What is the size of the stake Ecopetrol plans to acquire in Brava, and what is its strategic objective regarding control?

Ecopetrol has agreed to buy a stake of around 26% in Brazilian energy firm Brava (BRAV3.SA), with the explicit intention of launching a public tender offer to achieve a shareholding position strong enough to take majority control of the company.

At what price per share is Ecopetrol offering to acquire Brava’s stock, and how does that compare to Brava’s recent market performance?

Ecopetrol’s planned public tender offer on Brazil’s B3 stock exchange prices Brava’s shares at 23 reais ($4.60) each, representing a 27.8% premium over Brava’s 90-day volume-weighted average price.

Colombia's Ecopetrol to buy 26% stake in Brazil's Brava, seeks majority control

Apr 23, 2026

Colombia's state oil firm Ecopetrol agreed to acquire a 26% stake in Brazilian energy firm Brava via a public tender offer, aiming for majority control subject to antitrust approval.

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Colombia's Ecopetrol to buy 26% stake in Brazil's Brava, seeks majority control

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