Mayer Brown and T&C advise Ecopetrol on acquisition of controlling stake in Brava Energia

Mayer Brown and Tauil & Chequer (T&C) in association with Mayer Brown advised Ecopetrol S.A. on its acquisition of a controlling stake in Brava Energia S.A., a Brazilian oil and gas company listed on B3’s Novo Mercado.

The transaction involved the acquisition of approximately 51% of Brava’s voting share capital for an aggregate value of approximately R$5.57 billion. The acquisition was completed through a privately negotiated share purchase followed by a voluntary tender offer launched by Ecopetrol Investimentos do Brasil Ltda., a wholly owned subsidiary of Ecopetrol.

The deal is considered a landmark transaction in the Brazilian market, combining a significant private share acquisition with a subsequent voluntary tender offer under the Brazilian Securities and Exchange Commission (CVM).

The transaction also received clearance from Brazil’s antitrust authority, CADE.

The Brazil-based Mayer Brown and T&C team that led the transaction was Global Leader of Energy Alexandre Chequer, M&A and Capital Markets partner Rodolfo Tella, and Oil & Gas M&A partner Luciana Sodré. It also included Tax – partners Flavia Cavalcanti, Guido Vinci, and Giampaolo Marzulli, and associate Karolina Rosen; Banking & Finance – partner Eduardo Lima and counsel Ingrid Pistili; Compliance – partner Michel Sancovski and associate Isabella Zambo; Antitrust – partner Flávia Chiquito; Regulatory – counsel Leonardo Costa and associate Gabriela Martelo; Oil & Gas M&A – associate João Pedro Valle; Corporate & Securities – associates Maria Eduarda Araújo and Lucca Margoni; and Capital Markets – associates Camilla Hehnes, Natália Minotto, and Raissa Lopez. In addition, Global Energy partner Pablo Ferrante, Banking & Finance partner David Bakst, and Banking & Finance associate Fátima Carrillo, advised Ecopetrol on the M&A transaction and tender offer from a US law perspective.