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CADE approves acquisition of Grupo Confidence by Travelex

Merger

Operation was approved without restrictions
published: Jul 03, 2013 10:00 AM last modified: May 02, 2016 03:28 PM

The Tribunal of the Administrative Council for Economic Defense (Cade) approved, on the trial session of July 3rd, the acquisition of 100% of Grupo Confidence by Travelex do Brasil Holding Ltda. (merger file no. 08700.004373/2013-05). 

Cade established that the companies involved in the operation should pay fine for late notification of the merger. “Four documents that formalized the merger were from 2011 while the notification happened in 2013”, explained Ana de Oliveira Frazão, case reporting commissioner. The amount of the fine is confidential.

According to the reporting commissioner, the merger does not raise competition concerns. At the time the parties entered into the agreements, Travelex did not practice any activity in Brazil, because, in 2010, the company sold its prepaid card management operations to Mastercard (merger file no. 08012.0013177/2010-29). That merger was also submitted to Cade which approved it without restrictions.

Grupo Confidence and Travelex operate on the currency exchange banking market, prepaid card management, travel agencies, consultancy in business management, and information technology technical support and maintenance.