CADE Determines Extension Of Term In A Merger Review Case

Keywords: CADE, merger review, concentration act, stock-for-stock merger, antitrust

On December 18, 2013, during its 35th Ordinary Judgment Session, the Tribunal of the Administrative Council for Economic Defense ("CADE") approved a request by Commissioner Ana Frazão to extend the term for review of the concentration act no. 08700.005447/2013-12 ("Transaction").

The Transaction involves a stock-for-stock merger that will ultimately unify the activities of two of the biggest players in the upper-education and post-graduation sectors in Brazil and, if consummated, will generate concentration in several markets. During its analysis, CADE's General-Superintendence identified horizontal overlaps in more than 393 relevant markets. For this reason, the authority issued a statement of complexity on October 16, 2013, determining the need to deepen the antitrust analysis.