December 27, 2019 / 10:39 AM / 2 months ago

Brazil's Petrobras Distribuidora agrees to sell 49% stake in CDGN Logística for $6.25 million

FILE PHOTO: A logo of Brazil's state-run Petrobras oil company is seen at their headquarters in Rio de Janeiro, Brazil October 16, 2019. REUTERS/Sergio Moraes/File Photo

SAO PAULO (Reuters) - Brazilian fuel distributor Petrobras Distribuidora SA (BRDT3.SA) said it has agreed to sell its 49% stake in CDGN Logística SA to a fund managed by Pacífico Administração de Recursos Ltda for around 25.37 million reais ($6.25 million).

BR Distribuidora, as the company is known, added the deal, which is subject to regulatory approval, fits its portfolio management strategy to increase shareholder value. Based in Rio de Janeiro, CDGN provides logistics services to customers in the industrial and gas distribution sectors across Brazil.

($1 = 4.0564 reais)

Reporting by Gabriela Mello, editing by Louise Heavens

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