Mergers & acquisitions (M&A)

Oct 18Materiais BásicosFundsStocksM&A

Shine I FIP secures voting control of Braskem through debenture-funded tender offer

The Shine I fund acquired 19,983 shares in Braskem, expanding its stake to 226.3 million voting shares, or 50.11% of the voting capital, and 34.33% of total capital. Sellers receive debentures issued by NSP Investimentos rather than cash, while remaining voting shareholders have until November 16, 2026 to trade under the same terms.

BRKM3

• Shine I bought 2,850 voting shares and 17,133 class A preferred shares during the auction.
• Payment is structured as two first-series debentures and one second-series debenture per share.
• Holders of common voting shares retain an extended selling period ending November 16, 2026.

Sources:Money TimesValor EconômicoSeu Dinheiro

Oct 18Capital Markets & M&ATechStocksM&A

Unifique halts going-private tender offer following minority shareholder pushback

Telecom operator Unifique suspended the registration process for its tender offer announced in early October by its controlling shareholder. Minority shareholders challenged the proposed share price for taking the company private, leaving the transaction terms disputed.

• The controlling shareholder had initiated the going-private transaction in early October.
• Minority investors formally questioned the valuation and share price proposed for the buyback.

Sources:Teletime (telecom e tecnologia)Telesíntese (telecom)

Oct 18Investment FundsStocksM&A

XP Malls divests Cidade Jardim stake for R$ 456 million to fund acquisitions and trim debt

Real estate fund XPML11 completed the sale of its 16.99% stake in Shopping Cidade Jardim for R$ 456.3 million, collecting R$ 121.9 million upfront and transferring R$ 151.9 million in debt. The fund simultaneously deployed R$ 70.9 million to buy minority stakes in Shopping Metrô Boulevard Tatuapé and Shopping Metrô Itaquera.

• CADE, Brazil's antitrust authority, approved the Cidade Jardim sale to JHSF Capital SCJ.
• The asset sale yields an estimated capital gain of R$ 133.3 million, or R$ 2.07 per unit.
• Fund debt leverage dropped from 15.6% to 13.1% of net assets following the transactions.

Sources:Funds Explorer (fundos imobiliários)Suno Notícias (FIIs e mercado)fiis.com.br (fundos imobiliários)

Oct 18Capital Markets & M&AStocksM&A

NBA teams revive rival ABA branding to celebrate merger five decades later

Brooklyn Nets, Denver Nuggets, Indiana Pacers and San Antonio Spurs are launching retro uniforms to mark the June 17, 1976 merger that expanded the NBA from 18 to 22 franchises by absorbing four teams from the 11-team ABA.

• San Antonio Spurs will debut the commemorative kit on Nov 4 against the Dallas Mavericks across nine total games.
• Brooklyn Nets scheduled 16 appearances in the retro apparel for the upcoming season.

Sources:Forbes Brasil

Oct 17Official filingCapital Markets & M&AStocksM&A

BÝK expands voting stake in Taurus Armas to 81.30%

BYK Participacoes acquired additional shares in Taurus Armas, according to a notice received on Oct 15, 2026 by the arms manufacturer and submitted to the CVM, Brazil's securities regulator.

TASA3

• BÝK Participações bought 15,701,625 common shares of Taurus Armas from Gibraltar Incorporações on Oct 13, 2026, representing about 30.73% of the company's voting stock.
• The transaction raised BÝK's total stake in Taurus Armas from 26,159,292 shares (18.78% of total capital) to 41,860,917 shares, or 30.05% of total capital.
• Controlling shareholder BÝK stated that the stock purchase does not aim to alter Taurus Armas's control composition or administrative structure.

Sources:CVM - Documentos IPE (PDF)DOESP - Diário Oficial do Estado de São Paulo (busca)

Oct 17Official filingCapital Markets & M&ATechStocksM&A

WDC completes R$ 900k Teki buyouts without shareholder voting

Livetech da Bahia completed the purchase of 100% of Teki for R$ 900,000 in a single installment, expanding into cybersecurity software distribution following a Sept 14, 2026 agreement.

• WDC concluded the acquisition of 100% of Teki from Diamond Angel Participações and Marco Aurélio Machado for R$ 900 thousand paid in a single installment.
• The deal follows a September 14, 2026 announcement and was finalized after all precedent conditions were satisfied.
• The acquisition requires no general meeting ratification or withdrawal rights for shareholders under Brazilian corporate law.

Sources:CVM - Documentos IPE (PDF)

Oct 17Capital Markets & M&AStocksM&A

Afya and Yduqs medical merger faces local market antitrust scrutiny at CADE

The merger signed on September 23, 2026, between Afya and Yduqs to create Brazil's largest medical education group faces review by CADE, Brazil's antitrust authority, over local market concentration. The combined firm holds 5,888 annual seats, representing 17% of national private medical capacity, but local overlaps reach 100% in Ji-Paraná, 53% in Teresina and 48% in Rio de Janeiro, which together account for 15% of total combined seats.

• The combined group controls 5,888 authorized annual medical seats, or 17% of Brazil's private total.
• Local overlaps reach 100% of private seats in Ji-Paraná, 53% in Teresina and 48% in Rio de Janeiro.
• CADE has up to 330 days to evaluate potential forced divestments in overlapping markets.

Sources:O Globo (Economia)Valor Econômico

Oct 17Capital Markets & M&AStocksM&A

Batista family holding Globe Investimentos completes acquisition of Avibras Aeroco

Investment firm Globe Investimentos, owned by Joesley and Wesley Batista, finalized the acquisition of 100% of Avibras Aeroco, securing the industrial plants, strategic assets and technology portfolio of defense supplier Avibras Indústria Aeroespacial after announcing the transaction in August.

• The acquisition covers 100% of Avibras Aeroco's capital.
• The deal transfers the industrial facilities and technology portfolio of Avibras Indústria Aeroespacial.

Sources:Valor EconômicoMoney Times

Oct 16Official filingTecnologia da InformaçãoTechStocksM&A

SFA Investimentos acquires 5.10% stake in Positivo Tecnologia

SFA Investimentos LTDA acquired 7,236,400 common shares of Positivo Tecnologia S.A., reaching a 5.10% equity stake, according to a filing submitted on Oct 15, 2026, to CVM, Brazil's securities regulator. The shares were purchased through four investment vehicles, including Porto SFA Master FIA and Porto SFA Pipe FIA.

POSI3

• SFA Investimentos reported to CVM, Brazil's securities regulator, that its investment vehicles reached 7,236,400 common shares in Positivo Tecnologia S.A., representing a 5.10% equity stake.
• The stake was built through Porto SFA Master FIA, Porto SFA Institucional Master FIA, Porto SFA Equity Hedge FIM and Porto SFA PIPE FIA.

Sources:CVM - Documentos IPE (PDF)

Oct 16Official filingB3 FilingStocksM&A

Petro-Victory cuts stake in Azevedo & Travassos Energia below 10%

Petro-Victory Energia LTDA cut its equity holding in Azevedo & Travassos Energia S.A. to 3,791,681 common shares, representing 9.48% of total capital, according to a notice filed on Oct 15, 2026, with CVM, Brazil's securities regulator. CEO and Investor Relations Director Ivan Carvalho signed the filing.

AZTE3

• Petro-Victory Energia sold 309,500 common shares on B3, lowering its stake in Azevedo & Travassos Energia from 4,101,181 shares (10.25%) to 3,791,681 shares (9.48%).
• The shareholder stated the sale aimed at raising liquidity, with no intent to alter the control group or administrative structure of the company.
• Azevedo & Travassos Energia filed the notice on October 15, 2026, in compliance with Resolution 44 of CVM, Brazil's securities regulator.

Sources:CVM - Documentos IPE (PDF)

Oct 16Capital Markets & M&AStocksM&A

Fund Challenges Regulator's Order for Billion-Reals Oncoclínicas Tender Offer

Fund Josephina III filed a lawsuit in the 21st Federal Court of São Paulo seeking to annul an order by CVM, Brazil's securities regulator, requiring US manager Centaurus to launch a tender offer for Oncoclínicas. The administrative decision, made unanimously by CVM's board in August, established that Centaurus triggered a mandatory buyout clause after exceeding a 15% equity threshold in the cancer treatment network, overruling CVM's technical staff.

• Josephina III requested an injunction in the 21st Federal Court of São Paulo to suspend CVM's tender offer ruling.
• CVM's board ruled unanimously in August that Centaurus surpassed the 15% ownership threshold at Oncoclínicas.
• The lawsuit runs parallel to an ongoing arbitration proceeding between Josephina III and Latache Capital.

Sources:InvestNews

Oct 16M&AStocksM&A

Itaú Unibanco acquires 35% stake in alternative manager Prisma Capital

Itaú Unibanco signed an agreement to acquire a 35% preferred stock stake in Prisma Capital through a primary capital increase, leaving current partners with 65% and operating control. Prisma holds R$ 28 billion in assets under management and has deployed R$ 14 billion across 120 transactions since its founding in 2017.

ITUB3

• Existing partners retain a 65% controlling stake in Prisma Capital following Itaú's entry.
• Prisma Capital oversees R$ 28 billion in assets under management across alternative investment strategies.

Sources:Money TimesLet's Money