Latin America-focused private equity firm Southern Cross Group has agreed to acquire 100 percent of Petrobras Chile Distribución (PCD), the Chile-based distribution subsidiary of Brazilian state-owned oil company Petrobras, for approximately US$490 million. PCD owns 279 service stations, eight fuel distribution terminals, operations in 11 airports, one lubricants plant and stakes in two logistics companies. The transaction is subject to approval of final terms and conditions by the Executive Committee and the Board of Directors of Petrobras and the Executive Committee of Southern Cross Group, as well as any applicable regulatory approvals.