SAO PAULO (Businesshala) – Brazilian fuel distributor Vibra, formerly known as Petrobras Distribudora SA, has reached a deal to acquire a 50% stake in energy trading company Comark, a source familiar with the matter said on Friday. Said to
Brazil’s fourth-largest energy trading firm, Comark, was pursuing an initial public offering to raise about 1.5 billion reais ($272.16 million) and was set to be priced later on Friday. Prior to the IPO, it had secured a total of RUS 1.2 billion with eight fund managers, but opted for an M&A deal with Vibra instead.
The source did not disclose the value of the deal. In the IPO, Vibra was aiming for a valuation of at least Ry 6 billion, considering the bottom of its price range.
Vibra has done many deals to expand its business. In August, it announced an ethanol business joint venture with Coppersucker, which would receive Ries 440 million in investment.
The deal was first reported by Brazilian business daily Valor Economico on Friday.
($1 = 5,5115 reais)