We have concluded negotiations with the Southern Cross Group concerning the main terms and conditions for the sale of 100 percent of Petrobras Chile Distribución (PCD), owned by Petrobras Caribe Ltd.
PCD is our fuel distribution company in Chile and has 279 service stations, in addition to eight fuel distribution terminals, operations at 11 airports, participation in two logistics companies, and a lubricants plant.
The Southern Cross Group is a private equity firm established in 1998 with $2.9 billion in assets under management and a focus on investments in Latin America. The company operates in the industrial, services, logistics, and consumer product industries.
After the adjustments agreed to by the parties, the final value of the transaction will be approximately $490 million.
This transaction, carried out through a competitive process, is part of the Divestment Program set out in our 2015-2019 Business and Management Plan. Final approval is subject to the signing of a definitive agreement, to the deliberation and approval of its final terms and conditions by our Executive Board and our Board of Directors, by the Executive Committee of Southern Cross, as well as to the securing of the applicable regulatory approvals.