The transaction positions the IG4-advised fund to hold 50.1% of Braskem’s voting capital and 34.3% of the company’s total equity. The debt credits purchased from the banks will be managed through Shine I, a credit rights investment fund (FIDC) operated by Vórtx Capital and advised by IG4 Sol. The repayment of these credits is linked to the potential market appreciation and subsequent sale of Braskem shares, a process that could extend up to five years.
Separately, a private equity fund (FIP) will receive all of Novonor’s voting shares in Braskem, facilitating a shared control arrangement between IG4 and Petrobras. Petrobras, currently holding approximately 47% of voting shares and 36.1% of total capital, will co-manage the company alongside IG4, jointly designating the board of directors with equal representation.
Novonor will retain a residual 4% stake in preferred shares without governance rights beyond Brazilian corporate law stipulations. With this structure, Novonor will cease any role in Braskem’s governance following the finalization of the agreement and regulatory endorsements.
The current executive team and board members will continue in their roles, ensuring operational continuity during the transition. IG4 is developing a comprehensive long-term restructuring and value-creation plan to be implemented only after the transaction closes and the new shareholder agreement with Petrobras is formalized.
Market analysts view this deal as a resolution to Braskem’s prolonged corporate instability, which has entailed debt challenges, operational setbacks, and environmental liabilities linked to salt mining activities affecting PVC production. The transaction is expected to provide greater governance stability, strategic clarity, and predictability, which may improve the company’s market positioning and access to capital markets over time.
This article was curated and published as part of our South American energy market coverage.
