Notícias
Mergers and Acquisitions
CADE authorises Guanabara's acquisition of stake in J3 Participações
On 26 January, the Administrative Council for Economic Defense (CADE) cleared Guanabara's acquisition of a 16.67% stake in J3 Participações, which until then was owned by the firm 2A Investimentos (part of the JCA group). The transaction was conducted through the company União Transporte Interestadual de Luxo (UTIL), part of the Guanabara group.
The acquisition changes the ownership interest of the holding company J3 Participações. This company was set up as an investment vehicle for former shareholders of operating company J3 Operadora before the latter merged with Bus Serviços de Agendamento. The deal was also cleared in Wednesday's hearing, conditional on the execution of a merger control agreement.
Commissioner Sérgio Ravagnani, rapporteur of both transactions, highlighted in his vote that Guanabara's acquisition of stake in J3 Participações did not produce direct or indirect changes in the ownership of Bus Serviços. A merger control agreement executed in the scope of the J3 Operações-Bus Serviços merger has already addressed concerns over a potential vertical integration.
Guanabara purchased J3 Participações' shares in 2019, but CADE was notified about it only in November 2020, when the deal had already been completed. Hence, to investigate all changes in Guanabara's and JCA's equity interest in J3 Participações after the company was established, the Office of the Superintendent General initiated an administrative procedure for merger review in 2021.