Machado Meyer advises Petrobrás on sale of shares to Compass
Machado Meyer Advogados advised Petróleo Brasileiro S.A. – Petrobras, which sold a 51% stake in Gaspetro to Compass Gás e Energia S.A. for BRL 2.3 billion
Machado Meyer Advogados advised Petróleo Brasileiro S.A. – Petrobras, which sold 51% of the total and voting capital stock of Petrobras Gás S.A. – GASPETRO to Compass Gás e Energia S.A. (a Cosan Group company) for R$2.3 billion.
The deal involved the indirect participation held by GASPETRO in 19 companies, which develop the local distribution activities of natural gas in different Brazilian states.
The closing of the transaction is subject to the fulfillment of certain conditions precedent (such as its approval by the Administrative Council for Economic Defense (CADE)), and will represent Petrobras’ divestment of Gaspetro (and, therefore, of the gas distribution activity) and is in compliance with the Termination Agreement (TCC) signed with CADE in July 2019 to promote competition in the Brazilian natural gas sector, as well as the optimization of Petrobras’ portfolio and the improvement of Petrobras’ capital allocation.
Machado Meyer had partners Arthur Bardawil Penteado (pictured left), Daniel Szyfman (pictured right) and lawyers Helena Prescinotti Cursino de Andrade, Igor Marcell Ramos Finzi, Laura Ducati Dabronzo in the representation to Petrobras.
Compass Gás e Energia S.A. was represented by Mattos Filho, Veiga Filho, Marrey Jr. e Quiroga Advogados with partners Marcelo G. Ricupero, Felipe Rodrigues Caldas Feres, associates Anderson Jardim D’Avila, Camila Spadoni Mahfuz and Bruno Travassos Marto.
VMCA – Vinicius Marques de Carvalho Advogados also represented Compass Gás e Energia S.A.
