Partnership and divestiture plan moves forward with the sale of Petrobras Chile
We completed the sale transaction of 100 percent of Petrobras Chile Distribuición Ltda (PCD) to the Southern Cross Group. The deal had been signed on July 22, 2016. The value of the cash inflow resulting from the transaction was $470 million. Of the total, $90 million derived from the distribution of PCD dividends net of taxes, on December 9, 2016, and the Southern Cross Group paid the remaining amount of $380 million today. This figure is still subject to final adjustments.
PCD is Petrobras' fuel distribution company in Chile, and it has 279 service stations, a lubricants plant, eight distribution terminals, operations at 11 airports, and stakes in two logistics companies. The transaction also includes the licensing of the Petrobras and Lubrax brands for a renewable eight-year term.
The Southern Cross Group is a private equity fund, with $2.9 billion in assets under its management and focusing its investments in Latin America, in companies operating out of the industrial, services, logistics, and consumer products industries.
The transaction is an integral part of our 2015-2016 partnership and divestiture program, which reached $13.6 billion in the biennium. The sale is aligned with our Strategic Plan, which is aimed at business portfolio optimization.