Brazil Fuel Firm Vibra to Buy Remaining Stake in Comerc for $642 million
08.22.2024 By Tank Terminals - NEWS

August 22, 2024 [Reuters]- Brazilian fuel distributor Vibra said on Wednesday it had signed an agreement to exercise its right to buy the remaining stake in power generator and trader Comerc for 3.52 billion reais ($642 million).

 

Vibra bought nearly, 50% of Comerc in a deal in 2022, and had a right to buy the remaining share through 2026.

Vibra said in a securities filing that it had agreed to bring forward the exercise right as it sees “a more favorable outcome” by buying now rather than waiting until 2026, citing factors such as immediate benefits needing to be taken advantage of.

In a separate filing, Vibra added that it expects Comerc’s adjusted core earnings, or earnings before interest, taxes, depreciation and amortization (EBITDA), to reach 1 billion reais in 2024 and 1.3 billion reais in 2025.

Vibra also said it expects to make savings of 1.4 billion reais in what it called fiscal, financial and efficiency synergies from the acquisition of the Comerc stake over the next several years.

 

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