energia S.A. (B3: BRAV3), after filing a revised offer document that incorporates recommendations from the Brazilian securities regulator CVM (Official Letter No. 160/2026/CVM/SRE/GER-1).

According to Ecopetrol, the OPAV covers 116,110,717 common shares of Brava Energia, representing about 25% of its share capital, and is expected to remain open until August 5, 2026, the anticipated auction date. The transaction remains subject to applicable regulatory requirements and specific conditions precedent, all detailed in the offer document on B3. Ecopetrol expects to disclose OPAV results and any other material developments related to the planned acquisition of a controlling equity stake in Brava Energia.

Positive

• Resumption of OPAV in Brazil for 116,110,717 Brava Energia shares (~25% stake)
• Regulatory feedback incorporated via revised offer document reflecting CVM recommendations

Negative

• Completion of the Brava Energia transaction remains subject to regulatory requirements and conditions precedent
• OPAV only expected to stay open until August 5, 2026, creating timing and execution uncertainty

News Market Reaction – EC

+3.12%

2 alerts

+3.12% Session close to close

$33.08B Market Cap

0.3x Rel. Volume

In the Jul 21 session, EC gained 3.12%, reflecting a moderate 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

News_id 1062037 recorded a 7.29% 24-hour reaction, giving this acquisition update a historical bench...

Analysis

News_id 1062037 recorded a 7.29% 24-hour reaction, giving this acquisition update a historical benchmark. The platform record also shows mixed outcomes across tagged deals; regulatory conditions remain the principal disclosed uncertainty to monitor.

Key Figures

Brava shares sought: 116,110,717 common shares Target stake: approximately 25% Auction date: August 5, 2026 +4 more

7 metrics

Brava shares sought 116,110,717 common shares Voluntary tender offer

Target stake approximately 25% Brava Energia share capital

Auction date August 5, 2026 Expected tender offer auction

CVM letter No. 160/2026/CVM/SRE/GER-1 Recommendations incorporated into revised offer document

Employees more than 19,000 employees Ecopetrol company description

Hydrocarbon production more than 60% Colombian hydrocarbon production

ISA ownership 51.4% Ecopetrol stake in ISA

Previous Acquisition Reports

5 past events · Latest: May 26 (Positive)

Same Type Pattern 5 events

Date	Event	Sentiment	24h Move	Catalyst
May 26	Brava tender offer	Positive	+7.3%	Tender offer launched for Brava shares toward a controlling voting interest
May 20	Wind project acquisition	Positive	-0.6%	Ecopetrol agreed to purchase a minority interest in two wind projects
Apr 23	Brava stake agreement	Positive	+0.8%	Share purchase agreement advanced plans for a controlling Brava stake
Nov 28	Solar portfolio negotiations	Positive	+1.3%	Negotiations concluded for potential acquisition of Colombian solar projects
Nov 13	Solar portfolio acquisition	Positive	+3.8%	Ecopetrol closed acquisition of Colombian solar project companies

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

Pattern Detected

Tag-matched acquisition news produced positive 24-hour reactions in four of five events, with one negative reaction.

Key Terms

voluntary tender offer, conditions precedent, forward-looking statements

3 terms

voluntary tender offer financial

"the terms and conditions of the Voluntary Tender Offer"

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.

conditions precedent regulatory

"subject to the fulfillment of applicable regulatory requirements and certain specific conditions precedent"

Conditions precedent are the specific tasks, approvals, or facts that must be satisfied before a contract or transaction becomes effective or a payment is made. Think of them as a checklist you must complete before turning the key on a new machine; if items are missing the deal can be delayed, renegotiated, or canceled. Investors watch these conditions because they determine timing, completion risk, and whether expected benefits will actually occur.

forward-looking statements regulatory

"statements that may be considered forward-looking statements"

Forward-looking statements are predictions or plans that companies share about what they expect to happen in the future, like estimating sales or profits. They matter because they help investors understand a company's outlook, but since they are based on guesses and assumptions, they can sometimes be wrong.

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

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BOGOTÁ, Colombia, July 20, 2026 /PRNewswire/ -- Ecopetrol S.A. (BVC: ECOPETROL; NYSE: EC) announced today that its Brazilian subsidiary, Ecopetrol Investimentos do Brasil LTDA, published on the B3 Securities Exchange in Brazil the document governing the terms and conditions of the Voluntary Tender Offer (Oferta Pública de Aquisição Voluntária, or "OPAV"), incorporating the recommendations communicated by the Comissão de Valores Mobiliários ("CVM") in Official Letter No. 160/2026/CVM/SRE/GER-1.

With the filing of this revised document, the OPAV on B3 is resumed for the acquisition of a total of 116,110,717 common shares of Brava Energia S.A. (B3: BRAV3), representing approximately 25% of its share capital.

The OPAV is expected to remain open until August 5, 2026, on which date the auction would take place. The transaction remains subject to the fulfillment of applicable regulatory requirements and certain specific conditions precedent, all of which are disclosed in the offer document published on B3.

We expect to disclose the results of the OPAV together with any other material developments related to the transaction.

-------------------------------------
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-resumes-the-tender-offer-in-brazil-to-complete-the-acquisition-of-a-controlling-equity-stake-in-brava-energia-sa-302830152.html

SOURCE Ecopetrol S.A.

FAQ

What did Ecopetrol (NYSE: EC) announce about its tender offer for Brava Energia on July 20, 2026?

Ecopetrol announced the resumption of its voluntary tender offer (OPAV) on B3 for Brava Energia shares. According to Ecopetrol, a revised offer document incorporating CVM recommendations was filed, allowing the process toward acquiring a controlling equity stake to continue.

How many Brava Energia (B3: BRAV3) shares is Ecopetrol offering to buy in the OPAV?

Ecopetrol is offering to acquire 116,110,717 common shares of Brava Energia through the OPAV. According to Ecopetrol, this represents approximately 25% of Brava Energia’s share capital, as disclosed in the tender offer documentation on the B3 exchange.

When does Ecopetrol’s Brava Energia tender offer (EC, BRAV3) close and when is the auction expected?

The OPAV is expected to remain open until August 5, 2026, when the auction would take place. According to Ecopetrol, this timetable depends on the ongoing process and is detailed in the offer document published on the B3 exchange.

What regulatory steps affected Ecopetrol’s OPAV for Brava Energia in Brazil?

The OPAV was revised to incorporate recommendations from the Brazilian securities regulator CVM, in Official Letter No. 160/2026/CVM/SRE/GER-1. According to Ecopetrol, the transaction still depends on fulfilling applicable regulatory requirements and certain specific conditions precedent.

Is Ecopetrol’s acquisition of a controlling stake in Brava Energia guaranteed to close?

The acquisition is not guaranteed to close, as it remains subject to regulatory requirements and conditions precedent. According to Ecopetrol, these conditions are described in the B3 offer document, and results will be disclosed once the OPAV process concludes.

How will Ecopetrol communicate the results of the Brava Energia tender offer to EC shareholders?

Ecopetrol expects to disclose the OPAV results and any other material developments related to the transaction. According to Ecopetrol, updates will follow once the tender period and auction on B3 are completed and conditions are evaluated.