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Corporate Score 52 Neutral

Novonor Agrees to Sell Controlling Stake in Braskem to IG4-Backed Fund

Apr 20, 2026 15:36 UTC
BRKM5.SA
Short term

Brazilian conglomerate Novonor has signed a deal to divest its majority interest in petrochemical giant Braskem. The acquisition will be led by a fund advised by asset manager IG4 Capital.

  • Novonor subsidiary NSP Investimentos SA is the seller
  • Shine I FIP, advised by IG4, is the buyer
  • 50.1% of voting shares are being transferred
  • 34.3% of total capital is included in the sale
  • The transaction supports Novonor's financial restructuring

Novonor has reached a formal agreement to sell its controlling interest in Braskem, marking a pivotal step in the troubled conglomerate's restructuring efforts. The deal involves the transfer of shares from NSP Investimentos SA, a subsidiary of Novonor, to Shine I FIP, a fund advised by IG4 Capital. The transaction represents a significant shift in ownership for one of Brazil's largest petrochemical producers. By offloading its stake, Novonor aims to address its financial instability and streamline its corporate holdings to better manage its current liabilities. According to a company filing, the agreement covers 50.1% of Braskem's voting shares and 34.3% of the company's total capital. This transfer of control ensures that the IG4-advised fund will hold the primary decision-making power within the petrochemical firm. The move is expected to provide Braskem with more stable ownership and potentially unlock new strategic directions under the guidance of IG4 Capital. For Novonor, the liquidity generated from the sale is critical for its ongoing financial recovery process.

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