Review № 4 of Brazilian Antitrust News from the Experts of the BRICS Competition Centre
- CADE designates fuel market as priority for next two years
- Unimed draws attention in Brazil
- BTG continues expansion beyond Brazil through acquisitions
- iFood plans to acquire CRMBonus within the next three years
- Tax reform to curb M&A appetite
- Brazilian industries face varied impacts from Trump’s tariffs
CADE designates fuel market as priority for next two years
The antitrust regulator has issued a resolution declaring the fuel market a priority for the next two years. The choice of this market is driven by its strategic importance to the Brazilian economy.
The resolution outlines a series of measures involving the General Superintendence (SG), the Department of Economic Studies (DEE), and other CADE units. The focus will be on market research, investigations of cartels, and other anticompetitive practices, including studies using econometric methods. The research aims to update relevant measures to protect competition.
In Brazil, the mineral fuel and raw materials markets have a high rate of antitrust convictions, highlighting anticompetitive risks and underscoring the relevance of this initiative.
Source: CADE
Unimed draws attention in Brazil
On July 28, CADE issued a precautionary measure ordering Unimed Blumenau to maintain the accreditation of healthcare providers and reinstate contracts terminated after the acquisition of Hospital Santa Catarina. The antitrust authority has not yet been notified of this transaction.
In June, CADE approved the transfer of management of another hospital in Paraná state to Unimed, with conditions. The deal raised concerns at CADE due to the risk of market foreclosure, including the termination of Unimed’s contracts with other hospitals and discrimination against healthcare providers.
The Unimed Cascavel labor cooperative unites over 600 medical professionals and offers various healthcare services. Hospital Santa Catarina is located in the municipality of Blumenau, Santa Catarina state, in southeastern Brazil.
Source: CADE
BTG continues expansion beyond Brazil through acquisitions
On July 28, it was announced that the Brazilian investment bank BTG Pactual acquired the Uruguayan division of the British bank HSBC (The Hongkong and Shanghai Banking Corporation). The acquisition of HSBC Uruguay will cost BTG $175 million.
The bank, based in Montevideo, Uruguay, specializes in wealth management, corporate banking, and investment banking. As of the end of 2024, the bank’s total capital was $191 million, with 75% in the form of equity capital, a loan portfolio of $1.1 billion, and total assets of $1.8 billion.
BTG Pactual already has a presence in major regional markets, including Mexico, Colombia, Peru, Chile, and Argentina. Over the past two years, the bank has also expanded through acquisitions in the U.S. (purchase of M.Y. Safra) and Europe (purchase of Luxembourg-based FIS Privatbank).
Source: Fusões & Aquisições
iFood plans to acquire CRMBonus within the next three years
On July 29, the Brazilian food delivery platform iFood, owned by the Dutch investment company Prosus, acquired a 20% stake in the customer engagement solutions provider CRMBonus for $80 million. According to sources, iFood plans to fully acquire the Brazilian startup within the next three years for $1.8 million.
iFood is the leader in Brazil’s food delivery market. Starting as a Brazilian startup in 2011, iFood attracted international investors and rapidly grew into a giant in its sector. In March 2025, the platform processed over 120 million orders, with a customer base of 60 million users.
CRMBonus provides digital solutions for more comprehensive and efficient customer engagement. For example, CRMBonus products include the Bônus Ads tool, which enables companies to offer and inform customers about personalized discounts based on their geolocation data.
With Bônus Ads technology, iFood customers ordering from a restaurant can receive discounts at nearby stores and services. Economically, this technology fosters customer loyalty and helps maintain profit margins.
iFood is also in advanced negotiations to acquire Alelo, a major operator of corporate meal voucher cards. Prosus, iFood’s parent company, is focusing on strengthening its position in the food delivery and nutrition markets, as well as AI startups. Recently, Prosus has been aiming to build AI giants in the food delivery and ordering sector in Europe and Latin America.
Source: Fusões & Aquisições
Tax reform to curb M&A appetite
According to experts, Brazil’s developing tax reform could temporarily paralyze merger and acquisition (M&A) activities. The anticipation of the reform is already impacting the market. Uncertainty surrounding the future VAT rate and unclear rules on dividend taxation are forcing the private sector to reassess potential risks and costs.
Some describe the situation as “tax futurology,” where the inability to accurately value assets directly reduces interest in M&A deals.
At the same time, the potential introduction of taxes on profits and dividends is changing the landscape for investment funds and foreign investors, who have traditionally benefited from tax exemptions. They are now compelled to revise their return models and redistribute profits before the new tax takes effect.
Companies reliant on sectoral and regional incentives are also in a state of uncertainty, with no guarantee that these incentives will continue. If they are discontinued, not only could inflationary pressure rise, but the competitiveness of certain industries may be undermined.
Moreover, this uncertainty could trigger a surge in litigation. Financial metrics and valuation benchmarks based on revenue may be distorted due to the new tax burden, creating grounds for legal disputes in M&A transactions.
Brazil’s tax reform was approved in 2023. It aims to simplify the country’s complex tax system by replacing multiple goods and services taxes at various levels with two main taxes: the federal CBS and the regional IBS. The reform also seeks to standardize rates and rules to reduce bureaucracy and shift taxation to the point of consumption rather than production. It has been and remains one of the most debated events in Brazil’s economic landscape in recent years.
Source: Fusões & Aquisições
Brazilian industries face varied impacts from Trump’s tariffs
If the U.S. imposes 50% import tariffs on all Brazilian goods starting August 1, Brazil’s manufacturing and agricultural sectors will be affected unevenly, according to an analysis by Moody’s.
Industries heavily reliant on the U.S. market, such as Brazilian orange juice production, will face significant pressure. The Brazilian aircraft manufacturer Embraer is also expected to be hit hard. A 50% U.S. tariff has already been in place since June on Brazil’s key export to the U.S.—iron, steel, and aluminium.
Some sectors, Moody’s notes, have the flexibility to redirect exports from the U.S. to other countries, particularly China. This applies to raw materials and commodities like pulp and beef.
Certain Brazilian companies stand to benefit from the tariffs, particularly those with significant production facilities in the U.S., such as steelmaker Gerdau and food processors JBS and Marfrig. For these firms, tariffs on Brazil will strengthen their presence and operations in the U.S. market.
Source: Fusões & Aquisições
