Firms To Watch: Competition and antitrust

With the ability to advise on a host of antitrust matters, from merger filings to litigation, the team at CMT – Carvalho, Machado e Timm Advogados, which is under the leadership of founding partner Luciano Benetti Timm and Maria Carolina França, was reinforced by the arrival of competition and compliance expert Daniel Elias do Nascimento from Inglez, Werneck, Ramos, Cury e Françolin Advogados (IWRCF) in January 2023.
Campos Mello Advogados in cooperation with DLA Piper was strengthened by the arrival of Maria Amoroso Wagner from Caminati Bueno Advogados in February 2023. Wagner joins a strong competition and antitrust team, where Luciana Martorano is the key name in the São Paulo office for national and international clients engaged in proceedings before CADE.

Competition and antitrust in Brazil

BMA Advogados

Well regarded for its breadth of expertise in competition and antitrust, BMA Advogados is skilled in domestic and cross-border mergers, cartels and unilateral conducts investigations. Although the ‘business-oriented‘ team benefits from its close collaboration with the firm’s corporate and M&A practice, it is able to generate an impressive stream of standalone work, from merger control to behavioural mandates, including abuse of dominance cases, leniency applications and compliance. Practice head Barbara Rosenberg is a seasoned competition lawyer with a long track record in precedent-setting cases in Brazil; she is also regularly retained by companies in the approval of mergers and acquisitions by CADE and in investigations into anti-competitive conduct. These are also key areas of activity for José Inacio Ferraz De Almeida Prado Filho, while Marcos Antonio Exposto often acts in merger review proceedings before CADE for both domestic and cross-border deals. Camilla Paoletti is a name to note for clients from the life sciences, chemicals and consumer goods sectors. Merger notifications, administrative proceedings involving investigations into cartels and competition compliance programmes are among Luiz Antonio Galvão and Maria Amaral de Almeida Sampaio's legal specialisms. Associate Lea Jenner de Faria has notable strength in merger control filings.

Practice head(s):

Barbara Rosenberg


‘Technical capacity; large experience; quick understanding of the various economic segments in which clients operate; accuracy and efficiency in legal guidelines; availability.’

‘Barbara Rosenberg, Marcos Exposto, and Luiz Antonio Galvão are recommended.’

‘It is a business-oriented team. They understand client demands, simplify problems and propose solutions.’

‘We work regularly with BMA and find them to be extremely experienced, responsive and with great client service. One of our top go-to antitrust practices in Brazil.’

‘Bárbara Rosenberg is excellent.’

‘For me, the BMA is the benchmark in terms of antitrust. Bárbara Rosenberg is an excellent lawyer and the work her team does is outstanding!’

Key clients



Carrefour Group


Alliances Sonae



Pay less

International Automotive Industry of South America



Work highlights

  • Acted for the Carrefour Group in the acquisition of control over Grupo BIG.
  • Assisted CSN Cimentos in the submission to CADE of the acquisition of LafargeHolcim’s Brazilian operations.
  • Assisted Aliansce Sonae in the submission to CADE of the combination with brMalls, which created the largest shopping mall company in Brazil.

Grinberg Cordovil Advogados (GCA)

Renowned competition boutique Grinberg Cordovil Advogados (GCA) has a strong reputation in the market for its longstanding experience in cartels, abuse of dominance cases, and merger filings. The firm, which regularly works in close collaboration with pre-eminent international outfits, also fields solid credentials in the negotiation of leniency agreements before CADE, where it acts for clients operating in an array of sectors, most notably technology, digital markets, life sciences and healthcare. Seasoned antitrust partner Mauro Grinberg, a former CADE commissioner, routinely advises fuel distribution, chemicals and automotive companies. He jointly heads up the practice with Leonor Cordovil, who is often engaged in cartel and unilateral investigations, merger approvals and compliance matters. Beatriz Cravo assists in the development of antitrust compliance programmes, and in the risk assessment of mergers, contracts and commercial practices. Daniel Tobias Athias is noted for his experience in investigations concerning cartels and unilateral conducts, and antitrust litigation. Karen Ruback is another individual to note for administrative proceedings, merger control and antitrust litigation.

Practice head(s):

Mauro Grinberg; Leonor Cordovil

Key clients

Google Brasil Internet

Telefonica  (VIVO)

JP Morgan Chase

Visa Brazil

BTG Pactual Bank

sony pictures entertainment

Free market

Shell Brasil / Raízen Combustíveis

Denso Corporation



ball corporation

Techint Engineering and Construction

Siemens / Siemens Energy




The Dow Chemical Company

Aspen Insurance


Tecon Suape



SA Paulista

Mercado Bitcoin Serviços Digitais



Brazilian Aluminum Company





Thermo Fisher

Simmer Construction

Solve Essencis

Itaigara Memorial Hospital

Work highlights

  • Representing Google in an ex officio probe regarding the use of content from third-party news sites in thematic search results and the need to pay for this content.
  • Representing DENSO in three cartel investigations.
  • Represents BTG Pactual in an investigation of an alleged cartel in the onshore foreign exchange market involving 10 Brazilian banks and dozens of individuals.

Mattos Filho

A ‘first choice in Brazil‘ for many multinational companies, Mattos Filho‘s antitrust practice is commended for its capabilities in ‘guiding clients through complex mergers‘. Besides its strength in merger control matters, including non-fast-track merger review cases and the negotiation of remedies, the firm is also well positioned to represent clients in antitrust litigation and challenges to CADE’s decisions. Advising on all areas of antitrust law, team members Lauro Celidonio Neto and Renata Fonseca Zuccolo Gianella are described as ‘hands-on partners, with a great deal of knowledge and excellent experience before antitrust bodies’. Marcio Soares regularly acts for domestic and foreign clients from various economic sectors in merger approvals before CADE. Showcasing experience in competition, corporate investigations and digital markets, Michelle Machado is active in antitrust investigations and compliance mandates. Eduardo Frade leverages his previous experience in public management agencies and CADE to advise on a wide range of competition and regulatory issues, including cartels, leniency and abuse of dominant position. Paula Camara Baptista De Oliveira is a name to watch for her expertise in representing domestic and international clients in connection with antitrust related matters. Former New York office head Amadeu Ribeiro, who was noted for his competition law experience, left the firm in September 2023.


‘Mattos Filho’s competition team has great knowledge in the area, is always available and provides really valuable advice.’

‘Lauro Celidonio and Renata Zucollo are hands-on partners, with a great deal of knowledge and excellent experience before antitrust bodies. They have a keen business vision and their advice effectively brings results to the client.’

‘The Mattos Filho antitrust team is excellent in guiding clients through complex mergers that require a merger filing in Brazil. They have delivered consistently on difficult transactions. First choice in Brazil.’

‘Lauro Celidonio Neto and Renata Zuccolo are the stand-out members of a great team.’

Key clients


Holcim Group

Darling Ingredients


Advent International

BR Malls




Indorama Ventures



Work highlights

  • Assisted Advent International in obtaining clearance for the divestment of Grupo BIG to Carrefour for an enterprise value of R$7bn.
  • Assisted Holcim Group in obtaining clearance for the divestment of its cement business in Brazil to CSN.
  • Advised iFood on a settlement agreement with CADE’s General Superintendence establishing limits to its exclusive dealing policy.

Pinheiro Neto Advogados

Pinheiro Neto Advogados counsels clients in a broad range of areas within competition law, including litigation, transactions, and compliance. Drawing on the firm’s market-leading transactional capabilities, the practice is often turned to by a number of domestic and international companies in relation to merger control reviews, investigations before CADE, and antitrust litigation. Praised for her significant experience in merger filings, Cristianne Zarzur also offers advice on compliance programmes and commercial contracts from an antitrust perspective. José Alexandre Buaiz Neto – another key contact for compliance – excels in cartel and abuse of dominance investigations. Renê Medrado and Brasília-based Leonardo Rocha e Silva regularly act in merger control and investigations into anti-competitive practices, while Alessandro Pezzolo Giacaglia is a strong performer in litigation, and also assists in the notification of mergers and acquisitions to the Brazilian antitrust authority.


‘Pinheiro Neto provides thorough and complete analyses of each situation. The competition team has my greatest admiration, especially for their extensive knowledge in the area, their competence, organisation and the efficiency.’

‘Cristianne Zarzur and Leonardo Rocha e Silva are recommended.’

‘The service is provided with impeccable quality. Quality is combined with agility in responses, definitions of strategy and guidelines.’

Key clients

Kimberly Clark

HIG Capital

Patria Investimentos

Aker Solutions

Softbank Group

Alpargatas SA

American Express




Red Bull




Caisse de dépôt et placement du Québec (CDPQ)

Notre Dame Intermedica / Hapvida


tetra pack

Becton Dickinson

Credit Suisse

Work highlights

  • Assisted both Itaú and Ideal CTVM in obtaining a clearance decision by the Brazilian Antitrust Authority (CADE) for the acquisition of 50.1% of Ideal shares by Itaú for R$650m.
  • Advised and represented Compagnie de Saint-Gobain in the notification to CADE of the acquisition of sole control over Starcin Topco S.à.r.l, Starcin Invest S.C.A and Starcin GP Invest S.à.r.l (Chryso), owned by Starcin Luxebourg S.à.r.l and certain individuals.
  • Acted for Banco Modal in the notification to CADE of its merger with one of the subsidiaries of XP.

TozziniFreire Advogados

TozziniFreire Advogados‘ competition and antitrust team is noted for its ‘excellence in service, technique and assertiveness‘. The firm demonstrates a wealth of experience in proceedings before CADE, advising clients on the negotiation of leniency and settlement agreements, merger filings, cartel investigations and unilateral cases. Marcelo Calliari, who is retained by major international companies and has played a prominent role in the largest damages class action in Brazil, spearheads the practice. With over two decades’ experience in competition law, Marcel Medon Santos has been particularly active in the negotiation of settlement agreements with CADE in investigations of conduct. Other noteworthy partners include Guilherme Ribas and Vivian Fraga, the latter of whom is adept at defending clients in complex antitrust litigation. Merger review cases are a key area of expertise for Tatiana Lins Cruz, who acts for both acquirers and opposing parties. Patricia Bandouk Carvalho handles leniency negotiations and investigations, and also often acts for defendants in cartel cases.

Practice head(s):

Marcelo Calliari


‘TozziniFreire demonstrated high competence and exemplary knowledge of processes before CADE. We highlight the high quality of the documents and procedural manifestations, the dedication of the entire team, and the constant availability to participate in internal meetings.’

‘TozziniFreire’s excellence in service, technique and assertiveness make it stand out in the market.’

‘Patricia Bandouk Carvalho and Marcelo Calliari are excellent technical professionals with assertive knowledge.’

‘The team is one of the most qualified in the market due to the training of its professionals and the breadth of its services. Professional team always made up of lawyers that denote knowledge and speed of service, providing timely advice.’

‘Guilherme Ribas is a partner at the firm and a specialist in antitrust and competition law. Guilherme is distinguished by his vast knowledge. His team is made up of professionals who also stand out for their agile and competent performance, always delivering outstanding results.’

Key clients

Societe Generale Bank
















Work highlights

  • Advised Banco Société Générale Brasil on a settlement agreement with CADE in relation to an investigation opened in 2016 into anti-competitive conducts relating to the onshore currency exchange market.
  • Represents UBS AG, UBS Brasil Banco de Investimento SA and Banco Société Générale Brasil in a cartel damage class action.
  • Acted for Magna in the negotiation of a settlement agreement with CADE in relation to an investigation opened by the authority in 2019 into anti-competitive conducts in the access mechanism auto parts market.

Advocacia Del Chiaro

Competition boutique Advocacia Del Chiaro is active in advisory matters and litigation, but particularly excels in proceedings before CADE and the judicial courts. The firm, which combines expertise in emerging industries – such as technology, fintech and the digital economy – and traditional sectors, including mining and infrastructure, is also well versed in merger filings. With over three decades’ experience in competition law, founding partner José Del Chiaro has a strong reputation in the domestic market. Key support is offered by other seasoned practitioners: Ademir Antonio Pereira JunioLuiz Ramos, who is often retained by Brazilian and international clients in matters concerning the digital economy; and associate Mariana de Azevedo Castro César.

Work highlights

Caminati Bueno Advogados

Noted for its ‘in-depth knowledge of antitrust law, comprehensive understanding of disputes and business-oriented reasoning‘, antitrust boutique Caminati Bueno Advogados is a popular choice for domestic and international clients seeking advice on merger filings and investigations into cartels and anti-competitive practices. The ‘extremely experiencedEduardo Caminati Anders and Marcio Bueno, both former presidents and directors of IBRAC, ‘stand out for their broad technical knowledge of competition matters‘. Guilherme Misale, who formerly served as the first executive secretary of the Brazil Competition Commission at the International Chamber of Commerce, is widely recommended by clients. Other key individuals include Luiz Fernando Coimbra and recently promoted senior associate Tatiane Kimie Matsumoto SiquiMaria Wagner left the firm in February 2023.

Practice head(s):

Eduardo Caminati Anders; Marcio Bueno


‘While working with their team on a complex case, we had the pleasure of seeing first-hand their in-depth knowledge of antitrust law, comprehensive understanding of disputes and business-oriented reasoning. All that in addition to the team’s commitment to the client and availability to discuss thesis and strategies.’

‘The partner Eduardo Caminati is extremely experienced and founded a distinguished practice which is nimble and strategically sophisticated. The partner Guilherme Misale is superb: experienced, knowledgeable, responsive, and business-oriented.’

‘Caminati, Misale and their team are extremely technical, competent and available.’

Key clients




Andrade Gutierrez


Credit Suisse

Elliott Management Corporation


Casino Group (Brazilian Distribution Company and Assaí)

Grupo Globo







Praxair (White Martins)

VIBRA Energia (former Petrobras Distribuidora)

Work highlights

  • Advising Andrade Gutierrez on all antitrust matters related to the Car Wash investigation.
  • Advising BASF, BMW, Henkel, Mercedes-Benz, Bosch, SAP, Schaeffler, Siemens Software, T-Systems, Volkswagen and ZF, on a merger filing regarding a proposal to constitute a greenfield joint venture to develop and operate a new platform for the exchange of data in the automotive industry based on Gaia-X and Catena-X standards.
  • Advised Elliott Management Corporation on an investigation for alleged antitrust violation during Avianca’s judicial reorganisation proceeding in view of Azul Airlines accusation.

Cescon Barrieu

Noted for its expertise in merger filings before CADE, including fast-track proceedings, Cescon Barrieu attracts instructions from a variety of clients, showcasing particular strength in merger control work within the pharmaceutical industry. The team is also experienced in investigations into alleged anti-competitive behaviour, including cartel formation and abuse of dominant position. Co-head Joyce Midori Honda excels in administrative proceedings, demonstrating a strong track record in the negotiation of leniency agreements and settlements with the antitrust authority. Fellow co-leader Ricardo Lara Gaillard acts for companies, investment funds and individuals in interactions with CADE. Thales Lemos, who was promoted to senior associate in November 2022, is also active in the practice.

Practice head(s):

Joyce Midori Honda; Ricardo Lara Gaillard


‘Cescon stands out in competition law for several reasons. Agility, involvement with the client, joint action with the internal legal department and pro-deal vision make it a strategic partner.’

‘The technical quality of the team and its up-to-date knowledge provides security in decision-making.’

‘Joyce Honda and Thales Lemos are recommended.’

‘Cescon’s team is unique for its technical excellence, capacity for constant updating, knowledge of the client’s business, attention to detail and strategic vision. They are always seeking to know and understand each movement of the client and the client’s market, in order to always better serve them.

‘Ricardo Gaillard stands out – focused on innovations and on the movements of the regulatory bodies, excellent high-level traffic with the authorities, and very respected in the market. The same goes for the partner Joyce Honda.’

Key clients

Casa & Video

Compra Agora

Rohan Ramchandani


Shell Brasil

Canada Pension Plan Investment Board


Work highlights

  • Advised Hypera Pharma on the merger filing of the $190.3m transaction through which the company acquired a portfolio of 12 medication brands from Sanofi.
  • Advised Valmet Oyj on the filing of its merger with Neles Corporation.
  • Acting for BL Industria Otica and Valeant Farmacêutica do Brasil in an administrative proceeding investigating alleged collusion practices involving huma resources in the healthcare products, equipment and related services industry.

Demarest Advogados

Rated for its ‘legal technical background’ and ‘business understanding of antitrust-related matters’, Demarest Advogados is sought out by clients operating in a multitude of sectors – including healthcare, education and technology – for its expertise in merger approvals and behavioural investigations. Recognised for his work in the negotiation of complex leniency agreements, settlements and divestiture orders, Daniel Oliveira Andreoli is also engaged in high-profile abuse of dominance cases. He jointly leads the group with Bruno Drago, who possesses over 20 years’ experience in merger control, cartel cases and unilateral conduct investigations. Marco Antônio Fonseca is recommended for investigations and merger review cases. Former co-heads Paola Pugliese and Milena Mundim left the firm in April 2023.

Practice head(s):

Daniel Andreoli; Bruno Drago


‘The team members are very cooperative and open to discuss.’

‘Informative and quick to respond.’

‘Bruno Drago and his team are very responsive. It is worth mentioning that, due to the full-service structure of the firm, there is always the possibility of engaging other teams when the matter goes beyond competition law.’

‘The service provided by the team (composed of Bruno Drago and Marco Antônio Fonseca) has been excellent and very complete.’

‘They have a very good legal technical background as well as a business understanding of antitrust-related matters.’

‘Demarest has spectacular knowledge and timely responses. Bruno Drago and Marco Antônio Fonseca form a well-prepared and cohesive team.’

Key clients

ANIP – Associação Nacional da Indústria de Pneumáticos





Bayer AG






M. Dias Branco

União Química

SAAM Towage

Parker Hannifin


Volkswagen Financial Services

Drogaria São Paulo

MS Amlin

Ferrero Rocher

Sumitomo Chemical

Furukawa Electric




Samvardhana Motherson Automotive Systems Group BV (Motherson Group)

SAS Autosystemtechnik GMBH (Faurecia)

Generali Seguros

Work highlights

  • Assisting Heineken in its complaint to CADE against Ambev’s anti-competitive conducts in the beer market.
  • Acting for NielsenIQ and GfK in the merger of both companies.
  • Representing Bayer as a defendant in Brazil’s first administrative proceeding focused on anticompetitive conducts related to the labour market and discussions of human resources information.

Machado Meyer Sendacz e Opice Advogados

Standing out for its efficiency and experience in domestic merger filings and cross-border merger notifications, Machado Meyer Sendacz e Opice Advogados is also well versed in antitrust investigations and litigation. Clients from the healthcare, energy, financial services, real estate and automotive sectors regularly turn to 'the extremely talented and responsive' team for advice on cartel and abuse of dominance cases before CADE. Department head Maria Eugênia Novis assists with the analysis of antitrust risks and drafting of specific M&A contractual provisions. Merger filings and antitrust investigations are core areas of focus for Tito Amaral de Andrade. Other noteworthy practitioners include Érica Sumie Yamashita, who is engaged by companies and individuals in domestic and international cartel matters, and Ana Bátia Glenk, who 'stands out for her excellent technical knowledge' of competition-related compliance matters.

Practice head(s):

Maria Eugênia Novis


‘Extremely talented and responsive.’

‘Maria Eugênia Novis and Érica Sumie Yamashita are outstanding antitrust attorneys, assisting us in swiftly obtaining merger control clearances.’

‘I was assisted by the partner Ana Bátia Glenk in a large M&A operation and then in some day-to-day consultations, and she and the team were essential for everything to happen efficiently. She stands out for her excellent technical knowledge and total focus on the client’s needs.’

Key clients

Acciona Energía Global

Ambar Energia




Hospital do Coração (HCor)





Work highlights

  • Assisted Vista and Elliott in all merger filing work before CADE in relation to the acquisition of indirect joint control of Citrix Systems and TIBCO Software.
  • Assisted Parker in all merger filing work before CADE in relation to the acquisition of Meggitt.
  • Assisted Softys in all merger filing work before CADE in relation to the acquisition of Carta Fabril and Carta Goiás.

Magalhães e Dias - Advocacia

Magalhães e Dias - Advocacia is a boutique firm that covers the full range of competition and antitrust work, including litigation, cartel investigations, unilateral practices and merger review proceedings. Equally strong in contentious and non-contentious mandates, the team of ‘first-class strategists‘ excels in investigations before CADE, acting for a number of multinational clients from the retail, energy, healthcare, food and beverages sectors. Leading the practice, managing partner Gabriel Nogueira Dias advises on complex merger reviews and conduct cases. Litigation specialist Raquel Cândido regularly acts in administrative cases before CADE and merger control issues, while Thais De Sousa Guerra has been particularly active in the real estate and fertilisers industries. Yi Shin TangCristiano Rodrigo Del Debbio and senior associate Leonardo Barbosa, the latter of whom specialises in merger filings, investigations and settlement negotiations, are other key names to note. The team was strengthened at the associate level by several additions over the past year, including that of Mariana Nascimento Silveira, who joined from Andrade Chamas Advogados in July 2022.

Practice head(s):

Gabriel Nogueira Dias


‘Gabriel Nogueira Dias – his commitment not only to deliveries and deadlines, but mainly to ethical and responsible work is the greatest highlight of his work. This characteristic is accompanied by competence and excellent technical knowledge.’

‘Knowledge of the client’s business, flexibility and technical knowledge.’

‘Gabriel Dias and Cristiano del Debbio are always on hand and ready to discuss complex solutions. Furthermore, in addition to being experts in competition law, they are also first-class strategists, with a keen analysis capacity.’

‘Extremely qualified professionals, with a lot of ownership and knowledge of the subject.’

Key clients



Bayer S.A. (CropScience)

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

ABA – Associação Brasileira de Anunciantes (Brazilian Advertisers Association)



Bradesco Saúde

Compra Agora



Grupo Edson Queiroz

Grupo Gerdau

ABIEC – Associação Brasileira de Indústrias Exportadoras de Carne

ANDA – Associação Nacional para Difusão de Adubos

Condomínio Shopping Center Iguatemi

Epson Imaging Devices Corporation

Fiat Chrysler

General Motors

Instituto Jogue Limpo

ICL – Instituto Combustível Legal

IBG – Indústria Brasileira de Gás

Lafarge Holcim

M. Dias Branco



Suzano Papel e Celulose


VLI – Logística

GTM Chemicals

Tupy S.A.

TV 1


Ouro Verde

Zé Delivery


Work highlights

  • Representing Bayer and Monsanto in an administrative inquiry to investigate alleged abuse of dominance in matters concerning conditioned discounts, market foreclosure and exclusivity in the market for traits and seed production.
  • Represented IBG in the first decision from STF reverting a fine of approx. R$14m for alleged participation in the “industrial gas cartel” on the grounds of unlawful evidence.
  • Representing Nestlé in CADE’s second review of the leading case Nestlé/Garoto merger.

Pereira Neto | Macedo | Rocco Advogados

Pereira Neto | Macedo | Rocco Advogados has established an ‘extremely competent‘ practice advising on abuse of dominance cases before CADE and antitrust investigations. A diverse client roster comprised of companies from the worlds of financial services, telecoms and healthcare, among other sectors, regularly instruct the group in competition compliance-related mandates and litigation, including damage claims arising from antitrust matters. Founding partner Caio Mario Da Silva Pereira Neto, who handles a mix of merger filings, cartel cases and abuse of dominance investigations, jointly leads the team with Daniel Douek, whose areas of expertise also include media, technology and data protection, and, Ricardo Ferreira Pastore, a key contact for antitrust, regulatory and litigation matters. Felipe Starzynski Zolezi Pelussi is also recommended for his ‘deep knowledge of competition‘ law.

Practice head(s):

Caio Mario da Silva Pereira Neto; Daniel Tinoco Douek; Ricardo Ferreira Pastor

Other key lawyers:

Felipe Starzynski Zolezi Pelussi


‘The antitrust team is extremely competent. They are technical, dedicated, fast and understand the client’s needs. The team has differentiated and specialised expertise in the subject.’

‘Founding partner Caio Mario Pereira Neto is the star of the firm. Certainly, he is one of the greatest specialists in competition law in the country and internationally. Extremely respected, easy to work with.’

‘Deep analysis; agile responses; availability.’

Key clients

Grupo Oi

Banco Bradesco

Elo Cartões



Athena Saúde Holding

Liberty Global Group



Syngenta Seeds

Rumo Malha Paulista

Fidens Engenharia



Associação Brasileira das Empresas de Cartões de Crédito e Serviços (Abecs)

Work highlights

  • Advising Ambev on an investigation opened by Cade after HNK BR Indústria de Bebidas alleged that Ambev was abusing its market position to foreclosure HNK access to on premise sales points.
  • Assisted Oi in obtaining competition and regulatory clearance for the sale of its mobile services business (Oi Móvel) to competitors Vivo, Tim, and Claro.
  • Advising Bradesco in ongoing administrative proceedings that assess banks’ allegedly anti-competitive conduct against fintech players.

Tauil & Chequer Advogados

Rated for its ‘deep understanding of antitrust regulations‘, Tauil & Chequer Advogados is a popular destination for clients ‘seeking top-notch legal representation in antitrust matters‘. Drawing on its association with Mayer Brown, the firm possesses a ‘wealth of knowledge and experience‘ in multijurisdictional cases. Francisco Todorov maintains a broad competition practice covering merger control, cartel investigations and abuse of dominance cases. He jointly leads the practice with Adriana Giannini, who has over twenty years’ experience in competition matters, standing out for her knowledge of the antitrust implications of public bids, and Lorena Nisiyama, who focuses on abuse of dominance matters and negotiations of leniency and settlement agreements. Associate Isabella Giorgi excels in merger control work for technology and agribusiness clients.

Practice head(s):

Francisco Ribeiro Todorov; Adriana Giannini; Lorena Nisiyama


‘With a very refined corporate vision; pragmatic in its recommendations, which is not common in the market.’

‘Lawyers are business partners, they understand the problem and help find solutions that suit the client. They are agile in the answers provided.’

‘Todorov is attentive, brings solutions and shares alternatives.’

‘Very competent professionals with a unique and differentiated expertis.’

Francisco Todorov is very practical, direct and transparent. He is humble and always willing to learn about the company’s business to offer the best legal opinion and share his knowledge and experience. An excellent professional.’

‘One remarkable aspect of this law firm is their deep understanding of antitrust regulations and their ability to navigate the intricate legal landscape with precision. They possess an impressive wealth of knowledge and experience in handling antitrust matters, allowing them to provide invaluable guidance and strategic counsel to their clients. Furthermore, their dedication to achieving favourable outcomes for their clients is commendable. They approach each case with meticulous attention to detail, conducting comprehensive research and analysis to build strong legal arguments. Their commitment to excellence is reflected in the exceptional quality of their work. In conclusion, this law firm’s expertise in antitrust law, coupled with their unwavering commitment to their clients’ success, make them an outstanding choice for anyone seeking top-notch legal representation in antitrust matters.’

‘The firm’s outstanding team of attorneys, particularly the partner Adriana Giannini, demonstrates exceptional professionalism, integrity, and a strong sense of ethics. They prioritise open communication with their clients, ensuring that every step of the legal process is transparent and that clients are well-informed and empowered to make informed decisions.’

Key clients




Bunge Alimentos








Sony Music Entertainment





Work highlights

  • Advised Microsoft in the $69bn billion acquisition of Activision Blizzard.
  • Acted for Smile Saude in the R$300m takeover by Hapvida.
  • Represented Total Pass in an antitrust complaint filed against Gympass that resulted in an interim relief granted by the CADE Tribunal on appeal.

Veirano Advogados

With experience in both domestic and cross-border competition matters, Veirano Advogados assists in merger reviews, cartel investigations, antitrust compliance and general counselling matters. In December 2022, the firm’s capabilities in merger control and investigations into anti-competitive practices were reinforced by the arrival of Mundie e Advogados‘ former antitrust and regulation team, including co-head Enrico Spini Romanielo and 15 other practitioners. Romanielo, who offers support to clients from regulated industries, such as telecoms, payment services, and technology, is now at the forefront of the team alongside Leonardo Maniglia Duarte, a key contact in Brasília for merger control and conduct cases, including the negotiation of leniency agreements and settlements with CADE. With a strong track record in international cartel investigations, Alberto Monteiro is proficient in compliance issues. Associates Fernando Stival and Ana Luiza Arruda also joined from Mundie e Advogados in late 2022.

Practice head(s):

Leonardo Maniglia Duarte; Enrico Romanielo


‘They are excellent, in the technical part and response time, as well as in the applications to CADE.’

‘The team has a profile of simplifying issues and focusing on the solution. Accessible, agile and always up to date.’

‘Leonardo Duarte and Alberto Monteiro are our contacts in the antitrust area. Always agile and focused on solving matters in a simple and direct way.’

‘The partner Leonardo Duarte is an excellent lawyer, with a lot of knowledge and experience, and a practical vision. Newly promoted partner Alberto Monteiro is fantastic, brings solid contributions to clients and is very strategic.’

‘I found an excellent, reliable and efficient team at Veirano. I worked closely with Leonardo Duarte, who was always competent and professional.’ 


Key clients



Claro (América Móvil Group)

Norsk Hydro

Edwards Lifesciences




Universal Music




Vipal Group




Telefônica Brasil

Work highlights

  • Acted for Claro in the merger control filing related to the acquisition of Oi’s mobile business by TIM, Claro and Vivo.
  • Represented Edwards Lifesciences in an investigation and successfully executed a settlement with CADE on behalf of Edwards and 5 individuals.
  • Represented Grimaldi in the investigation of an alleged international cartel involving liners which operate in the roll-on, roll-off maritime transportation sector.

VMCA Advogados

Founded in 2017, boutique firm VMCA Advogados is ‘committed to offering innovative solutions to the daily challenges‘ companies operating in a variety of industries, such as technology, construction and energy, face. With a relatively recent, but already strong and established presence in the competition market, the firm offers broad support in the context of complex antitrust investigations. The group is under the joint leadership of Ticiana Lima and Marcela Mattiuzzo, both of whom draw on their previous experience at the competition authority to advise on anti-competitive conduct, mergers and cartel cases. Associate Anna Binotto is especially active in merger review cases and antitrust risk assessments. Frederico Haddad and Paula Pedigoni Ponce also stand out at the associate level. Former managing partner Vinicius Marques de Carvalho left the firm in December 2022 to become the Minister in charge of the Office of the Comptroller-General.

Practice head(s):

Ticiana Lima; Marcela Mattiuzzo


‘VMCA was the first choice to handle our case. In addition to knowing that they are qualified professionals with extensive know-how, they act for a wide range of important companies in the Brazilian market.’

‘The VMCA team is very diligent and seeks creative solutions to complex cases.’

‘The team led by Ticiana Lima is of great quality.’

Key clients



Cosan Group


Amil (United Health Group)

Mercado Livre






Grupo SEB


Work highlights

  • Represented Cosan Group’s Compass before CADE and the Ministry for Mining and Energy (MME) in securing the right to bid for the control of Gaspetro, and in the submission of the acquisition to CADE’s merger control.
  • Assisting Meta in its responses to CADE’s requests for information and structuring of its strategy regarding the case.
  • Assisted Cosan in obtaining CADE’s approval of a minority stake in Brazil’s miner Vale.

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

Rated for its ‘great technical performance coupled with excellent practical vision', Inglez, Werneck, Ramos, Cury e Françolin Advogados (IWRCF)'s competition practice offers assistance to local and international clients in complex antitrust investigations and cartel cases. Aviation, automotive, transport, consumer goods and infrastructure are key sectors of focus for the practice, which is led by Ricardo Inglez de Souza, whose 'practical technical knowledge' is rated by clients. Stefanie Schmitt Giglio, who possesses over two decades of experience in competition law, is also noted. Daniel Elias do Nascimento left the firm in September 2022.

Practice head(s):

Ricardo Inglez de Souza


‘Great technical performance coupled with excellent practical vision.’

‘Ricardo Inglez De Souza has excellent academic and practical technical knowledge.’

‘The IWECF competition area, led by Ricardo Inglez, operates in a very practical manner, demonstrates deep knowledge of the industry, and manages to bring effective solutions.’

Key clients

Air BP

MPE – Montagens e Equipamentos

Setec Hidrobrasileira


Ford Motor Company Brasil

Mitsui Group

Nubank – Nu Pagamentos

Continental Group

ConectCar Soluções de Mobilidades Eletrônica

Work highlights

  • Representing MPE in an investigation regarding the Car Wash Operation (Lava-Jato) into an alleged cartel among companies that participated in bids for onshore infrastructure projects held by Petróleo Brasileiro (Petrobrás).
  • Representing Air BP in the investigation of alleged abuse of dominant position by Air BP, BR Distribuidora and Raízen, in relation to the fuel distribution market at Guarulhos Airport/SP.
  • Advising employees of a major international bank involved in an investigation regarding the international foreign exchange cartel (Forex).

Lefosse Advogados

Bringing together expertise in compliance, white-collar crime and public law, Lefosse Advogados is well positioned to advise Brazilian and international companies in merger control and conduct cases. Co-head José Carlos Berardo handles contentious and non-contentious matters in this space, ranging from merger filings to cartel cases, leniency agreements and investigations concerning abuse of dominant positions, while fellow co-leader Juliana Daniel specialises in anti-competitive conduct investigations, with a special emphasis on cartels and collusive practices. Also noted, associate Marília Avila is experienced in cross-border mergers and in the structuring of compliance programmes, and Elen Lizas assists with the notification of national and cross-border transactions to the Brazilian Competition Authority. The group was strengthened by the arrival of renowned competition partners Paola Pugliese and Milena Mundim from Demarest Advogados in April 2023. Isabela Martins joined from Inglez, Werneck, Ramos, Cury e Françolin Advogados (IWRCF) in July 2022, while Paula Baqueiro and Diego Matos arrived from CADE in summer 2022.

Practice head(s):

José Carlos; Juliana Daniel


‘We worked with Lefosse regarding a merger filing in Brazil for a global deal. I was impressed by the team’s work, responsiveness and quality of advice. Clearance was obtained early, communication was always smooth and efficient. The client was ultimately very pleased with the outcome in Brazil. They are now my go-to firm for Brazil-related work.’

‘José Carlos Berardo is recommended.’

Key clients

CTG Brasil

Ardian France

Gol Linhas Aéreas



Vibra Energia


Telefônica Brasil


Itaú Unibanco

BTG Pactual


Bracell (RGE)



Work highlights

  • Advised Vitru on its business combination with CESUMAR – Centro de Ensino Superior de Maringá.
  • Advised Totvs and Itaú Unibanco on the competition aspects of forming a joint venture.
  • Advised Vibra Energia on the competition aspects of forming a joint venture with Copersucar.

Marchini Botelho Caselta Advogados

Focused on competition and antitrust law, litigation, arbitration, regulatory matters and compliance, boutique firm Marchini Botelho Caselta Advogados attracts instructions from a diversity of players, including consumer goods, technology, and construction companies, in merger reviews, antitrust investigations and related damage claims. The department, which has increasingly been involved in the development of antitrust compliance programmes, is under the joint leadership of Aurélio Marchini Santos and Ricardo Botelho, whose notable areas of practice include anti-competitive conduct investigations and merger reviews before CADE. Other individuals to note in the team include Daniel Costa Caselta, who focuses on litigation and arbitration, and associate Victoria Corradini, whose ‘excellent knowledge‘ of antitrust investigations and merger control work is noted by clients.

Practice head(s):

Aurélio Marchini Santos; Ricardo Botelho


‘Highly qualified team in antitrust law.’

‘Ricardo Botelho: diligent, proactive and very experienced in antitrust matters, offering innovative solutions always based on solid fundamentals.’

‘Excellent team, certainly one of the best I’ve ever worked with. It combines technical quality, strategic vision and focus on results. The team stands out for its strategic perspective and agility, anticipating obstacles and proposing solutions aligned with the best interest of the client.’

Key clients

Atem g


Amazon Web Services



White Martins/Linde

Itaú Unibanco


Refinaria de Manaus

American Tower do Brasil – Cessão de Infraestrutura

John Deere

Orizon Valorização de Resíduos

Dexco Revestimentos Cerâmicos


Spotify Brasil Serviços de Música

Land Maastricht


Sherwin Williams

Equinox Gold Corp

Prometeon TP industrial de Pneus Brasil

Companhia Nacional de Cimentos (Cimento Nacional)

Companhia Melhoramentos Norte do Paraná

Work highlights

  • Acted for distributor Atem in the merger review by Cade of the acquisition of Petrobras’ oil refinery REMAN.
  • Represented Ambev in the antitrust submission of the acquisition of minority stake by CSN in I.Systems.
  • Acted for Orizon group in the antitrust submissions of transactions in the waste treatment and recovery industry.

Trench Rossi Watanabe

Under the leadership of Paulo Casagrande, Trench Rossi Watanabeprovides excellent legal advice‘ in the field of competition and antitrust law. Singled out for its ability to coordinate multijurisdictional antitrust work related to merger control, the firm is also skilled in conduct investigations and litigation. Life sciences and pharmaceuticals are key sector strengths for the group, which is also often mandated by clients from the engineering, technology and consumer products industries. Caroline Guyt França‘s previous experience at CADE makes her a go-to choice for merger cases, antitrust compliance and risk assessment matters. Senior associate Andrea Cruz specialises in antitrust investigations and merger review cases. The team was further enhanced by the arrival of international trade and antitrust specialist Francisco Niclós Negrão from Magalhães e Dias - Advocacia in February 2023.

Practice head(s):

Paulo Casagrande; Francisco Niclós Negrão

Other key lawyers:

Andrea Cruz; Caroline Guyt França


‘The competition law team at Trench Rossi Watanabe provides excellent legal advice, with technical expertise and a keen eye on the interests and needs of the client. The document cloud system sharing system with the client is agile and secure.’

‘I highlight the partner Paulo Casagrande, who is extremely attentive, precise and easy to communicate with.’

Key clients


Vibra Energia

Asperbras Tubos e Conexões



Boehringer Ingelheim


Stryker do Brasil

Canadian Solar

Air Liquide

Work highlights

  • Assisted SAP Brasil in closing two preliminary proceedings that were being carried out by CADE.
  • Representing and advising Serveng in ten bid rigging investigations before CADE.
  • Represented Vibra Energia in the merger clearance proceeding related to the acquisition of a stake in ZEG Biogás.

Brolio Gonçalves Advogados

Boutique law firm Brolio Gonçalves Advogados fields a 'highly skilled' team adept at 'providing advice on sensitive competition matters', ranging from merger clearance to behavioural cases. Practitioners are 'exceptionally well versed in CADE's most recent decisions' and prepared to assist in cross-border investigations into anti-competitive practices. Splitting her time between Brasília and São Paulo, Priscila Brolio Gonçalves is sought out by domestic and foreign clients operating in a variety of regulated industry sectors, including technology and pharmaceuticals. Administrative proceedings involving collusive and unilateral conducts, and merger control are key areas of activity for Mariana Villela and associate Camila Pires da Rocha.

Practice head(s):

Priscila Brolio Gonçalves; Mariana Villela


‘The lawyers on BGA’s competition law team are highly skilled at providing advice on sensitive competition matters. All are exceptionally well versed in CADE’s most recent decisions and, as such, are able to provide strategic advice of the highest quality. The partner Mariana Villela is especially attentive and gets involved in the work in a remarkable way.’

‘The partner Mariana Villela is extremely competent, updated and creative. Has a hands-on profile and is always available. Associate Camila Rocha is technically impeccable and also always available.’

‘Absolute excellence in competition law.’

Key clients


GPS Group

Associação Brasileira de Internet – ABRANET



Boa Vista



Associação Nacional de Restaurantes

Work highlights

  • Represented BRF in the submission to CADE of an associative agreement to produce Becel® margarine.
  • Advised GPS Group on the submission to CADE of several acquisitions of companies operating in Brazil.
  • Acted for Cheplapharm in the submission to CADE of acquisitions of the products xeloda and taxol.

Cascione Pulino Boulos Advogados

Offering legal support in merger control proceedings before CADE, antitrust investigations and compliance, Cascione Pulino Boulos Advogados is turned to by a diverse roster of clients from the worlds of energy, life sciences, financial services and engineering. The group is led by the ‘objective and accurate’ Denise Junqueira, who is qualified in São Paulo and New York, and able to draw on her experience as an economist to advise high-profile companies in the gamut of antitrust and international trade matters. Associate Maíra Isabel Saldanha Rodrigues specialises in merger control issues and the design and implementation of antitrust compliance programmes. Mayara Lins Ogea joined from Mello Torres in October 2023.

Practice head(s):

Denise Junqueira


‘The excellence in quality, the technical and practical approach at the same time and the direct and constant contact with its partners certainly set them apart.’

‘The team is very helpful and available. The team members maintain a constant flow of information, with technical explanations on the matters dealt with.’

‘Denise Junqueira – an objective and accurate person. She presents a differentiated action strategy with solutions to try to overcome obstacles. Maíra Isabel Saldanha Rodrigues – extremely attentive and focused on solving problems.’

Key clients

UTC Group

Gerdau Aços Longos

Shell Brasil Petróleo

Total Eren





GEF Capital Group


Fundo Bordeaux

Salus FIP / Casa dos Ventos

IG4 Capital


Instituto Mantenedor de Ensino Superior da Bahia (IMES)

HCC – Projetos Elétricos

Copel Telecom/Ligga

Holding GV

Work highlights

  • Advised Gerdau and Shell on the development of a 50/50 joint venture for solar power generation.
  • Advising UTC Group and more than 15 individuals on 14 ongoing cases related to Operation Car Wash.
  • Acting for Holding GV in the challenging of the $34.02m sale of a Petrobras’ refinery to an asphalt distributor.

Lobo de Rizzo Advogados

Lobo de Rizzo Advogados fields a 'well-structured' antitrust practice, which is particularly active in merger control and in the structuring of M&A transactions from a competition perspective. The team, which is also engaged in anti-competitive conduct investigations, attracts mandates from domestic and international players operating in the consumer goods, agribusiness, education and food and beverage sectors, among others. Founding partner Sérgio Varella Bruna specialises in antitrust, regulatory and compliance matters, while ‘rising starNatalia Pinheiro Da Silveira shines in antitrust investigations and compliance.

Practice head(s):

Sérgio Varella Bruna; Natalia S. Pinheiro da Silveira


‘Natalia Silveira is a rising star.’

‘Large firm with boutique characteristics. Partners are very available, present and have excellent client care skills. Well-structured team.’

‘All of Lobo de Rizzo’s antitrust lawyers are committed and give us support in matters of great relevance to our business. It stands out for its professionals and level of excellence.’

Key clients

Louis Dreyfus Company Brasil

Mosaic Fertilizantes P&K

GTM Holdings /quantiQ Distribuidora


Quadra Gestão de Recursos

Energia PCH – Fundo de Investimento em Participações Multiestratégia

ThyssenKrupp Industrial Solutions AG

Itaú Unibanco


Work highlights

  • Assisted Louis Dreyfus Company Brasil, Amaggi Exportação e Importação, Dalablog Participações, Carguero Inovação Logística e Serviços and Green Net Administradora de Cartão in the antitrust filing of the transaction regarding the entry of Cargill Agrícola and SARTCO as investors in Carguero.
  • Acted for Energia PCH in the antitrust filing of the sale of Hydria Participações e Investimentos, DESA Térmicas Desenvolvimento Energético and DESA Rio das Garças Desenvolvimento to BFE Participações.
  • Advised Fundo de Investimento em Participações Shelf 119 – Multiestratégia and Quadra Gestão de Recursos on the antitrust filing of the transaction regarding the acquisition of Companhia Docas do Espírito Santo (CODESA).

Mudrovitsch Advogados

Based in Brasília, Mudrovitsch Advogados is a strong performer in administrative proceedings before CADE, including matters concerning unilateral conduct, cartels and leniency agreements. Clients from the technology, telecoms, oil and gas, and banking sectors regularly seek the team's advice on merger reviews before the antitrust authority. Victor Santos Rufino, who served as a federal attorney at CADE for over eleven years, is the main point of contact in the practice. Senior associate Victor Cavalcanti handles corporate transactions, cartel investigations, and compliance matters.

Practice head(s):

Victor Santos Rufino


‘The team is well prepared. They evaluate the cases to draw up an individual and personalised strategy.’

‘Victor Cavalcanti assists us promptly and always provides information when requested. He has a lot of knowledge in the area he works in.’

‘The firm combines in-depth analysis with speed to meet client needs. Very well positioned and respected.’

Key clients

Construções e Comércio Camargo Corrêa


Álya Construtora


Banco BTG Pactual

Barcelos & Cia


Marfrig Global Foods

Stone Pagamentos

Rappi Brasil Intermediação de Negócios

Copagaz Distribuidora de Gas

Atvos Agroindustrial Investimentos

Nipro Medical

Grupo Guanabara

Bus Serviços de Agendamento

Work highlights

  • Assisting Rumo in its defence against an enforcement lawsuit filed by CADE.
  • Assisted Raízen in the preparation of a strategy to present its competition concerns to CADE in the transaction involving REAM and Petrobras regarding the sale of the Manaus Refinery (REMAN).
  • Acted as counsel to Acqua Vero as a privy (interested third party) in the merger analysis of the acquisition of Modal Bank by XP Investimentos.

Mello Torres

Mello Torres possesses a solid track record in merger control proceedings before CADE. The practice is also experienced in the assessment of competition risks in the context of M&A transactions. Department head Fabricio Cardim de Almeida specialises in antitrust, competition, compliance and regulatory issues. He receives support from a strong team of associates, including Lucas De Carvalho Silveira Bueno, who is knowledgeable of competition law, compliance and anti-corruption issues. Mayara Lins Ogea is no longer at the firm.

Practice head(s):

Fabricio Cardim de Almeida


‘Efficient service, quick and assertive feedback, solid strategic advice – I recommend it for any transaction involving antitrust!’

‘Lucas Bueno and Fabricio Cardim de Almeida are recommended.’

Key clients

MSC Mediterranean Shipping Company

Groupe Casino

Mova Sociedade de Empréstimo Entre Pessoas

IHS Tower Group

Racional Engenharia

Salus Fundo de Investimento em Participações Multiestratégia (Casa dos Ventos)


Makro Atacadista

CDV Holding (Casa dos Ventos)

Mosaic Fertilizantes P&K

Laboratório Canonne

Fundo de Investimento em Participações Multiestratégia InovaBra I – Investimento no Exterior


Kaszek Ventures Fund III

Koninklijke DSM

Firmenich International

LSF10 Brazil U.S. Holdings (Lone Star Funds)

FIAP – VSTP Educação


Work highlights

  • Represented MSC Mediterranean Shipping Company in a voluntary tender offer to acquire the control of Log-In Logística Intermodal before CADE.
  • Advised Salus FIP on the antitrust and competition aspects involved in the formation of a joint venture between Salus FIP and TotalEnergies EP Brasil to create CDV Holding.
  • Advised Koninklijke DSM and Firmenich International on the antitrust and competition aspects involved in their global merger of equals.

Stocche Forbes Advogados

Singled out for its ‘technical expertise and extensive knowledge of the client’s business model‘, Stocche Forbes Advogados acts for both domestic and foreign companies in merger filings before CADE. The antitrust and corporate practices work closely together to assist companies in an array of industries, including private equity, energy, technology, retail and education. Ana Paula Paschoalini, who was promoted to partner in December 2022, steers the team in an array of merger control work. Merger reviews are a core focus for senior associate Vitor Jardim Machado Barbosa, who is also proficient in antitrust investigations and in the development of compliance programmes. Luisa Marcelino Bono is another name to note in the team.

Practice head(s):

Ana Paula Paschoalini


‘What sets Stocche Forbes apart is its technical expertise and extensive knowledge of the client’s business model. Furthermore, the speed with which they deal with matters is consistent with the demands of an increasingly dynamic world.’

‘Vitor Jardim Barbosa and Ana Paula Paschoalini have multiple characteristics that distinguish them from other professionals. In addition, they constantly update the progress of processes, maintaining a clear language accessible to all clients.’

‘Exceptional team, with enormous technical knowledge and availability for clients. One of the best advisors in the area of competition law.’

‘Ana Paula Paschoalini and Vitor Jardim Barbosa are recommended.’

‘Ana Paschoalini – attentive, available, technical and very pleasant to work with. Ana is a star in the industry and her promotion to partner will only make that stand out even more.’

Key clients

Highline do Brasil II Infraestrutura de Telecomunicações

Ultrapar Participações


Smith & Nephew Comércio de Produtos Médicos

Arezzo Indústria e Comércio

Patria Investments

ATG Americas Trading Group

Feegow Technologies Informática



Aligned Energy Holdings

L. Catterton Latin America Management

Work highlights

  • Assisted Equador Energia as an interested third-party in a merger review proceeding involving the acquisition of the Reman refinery from Petrobras by the Atem Group.
  • Advising New Fortress on the filing with CADE of its divestment in the largest thermal power plant in Latin America (CELSE – Centrais Elétricas de Sergipe).
  • Advising DNA Capital on the filing with CADE of the acquisition of a minority stake in Inspirali.

Ana Frazão Advogados

Founded in October 2019, Ana Frazão Advogados is a Brasília-based boutique law firm focused on competition, corporate, compliance, technology and regulatory matters. On the competition front, the team is especially sought after by companies from a range of sectors, including financial services, logistics, energy, and healthcare, for advice and legal opinions on antitrust cases, and investigations of anti-competitive conduct.  Ana Frazão, a former commissioner at CADE, has a strong reputation among clients and peers. Angelo Prata De Carvalho has broad experience in competition law, and often acts for clients in litigation.

Practice head(s):

Ana Frazão


‘The firm is technically competent.’

‘Ana Frazão is the most outstanding professional.’

‘Ana Freazão has an impressive capacity for work and delivers quality opinions. Understands client problems very well and is capable of developing sophisticated and in-depth analyses.’

Key clients

Refinaria de Petróleo de Manguinhos

Itaú Unibanco

Banco Santander

Companhia Brasileira de Alumínio (CBA)

Prisma Capital

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

Club Atlético Paranaense

Buser Brasil Tecnologia

Marimex Despachos Transportes e Serviços

Cascol Combustíveis para Veículos

Saga Medição

Corr Plastik Industrial

Gran Petro Distribuidora de Combustíveis

Blau Farmacêutica

Confederação Nacional de Dirigentes Lojistas (CNDL)

Adama Brasil


Empresa Brasileira de Infraestrutura Aeroportuária (Infraero)

Work highlights

  • Representing Banco Santander in a proceeding before CADE in which Nubank accuses several banks of refusal to deal in the credit card markets.
  • Representing Marimex in a complaint before CADE against the charging of the Terminal Handling Charge-2 (THC2).
  • Delivered a legal opinion showing that Brazil’s leading fuel suppliers – such as Raízen, BR and AirBP – have been artificially preventing Gran Petro from entering into the aviation fuel distribution market at the Guarulhos International Airport in São Paulo.

Araújo e Policastro Advogados

Araújo e Policastro Advogados handles international disputes with a focus on private antitrust enforcement and cartel damages claims. The group, led by the ‘terrific lawyerBruno Lanna Peixoto, provides support to a variety of clients, including companies from the construction, financial services and life sciences sectors, as defendants and claimants in high-profile cases. Carolina Pagotto Trevizo brings together expertise in merger filings and antitrust investigations.

Practice head(s):

Bruno Lanna Peixoto


‘The team has broad knowledge. Even when the specific partner you are working with does not have the needed expertise, he or she is able to bring a colleague on to assist. High level of consistent work among the firm’s attorneys.’

‘I work closely with Bruno Peixoto. Bruno is a terrific lawyer. He is thoughtful, thorough, and has terrific judgment. He has the rare ability to maintain a friendly demeanour, while fiercely advocating for his clients.’

Key clients

Itautec – Group Itau, Part Of Itausa

GMW Advogados


Cobraço – Comercial Brasileira de Aço

Federação dos Hospitais do Estado de São Paulo – Fehosp

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

Federação dos Hospitais do Estado do Paraná – Fehospar

Work highlights

  • Representing Concremix in a major recovery action for cartel damages.
  • Retained by Fehosp and Fehospar to file and conduct a collective action seeking injunctive relief and compensatory damages for cartel overcharge.
  • Retained to formulate, file, and conduct the first antitrust recovery action in Brazil – representing the Cobraço Group – against ArcelorMittal.

BRZ - Barbosa, Raimundo, Gontijo, Câmara e Zanotta Advogados

Companies from the worlds of healthcare, mining, construction, manufacturing and infrastructure regularly seek BRZ - Barbosa, Raimundo, Gontijo, Câmara e Zanotta Advogados‘ assistance in the assessment of competition risks of corporate transactions. The team is also proficient in antitrust investigations, administrative proceedings before the competition authority and compliance matters. Pedro Zanotta, a former president of the Administrative Board of the Brazilian Institute of Competition, Consumer Relations and International Trade Studies (IBRAC), has a strong background in the pharmaceuticals, manufacturing and mining sectors; he oversees the competition and regulatory team where senior associate Dayane Garcia Lopes Criscuolo is also noted.

Practice head(s):

Pedro Zanotta

Other key lawyers:

Dayane Garcia Lopes Criscuolo


‘They have been assisting us with competition matters for many years, with impeccable excellence and promptness.’

Work highlights

CGM Advogados

Covering the gamut of antitrust and competition matters, CGM Advogados assists a multitude of clients, including players from the life sciences, transport, technology and entertainment sectors, in anti-competitive conduct investigations and litigation. Led by André Gilberto, the group is also well versed in merger review proceedings and in the negotiation of strategic leniency agreements. Natali Santos stands out at the associate level for her involvement in merger control work, cartels and abuse of dominance investigations.

Practice head(s):

André Gilberto


‘Availability, punctuality and technical competence.’

‘André Gilberto and Natali Santos – highly technical professionals, cordial and dedicated to clients.’

‘The team that provides advice on competition law is qualified and easy to get along with.’

Key clients

Maersk Line

Messer Gases

Abbott Laboratórios do Brasil

Sony Music Entertainment

Johnson & Johnson do Brasil

Aegea Saneamento e Participações

DHL Global Forwarding


Grupo SADA

G.S. Electech

Work highlights

  • Acted for Aegea Saneamento e Participações, Kinea Investimentos and Perfin Administradora de Recursos in the submission of the acquisition of shares of the state-owned company Companhia Riograndense de Saneamento – CORSAN to CADE.
  • Representing Johnson & Johnson in CADE’s antitrust investigation involving the possible illegal exchange of competitively sensitive information in the healthcare labour market in the metropolitan region of São Paulo.
  • Assisted AON in the transfer of certain customers’ assets to AllCare Administradora de Benefícios.

Chinaglia Oliveira Advogados

Boutique law firm Chinaglia Oliveira Advogados covers both antitrust investigations and merger control work, where it acts for companies, industry associations and executives. The group is skilled at challenging CADE’s decisions before the courts, and is also proficient in leniency negotiations. With experience in merger filings, cartel cases and investigations, Olavo Chinaglia demonstrates ‘vast theoretical and practical knowledge, including from the perspective of different markets and sectors‘.

Practice head(s):

Olavo Chinaglia


‘Service, agility and technical knowledge are the strengths that deserve to be highlighted.’

‘Partner Olavo Chinaglia has always demonstrated vast theoretical and practical knowledge, including from the perspective of different markets and sectors. Availability and deep knowledge are a great differentiator.’

‘High quality of services.’

Key clients

Roberto Carbone

Rafaella Lacuzio Lopes

Oscar Porto

Marina Aparecida Correia

Juliana Contrera Lopes

Anderson Honorio Crispim

Luciane de Campos Moda

Roseli Okikawa

André Joaquim de Carvalho


Humberg Agribrasil

Camil Alimentos

Quadry Systems


Rocket Internet

Gabor Janus Deak

Jose Armando Pinon Aguirre

Paulo Jacob

Work highlights

  • Rrepresented ATGas, an interested third party, in an antitrust notice concerning the acquisition of Gaspetro by Compass.
  • Representing Sociedade Brasileira de Anestesiologia (SBA) in a lawsuit with the scope of nullifying the fine levied by CADE on SBA for allegedly organising a cartel among its associated individuals and entities.
  • Negotiated a leniency agreement on behalf of Accell with respect to a bid-rigging cartel in the Brazilian market for electricity meters.

Figueiredo & Velloso Advogados

Merger filings, as well as unilateral conduct, collusive behaviour and cartel investigations are all key areas of expertise for Figueiredo & Velloso Advogados, which is particularly active in regulated sectors, namely infrastructure and transport. Practice head Bruno Droghetti Magalhães Santos brings a wealth of experience in merger control work and anti-competitive conduct cases. Also part of the core team, Daniel Mesquita and Izabella de Menezes Passos Barbosa are names to note in Brasília, while Vitor Madalosso Szmuklerz Vel Fuks in São Paulo stands out for his experience in antitrust damage claims.

Practice head(s):

Bruno Droghetti Magalhães Santos


‘The firm’s approach is personalised for each matter, which gives us confidence that our cases are in good hands. The quality of service provided is exceptional. The team has the ability to adapt solutions to meet our needs and achieve the best results.’

‘The team is highly skilled, experienced and able to provide up-to-date information in a timely manner. They work collaboratively and provide quality work in order to achieve the best results for clients.’

‘The capacity to understand the demands, and the clear and objective provision before the competent bodies, together with a personalised service are the strengths of the firm.’

Key clients


Granja Faria

BL Group

Grupo Líder

Grupo Sulpar

Work highlights

  • Assisted Terrus in the filing of a merger notification before CADE involving the acquisition of IPA Investimentos.
  • Advised Granja on the filing of a merger notification before CADE involving the acquisition of BL Conservas, BL Transportes, CEASA Box 14/16 and CEASA Box 02.

L.O. Baptista Advogados

L.O. Baptista Advogados‘ antitrust team manages a busy workload, where anti-competitive conduct investigations feature alongside leniency negotiations, M&A notifications before the Brazilian competition authority and compliance matters. Patricia Agra Araujo advises on all types of procedures before CADE, including merger reviews and antitrust investigations. The group was reinforced in late 2022 by the addition of associates João Pedro Marques de Gracia Borges and Lilian Yumi Miyashiro, who joined from the SP Parcerias division of the São Paulo state government and CADE, respectively.

Practice head(s):

Patricia Agra Araujo


‘The firm has always demonstrated commitment, competence and dedication to our causes, seeking to understand how best to address our competition law concerns.’

‘Patricia Agra is fully involved and committed to the causes. Always bringing additional reflection and proposing positions that help in the strategy of the causes.’

Key clients

Copart do Brasil Organizações de Leilões

Janssen Pharmaceutical

HTB Engenharia e Construção

Supergasbras Energia

EDP – Energias do Brasil

Almaviva do Brasil Telemarketing e Informática

Movilway Payment

Alliage S/A Indústrias Médico Odontológica

VTEX Brasil Tecnologia para E-commerce

Vallourec Soluções Tubulares do Brasil

Sogefi Filtration do Brasil

PPE Fios Esmaltados

Unimetal Indústria, Comércio e Empreendimentos

Olympus Optical do Brasil

On Corp / Go Power Group

Pedra Agroindustrial

Usina Caeté and BioFlex Agroindustrial

Work highlights

  • Assisting  and representing Copart do Brasil Organizações de Leilõe in the defence of its interests before CADE and SEAE concerning alleged anti-competitive practices in the Brazilian auction market.
  • Assisted Almaviva do Brasil Telemarketing e Informática in the acquisition of Central de Recuperação de Créditos and CRC Digital.
  • Defending Olympus Optical do Brasil in an investigation into an alleged exchange of competitively sensitive information in the labour market in the healthcare industry.

Madrona Fialho Advogados

Drawing on the capabilities of its well-established corporate and M&A practice, the antitrust team at Madrona Fialho Advogados is retained by companies from the agribusiness, chemicals, infrastructure, energy, TMT, financial services and healthcare sectors in a wide range of mandates, including merger reviews, cartels, and abuse of dominance investigations. Luís Nagalli specialises in merger control and antitrust investigations. Associate Julia Haddad Niemeyer is noted for her experience in representing foreign and domestic clients in cartel investigations and in the negotiation of leniency and settlement agreements.

Practice head(s):

Luis Nagalli

Other key lawyers:

Julia Haddad Niemeyer


‘The firm acted brilliantly and tirelessly; they were always available and provided assertive answers.’

‘Without a doubt, the firm’s partner – Luis Nagalli – was the highlight. He strongly collaborated in the construction of safe and at the same time innovative strategies for dealing with the sensitive issues that were presented to him. He conducted the case with total control and objectivity; he motivated and accompanied his team in the consultations and resolution of doubts. He carried out regular follow-ups on the progress of the case, always providing us with up-to-date information.’

Key clients

Pearson Education


Canada Pension Plan

Hapvida Group

Votorantim Group


SmartFit Group

Abril Group

Hermes Pardini Group



Oswaldo Cruz Química Group

Elizabeth Group

Randon Group

Work highlights

  • Advising Instituto Hermes Pardini on a merger with its largest competitor Laboratórios Fleury.
  • Representing Qiagen in a wage-fixing, no-poach and exchange of competitively sensitive information investigation initiated by CADE.
  • Advising Oswaldo Cruz Química Group on the purchase of Elekeiroz.

Vilanova Advocacia

Founded in 2021 by CADE’s former commissioner Polyanna Vilanova, Brasília-based boutique firm Vilanova Advocacia has already established strong relationships with domestic and international clients. The group is skilled in merger filings, anti-competitive conduct investigations and in the negotiation of agreements with the antitrust authority. Edson Dias is knowledgeable of unilateral and collusive conduct issues. Associate Matheus Carvalho assists with merger filing notifications and antitrust risks in corporate transactions. Isabel Jardim, whose former experience at CADE is noteworthy, maintains a broad competition practice, encompassing anti-competitive behaviour probes and merger control.

Practice head(s):

Polyanna Vilanova


‘Vilanova is a distinguished firm with an exceptional partner.’

‘Polyanna Vilanova is a present, cordial and technical lawyer.’

Key clients

76 Oil Distribuidora de Combustíveis

Agro Amazonia Produtos Agropecuários

Aliansce Sonae Shopping Centers

Álya Construtora

AmazonGás Distribuidora de Gás Liquefeito de Petróleo

Atlântico Sul Terminais

Azul Linhas Aéreas

Bandeirantes-Deicmar Logística Integrada


Brazilian Association of Land Passenger Transport Companies (Abrati)

Brazilian Dry Ports and Clias Association (ABEPRA)

Capricórnio Têxtil

Construtora Celi

Distribuidora Equador de Produtos de Petróleo

Expresso Guanabara

Fera Lubrificantes

GTEX Brasil

KPS Capital Partners

Laboratório Gross

Localfrio Armazéns Gerais Frigoríficos


National Association of Fuel Distributors (ANDIC)

Qualicorp Administradora de Benefícios

Refinaria Manguinhos

Shinyei Technology e Shinyei Capacitor


Suata Serviço Unificado de Armazenagem e Terminal Alfandegado


The Brazilian Association of Blood Banks (ABBS)

Work highlights

  • Assisting SulAmérica in the proposed business combination between Rede D’Or São Luiz and SulAmérica.
  • Represented Original in the notification of the acquisition of the Grupo Green dealership network before CADE.
  • Advised Aliansce Sonae on the combination of its businesses with brMalls Participações.