Ecopetrol Tender Offer for Brava Energia (BRAV3) Closes Today on B3 at R$23.00

Colombia’s state-controlled oil major Ecopetrol S.A. (NYSE: EC) is set to close its voluntary tender offer (OPA) for a controlling stake in Brava Energia S.A. (B3: BRAV3) today, August 5, 2026, with an auction scheduled on the B3 exchange. Ecopetrol Investimentos do Brasil is offering shareholders a firm price of R$ 23.00 per share, a figure that represents a cash premium for the Brazilian energy company's shareholders. For investors in the Brazilian energy company, today marks the deadline to decide whether to accept the offer or remain invested as the firm transitions to new ownership.

The transaction is structured to consolidate Ecopetrol's strategic entry into the Brazilian energy sector. The offer targets 116.1 million common shares, approximately 25% of Brava Energia's capital. The successful acquisition of this block, combined with a pre-existing stake, is designed to give Ecopetrol a controlling interest of roughly 51%. The process was temporarily suspended by Brazil's securities regulator, the Comissão de Valores Mobiliários (CVM), but was successfully resumed after Ecopetrol filed a revised offer document incorporating the regulator's recommendations.

The Brava Energia board of directors has recommended that its shareholders accept the tender offer of R$ 23.00 per share. For Ecopetrol, the acquisition is expected to deepen its presence in Brazil, expanding its asset base and consolidating a position in the oil and gas segment. The wider Brazilian stock market, meanwhile, showed mixed results today, with the benchmark Ibovespa (IBOV) trading largely flat at 177,894.97, down 0.06%, while the broader iShares MSCI Brazil ETF (EWZ) was off 0.91% at $36.09.

The final acceptance rate will be determined at the close of the auction today. Investors who participate will have their orders processed, with the financial liquidation set to occur later this month. Going forward, the key event to watch is the official results announcement from Ecopetrol and the B3, which will confirm the final share count and the transfer of the controlling stake, cementing the Colombian giant's expanded footprint in the Brazilian energy sector and marking a significant M&A move in the Brazil stock market.