Novonor and NSP Investimentos agree to sell controlling stake in Braskem to Shine I managed by IG4 Capital

Brazil’s Novonor and NSP Investimentos agreed to sell a controlling 50.1% stake in petrochemical producer Braskem to Shine I, a private equity fund managed by IG4 Capital, for an undisclosed sum. The transaction, expected to close within 30 days pending regulatory and legal approvals, includes a mandatory tender offer for remaining shares and a revised shareholders’ agreement to redefine Braskem’s governance structure. Petrobras, which currently holds 47% of Braskem’s voting shares, will retain a material minority stake and is reviewing the deal terms before deciding on waiver-related rights. The updated governance framework aims to balance control between Shine I and Petrobras, with a new board and executive team anticipated following a shareholder meeting scheduled for 29 April 2026. Shine I is expected to appoint Helcio Tokeshi as Braskem’s chief executive and Carlos Brandao as chief financial officer, pending shareholder approval. The deal follows investor expectations that Novonor would exit its controlling position, first signaled in late 2024, amid Braskem’s challenges from weak petrochemical margins, subsidence liabilities in northeastern Brazil, and material debt obligations.

Counterparts (5)

Seller

N

Novonor

company · 1 deals

N

NSP Investimentos

company · 1 deals

Buyer

Shine I

company · 1 deals

Australian First Nation-owned energy company developing Australia's first Flexible High-Efficiency Low-Emission (HELE) coal power plant in Collinsville, Queensland, with plans to integrate Carbon Capture Utilization and Storage (CCUS) for net-zero emissions.

parent_company

IG4 Capital

company · 1 deals

Global private equity firm specializing in special situations and market dislocations, with ~$4B in AUM across equity and credit funds, primarily targeting Latin America and international markets.

Partner

Petrobras

company · 9 deals

Petrobras is a Brazilian state-owned oil and gas major involved in the exploration, production, refining, and distribution of petroleum, natural gas, and derivatives. With a significant presence across Brazil, the company is actively expanding its focus on energy transition initiatives, including renewable fuels and nature-based solutions.