Mergers & acquisitions (M&A)

Oct 8Official filingCapital Markets & M&AStocksM&A

BlackRock reaches 10.075% stake in B3 through shares and ADRs

The asset manager acquired stock in B3, Brazil's securities exchange operator, accumulating 508,448,714 common shares, or 10.075% of the total equity, alongside 10,532,255 share-referenced derivative instruments, according to a filing released on October 7, 2026.

• On October 5, 2026, BlackRock raised its aggregate stake in B3 to 508,448,714 common shares, equivalent to 10.075% of total common stock issued by the exchange operator.
• The position includes 504,009,710 common shares and 1,479,668 ADRs representing 4,439,004 common shares, plus 10,532,255 cash-settled derivatives (0.209% of common stock).
• BlackRock stated to the CVM, Brazil's securities regulator, that the acquisition is purely for investment, with no agreement altering corporate control or voting rights.

Sources:CVM - Documentos IPE (PDF)

Oct 8Bens IndustriaisStocksM&A

American Airlines secures conditional approval to buy stake in Azul

CADE, Brazil's antitrust authority, cleared the airline to invest $100 million for an 8% equity stake under Azul's Chapter 11 bankruptcy restructuring in the United States, subject to full compliance with a merger control agreement.

• The $100 million injection remains contingent on executing and fulfilling the antitrust authority's accord terms.

Sources:Money TimesAgência iNFRA (infraestrutura)O Globo (Economia)Poder360Valor Econômico

Oct 8Capital Markets & M&AStocksM&A

Paramount Skydance completes merger to form combined entertainment giant

Chief Executive David Ellison assumed control of the newly formed Skydance following the closure of a $110 billion acquisition of Warner Bros Discovery, uniting major film studios, streaming platforms, and broadcast networks under the NYSE ticker SKYD.

• Settlements with a coalition of U.S. states and a Hollywood writers union cleared the final regulatory and legal obstacles.
• The combined business brings together film franchises including Mission Impossible, Harry Potter, and DC Studios alongside HBO Max and CNN.

Sources:InfoMoneyO Globo (Economia)InvestNews

Oct 8Capital Markets & M&AStocksM&A

Carrefour Sells 21 Stores to Grupo Pereira in Retail Expansion

Brazil's antitrust authority, CADE, cleared SDB Comércio de Alimentos to purchase 21 retail stores from Carrefour, enabling Grupo Pereira to expand its supermarket, pharmacy, and gas station footprint in São Paulo and the Federal District. The transaction remains subject to a 15-day administrative waiting period during which competitors or CADE commissioners may appeal the decision. Technical analysis determined that horizontal market overlap remains under the 20% threshold, while vertical integration stays within the 30% limit for market foreclosure risks.

• Grupo Pereira operates the retail network through its subsidiary SDB, which manages the Fort Atacadista cash-and-carry and Comper supermarket brands.
• Carrefour presented the sale as an opportunity to optimize its Brazilian retail operations and asset allocation.

Sources:Valor Econômico

Oct 7Official filingComunicaçõesTechStocksM&A

Claro NXT files unified tender offer to delist Desktop at R$ 19.1261 per share

Controlling shareholder Claro NXT Telecomunicações filed a request on October 2, 2026, with the CVM, Brazil's securities regulator, to launch a unified tender offer for Desktop S.A. The proposal combines the acquisition of corporate control, the conversion of Desktop's issuer registry from Category A to Category B, and its delisting from the Novo Mercado segment of B3, Brazil's stock exchange.

• Claro NXT filed for a unified tender offer to acquire up to all Desktop shares at a base price of R$ 19.1261 per share, adjusted by the Selic rate from October 1, 2026.
• Payment includes a retained portion of R$ 1.5051 per share, conditional on potential contingency liabilities, alongside a net debt adjustment as of September 30, 2026.
• The offer submitted to CVM, Brazil's securities regulator, seeks Desktop's exit from B3 Novo Mercado and conversion to Category B, with Bradesco BBI as intermediary.

Sources:CVM - Documentos IPE (PDF)

Oct 7Official filingConsumo CíclicoStocksM&A

Invesco cuts stake in homebuilder Cyrela below 5% threshold

Asset manager Invesco Ltd. cut its equity holding in residential developer Cyrela Brazil Realty S.A. to below 5% of total common shares issued. Cyrela received formal notification of the position reduction on October 6, 2026.

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• Invesco Ltd. reduced its stake in Cyrela to 19,033,223 common shares, representing 4.96% of total common shares issued by the company on October 6, 2026.
• The investor also holds 594,814 preferred shares, or 0.86% of Cyrela's preferred shares, as disclosed under rules from the CVM, Brazil's securities regulator.
• Invesco stated the equity holding is strictly for investment purposes, with no intent to alter Cyrela's control or administrative structure or execute voting rights contracts.

Sources:CVM - Documentos IPE (PDF)

Oct 7Capital Markets & M&AStocksM&A

B3 targets technology and fixed income expansion under new management

Chief Executive Officer Christian Egan, who took charge in mid-July, plans to streamline operational structure at exchange operator B3 to accelerate product growth, according to Bank of America. Management expects fixed income trading to approach equity volumes over time while focusing M&A strictly on small domestic technology additions.

• Christian Egan assumed executive leadership of B3 in mid-July 2026.
• BofA reported that international acquisitions are ruled out by current management.

Sources:Valor Econômico

Oct 7Consumo CíclicoStocksM&A

OranjeBTC grants executive stock option at R$ 15.72 strike price

OranjeBTC issued its first stock option award under its long term incentive program on October 6, 2026, granting an executive the right to purchase up to 880,000 common shares. The exercise price of R$ 15.72 per share represents a 96.3% premium over the reference market price of R$ 8.01 set on October 5. Vesting runs monthly until September 30, 2027, with exercise permitted through September 30, 2030.

• The option allows the executive to acquire up to 880,000 common shares.
• The R$ 15.72 strike price sits 96.3% above the R$ 8.01 reference price recorded on October 5.
• Options will enter fully diluted share calculations only if market prices reach or exceed R$ 15.72.

Sources:Money Times

Oct 6Official filingCapital Markets & M&AStocksM&A

CVM approves Arandu Partners tender offer for Arandu Investimentos

Arandu Partners Holding obtained approval from CVM, Brazil's securities regulator, to launch a tender offer for all remaining common shares of Arandu Investimentos S.A., excluding shares already held by the controller or in treasury. The company previously disclosed preliminary steps on September 7, 2025, and September 28, 2026. Terms and auction dates will follow in a forthcoming prospectus.

ARND3

• On October 5, 2026, the CVM, Brazil's securities regulator, approved Arandu Partners Holding's tender offer for up to all remaining common shares of Arandu Investimentos S.A.
• The offer excludes shares already owned by Arandu Partners Holding and treasury shares, with auction details to be published in a future notice.

Sources:CVM - Documentos IPE (PDF)

Oct 6ComunicaçõesTechStocksM&A

Claro NXT files unified tender offer to take Desktop private

Claro NXT Telecomunicações filed for a unified tender offer to acquire Desktop, convert its registration with CVM, Brazil's securities regulator, from category A to B, and delist it from the Novo Mercado segment of B3, Brazil's stock exchange. Payment depends on final debt adjustments and a held-back portion of R$ 1.5051 per share reserved for indemnity obligations.

• Offer price is set at R$ 19.1261 per share, indexed to the Selic rate from October 1, 2026.
• Shareholders holding 10% of circulating stock have 15 days to request a new valuation.
• Claro NXT retains the right to proceed solely with the change of control offer.

Sources:Money TimesTelesíntese (telecom)Valor Econômico

Oct 6Capital Markets & M&AStocksM&A

Regulator validates tender offer for Arandu Investimentos buyout

Arandu Investimentos confirmed that CVM, Brazil's securities regulator, approved the tender offer requested by parent company Arandu Partners. The transaction encompasses all outstanding common shares not currently in the controller's hands or stored in treasury, moving the asset manager closer to completing its corporate restructuring.

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• CVM approved the buyout registration for former Reag group company.
• Offer prospectus will establish the auction timeline and final terms.

Sources:Valor Econômico

Oct 6ComunicaçõesTechStocksM&A

Unifique controller proposes R$ 6.00 per share tender offer to delist

Unitá Participações proposed a buyout offer of R$ 6.00 per share to purchase all outstanding common shares of telecom provider Unifique. The transaction aims to convert the company's registration with CVM, Brazil's securities regulator, to category B, cancel its public trading registration, and exit the Novo Mercado listing segment of B3, Brazil's stock exchange.

• Proposed purchase price stands at R$ 6.00 per common share.
• Transaction contemplates complete withdrawal from B3's Novo Mercado.

Sources:InfoMoney