Competition and antitrust in Brazil

BMA - Barbosa, Müssnich, Aragão

Noted for its 'proactive attitude', BMA - Barbosa, Müssnich, Aragão has cemented its position as a leading firm in merger control before CADE through its regular involvement in high-profile cases. It frequently acts on the Brazilian aspects of large, multi-jurisdictional transactions; and complex conduct investigations also feature in the department's workload. The department stands out for its international expertise, with its key lawyers benefiting from previous experience as foreign associates in well-known international law firms. Names to note in the sizeable team include Camilla PaolettiSandra TerepinsJosé Inacio Ferraz de Almeida Prado FilhoMarcos Exposto and Luís Bernardo Cascão, who leads the competition team in the Rio de Janeiro office. Barbara Rosenberg - 'a star in competition law' - heads the department.

Practice head(s):

Barbara Rosenberg;


Great team with good lawyers headed by Barbara Rosenberg, who is a star in competition law.’

Barbara Rosenberg and Luís Bernardo Cascao are tackling our cases and are both very diligent and proactive lawyers pushing our cases through to get clearances. They are on top of the case law and the latest developments in order to guide you through complex situations. They are very well connected within the authority which is helpful for cases that needs direct lines with the direct authority official.

Experienced professionals who look for tailor-made solutions for complex problems. Also, proactive attitude makes BMA attorneys different from attorneys at other law firms.’

Good know-how about corporate matters.’

Key clients







Black & Decker












Grupo Petrotemex


TAM Linhas Aéreas (LATAM Airlines Brasil)

Work highlights

  • Represents Allergan in the notification before CADE of the proposed acquisition of sole control of Allergan by AbbVie.
  • Represents Ambev in the submission of a distribution agreement for Ambev to resell and distribute energy drinks from Red Bull do Brasil in Brazil. The cases faced opposition by Cervejaria Petrópolis and HNK BR Indústria de Bebidas.
  • Representing a client in the Car Wash cartel investigation, which is the largest behavioural case ever investigated in Brazil, covering alleged bid rigging schemes in several public procurement processes.
  • Assisted Embraer on the competition aspects of the formation of a joint venture with Boeing for commercial aviation and other supporting agreements.
  • Represented GlaxoSmithKline in the notification before CADE of its acquisition of sole control of  Pfizer’s Consumer Healthcare business.

Grinberg e Cordovil Advogados

Among the top competition boutiques in the country, Grinberg e Cordovil Advogados is a popular choice for leading companies across numerous sectors, including those operating in new and disruptive markets, as well as international law firms. The firm stands out for its experience in complex abuse of dominance cases and cartel investigations. It is also well versed in merger control, where its representation of Twenty-First Century Fox before CADE in the review of its acquisition by The Walt Disney Company is a case in point; Leonor Cordovil and Karen Ruback led the advice. Highly experienced partner Mauro Grinberg co-leads the department alongside Cordovil; other names to note include Ricardo Motta and Beatriz Cravo, who was promoted to partner in July 2019.

Key clients

Google Brasil Internet

21st Century Fox

JP Morgan Chase

Visa do Brasil Empreendimentos (Visa Brazil)

BTG Pactual Bank

Telefônica (VIVO)

Shell Brasil / Raízen Combustíveis

ABRANET (Brazilian Association of Internet Companies)

Denso Corporation


Techint Engenharia e Construção


Magna International

Wheaton Brasil Vidros

Abbott / AbbVie


The Dow Chemical Company

Goodyear do Brasil

Guichê Virtual Serviço da Internet

Mercado Livre (

Nadir Figueiredo Indústria e Comércio

Aspen Insurance

Hitachi Metals





Work highlights

  • Defends and provides legal assistance to Google in abuse of dominance cases, three of which were closed in 2019 with favourable decisions.
  • Represented Twenty-First Century Fox in the notification to CADE of its acquisition by The Walt Disney Company.
  • Advising BTG Pactual on its complaint that XP Investimentos breached the agreement reached with CADE for the approval of the Itaú/XP deal.
  • Represented JP Morgan Chase in negotiating a settlement agreement in an investigation on an alleged cartel in the offshore foreign exchange (forex) market.
  • Defended AbbVie in a sham litigation, predatory pricing, patent abuse and an evergreening probe by CADE.

Advocacia Jose Del Chiaro

Well-established boutique Advocacia Jose Del Chiaro is 'constantly involved in several high-profile matters'. Its clients range from household name multinational companies to start-ups in disruptive industries, and it particularly stands out for its ability to handle complex antitrust matters at the intersection of IP and competition law. Merger control and cartel investigations are also mainstays of the practice. José Del Chiaro 'is able to fully grasp the challenges of a case and deliver excellent work'. He receives key support from Ademir Antonio Pereira Júnior, whose 'keen ability to design and execute complex strategies coupled with his quick grasp of business nuances and dynamics really set him apart'. The firm was further boosted by the arrival of Luis Nagalli, who joined from Caminati Bueno Advogados in 2019, and the team also benefits from the input of experienced associates, including Luiz Felipe Rosa Ramos and Yan Villela Vieira.


Advocacia Jose Del Chiaro has a top-notch antitrust/competition practice. The firm blends decades of experience in complex matters with an innovative and business-driven approach to problems.

They focus on solving the problems and on finding solutions that are compatible with our business’ goals. They also strive to be as close as possible to clients and truly understand their clients’ needs. They also show superior skills in terms of mastering precedents and law applicable to matters, turning all their knowledge and experience into well-designed strategies. Furthermore, because they are constantly involved in several high-profile matters, they have an unparalleled knowledge of how CADE works and an outstanding reputation with Commissioners and staff.

The respect they earn from the agency and from peers, which I have seen first-hand when facing complex investigations, is fairly remarkable.’

Jose Del Chiaro’s experience and business acumen are unparalleled. He always provides excellent and clear advice in complex and sensitive matters. He is able to fully grasp the challenges of a case and deliver excellent work. I fully trust Del Chiaro’s judgement and praise his professional commitment to cases.’

I have also worked with Ademir Pereira Junior for over a decade. While Ademir displays outstanding command of antitrust law, it is his keen ability to design and execute complex strategies coupled with his quick grasp of business nuances and dynamics that really set him apart. Ademir presents a true commitment to cases and capacity to deal with complex discussions, resulting in well-designed and compelling strategies. Ademir has became one of the most relevant forces in the competition bar, leading several high-profile matters and showing a unique experience in cases involving digital markets and interfaces with intellectual property.’

With regards to the associates, both Luiz Felipe Ramos and Yan Villela Vieira show great maturity and absolutely great work. They share some of the same qualities of the partners that oversee their work, including commitment to cases and ability to deal with complex matters.’

Key clients















Banco Fibra

Banco Inter




Grupo Abril

Tokio Marine Kiln


Work highlights

  • Representing Google as lead counsel in CADE’s new Android investigation.
  • Represented NeoTV in an opposition against Disney’s acquisition of Fox.
  • Representing Gilead in an investigation of its pricing practices in sales to the Brazilian government and alleged abuse of patent rights to exclude generics.
  • Represented Nutanix in an intervention against IBM’s acquisition of Red Hat.
  • Represented Tecban in an intervention against Brinks’ acquisition of Tecnoguarda.

Magalhães e Dias - Advocacia

Highly regarded boutique firm Magalhães e Dias - Advocacia maintains a balanced workload of merger control, conduct cases and compliance training, and stands out for its strong involvement in competition investigations involving charges of vertical restrictions and abuse of dominance. Gabriel Nogueira Dias and Francisco Niclós Negrão can draw on over 20 and 15 years of experience, respectively. Most members of the sizeable team are based in São Paulo, with Raquel Cândido - who is often involved in complex cases before CADE - a name to note in the Brasília office. Consumer law is another area of expertise in the firm; Lucia Ancona Lopez de Magalhães Dias and Cristiano Rodrigo Del Debbio are the key figures and practice contacts.


The services offered by Magalhães e Dias Advocacia and the attention given to all the issues demanded, regardless of deadlines, are always above expectations. They deal with issues of high complexity with legal and economic impacts for our association and its members.’

Dr. Gabriel Nogueira Dias and Dr. Lucia Ancona Lopez de Magalhães Dias are extremely competent with a high technical level of knowledge. Above all, their actions are guided by ethics and transparency. The return to our requests and demands is carried out efficiently and quickly. They contribute with highly qualified recommendations for our internal and public advocacy actions at the governmental level and of civil organisations with which we interact. This gives us full confidence in having them representing us in delicate and strategic situations.’

Maria Fernanda Castanheira Saab and Sara Tironi, associates at Magalhães e Dias Advocacia, are recommended by their accuracy and competence, in addition to technical qualification in the development of reports and documents, especially in emergency situations and the eventual absence of one of the partners.’

Key clients

Associação Brasileira de Anunciantes (ABA)

Associação Brasileira de Indústrias Exportadoras de Carne (ABIEC)

Ambev – Cia. Brasileira de Bebidas (Anheuser-Busch/InBev)

Associação Nacional para Difusão de Adubos (ANDA)

Bayer CropScience

Companhia Siderúrgica Nacional

Condomínio Shopping Center Iguatemi

Epson Imaging Devices Corporation

Fiat Chrysler

General Motors

Grupo Edson Queiroz

Ipiranga Produtos de Petróleo


Instituto Jogue Limpo

Kuehne + Nagel


M Dias Branco

Nestlé Brasil



Suzano Papel e Celulose



VLI – Logistica

GTM Chemicals


Work highlights

  • Advised Ipiranga on the administrative proceedings conducted by CADE against Ipiranga, other fuel distributors, numerous resellers and individuals concerning alleged anti-competitive practices in Belo Horizonte.
  • Representing Bayer in an administrative inquiry opened to investigate the commercial policies of Bayer and Monsanto regarding the market of biotechnology of seeds and seeds production.
  • Represented Nestlé in a judicial settlement with CADE aiming at concluding litigation over the acquisition of Chocolates Garoto by the company.
  • Represented CSN on the review of its settlement agreement executed with CADE.
  • Acted for EID in a cartel investigation regarding effects of an international price-fixing cartel in the TFT/LCD market.

Mattos Filho, Veiga Filho, Marrey Jr. e Quiroga Advogados

The 'well-trained and diverse' competition team at Mattos Filho, Veiga Filho, Marrey Jr. e Quiroga Advogados is regularly involved in merger review cases before CADE, including complex domestic and multi-jurisdictional transactions, and has recently obtained unconditional clearance for several clients. The practice group also has a strong track record in anti-competitive conduct cases. Marcio Dias Soares is a key specialist in the team, often taking a lead role on the department's most complex cases, and receives praise. Renata Fonseca Zuccolo Gianella and Lauro Celidonio Gomes dos Reis Neto are 'very knowledgeable in legal and commercial matters'. New York-based Amadeu Ribeiro and Michelle Marques Machado are also names to note.


Highest league for competition law.’

Each of the attorneys I have had the opportunity to work with have been hard-working and knowledgeable. I also appreciate the depth of English language skills.’

Deep knowledge of Brazilian industry, especially the automotive sector. The team is embedded in a full service practice, so is very well able to draw on expertise in other sectors of the law (such as tax and trade) to frame antitrust arguments.’

The group is well-trained and diverse with good experience in a variety of areas.’

Lauro Celidonio and Renata Fonseca are very knowledgeable in legal and commercial matters. They are extremely responsive. No task is too big or too small for them.’

Marcio Soares is an excellent resource, responsive and strategic. Recommend him.’

Key clients




Avon Products

General Atlantic



Grupo Ultra

Fiat Chrysler Automobiles (FCA)

Carlyle Group

Work highlights

  • Assisted Bayer in obtaining unconditional antitrust clearance for the creation of a joint venture with Bravium.
  • Assisted an auto parts company in negotiating a settlement agreement in order to end both of the investigations against it.
  • Advised Avon on the competition aspects of its business combination with Natura, which created the fourth largest beauty company in the world.
  • Represented NII Holdings (Nextel) in obtaining antitrust approval of the sale of its shares to América Móvil.
  • Assisting Fiat on the local aspects of its announced 50/50 merger with Peugeot, which will create the fourth largest car manufacturer in the world.

Pinheiro Neto Advogados

Fielding a large team of competition law experts, Pinheiro Neto Advogados has built a solid reputation for antitrust matters in Brazil. The team originally grew out of the firm's litigation department and, with this background and ongoing expertise in the practice, it is well-placed to handle antitrust litigation. In the merger control space, the firm's strong M&A department ensures a steady flow of work, with recent highlights including practice head Cristianne Saccab Zarzur's advice to Red Bull on the merger filing related to the distribution agreement entered into between Red Bull and Ambev. Cartel cases are another strength. Other names to note include Renê Medrado, Rodrigo Carneiro de Oliveira, 'very business-oriented lawyerJosé Alexandre Buaiz Neto and Leonardo Rocha e Silva in Brasília.

Practice head(s):

Cristianne Saccab Zarzur


Pragmatic approach, efficient working.’

Jose Alexandre Neto: very business oriented lawyer; thorough and reliable expertise; very well connected.’

Key clients

The Boeing Company


Prosegur Group

Boston Scientific

Banco de Investimentos Credit Suisse (Brasil)


Abbott Laboratórios do Brasil

Philips Healthcare



Saint-Gobain do Brasil

Exxon Mobil

Brink’s Segurança e Transporte de Valores

American Express

Robert Bosch

Evonik Brasil

NotreDame Intermédica (Bain Capital)

Lhoist Group



Work highlights

  • Defending the Brazilian subsidiary of Boston Scientific and three former employees of the company in an investigation related to alleged cartel behaviour in the pacemaker market.
  • Successfully assisted Intermédica in its eighth acquisition filed with CADE since 2015, which involved important health insurance operations and a hospital in the region of Sorocaba.
  • Assisting Red Bull in the merger review of the distribution agreement entered into by Red Bull and Ambev.
  • Assisting Rhône Group with the merger filing related to the acquisition, by its portfolio company ASK Chemicals, of the majority of SI Group’s industrial resins businesses in Brazil, India and South Africa.
  • Assisting Arconic Group with the merger filing related to the divestment of its laminated aluminium plant located in Itapissuma-PE, Brazil.

TozziniFreire Advogados

TozziniFreire Advogados 'has a multi-disciplinary profile and unique knowledge of the antitrust authorities'. The department continues to see organic growth; with Patricia Bandouk Carvalho's election to the partnership being followed by that of Mario Pati in February 2020, adding further depth to an already sizeable team. The group is equipped to handle the gamut of competition matters and - outside of the practice itself - benefits from the firm's strong compliance and corporate and M&A departments. Of particular note is the firm's impressive track record in negotiating leniency and settlement agreements, where it has a large market share. Marcelo Calliari heads the department, which includes key partners Tatiana Lins CruzGuilherme Ribas and Vivian Fraga.

Practice head(s):

Marcelo Calliari


Greatly experienced team of antitrust lawyers with significant experience dealing in cartel matters. Vast experience in dealing with CADE as a number of team members worked at CADE before.’

Tozzini’s competition and antitrust team has a multidisciplinary profile and unique knowledge of the antitrust authorities, providing straight forward advice that is inestimable for in-house lawyers.’

Very knowledgeable and to the point. Great client handling skills. Marcelo Calliari / Guilherme Ribas.’

They are really proactive and anticipate relevant information. They do a great follow-up of the ongoing cases. The quality of the work is really good and drafted in a practical way. The are always available to support and never fail to accomplish a deadline (even if the deadline is tight). The billing is fair and without wasting a lot of working hours to prepare the responses.’

Availability, engagement of the partner and the team.’

Key clients










Work highlights

  • Assistance to ABB and related individuals in leniency negotiations regarding an air insulated switchgear (AIS) cartel investigation, involving several AIS products and systems.
  • Filing of associative agreement among the big Brazilian pharma companies to hire a genomic analysis company for bladder cancer tests; the testing company belongs to Roche group.
  • Assisting Marsh, a leading worldwide brokerage company, in an investigation into alleged sensitive information sharing between competitors in the aviation insurance brokerage market.
  • Acting for companies and individuals in an investigation of an alleged cartel in the national and international markets for automotive and industrial bearings.
  • Assisted Celgene Corporation with the notification of the global acquisition of its control by Bristol-Myers Squibb Company.

Caminati Bueno Advogados

Caminati Bueno Advogados acts for a broad range of domestic and international companies and continues to grow its client roster, including recent new clients operating in the hospital, real estate and pulp and paper sectors. The boutique firm has also seen internal, organic growth with the promotion of Guilherme Misale to partner in January 2020. Eduardo Caminati Anders and Marcio de Carvalho Silveira Bueno lead the team, which is able to handle a high volume of complex merger filings and anti-competitive conduct investigations. Leda Batista is another key contact.

Key clients

Elliott Associates

Michelin Group

Rede D’Or São Luiz




Siderúrgica Latino-Americana (Silat)

Vita Participações

RPH Group (Radiopharmacus)

Soma Group

CDGN Logistíca


Balfour Beatty

Citi Group (Citibank)

Praxair (White Martins)

Andrade Gutierrez

EDF Energy Group

Grupo Pão de Açúcar / Companhia Brasileira de Distribuição



Nakata Automotiva

Edenred (Ticket)

Cirúrgica Rioclarense

Tegra (Brookfield)



Principia Capital Partners

Cellera Farma


Omega Energia

Work highlights

  • Represented Andrade Gutierrez in the execution of nine agreements with CADE in connection to Operação Lava Jato.
  • Advised Siderurgia Latino Americana (SILAT) on filing a notification with CADE regarding the $63m acquisition of 96.35% of its share capital by Gerdau.
  • Represented both Michelin and CVB in the acquisition, by Michelin, of the entire stock capital of CVB from FIG Ativos.
  • Permanent advice to Citigroup regarding foreign exchange investigations.

Cescon, Barrieu, Flesch & Barreto Advogados

Benefitting from the firm's strong M&A practice, the busy competition department at Cescon, Barrieu, Flesch & Barreto Advogados continues to handle a high volume of merger filings, including complex, non-fast-track cases. It is also notable for its knowledge of gun-jumping provisions. Clients include well-known Brazilian and multinational companies, which the team advises on domestic and multi-jurisdictional transactions as well as conduct- related issues, where the team has experience in cartel investigations and leniency applications. Joyce Midori Honda and Ricardo Lara Gaillard lead the department, which includes key associate Leonardo Mansur Lunardi Danesi.

Key clients

M&G Fibras e Resinas

Edenred Group

BNP Paribas


Brookfield Brazil Capital Partners




Ferrous Resources


Work highlights

  • Advised Ticket Serviços (Edenred Group) on the competition aspects of a transaction through which Itaú-Unibanco Group would acquire a minority interest corresponding to 11% of Ticket’s voting capital stock.
  • Advised Ferrous Resources on the merger transaction and associated filing before CADE regarding its acquisition by Vale.
  • Advised a client in the financial services sector on an investigation into an alleged cartel.
  • Assisted investment funds Aerotec and Resource, as well as companies from Unicoba Group, with the competition aspects of their joint acquisition of 47.75% of Entalpia Participações’s shares.

Demarest Advogados

The 'highly responsive' and 'technically knowledgeable' antitrust team at Demarest Advogados continues to grow its client base and has recently been instructed by a number of new clients in the healthcare, e-commerce and technology sectors, among others. On the merger side, it maintains a busy practice, including in multi-jurisdictional transactions, where it works alongside top international law firms. Anti-competitive conduct investigations are another strength. Daniel Oliveira Andreoli receives fulsome praise for his 'incredible technical expertise' and 'ability to think on his feet in high pressure situations'. Other key partners in the department are Paola PuglieseBruno Drago and Milena Fernandes Mundim, who was promoted to partner in 2020.


Availability, deep and specialised analysis, expertise background.’

The team at Demarest are great – they are highly responsive, technically knowledgeable and they are a pleasure to deal with.’

Paola Pugliese is recommended.’

Based on my experience, Daniel Oliveira Andreoli is one of the best private practice lawyers with whom I have dealt in my career for the following reasons: his incredible technical expertise; his commercial acumen; he inspires confidence in himself and his team, by (a) acting with professionalism at all times (b) being flexible and available to his clients when they need him (c) having the ability to explain complicated legal concepts in simple terms (d) having the ability to think on his feet in high pressure situations to the benefit of his clients; He is empathetic and, in my view, he seeks to understands his clients’ positions when they seek his advice. Also, he has a sense of humour, which is so welcome!

Key clients


Dell Corporation


Azul Linhas Aéreas












União Química

Piramal Health Care



Naval Group

PGS Investigação Petrolífera


Work highlights

  • Represented NS2 (Netshoes) in the context of a bidding process which saw the company acquired by Magazine Luiza, the purchase receiving unconditional approval by CADE in 2019.
  • Assisting a company in the construction sector regarding an alleged bid-rigging cartel in the context of Operação Lava Jato.
  • Advised Amcor and Bemis on the competition aspects of the acquisition by Amcor of all the outstanding common stock of Bemis.
  • Representing Hapvida company Ultra Som Serviços Médicos in the acquisition of the São Francisco Group.

Machado Meyer Sendacz e Opice Advogados

Machado Meyer Sendacz e Opice Advogados retains a large market share of merger filings before CADE, including in non-fast-track cases which call for the negotiation of remedies. The team, which has been expanding its antitrust-related litigation practice, is also instructed by clients in sizeable domestic and international cartel investigations. Practice head Maria Eugênia Novis has broad experience in competition matters, acting for multinational clients in a variety of sectors. Managing partner Tito Amaral de Andrade; competition, compliance and public law specialist Marcos Paulo Veríssimo; and next generation lawyer Érica Sumie Yamashita, are also key figures.

Key clients

BR Distribuidora

Bristol-Myers Squibb

Caixa Econômica Federal

CMPC Melhoramentos

Danaher Corporation

GS Inima


Positivo Educação

Seara Alimentos

Willis Tower Watson

Work highlights

  • Represented Bristol-Myers Squibb in the merger review procedure for its acquisition of Celgene.
  • Advised MSC on a merger filing regarding the extension of a Vessel Sharing Agreement (VSA) between MSC and Hapag-Lloyd; the matter relates to the joint operation of a regular shipping service.
  • Represented Willis Group in an administrative proceeding launched by CADE (and based on a leniency agreement), to investigate an alleged exchange of commercially and competitively sensitive information.
  • Acted as legal counsel for Aspen in all the stages of the notification to CADE of its acquisition of all Magnesia Bisurada assets from Pfizer.

Pereira Neto | Macedo

The experienced team at Pereira Neto | Macedo is able to handle a broad range of antitrust matters, from cartel investigations to merger control to compliance. Highlights on the conduct side included Caio Mario da Silva Pereira Neto and Ricardo Ferreira Pastore's representation of Bradesco in the high-profile investigation into the Brazilian credit card market following a complaint filed by Nubank. Antitrust and regulatory law specialist Daniel Tinoco Douek and associate Schermann Chrystie Miranda e Silva are also active members of the team.

Key clients


Uber Technologies

Companhia Siderúrgica Nacional (CSN)





Discovery Networks



Elo Cartões

Athena Saúde



Votorantim / Votorantim Cimentos


Banco BBM

CMPC Celulose




Liberty Global Group

Work highlights

  • Representing Patria Investments portfolio company, Athena Saúde, in the ongoing merger review of its acquisition of São Bernardo Saúde and São Bernardo Apart Hospital.
  • Representing Bradesco in an antitrust investigation related to alleged anti-competitive conduct in the banking sector.
  • Acted for Serveng-Civilsan in an administrative proceeding investigating an alleged bid-rigging cartel related to subway and train systems in São Paulo.
  • Assisted Dana International with the competition aspects of its acquisition of OC Oerlikon Corporation’s drive systems segment business-unit.

Veirano Advogados

Noted for its 'good communication, tranquility, professionalism and accessibility', Veirano Advogados is well versed in merger control and cartel investigations and also provides consulting services in competition law. On the merger side, its experience extends to advising third parties in challenging transactions, as well as merging parties themselves. The team's client roster includes Brazilian and multinational companies operating in the energy, infrastructure, life sciences and media and entertainment sectors, among others. Mariana Villela and Leonardo Maniglia Duarte head the team, which is based across São Paulo, Rio de Janeiro and Brasília.


Veirano’s team is focused on the needs of the client and understands quickly the particularities of its market. They answer quickly to our demands and, at the same time, give very well-based opinions. We feel they are our business partners while we work with them.’

Mariana Villela is the partner of the practice at Veirano and coordinates an outstanding team of associates. The team has a great background and a straightforward and practical approach when discussing strategies.’

Strong and broad knowledge of legislation and good contractual and M&A practices.’

Good communication, tranquility, professionalism and accessibility.’

Key clients

AT&T (Sky / Warner Media)



Sony Pictures


Bradesco Group

Mercado Livre


Laureate Group

SM Empreendimentos (Fagron Group)





Work highlights

  • Represented Kingspan-Isoeste in the merger filing related to its proposed acquisition of DânicaZipco.
  • Represented AT&T (Sky) in challenging the Disney/Fox transaction.
  • Representing Nufarm in the merger notification of Sumitomo’s acquisition of Nufarm Brazil.
  • Represented Brink’s in the merger notification of the acquisition of TecnoGuarda, Brink’s’ competitor in the armoured transportation segment, in the Brazilian states of Goiás and Mato Grosso.

Vinicius Marques de Carvalho Advogados

Vinicius Marques de Carvalho Advogados has quickly established itself among the most active competition boutique firms in the country. Its workload spans complex merger cases and cartel investigations, and the firm has also diversified into the data protection area, where Marcela Mattiuzzo is the key contact. As a former president of CADE, name partner Vinicius Marques de Carvalho has a strong reputation in the Brazilian antitrust community. Eduardo Frade and Ticiana Lima also benefit from previous experience at the competition authority, and the department also counts several experienced associates.

Key clients

Grupo Cosan (Raízen, Cosan, Moove and Rumo)



Construtora Norberto Odebrecht





Brazilian Association of Radio and Television Broadcasters (ABERT)




Chibatão Navegação e Comércio

Sony Pictures

Companhia Brasileira de Alumínio (CBA)

B  Braun


Work highlights

  • Responsible for all of Construtora Norberto Odebrecht’s negotiations and defences at CADE concerning the Car Wash Operation.
  • Represented Vale in the acquisition of Ferrous Resources including the merger notification procedure before CADE.
  • Advising and representing Bradesco in an investigation accusing several Brazilian banks of refusing to supply services to members of the Brazilian Association of Cryptocurrencies and Blockchain.
  • Advised CBA on its acquisition of Arconic, in the aluminium foil and sheets sub-sector, and associated filings.

Inglez, Werneck, Ramos, Cury e Françolin Advogados (IWRCF)

The highly regarded Ricardo Inglez de Souza heads the competition department at Inglez, Werneck, Ramos, Cury e Françolin Advogados (IWRCF), which is best known for behavioural and conduct cases - including several connected to Operação Lava Jato - and also maintains a merger control practice. Inglez de Souza is ably supported by Stefanie Schmitt Giglio, who draws on over 10 years of experience in Brazilian and international firms.

Practice head(s):

Ricardo Inglez de Souza


I like Ricardo Inglez de Souza very much. I worked with him in the past and in all the major competition matters that I come across as a business leader he is my first choice. His great quality is a strategic mind set that allies technical legal skills with business perspective. Another positive aspect is that he is always involved in the execution of the work.’

Ricardo Inglez de Souza is my reference in competition practice in Brazil.’

Key clients

Air BP

Nubank – Nu Pagamentos

Mitsui Group


Ford Motor Company Brasil

Setec Hidrobrasileira

MPE – Montagens e Equipamentos

Titan Pneus

Continental Group

IAG (Ibéria)

Work highlights

  • Representing an oil and gas company in an investigation connected to Operação Lava Jato.
  • Representing Mitsui in a cartel investigation carried out by CADE; the investigation focuses on alleged bid-rigging (between 1998 and 2013) among companies in the transportation industry.
  • Assisted a client bring a complaint against exclusionary conduct by Brazil’s major banks.

Levy & Salomão

Levy & Salomão's sizeable antitrust team is led by experienced partner Ana Paula Martinez in the São Paulo office and is equipped to advise clients on a range of competition law matters. Bolívar Moura Rocha is a key contact in Brasília.

Marchini Botelho Caselta Advogados

Marchini Botelho Caselta Advogados saw further growth at the associate level with the hires of Priscila Foureaux and Felipe Carvalho from Pereira Neto | Macedo and Victoria Corradini from CGM Advogados during 2019. The team continues to handle administrative proceedings and inquiries before CADE in the context of anti-competitive conduct investigations, and also advises clients on merger review and general antitrust law matters. Aurélio Marchini Santos and Ricardo Botelho lead the team.


Caselta is a great litigation lawyer, with a great team, always available. Botelho is a lawyer that I would hire to represent me and my company in any and all venues. Good presentation, great speech and extremely smart.’

Availability, thinking out-of-the-box, nice cost-benefit.’

Excellent technique.’

Key clients


VLI Multimodal


White Martins

CRH Brasil


Itaú Unibanco

IG4 Capital

Racional Engenharia


John Deere

Samarco Mineração

Atem’s Distribuidora de Petróleo


Sherwin Williams


Daniel Kajiya

Work highlights

  • Represented a client in an administrative proceeding regarding an alleged cartel related to three public bids for the construction of buildings on behalf of Petróleo Brasileiro.
  • Represents Atem’s Distribuidora de Petróleo in an administrative inquiry aimed at investigating alleged anti-competitive practices regarding fuel supply to electric power generators in Amazonas.
  • Representation of Itaú Unibanco in the acquisition of Pravaler, and all associated filings.

Tauil & Chequer Advogados in association with Mayer Brown

Tauil & Chequer Advogados in association with Mayer Brown has reshuffled its competition and antitrust department; a team of experienced lawyers including Francisco Todorov, Adriana Giannini and Lorena Nisiyama joined from Trench Rossi Watanabe, while former practice head Eduardo Molan Gaban and senior associate Natali de Vicente Santos left for Madrona Advogados. Operating from the firm's São Paulo and Brasília offices, the team represents clients in domestic and cross-border matters, including high-profile mergers and cartel investigations.

Practice head(s):

Francisco Todorov

Key clients




CNH Industrial




LG Display



Mitsubishi Electric Corporation




SI Group












Work highlights

  • Advised SI Group on CADE notification regarding ASK Chemicals’ acquisition of the majority of SI Group’s industrial resins businesses in Brazil.
  • Acted for CNH Industrial in a CADE opposition filing to John Deere Brazil’s proposed acquisition of Unimil.
  • Represents Biotronik Comercial Médica in an investigation into alleged anti-competitive conduct in public procurement involving healthcare products.

Trench Rossi Watanabe

Trench Rossi Watanabe's competition department has seen significant team changes, with the November-2019 departure of Adriana Giannini, Francisco Todorov and Lorena Leite Nisiyama for Tauil & Chequer Advogados in association with Mayer Brown followed by the swift appointment of Paulo Casagrande from Stocche Forbes Advogados as practice head in January 2020. Casagrande and the team handle a range of merger review and conduct work, in addition to providing general antitrust legal consulting services. Senior associate Ursula Pereira Pinto Bassoukou receives praise. Of counsel Tulio Freitas Do Egito Coelho is a key contact in Brasília.

Practice head(s):

Paulo Casagrande


The quality of the team makes them different from competitors, they are really focused on the targets of the companies. Especially Ursula Pereira Pinto Bassoukou, who is a very good lawyer.

Key clients





Abbott Laboratories



Standard Chartered Bank






Air Liquide

Federal-Mogul Corporation

Tokai Rika co., ltd.






Grupo SBF – “Centauro”

Work highlights

  • Advised Faurecia on the competition aspects of its acquisition of 50% of the share capital of SAS Autosystemtechnik owned by Continental.
  • Advised WIZ, a national manager of financial and insurance products, on the competition aspects of its acquisition of 76% of Barigui Corretora de Seguros.
  • Advising of Asperbras Tubos e Conexões in a cartel investigation before CADE.

Araújo e Policastro Advogados

Araújo e Policastro Advogados has carved out a niche in private follow-on damages litigation, a nascent area in Brazil's antitrust market, where it acts for claimants. In this context, practice head Bruno Lanna Peixoto works alongside international firms to advise on cross-border litigation. Ludmilla Martins and Carolina Pagotto Trevizo are key contacts at the associate level.

Practice head(s):

Bruno Lanna Peixoto

Key clients

Itautec (Itausa)

GMW Advogados

Companhia de Tecidos Norte de Minas (Coteminas)

Comercial Brasileira de Aço (Cobraço)

Federação dos Hospitais do Estado de São Paulo

Sindicato da Construção Civil no Estado de Minas Gerais – Sinduscon/MG

Work highlights

  • Acting for Coteminas Group in a recovery action for cartel damages, following a CADE ruling imposing fines on certain manufacturers of hydrogen peroxides.
  • Conducted the first antitrust recovery action in Brazil, representing the Cobraço Group against ArcelorMittal for cartelization, customer allocation and price discrimination.

Dias Carneiro Advogados

Dias Carneiro AdvogadosJoyce Ruiz Rodrigues Alves has a combined antitrust and anti-corruption practice and is active in bid-rigging investigations and other conduct work. The firm is particularly strong in the technology sector; as such, the competition department is well versed in merger control in the context of technology transactions. André de Melo Ferreira and associate Tayná Gasparotto Rodrigues are often involved in the department's key cases.


Joyce Alves, the partner in charge of competition and anti-trust matters, provided us with very fine legal advice combined with a high degree of availability.’

We faced a transaction in a jurisdiction far away from ours (and therefore with significant time difference) and with a different legal landscape and way of doing business. Having a clear and practical guidance from the local counsel in a timely and responsive manner was of the utmost importance.’

Key clients

Cristália Produtos Farmaceuticos

Fuji Eletric Holdings

Japan AE Power Systems Corporation

Concremat Engenharia e Tecnologia

Redex Telecomunicações

Araguaia Indústria, Comércio e Serviços

Sociedade Civil de Saneamento

Henry Schein

Instituto Biochimico Indústria Farmacêutica

Servizi Italia

Benq Latin America



Full Truck Alliance

Marubeni Corporation


Monashees Capital


Dental Crremer

Work highlights

  • Representing Cristália Produtos Farmacêuticos in an investigation regarding an alleged bid-rigging cartel regarding drug acquisitions.
  • Representing Redex in an electronic components bid-rigging cartel.

Lobo de Rizzo Advogados

Lobo de Rizzo Advogados' competition team remains busy, handling a mix of merger control and behavioural work. Highlights in the latter included its representation of Alstom in a cartel investigation related to the alleged collusion in bids for the acquisition and maintenance of trains and metros in Brazil. Sérgio Varella Bruna heads the department, which includes key senior associate Natalia Pinheiro da Silveira.

Practice head(s):

Sérgio Varella Bruna


The partner Sergio Varella and his associate Natalia Silveira are technically very keen and know deeply antitrust rules in Brazil. The team is always available when needed.’

Key clients

Mosaic Fertilizantes do Brasil


SAS Desenvolvimento Educacional (aka: Arco Educação)


Louis Dreyfus Company Brasil

International Meal Company Alimentação

Alstom Brasil e Transporte

Vinci Partners


Editora Globo

Work highlights

  • Provided assistance to IMC in an antitrust filling regarding the acquisition of Multi QSR.
  • Advised Alstom in a cartel investigation related to the acquisition and maintenance of trains and metros.

Mundie e Advogados

The competition practice group at Mundie e Advogados sits within the firm's broader regulation and competition department, and is particularly adept in antitrust conduct investigations, where it acts for companies and individuals. Merger control and compliance training also feature in the team's workload. Highly regarded partner Enrico Spini Romanielo heads the department.

Practice head(s):

Enrico Spini Romanielo


The competition team at Mundie is a longstanding team with great expertise and high-end clients. They are active in mergers and antitrust investigations on cartels. The approach is flexible and client-oriented.

Enrico Spini Romanielo is the go-to-guy: he has a deep technical understanding of the law and provides a practical support to clients. He is rounded up by other valuable colleagues.

They are proactive and updated.

Enrico is super quick and knows his stuff.

Great team and responsive.’

Key clients


Banco Indusval


Brazilian Salt Association – ABERSAL








TIM/Telecom Italia



Work highlights

  • Represents Guiabolso (a personal finance application that also works as a credit marketplace) in an investigation of abuse of dominance against major Brazilian bank, Bradesco.
  • Represents Moinhos Cruzeiro do Sul (and four employees and former employees) in an investigation of an alleged cartel in the wheat flour market.

Ana Frazão Advogados

Brasília-based firm Ana Frazão Advogados was established in October 2019 and focuses on competition law in addition to regulatory, compliance and corporate law. A former commissioner at CADE, Ana Frazão maintains a strong consultancy practice, and is often sought out for legal opinions on complex and technical antitrust issues; she also represents clients before CADE in cartel investigations. Angelo Prata de Carvalho is another key contact.

Practice head(s):

Ana Frazão

Key clients

Refinaria de Petróleo de Manguinhos

Banco Santander

Sindicato Nacional das Distribuidoras de Gás Liquefeito de Petróleo (Sindigás)

Marimex Despachos Transportes e Serviços

Atlético Paranaense

Buser Brasil Tecnologia

Saga Medição

Hospital Santa Lucia

Banco Votorantim

Cascol Combustíveis para Veículos

Ceva Logistics


Warie Industrial

Work highlights

  • Delivered a legal opinion on the relationship between competition law and tax law in order to repel accusations of antitrust violations regarding alleged tax debts.

Cascione Pulino Boulos Advogados

Cascione Pulino Boulos Advogados is noted for its 'practical solutions and excellent antitrust analysis'. Denise Junqueira - the head of the practice since 2018 - draws on significant experience in law firms in Brazil and the US and assists clients in merger control, cartel investigations and general antitrust law matters. Associates Maíra Isabel Saldanha Rodrigues and Caroline Tie Tanaka often take an active role on the department's cases.

Practice head(s):

Denise Junqueira


They mix a wonderful knowledge of the law with actual expertise in economics.

Agile, fast and with practical solutions and excellent antitrust analysis.’

Team members are highly skilled and well prepare to attend all of our competition and antitrust demands.’

Individuals that attend us are always available and well prepared on their areas of expertise, which leads to quicker responses.

I have had a very positive experience working with Denise Junqueira on merger control matters. She clearly has an excellent command of antitrust issues in Brazil. I readily recommend her to others.’

Key clients

Caixa Econômica Federal

Sofape Fabricante de Filtros (Tecfil)


Total Eren


Banco Votorantim


Banco Pan



Work highlights

  • Representing Tecfil in an alleged cartel investigation, having negotiated a cease and desist agreement.

CGM Advogados

The 'very knowledgeable, responsive and service-minded' competition team at CGM Advogados is particularly strong in conduct cases and investigations, and benefits from additional expertise in public law. The group is led by highly regarded partner André Marques Gilberto and is particularly active in the life sciences, logistics and transport sectors.

Practice head(s):

André Marques Gilberto


André Marques Gilberto is a sparring partner and truly shows his ability to think along about the course of our business when it comes to competition law questions or matters. The same goes for his team.

The team is very knowledgeable, responsive and service-minded.

Key clients

Johnson & Johnson do Brasil

Abbott Laboratórios do Brasil

Sony Corporation

Yamada Corporation

TEAC Corporation

Maersk Line

Grupo SADA

DHL Logistics do Brasil

Work highlights

  • Successfully represented Yamada Corporation in a cartel investigation launched by CADE in the market for automobile electronic power steering systems.

Fialho Salles Advogados

Based in Belo Horizonte and São Paulo, Fialho Salles Advogados combines 'deep knowledge with great insights and a hands-on approach', and acts for clients across a broad range of sectors in merger and cartel cases. Leonardo Canabrava and Lucas Spadano co-head the team, which includes associate Bruno Augustin.


Team fully qualified in competitive practice, with specific knowledge in our business fields, and also expertise in the contractual area.’

Trust based on partnership beyond what was promised, the great sense of responsibility in the face of specific technical issues, the commitments fulfilled and interest in the issues addressed.’

The team’s strengths and key capabilities- 1. the intellectual capital and 2. the use of strategies. Comparing with others, it is possible to see how they are better.’

Very committed to the client cause, combining deep knowledge with great insights and a hands on approach.’

Bruno Augustin – stands out for his commitment to the client’s cause.’

Leo Canabrava – outstanding knowledge of legal matters and case strategy.’

Key clients

National Confederation of Commerce of Goods, Services and Tourism (CNC)

Sindicato Varejista de Derivados de Petróleo do Estado de Minas Gerais (MINASPETRO)

Federação Nacional do Comércio de Combustíveis e de Lubrificantes (FECOMBUSTÍVEIS)

Rede Zandoná

Innovative Seed Solutions Brasil (ISS)

Somos Educação

PHD Empreendimientos e Participaçãoes

BRK Ambiental Participaçãoes

Construtor Quebec

Apiacás Engenharia

Fir Capital Partners

Hospital Vera Cruz

Hortigil Hortifruti

Gico, Hadmann & Dutra Advogados

From its office in Brasília, boutique firm Gico, Hadmann & Dutra Advogados maintains a strong focus on competition law, representing companies and individuals in anti-competitive conduct cases and in litigation seeking to annul fines imposed by CADE. Eric Hadmann Jasper heads the department, which benefits from the input of litigator Ivo Teixeira Gico Junior.

Practice head(s):

Eric Hadmann Jasper

Key clients

Itabira Agroindustrial

Celocorte Embalagens

Nansen S.A. Instrumentos de Precisão

Caterpillar Brasil/MGE Equipamentos

Alsar Tecnologia em Redes

FR Incorporadora


Grupo Enzo

Super Nosso


Work highlights

  • Represents an individual in CADE’s investigation of an alleged bid rigging cartel in the train and subway markets.

KLA Advogados

KLA Advogados has recently been active in merger clearance, where it benefits from the firm's strength in corporate and M&A. The competition practice group also advises clients on antitrust-compliant policies and training. Tiago Cortez specialises in competition law and life sciences; associates Maria Wagner and Marcelo Laplane - who has a strong economics background - are also names to note.

Practice head(s):

Tiago Cortez; Gianni Nunes

Key clients

Ânima Educação

Votorantim Group

Cia de Cimento Itambé

AbbVie Farmacêutica

Freudenberg Group

Corbion Group

Solví Participações

Echostar Corporation

Yazaki Corporation

Work highlights

  • Advised Freudenberg Não-Tecidos (FN) on its clearance filing with CADE for the acquisition by Fitesa Naotecidos of FN’s hygienic / disposable non-woven business.

L.O. Baptista Advogados

Under the leadership of Patricia Agra AraujoL.O. Baptista Advogados has a broad antitrust practice, with recent work including cartel investigations and merger notifications before CADE. Regulation and compliance are additional areas of expertise.

Practice head(s):

Patricia Agra Araujo

Key clients

Alliage Indústrias Médico Odontológica

Corning Incorporated

Janssen-Cilag Farmacêutica

Sogefi Filtration Do Brasil

Supergasbras Energia

Htb Engenharia E Construção

Aruanã/Go Power



Work highlights

  • Acted for Sogefi Filtration do Brasil in a cartel investigation into  the aftermarket in auto parts.

Lefosse Advogados

Lefosse Advogados takes a multi-disciplinary approach, with a team that is equipped to advise on antitrust, anti-corruption, regulation and compliance. José Carlos da Matta Berardo heads the department, which acts for banking, pharma and retail companies, among others, regarding mergers and investigations, including unilateral conduct cases. The team also benefits from the input of several experienced associates. Counsel Paulo Lilla returned to the firm in March 2020 after a nine-month stint at Opice Blum, Bruno, Abrusio, Vainzof Advogados Associados but is now primarily focused on technology, data protection and IP. Compliance, competition and regulatory senior associate Juliana Daniel was promoted to partner in June 2020.

Key clients

Gol Linhas Aéreas Inteligentes

Magazine Luiza

Itaú Unibanco

Marfrig Global Foods

Cruzeiro do Sul Educacional

Barry-Callebaut Brasil

Oracle do Brasil Sistemas

Banco Bradesco

Brado Logística

Diagnóstico da América

DNA Capital

Ouro Fino Químca

Work highlights

  • Acted as Brazilian counsel to Magazine Luiza in connection with the merger filing for its acquisition of Netshoes.

Siqueira Castro – Advogados

Companies and individuals turn to Siqueira Castro – Advogados for advice and representation in antitrust matters. Guilherme Dantas and Heitor Faro de Castro jointly head the practice, which benefits from the input of white-collar criminal law expert João Daniel Rassi.

Work highlights

  • Represented an individual in the negotiation of leniency agreements with CADE connected to cartel practices.

Souza, Mello e Torres

At Souza, Mello e Torres, founding partner Fabricio Cardim de Almeida heads the competition and antitrust department and can also draws on experience in compliance and anti-corruption matters. The team, which has been particularly active in merger control cases recently, expanded at the associate level with the arrival of Alan Bittar Prado from AB InBev in September 2019.

Key clients

Grupo Pão de Açúcar (GPA)

Sindicato da indústria da Extração do Sal no Estado do Rio Grande do Norte (SIESAL)

Asperbras Tubos e Conexões

Groupe Casino

Superfrio Armazéns Gerais (Patria Investimentos)

Makro Atacadista

BBM Logística

Henry Schein

IHS Tower Group

Work highlights

  • Acted for Grupo Pão de Açúcar before CADE upon receipt of an official request of information and opinion on a transaction between Prosegur and Transfederal.

Stocche Forbes Advogados

Stocche Forbes Advogados saw the departure of former practice head Paulo Casagrande to Trench Rossi Watanabe in January 2020; Ana Paula Paschoalini - a 'clear rising star in the field' - now leads the team. She has notable experience advising clients in merger control processes and competition compliance programmes.

Practice head(s):

Ana Paula Paschoalini


Team provides fast and high quality work, being quite creative in terms of approach and solution in comparison with its peers.’

Ana Paula Paschoalini is a clear rising star in the field. She has led all our antitrust filing with great results.’

Key clients

Mubadala Development Company

Whirlpool Corporation

British Telecom

Pátria Investimentos


Asperbras Tubos e Conexões

Serveng Civilsan

Catterton Latin America Management / Magnolia Fundo de Investimento em Participações Multiestratégia

Engie Brasil Energia

Unipar Carbocloro

Wongtschowski & Zanotta Advogados

Wongtschowski & Zanotta Advogados excels in complex cartel cases, where it assists Brazilian and international companies and executives in all stages of CADE investigations. Name partner and competition practice head Pedro Zanotta draws on significant experience both in-house and in private practice. Dayane Garcia Lopes Criscuolo and Rodrigo Orlandini are key associates in the team.

Practice head(s):

Pedro Zanotta

Work highlights

  • Representing a company in a cartel investigation concerning conduct abroad that affected the Brazilian market.