CADE clears the acquisition of 51% of Bluefit by the government of Abu Dhabi

The Office of the Superintendent General of CADE (SG/CADE) cleared the acquisition of 51% of Bluefit by MC Brazil, a company owned by the government of Abu Dhabi. On 25 September, the Official Gazette of Brazil published the decision that cleared the transaction unconditionally.

Bluefit is a Brazilian network of fitness centres and a public corporation that has several investment funds amongst its shareholders. As for MC Brazil, the company is part of the portfolio of corporations, investment funds, and businesses indirectly owned, controlled, or managed by Mubadala Capital, a sovereign investment fund of the government of Abu Dhabi operating in strategic markets worldwide.

In its legal opinion, the Office of the Superintendent General noted that none of the companies that are part of the Mubadala Group has control or stock ownership equal to or over 20% in any company that operates in the market of fitness centres, such as Bluefit, or in markets vertically related. Therefore, the transaction was cleared, since the merger comprises solely of a replacement of a market player, eliminating any competition concerns.

The decision of the SG is regarded as final, and the deal is fully approved, if the Tribunal of CADE 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. 08700.006225/2023-99.