Over the past decade, vertical mergers have gained prominence at the Administrative Council for Economic Defense (CADE), the Brazilian Antitrust Authority. The proportion of such mergers has increased from 13% in 2013 to 46% in 2022. In response to this trend, the authority is preparing to release its first guidelines on assessing non-horizontal mergers. This article fills a gap by analyzing 61 vertical merger cases reviewed by the CADE’s Tribunal between May 2012 and December 2022. The findings provide valuable insights into CADE’s approach to vertical mergers and benefit practitioners and researchers in Brazil’s antitrust landscape.
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