Chevron in talks to buy 30% stake in Ipiranga
Ultrapar advances negotiations as sector margins improve in Brazil.
Ultrapar is in advanced negotiations with Chevron Corp. for the sale of a 30% stake in Ipiranga, one of the leading fuel retailers in Brazil. The discussions began about a year ago and were helped by the companies’ existing partnership in ICONIC, their lubricant joint venture, as reported by Brazil Journal.
Ultrapar holds 54% and Chevron 46% of ICONIC, and both sides have already agreed on price and are now working through governance terms for the Ipiranga deal.
The potential acquisition comes at a favorable moment for Ultrapar, as the company seeks to finalize the transaction as stronger enforcement against tax evasion has improved margins and prospects for major fuel distributors, including Ipiranga, Vibra and Raízen.
The decision reflects the owner’s portfolio strategy, allowing the group to redirect capital toward less mature, higher‑growth businesses. Last year, the fuel retail brand accounted for less than half of Ultrapar’s EBITDA for the first time, compared with more than 70% in earlier years, as other units expanded more quickly.
A successful transaction could also revive speculation that Ultrapar may pursue Cosan’s stake in rail operator Rumo. Cosan holds about 30% of Rumo, partly through total return swaps. Ultrapar hired BTG over a year ago to lead the sale process.
