Over the past decade, vertical mergers have gained
prominence at the Administrative Council for
Economic Defense (CADE), the Brazilian Antitrust
Authority. The proportion of such mergers has
increased from 13% in 2013 to 46% in 2022.
In response to this trend, the authority is preparing
to release its first guidelines on assessing
non-horizontal mergers. This article fills a gap
by analyzing 61 vertical merger cases reviewed
by the CADE’s Tribunal between May 2012 and
December 2022. The findings provide valuable
insights into CADE’s approach to vertical mergers
and benefit practitioners and researchers
in Brazil’s antitrust landscape.
