The request from the Institute for Research and Studies of Society and Consumption (IPSConsumo) to join as a third party in the process of acquisition by United Airlines of a minority stake in Azul’s share capital () suspended the final judgment of the process and the operation cannot, at the moment, be consummated. IPSConsumo will now have 15 calendar days, starting on Thursday, the 8th, to present documents and opinions necessary to prove the allegations it made against the operation between the airlines.
On December 30, 2025, the General Superintendence (SG), Cade’s technical area, approved, without restrictions, the operation, which consists of the acquisition, by United Airlines, of a minority shareholding in Azul’s share capital.
Shortly after the SG’s decision, IPSConsumo requested entry as a third party interested in the process. The president of the body, Gustavo Augusto Freitas de Lima, understood that the mere presentation of allegations is not enough, and the request must necessarily be accompanied by “evidence relevant to resolving the issue”.
“In view of this, (…) I grant a non-extendable period of 15 (fifteen) calendar days, counting from the publication of this order, for the applicant (IPSConsumo) to present the necessary documents and opinions to prove its allegations”, wrote Augusto. If documentation is not submitted within the deadline, the application will be summarily rejected.
HAS BroadcastGrupo Estado’s real-time news system, Augusto stated that the decision made does not refer to the merits of the operation, being related only to the entry of the third party. “If the third party is admitted, the case will go to the Court, which may maintain approval or not. What is being decided now is just whether the third party will be admitted”, he explained.
If admitted, the appeal will continue and will be distributed to a counselor to report the process and take it to trial in court, which may maintain approval or not.
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Azul says the procedure is usual
Azul maintained that the decision handed down by the antitrust body is usual in merger proceedings.
“Azul reiterates that the understanding is that the process has not been suspended, it remains regularly under analysis by Cade and that the Company remains at the disposal of the authority to provide any clarifications that may be necessary,” he stated.
In the transaction, United Airlines committed to acquiring approximately US$100 million in Azul common shares, which will represent an increase in economic rights from 2.02% to approximately 8%.
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Questions
One of the main points raised by IPSConsumo is the risk of coordination between competitors in the Brazil-United States air corridor. The institute highlights the simultaneous presence of large companies in the sector in cross-minority holdings and in governance bodies, which, according to the petition, can facilitate the sharing of sensitive information and reduce incentives for rivalry.
The entity also questions the analysis deadline. According to the request, approval occurred before the end of the regulatory period for third-party demonstrations, which would have limited adversarial proceedings in a market classified as highly concentrated and sensitive for consumers.
The president of IPSConsumo, Juliana Pereira, stated that American Airlines, due to its participation in Gol, has influence on Avianca (part of Abra), in addition to influence on Copa (alliance between United and Copa). “Thus, as an example, it is perfectly possible that, for a route SP (GRU, CGH and VCP) – Miami (MIA and FLL) all related airlines (Azul, Gol, AA, UA, Avianca and Copa) participate simultaneously in the same market. The same thing occurs in the SP – Orlando (MCO) market”, he stated.
