73 merger filings involving franchise networks went through CADE from 2015 to 2026

Every transaction that meets the notification criteria of Law 12.529/2011, the competition law, receives a notice from CADE (the competition authority) stating the applicants, the nature of the transaction and the economic sector. The indicator reads the 6,620 merger filing notices published from 2015 to October 22, 2026 and identifies those in which one of the applicants is the company of a franchise network measured by the observatory, or the group that controls it or holds its master franchise.

There are 73 cases, 1.1% of the notices in the period. The number rose from 26 transactions through 2020 to 47 from 2021 onward, while the total number of notices also grew, from 404 in 2015 to 866 in 2025. The Services and other businesses segment accounts for 20 transactions, followed by Fashion and accessories, with 18. The networks with the most cases are Arezzo (8), Burger King (6), Smart Fit (5) and CVC (4).

Acquisition of control accounts for 41 of the cases. The General Superintendence approved 68 transactions without restrictions, with a median of 14 days between the notice and the decision, and did not admit 3 for review. The Tribunal approved 1 with a Merger Control Agreement (Acordo em Controle de Concentrações), the case between Localiza Rent a Car S. A. and Companhia de Locação das Américas, and 1 still had no published decision at the time of extraction.

How we calculate

The list of notices comes from the Electronic Publications of CADE's SEI (electronic case management system), Edital series, browsed year by year from 2015 to 2026. When the listing does not show the applicants, we read the body of the notice. The applicants were compared with the observatory's universe using three signals: the network name or the franchisor's legal name, the legal name of companies that hold units of the network in the CNPJ (Brazilian company registry) database, reference month September 2026, and the controlling group or master franchisee recorded in the network profile. Each candidate was checked individually. Companies with identical names were excluded, as were conglomerate transactions in a line of business different from that of the network, for example those of fuel distributors outside the convenience store business. The decision is the one in the General Superintendence's order in the same case, and that of the Tribunal's plenary session when there was a challenge. Applicants who are natural persons appear only as individuals.

Calculated on November 8, 2026. Method version 1.0. Sample: 73 cases among 6,620 merger filings with a notice published by CADE.

Frequently asked questions

How many franchise network acquisitions have gone through CADE?

From 2015 to 2026, notices published by CADE (the competition authority) record 73 merger filings with a franchise network among the applicants, 1.1% of the 6,620 published in the period. Only transactions that meet the notification criteria, based on revenue, are included.

Does CADE usually approve franchise network mergers?

Of the 73 transactions, 68 were approved without restrictions by the General Superintendence of CADE (the competition authority), 3 were not admitted for review and 1 was approved by the Tribunal with a Merger Control Agreement. The median time between the notice and the General Superintendence's decision is 14 days.

Which franchise segments have the most mergers and acquisitions at CADE?

Services and other businesses leads, with 20 transactions, followed by Fashion and accessories, with 18, among the merger filings published by CADE (the competition authority). The segment is that of the network linked to the transaction in the observatory's universe.

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