PCD owns 279 service stations, as well as eight fuel distribution terminals, operations in 11 airports, one lubricants plant and a stake in two logistics companies. The final value of the transaction, after accounting for agreed upon customary price adjustments, is expected to be approximately $490 million.
The transaction is subject to approval of final terms and conditions by the Executive Committee and the Board of Directors of Petrobras and the Executive Committee of Southern Cross Group, as well as any applicable regulatory approvals.
Southern Cross Group is a private equity investment firm established in 1998, with S$2.9 billion in assets under management. The firm focuses on investments in Latin America, particularly in companies in the industrial, services and logistics sectors. Chadbourne is a long-standing advisor to Southern Cross and has advised Southern Cross in connection with the formation of each of the five Southern Cross funds and with various portfolio company acquisitions and dispositions in Latin America.
The Chadbourne team advising Southern Cross is being led by partners Kevin Smith and Mort Grosz, and includes partner Erez Tucner and associates Patrick Narvaez, Jaime Huertas and Richard Wright.