The cash proceeds of the transaction were US$ 470 million, of which US$ 90 million derived from the distribution of net of taxes dividends of PCD, which took place on December 9, 2016, and the remaining US$ 380 million were paid today by Southern Cross Group. The amount is still subject to final adjustments.
PCD is Petrobras’ fuel distribution company in Chile. It has 279 service stations, one lubricant plant, eight distribution terminals, operations at 11 airports and stakes in two logistics companies. The operation also includes Petrobras and Lubrax brands licensing, for eight years, which can be renewed.
The Southern Cross Group is a Private Equity fund with US$ 2.9 billion in assets under management, with focus on investments in Latin America, in companies in the industrial, services, logistics and consumer goods sectors.
The transaction is part of the 2015-2016 partnerships and disinvestment plan, which reached US$ 13.6 billion in the two-year period. The sale is in line with the Strategic Plan of Petrobras, which aims to optimize the business portfolio.