OGX agrees to sell natural gas unit stake to private equity firm, E.ON in complex deal
Oil company OGX Petróleo e Gas Participações SA had come to the agreement of selling a 67% ownership stake in its natural gas unit just a day after it filed for bankruptcy protection.
According to a joint statement, São Paulo-based buyout firm Cambuhy Investimentos Ltda would have a 73% ownership stake in OGX Maranhão Petróleo e Gas SA. Half of the stake would be obtained by acquiring new OGX stock worth BRL200 million. Cambuhy would also be paying BRL200 million to acquire the other half of the purchased stake.
E.ON SE, a German utility company, would end up having a 9% ownership interest in the OGX unit. E.ON had put up BRL50 million for the deal. Part of the deal would also have OGX Maranhão to pay BRL144 million to its parent company to cover joint expenses.
Reuters disclosed that OGX Maranhão was left out of the bakruptcy filing OGX had filed yesterday. This was because the OGX unit was reportedly engaged in talks over a possible buyout or a capital injection.