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Brazilian private equity firm Cambuhy Investimentos has acquired a majority stake in Parnaíba Gás Natural (PGN), formerly controlled by embattled tycoon Eike Batista.
OGpar, Batista's one-time oil and gas flagship, said in a statement that it sold a remaining 36% share in PGN to Cambuhy for 200mn reais (US$87mn).
Cambuhy secured the stake after submitting the only bid at a stock auction in Rio de Janeiro.
PGN is the operator of eight onshore blocks currently under development in Brazil's northeast.
Batista's net worth has reportedly fallen to less than US$300mn from an estimated US$43bn in 2011 following the collapse of his once-powerful mining and energy empire.
BNamericas will host its second LatAm Oil & Gas Summit in Houston, Texas, on September 10-11. Click here to download the agenda.