Mergers & acquisitions (M&A)

Oct 10Official filingCapital Markets & M&AStocksM&A

BlackRock raises Gerdau preferred stake to 10.025%

Investment manager BlackRock raised its shareholding in preferred shares of Brazilian steelmaker Gerdau, according to a filing sent to CVM, Brazil's securities regulator. Gerdau received the formal notice on October 8, 2026.

GGBR3

• On October 6, 2026, BlackRock raised its stake in Gerdau S.A. to 126,422,405 preferred shares, representing 10.025% of all preferred shares issued by the company.
• The holdings comprise 114,199,018 direct shares and 12,223,387 ADRs, alongside 3,919,122 cash-settled derivatives representing 0.311% of preferred shares.
• BlackRock informed the CVM, Brazil's securities regulator, that the stake is for investment only, with no agreement modifying control or voting rights.

Sources:CVM - Documentos IPE (PDF)

Oct 10Official filingCapital Markets & M&AStocksM&A

Arandu Partners launches tender offer to delist Arandu Investimentos

Controlling shareholder Arandu Partners Holding launched a public tender offer on October 9, 2026, to acquire up to all remaining common shares of Arandu Investimentos. The transaction aims to cancel Arandu Investimentos' public company registration and exit B3's Novo Mercado segment, per disclosures filed with CVM, Brazil's securities regulator.

ARND3

• Arandu Partners Holding launched a tender offer to acquire up to all remaining common shares of Arandu Investimentos, aiming for deregistration and exit from Novo Mercado.
• The tender offer auction will take place on October 29, 2026, with Terra Investimentos serving as the intermediary institution and guarantor.

Sources:CVM - Documentos IPE (PDF)

Oct 10Official filingCapital Markets & M&AStocksM&A

BlackRock builds 5.005% stake in Brazil's Copasa MG

BlackRock acquired common shares in sanitation utility Copasa MG, reaching 19,032,687 common shares on October 6, 2026. The holding represents 5.005% of total common shares, alongside 71,001 equity derivative instruments equal to 0.019% of common shares, according to a filing with CVM, Brazil's securities regulator.

• On Oct 6, 2026, BlackRock increased its holding in Copasa MG to 19,032,687 common shares, representing approximately 5.005% of the total common shares issued by the company.
• BlackRock also holds 71,001 cash-settled derivative instruments referenced to common shares, representing about 0.019% of Copasa MG's common shares.
• BlackRock stated the holding is strictly for investment purposes, with no intention to alter corporate control, according to a notice to CVM, Brazil's securities regulator.

Sources:CVM - Documentos IPE (PDF)

Oct 10Capital Markets & M&ATechStocksM&A

Vela LatAm awaits antitrust approval to acquire IT provider Penso

Vela LatAm, the Brazilian unit of Canada's Constellation, agreed to acquire IT and cybersecurity provider Penso for an undisclosed sum, pending clearance from CADE, Brazil's antitrust authority, in its sixth deal in the country in 2026.

• Penso serves around 1,600 corporate and public clients, employing 270 workers across five datacenters in Brazil.

Sources:Startups.com.br

Oct 10Capital Markets & M&AStocksM&A

Brazilian M&A deal value rises 11% to R$ 210.7 billion despite lower volume

Mergers and acquisitions in Brazil reached R$ 210.7 billion across 834 transactions from January to August 2026, marking an 11% rise in overall transaction value despite a 31% drop in the total number of deals compared to the previous year.

• Middle-market transactions represent roughly 70% of total M&A deal volume globally, according to PitchBook data.

Sources:Money Times

Oct 9Official filingCapital Markets & M&AStocksM&A

BTG Pactual Gestão buys 5.11% stake in Espaçolaser

BTG Pactual Gestão e Consultoria de Investimento built a position of 1,850,000 common shares in MPM Corpóreos, surpassing 5.11% of total common stock issued by the Brazilian laser hair removal chain.

BPAC3

• BTG Pactual Gestão notified Espaçolaser under rules of the CVM, Brazil's securities regulator, after acquiring 1,850,000 common shares, or 5.11% of total capital.
• Its funds X LAB FIA IE and LAB FIA IE held 600,000 shares (1.66%) and 1,250,000 shares (3.45%) respectively as of October 7, 2026.
• BTG Pactual Gestão stated the trade aims strictly at financial operations without intending to change control or administrative structure.

Sources:CVM - Documentos IPE (PDF)

Oct 9Official filingUtilidade PúblicaStocksM&A

GQG Partners reduces AXIA Energia stake to 4.87%

GQG Partners lowered its aggregate position to 118,913,792 common shares held directly and via ADRs, representing 4.87% of total voting capital in AXIA Energia.

AXIA3

• GQG Partners reduced its stake in AXIA Energia through market sales to 118,913,792 common shares, representing 4.87% of the company's total voting capital.
• The investment manager stated that the minority holding does not aim to alter AXIA Energia's control structure or administrative composition.

Sources:CVM - Documentos IPE (PDF)

Oct 9Official filingB3 FilingStocksM&A

Sabesp and EMAE update timetable for share merger with last trading on Oct 23

Companhia de Saneamento Básico do Estado de São Paulo and EMAE published an updated estimated timeline for Sabesp to absorb all EMAE shares it does not currently hold.

SBSP3

• Sabesp and EMAE updated the estimated timetable for Sabesp's merger of EMAE shares not already held by the company.
• EMAE shareholders have until October 19, 2026, to exercise their withdrawal right, with reimbursement payment scheduled for October 21, 2026.
• EMAE shares will trade for the last time on B3 on October 23, 2026, followed by the credit of Sabesp shares to EMAE shareholders on October 27, 2026.

Sources:CVM - Documentos IPE (PDF)

Oct 9FinanceiroStocksM&A

BlackRock acquires 10% stake in B3 as prospective rivals prepare market entrance

The asset manager raised its holding to 508.4 million common shares and ADRs, representing 10.075% of total capital in Brazil's sole operating stock exchange, alongside 10.5 million cash-settled derivatives. BlackRock stated the holding is strictly for investment purposes without intent to alter control, even as entities such as A5X, backed by Morgan Stanley and Goldman Sachs, target a launch in the second quarter.

• BlackRock now holds 508,448,714 common shares and ADRs in B3, plus 10,532,255 cash-settled derivatives.
• The manager signed no agreements regulating voting rights or the purchase and sale of securities.

Sources:Money Times

Oct 9Capital Markets & M&AStocksM&A

Cross-border mergers expand beyond conglomerates into middle-market corporate deals

Luzone Capital reported increased cross-border M&A activity connecting medium-sized companies in Brazil, the United States, and Europe, moving beyond traditional mega-deals. Chairman Leandro Luzone noted that international buyers seek mid-sized targets to acquire specific technologies, client bases, and industrial capacity without building local operations from scratch.

• Middle-market cross-border transactions are connecting companies across Brazil, the U.S., and Europe.
• International buyers focus on acquiring specific technologies, customer bases, and operating licenses.

Sources:O Globo (Economia)

Oct 9Capital Markets & M&AStocksM&A

Brazilian M&A volume rises 11% despite drop in total deal count

Mergers and acquisitions in Brazil generated R$ 210.7 billion across 834 transactions between January and August 2026, according to TTR Data. While transaction volume fell 31% compared to the same period last year, financial value increased 11%, driven by higher capital concentration and expanding middle-market deals, which account for 70% of global M&A volume.

• M&A volume reached R$ 210.7 billion across 834 transactions from January to August 2026.
• Total capital invested grew 11% year-on-year, even as total deal count dropped by 31%.

Sources:Seu Dinheiro

Oct 9Consumo CíclicoStocksM&A

Pátria targets Cyrela's commercial building floors leased to Nubank

Pátria Investimentos is negotiating the acquisition of corporate floors in the Cyrela Corporate building, located in the Pinheiros neighborhood of São Paulo, directly from developer Cyrela. The office space under negotiation is currently leased and occupied by digital bank Nubank.

CYRE3

• Pátria Investimentos is in talks to purchase corporate floors in the Cyrela Corporate building.
• The real estate space under negotiation is currently leased and occupied by Nubank.

Sources:Exame