Ecopetrol Launches Tender Offer for Brava Energia in Brazil to Acquire Significant Stake

Ecopetrol's Strategic Move in Brazil

On May 26, 2026, Ecopetrol S.A., the largest company in Colombia and a significant player in the American energy sector, announced a bold step in its strategy to expand its operations in Brazil. The company's Brazilian subsidiary, Ecopetrol Investimentos do Brasil LTDA, successfully launched a voluntary tender offer (TO) on Brazil's B3 stock exchange. This offer is priced at R$23.00 per share, targeting the acquisition of 116,110,717 common shares of Brava Energia S.A. This acquisition represents approximately 25% of Brava's total shares, marking a pivotal moment for Ecopetrol as it seeks a controlling interest in the company.

This tender offer, which is considered a strategic expansion of Ecopetrol's operations, follows the company's previous announcement on April 23, 2026, in which Ecopetrol expressed its intent to acquire a controlling 51% voting interest in Brava. The offer is poised to provide Ecopetrol with a substantial foothold in Brazil's energy market, enhancing its portfolio and overall production capabilities. The tender offer remains open until June 25, 2026, after which an auction will occur.

The price set for this offer reflects a premium of approximately 20.9% over Brava's 90-day volume-weighted average price (VWAP) prior to the announcement, indicating Ecopetrol’s commitment to making a competitive offer that values the potential of Brava’s assets. However, this acquisition is subject to various regulatory approvals and conditions that must be met as outlined in the official documentation published on B3.

As the plan unfolds, Ecopetrol anticipates that the closing of this acquisition will yield positive impacts on pivotal financial metrics, including reserves, production volumes, and EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization). The move is expected to diversify Ecopetrol’s asset base as it expands its international presence and strengthens its capabilities in high-growth sectors.

Ecopetrol’s chief executive emphasized that this acquisition aligns with the company's broader vision of expanding its strategic operations across the Americas, particularly in regions rich in energy resources. The controlled interest in Brava Energia, which is known for its robust energy offerings, positions Ecopetrol to benefit from the evolving landscape of energy demand in the region.

Looking ahead, Ecopetrol plans to finance the acquisition through a bridge loan, marking an exciting new chapter for the company as it enhances its operational focus within Brazil. With ongoing projects and a strong commitment to harnessing local resources, Ecopetrol is on course to amplify its role as a major energy player on the continent.

In summary, Ecopetrol's ambitious tender offer for Brava Energia represents not only a significant acquisition but also a strategic effort to fortify its status as a leader in the energy sector. As this story develops, Ecopetrol is committed to sharing updates on the tender offer results and any subsequent material developments related to this acquisition. The energy market will undoubtedly be watching closely as the timelines unfold and decisions are finalized.

This announcement does not constitute an offer to purchase, nor is it a solicitation to sell securities outside Brazil. Therefore, the tender offer is exclusively being conducted according to Brazilian law and is directed only at Brazilian residents.