Transactions notified to CADE increase 25% in Q1 2025

The Administrative Council for Economic Defense (CADE) received 174 merger notifications in Q1 2025, representing a 25% increase compared to the same period in 2024, when CADE registered 139 transactions.

During this period, the sectors that notified more mergers were energy (30), industry (26), and agribusiness (15). In 2024, the segments that had more transactions notified were real estate mergers (19), retailers (17), and fuels (14).

The acquisition of Ovos Mantiqueira by JBS, the expansion of the partnership between Delta and Latam, and the transaction involving Âmbar and Cemig, are among the main cases analysed during the period. Furthermore, the acquisition of iFood Shopper, the partnership between Iguatemi and XP Malls, and the agreement between BTG Pactual and Julius Baer were analysed.

According to Alexandre Barreto, the Superintendent General at CADE, the data reflect not only the improvement of the market, but also the qualified performance of the authority. “Year after year, we invest in staff and strategies’ improvement, in addition to the development of applications and software to guarantee more technical, faster, and transparent merger analyses in Brazil,” he stated.

This improvement placed CADE among the most efficient antitrust authorities in the world. Currently, the average time for merger analyses in the country is only 22 days. In the case of summary proceedings, which represent most of the notifications, the average time for review is even lower: 15 days. However, more complex cases, analysed as ordinary, are reviewed in about 93 days.

The numbers reinforce the commitment of the agency to efficiency, predictability, and legal certainty, essential attributes to promote a healthy and competitive business environment in Brazil.

Economic transactions - Mergers include transactions such as consolidations, acquisitions, mergers, and joint ventures. Under the provisions of the Brazilian Competition Law, mergers and acquisitions must be notified to CADE when at least one of the parties involved in the transaction had a gross turnover or a total volume of business in Brazil of equal to or over BRL 750 million, and of equal to or over BRL 75 million, for at least one more party involved in the year preceding the transaction.

The analysis aims to identify possible competition risks and guarantee a balanced market for companies and consumers. If the company involved fails to comply with the requirements and fulfils the transaction before the authority’s clearance, it can be fined and the transaction may eventually be nullified. CADE’s preventive actions contribute to prevent excessive concentration of economic power and ensure a competitive environment.