Petrobras raises $2.4BN with sale of BR Distribuidora
Oil giant sold remaining 37.5% stake in the leading fuel distribution business in Brazil.
Brazilian oil giant Petrobras has announced the closing of the sale of its distribution arm Petrobras Distribuidora S.A. (BR Distribuidora). The company raised $2.3 billion by selling its remaining interest in the entity.
The final deal came to a value of $5.23 per share. The sale is part of the oil company's broader strategy to divest non-core operations, reduce debt and prioritize deep-water projects.
A total of 576 investment funds bought about 251 million BR Distribuidora shares, corresponding to 57.6 per cent of the total. Another 146 foreign investors bought 149 million shares, or 34.1% of the total. The third largest stake was bought by 4,859 individuals, who acquired 26.4 million shares (6%), according to Agencia Brasil.
BR Distribuidora owns over 8,000 gas stations and more than 1,000 convenience stores across Brazil.
