CADE dismisses acquisition of RJ Participações by Clickbus

On 11 February, the Administrative Council for Economic Defense (CADE) dismissed the acquisition of the RJ Participações S.A. by the Bus Serviços de Agendamento S.A. (Clickbus) due to alleged omission or submission of fake information. Clickbus, a company for road passenger transport, would enter the market of bus ticket management software.

In September 2025, the Office of the Superintendent General (SG/CADE) cleared the transaction unconditionally. Nonetheless, in October, the SG requested the Tribunal of CADE to review the decision, after identifying circumstantial evidence that one of Clickbus’ shareholders, part of the Guanabara Group, exercised control over a direct competitor of RJ Participações in the bus ticket management software market, a company considered a rival in the market test, during the discovery phase. Evidence indicated a previously undetected horizontal overlap, which compromised CADE’s final decision.

Commissioner Diogo Thomson, rapporteur of the case, concluded that “the merger review is irretrievably affected by relevant material misrepresentation”, deciding to dismiss the case.

Mr Thomson also recommended launching an administrative proceeding to investigate if the applicants’ conduct constituted omission, mislead, or provision of fake information. The decision also analysed the applicability of Article 91 of Law 12529/2011.

The rapporteur concluded that the legal provision does not apply to this case, since CADE’s decision was not yet res judicata; therefore, it is not final.

Thus, the acquisition was dismissed without a decision on the merits, and the companies may only complete the transaction after submitting a new notification.

Access Case no. 08700.005408/2025-59.