Review №4 of Brazilian Antitrust News from the Experts of the BRICS Competition Centre
- The number of M&A deals involving mid-sized businesses is growing
- CADE recommends convicting automakers for information exchange in R&D
- CADE continues to impose a daily fine against Meta* and WhatsApp
- A study on the fuel distribution and retail market has been published
- An administrative proceeding has been initiated regarding alleged price alignment in the aviation market
- New Case Law Bulletin published
The number of M&A deals involving mid-sized businesses is growing
According to Brazilian consultants and analytical publications, 2026 may so far be marked by a notable increase in M&A activity in the mid-market segment (companies with revenues from 10millionto10millionto100 million). Deals in this segment are attracting both financial investors (private equity and venture capital funds) and strategic buyers, who view M&A as a tool for consolidation and growth.
Experts note that the current cycle is characterized by higher standards for corporate governance and compliance: investors increasingly prefer companies with transparent financial reporting and sustainable business models. Additionally, artificial intelligence is being actively used at key stages of transactions—from identifying potential deal targets to conducting legal due diligence. The innovation, healthcare, energy, and infrastructure sectors lead in the number of transactions.
At the same time, experts warn of a potential dampening effect in the second half of the year due to the presidential elections in Brazil. This period is typically marked by uncertainty for investors.
Source: Valor Econômico, Migalhas
CADE recommends convicting automakers for information exchange in R&D
The General Superintendence of CADE has concluded its investigation and recommended the partial conviction of automakers and related individuals in a case concerning the alleged exchange of competitively sensitive information in the passenger car market. Based on the investigation's findings, the Superintendence recommended finding Audi, BMW, Porsche, and Volkswagen, as well as affiliated individuals, guilty.
This is the first case in Brazil's history in which competing companies are accused of attempting to suppress competition in the field of innovation by exchanging confidential information related to research and development. The investigation was initiated in July 2024, involving six companies and 23 individuals. According to the regulator, the parties engaged in coordinated conduct in the market — specifically, exchanging information on the development of automotive components. Such practices potentially reduce competitive uncertainty and negatively affect incentives for innovation.
The case will proceed to the next levels within CADE for a final decision. Similar investigations have already been conducted regarding German automakers in the European Union: in 2021, Volkswagen, BMW, and Daimler were found guilty of cartel collusion, in which the companies coordinated their actions on technical standards for vehicles, and were ordered to pay fines.
Source: CADE
CADE continues to impose a daily fine against Meta* and WhatsApp
CADE unanimously upheld the violation report issued against WhatsApp and Facebook* and continued to levy a daily fine of $3.7 million until full compliance with the regulator's order is demonstrated. The case concerns restrictions on access for AI-based chatbot providers to the WhatsApp Business platform.
The investigation was initiated in November 2025 following a complaint from startups Luzia and Zapia—providers of AI assistants that operate primarily through WhatsApp and Telegram. The trigger was changes to the WhatsApp Business terms of service that de facto prohibited general-purpose AI providers from integrating their services with the platform, granting exclusive rights to Meta* AI. In January 2026, CADE issued a preliminary injunction requiring Meta* to restore the previous access conditions for AI chatbots.
Subsequently, the regulator concluded that Meta* AI had not restored the competitive environment that existed prior to the new terms, and that the attempt to reclassify chatbot interactions as marketing messages subject to monetization constituted a substantial change to access conditions. However, after the CADE tribunal's ruling, a Brazilian federal court temporarily suspended the fine at the company's request, though CADE intends to continue defending its position through legal proceedings.
Source: CADE, CNN Brasil
A study on the fuel distribution and retail market has been published
The 24th edition of the "Cadernos do Cade" series has been released, focusing on the analysis of liquid fuel distribution and retail markets in Brazil. The publication contains industry data, information on regulatory changes, and an overview of the regulator's position on merger control cases and anti-competitive practices up to and including 2025.
The publication underscores the importance of CADE's systematic work in promoting competition in the sector. CADE's recommendations have often contributed to the adoption of regulatory changes, such as the approval in 2018 of ANP Resolution 855/2021, which granted ethanol producers the right to sell directly to retail stations. Furthermore, in July 2025, CADE issued a special order declaring the liquid fuel market a priority area for analysis for 2025–2026 — in response to requests from the Ministry of Mines and Energy and the Attorney General's Office, which pointed to potential anti-competitive practices in several regions of the country, particularly in the north.
Source: CADE
An administrative proceeding has been initiated regarding alleged price alignment in the aviation market
The regulator has initiated an administrative proceeding against airlines GOL and LATAM on suspicion of anti-competitive behavior in the domestic air transport market. The investigation concerns possible price alignment on routes of high commercial significance.
The investigation was launched in 2023 at the request of the Federal Prosecutor's Office before CADE, which had received a notification from the Rio de Janeiro Prosecutor's Office documenting "extremely high similarity" in the fares of the two airlines on flights between Rio de Janeiro and São Paulo. During the investigation, which used data analysis methods under the "Cérebro" (Brain) project, it was found that the price movements of both companies exhibited a consistent pattern of correlation. It was also discovered that GOL and LATAM used the services of the same specialized pricing company (a pricing agency).
According to the regulator, in highly concentrated and highly transparent markets, the shared use of algorithmic tools and common data infrastructure can significantly increase competitive risks. Both companies have denied any violations and stated their willingness to cooperate with the regulator. It should be noted that the issue of algorithmic price coordination is attracting increasing attention from antitrust authorities worldwide: in particular, the U.S. Department of Justice has already initiated multiple cases against companies using common pricing platforms in the housing rental sector.
Source: CADE
New Case Law Bulletin published
CADE has published the first 2026 issue of the Case Law Bulletin — a publication containing summaries of the most significant decisions of the Administrative Tribunal of the authority. The previous issue was released in 2023.
The Bulletin covers key positions of the tribunal on a wide range of competition law matters — from the analysis of economic concentration transactions and the assessment of behavioral violations to the practice of applying leniency agreements. Periodic case law reviews are important for ensuring predictability in the regulatory environment: they enable market participants and legal professionals to track the evolution of the authority's approaches to evaluating specific situations, so that they can act in compliance with the law.
Source: CADE
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