Sources familiar with the transaction confirmed the deal was executed today, effectively zeroing out the sovereign wealth fund's stake in the Brazilian conglomerate.
The sale represents a substantial liquidity event for the market, with the R$1.3 billion transaction volume highlighting the depth of institutional interest in large-cap Brazilian equities.
While the block trade structure typically mitigates immediate downward pressure on the share price, the departure of a major long-term holder often signals a reassessment of valuation or portfolio strategy by the seller.
This move comes as Ultrapar continues to navigate a complex operating environment in Brazil's fuel distribution sector.
JPMorgan recently reaffirmed its overweight recommendation on Ultrapar, citing continued confidence in the industry's fundamentals.