Demarest advises Sat on sale of Ale Combustíveis to Glencore

Demarest acted for Sat Participações on the sale of 78% of Ale Combustíveis to Glencore Energy.

Ale is a fuel service network of 1,500 establishments and 260 convenience stores in 22 Brazilian states. Sat is a holding company which owned a majority stake in the fuel service network

Glencore plc is an Anglo–Swiss multinational commodity trading and mining company. The company is expanding into the fuel distribution market in Latin America, according to reports. 

The value of the transaction was not disclosed and is subject to regulatory approvals. A 2017 takeover of Ale by rival Ipiranga was blocked by Brazil’s competition authority CADE. 

Partners Thiago Maia and Christiano Chagas led the Demarest team advising the seller.