Report about coordinated effects accruing from an acquisition

In 2018, Brink’s acquired Rodoban, a Brazilian cash-in-transit competitor. TBForte, a local competitor, challenged this acquisition. Jose Del Chiaro (Advocacia Jose Del Chiaro – TBForte’s counsel), approached Marcio de Oliveira to prepare a report about coordinated effects. The report used the “checklist methodology” proposed by CADE’s Merger Guidelines (Guide for Horizontal Merger Review (cade.gov.br)), showing that the Brazilian cash-in-transit market has various features that favor coordination and that the acquisition would reinforce them.

Although the acquisition was cleared by CADE with no restrictions, the authority opinion raised concerns on the likelihood of coordinated effects, which affected the analysis of subsequent acquisitions in the Brazilian cash-in-transit market.

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