SAO PAULO (Reuters) -Brazilian fuel distributor Vibra, formerly known as Petrobras Distribuidora SA, has reached a deal to acquire up to a 50% stake in energy trading company Comerc, one source familiar with the matter said on Friday.
Comerc, Brazil’s fourth largest energy trading firm, had been pursuing an initial public offering to raise about 1.5 billion reais ($272.16 million) and was set to price it later on Friday. Prior to the IPO, it had secured with eight fund managers a total of 1.2 billion reais, but ended up choosing the M&A deal with Vibra instead.
The source did not disclose the deal value. In the IPO, Vibra was aiming for a valuation of at least 6 billion reais, considering the bottom of its price range.
Vibra has engaged in a series of deals to expand its business. In August, it announced an ethanol trading joint-venture with Copersucar, which will receive 440 million reais in investments.
The deal was first reported earlier on Friday by Brazilian business daily Valor Economico.
($1 = 5.5115 reais)
Source: Read Full Article