Government-controlled Brazilian oil giant Petrobras, Ultra group, in the gas, chemical and transport sector, and petrochemical company Braskem signed an agreement to acquire the businesses of Ipiranga group.
The value of the operation will be US$ 4 billion. Ipiranga operates in the oil refining, petrochemical and fuel distribution sectors.
Last year Ipiranga had net revenues of 30 billion reais (US$ 14.40 billion), with earnings before interest, taxes, depreciation, and amortization (EBITDA) of 1 billion reais (US$ 480 million) and net profit of 534 million reais (US$ 256 million).
"In line with its strategic planning, Petrobras is strengthening its presence on the national petrochemical sector, consolidating its distribution networks, mainly in the North, Northeast and Midwest, and expanding its presence in the various sectors in which it operates," stated Petrobras president José Sérgio Gabrielli de Azevedo.
Ultra will have the Ipiranga fuel distribution network in the South and Southeast of the country, and will continue running it under the Ipiranga brand. Petrobras will take over the Ipiranga distribution network in the North, Northeast and Midwest, and will have up to five years to use the Ipiranga brand, after which it will have to be replaced for the Petrobras Distribuidora brand.
Braskem will manage 60% of the assets of Ipiranga Group in the petrochemical sector. Petrobras will keep the other 40% of the Ipiranga group petrochemical activities.
The Ipiranga Refinery, in the southernmost Brazilian state of Rio Grande do Sul, will be equally controlled by Petrobras, Ultra Group and Braskem, who agree to proceed with the activities. The details of the agreement are included in a statement sent this morning to the Securities and Exchange Commission of Brazil (CVM).