CADE clears Grupo Conedi's acquisition of Atlético Mineiro SAF

The Office of the Superintendent General of CADE (SG) approved the acquisition of Atlético Mineiro SAF, previously owned by Clube Atlético Mineiro (CAM), through an investment holding company controlled by Conedi Participações.  

On 1 September 2023, CAM, Galo Holding, and Atlético SAF signed an agreement regarding the acquisition. According to the deal, CAM will invest in Atlético SAF with active and passive assets, including the right to use the football stadium Arena MRV. The holding will contribute to investments in the stock issue of SAF. 

Clube Atlético Mineiro, one of Brazil's most traditional football clubs, is a non-profit civil association of public utility, so it is not part of any business group. 2R Holding, an investment company managed by Conedi Participações, will control Galo Holding, created for this transaction.

Founded in 2005, Conedi Participações specialises in property development, rental, management, and business sales. Conedi's main financial support comes from independent management, namely the group that owns MRV Engenharia e Participações and Banco Inter.   

The Office of the Superintendent General analysed the Brazilian market for publicity, sponsorship, marketing rights for sports events, and the football market in order to approve the transaction. In the opinion, the SG pointed out that the transaction would not foreclose markets vertically related. Regarding the state market, the presence of other 40 football teams in the state of Minas Gerais reinforces the improbability of competition concerns in a more specific geographic analysis.  

The decision of the Office of the Superintendent General is regarded final and the deal fully approved if the authority's Tribunal does not request the case for adjudication or a third party does not appeal to the ruling within 15 days of its announcement. 

Access Case no.08700.006273/2023-87.