On April 17, 2024, the Administrative Tribunal for Economic Defense of the Administrative Council for Economic Defense (“CADE”) released the Guide for the Analysis of Non-Horizontal Mergers, known as “Guia V+”. The Guide, which does not have a binding or normative nature, aims to provide greater transparency in CADE’s analysis of non-horizontal (vertical and conglomerate) mergers reviews between companies, with an introductory part on the identification of these mergers and indicating guidelines and practices adopted by the authority in its analysis.

The discussion and drafting of the Guia V+ began in July 2022 and included contributions from the Vertical Mergers Committee of the Brazilian Institute of Studies on Competition, Consumer Affairs, and International Trade (IBRAC), the consultancy of the United Nations Development Program (PNUD), and civil society, through public consultation.

The Guia V+ exposes the steps identified in the procedures for analyzing non-horizontal mergers (which are adaptable to the dynamics of the market and the complexities of the operations), including: (i) definition of the relevant market(s), (ii) determination of market share and Concentration Rates, (iii) analysis of the potential harm to competition, (iv) analysis of the net economic benefits arising from the operation, and (v) Antitrust Remedies.

Access the full document (in Portuguese only): https://cdn.cade.gov.br/Portal/centrais-de-conteudo/publicacoes/Guia%20V+/Guia-V+2024.pdf