Petro Rio S.A. (BOVESPA:PRIO3) signed a memorandum of understanding to acquire Dommo Energia S.A. (BOVESPA:DMMO3) from Prisma Capital Ltda approximately BRL 820 million on September 1, 2022. Under the agreement existing Dommo Energia shareholders will be able to trade each share for 0.05 of an ordinary share in Petro, or can sell shares at a price of BRL 1.85. Under the agreement, existing Dommo Energia shareholders will get 0.0375 of an ordinary share in Petro and a cash price of BRL 0.4625. As of per the revised terms, the shareholders of Dommo have given two options, to receive (a) 0.0375 of Petro ordinary share, to be delivered upon redemption; and BRL 0.4625, to be paid in Brazilian currency or (b) BRL 1.85 in Brazilian currency in up to 90 days as of January 9, 2023. The payment will be made within 90 days of the conclusion of the operation. Petro has exclusive negotiation rights for the operation for a period of six months. The acquisition is subject to approval from antitrust body CADE, Dommo's shareholders and other regulatory conditions. As of October 25, 2023, the shareholders of Dommo and Petro approved the transaction.

Rodrigo Vianna and Luis Muñoz of DLA Piper acted as legal advisors to Petro Rio. Alexandre Gossn Barreto, Fernanda Cirne Montorfano Gibson, and Eduardo Simoes Lanna of Cescon, Barrieu, Flesch & Barreto Advogados acted as legal advisors to Petro. Trindade Advogados acted as legal advisor to Dommo.