29 May 2013
CADE clears the first two mergers under the new Brazilian competition law
On 22 May 2013, the Tribunal of the Administrative Council for Economic Defense (CADE) signed the first two Merger Control Agreements (ACC, for its acronym in Portuguese) under the new competition law (Law 12.529/11) that came into effect in May 2012. The first ACC signed refers to CADE’s approval of the merger between Syniverse and MACH, two providers of outsourced services to mobile operators. The second ACC confirms CADE’s approval of the merger between high value-added paper producer Munksjö and high performance materials and specialty paper manufacturer Ahlstrom.The two transactions were also being investigated in other jurisdictions, including the European Union. Cooperation between CADE and the European Commission took place in both cases and was fundamental for the investigation, in particular during remedies negotiations in order to ensure that the concerns raised by the two authorities were addressed by the commitments offered by the parties. On Syniverse/MACH, RBB worked alongside lawyers from Mattos Filho in Brazil and Shearman & Sterling in Brussels. On Munksjö /Ahlstrom, RBB advised both parties in the European investigation, alongside Hammarskiöld & Co in Sweden and Shearman & Sterling in Brussels. Mattos Filho advised the parties in Brazil.For more information, please see here.