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Petrobras will pay 620 million reais, or about $109.8 million, for the remaining 70% of Logum Logistica, taking full ownership of the Brazilian logistics and infrastructure company. The payment is divided into three installments, with the final one due 24 months after closing.
The stake is being sold by Raizen Energia and Copersucar, which each held 30%, and Uniduto Logistica, which held 10%. Petrobras will pay 300 million reais at closing, followed by 160 million reais after 12 months and another 160 million after 24 months.
Privately held Logum is headquartered in Rio de Janeiro and operates more than 1,000 kilometers of pipeline. Its terminals receive ethanol from production facilities across Brazil.
Petrobras said the acquisition would help it benefit from growth in the ethanol market, particularly as corn ethanol production expands in Brazil’s Center-West region.
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