Ultrapar Participações S.A. has retained investment bank BTG Pactual to manage a potential sale of a 30 % stake in its fuel distributor Ipiranga, a move announced on March 9, 2026.
Analysts estimate the transaction could value Ipiranga at between R$25 billion and R$30 billion, and Chevron is reportedly in advanced talks for the stake, while other potential buyers include TotalEnergies, Saudi Aramco and J&F Investimentos.
Ipiranga has delivered solid growth in the last quarter, with volume up 7 % and recurring adjusted EBITDA rising 26 % year‑over‑year, driven by higher sales of gasoline and diesel and improved margin mix.
The sale is part of Ultrapar’s broader strategy to unlock value from its core fuel business and redeploy capital into logistics and storage, including its waterway logistics arm Hidrovias and its expanding LPG distribution network Ultragaz.
In the Q4 2025 earnings call, CEO Rodrigo de Almeida Pizzinatto emphasized the company’s disciplined approach to capital allocation, noting that proceeds from a sale would support long‑term growth initiatives.
The engagement signals a significant shift in Ultrapar’s business model, moving from a traditional fuel distributor toward a diversified infrastructure platform, and positions the company to capture higher‑margin opportunities in logistics and energy distribution.
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