CADE Sets Record for Merger Notifications in 2024

CADE Sets Record for Merger Notifications in 2024
Photo: freepik.com 27.01.2025 202

The total value of transactions reviewed by the antitrust authority reached R$ 1.1 trillion (approx. $185 billion).

The Administrative Council for Economic Defense of Brazil (CADE) has set a new record for merger notifications in 2024. A total of 712 notifications were submitted to the agency, marking an almost 20% increase from the previous year. The value of the transactions analyzed by the antitrust authority has reached R$ 1.1 trillion (approx. $185 billion), underscoring the economic and strategic significance of CADE's technical work in promoting competition and analyzing markets in Brazil.

The sectors that reported the most transactions to CADE included electricity generation, oil and natural gas extraction, real estate development, and both retail and wholesale trade.

The agency has also reduced the time it takes to process merger filings. The average review time for standard cases dropped from 117 days in 2023 to 93.9 days in 2024. For expedited cases, the analysis took an average of just 15.1 days, with an overall average of 21.6 days for all cases.

Standard merger reviews must be completed within 240 days from the submission or modification of a petition. This timeline can be extended by up to 90 days if the Tribunal justifies the need for more time, specifying the reasons, new deadlines, and necessary actions to finalize the process. Expedited cases, on the other hand, are reviewed within 30 days.

According to Alexandre Barreto, CADE's General Superintendent, the increase in notifications and the reduction in review times reflect the agency's efforts to streamline and expedite the process. 

"We have one of the shortest timelines in the world. Our goal is to optimize the review of concentration acts, particularly expedited ones, which require fast and precise attention," 

Barreto said.

He also emphasized that the approval of mergers and acquisitions follows a legally regulated process, which requires companies involved to submit complete documentation. 

"The more complete and accurate the documentation, the faster the analysis process will be," 

he added.

When reviewing a merger, CADE evaluates various factors, such as market share, competition with rivals, and other industry-related considerations.

To further expedite the process, CADE introduced e-Notifica in 2024, a digital tool that allows the General Superintendence to analyze expedited cases at record speed. Integrated with other public databases, the system aims to modernize the notification process and ensure greater efficiency in analyzing transactions.

CADE's notification requirement applies to companies with an annual revenue of over R$ 750 million ($126 million)  for one of the parties involved and R$ 75 million ($12 million) for the other, based on the year prior to the transaction.

Source: Gov.br

Brazil 

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