Brazilian antitrust regulator Cade has approved Itaú Unibanco Holding SA's minority investment in Ticket Serviços SA, according to a regulatory filing.
In September 2018, Itaú announced a strategic partnership deal, under which it was purchasing an 11% stake in Ticket Serviços, which is one of the biggest companies in Brazil's highly concentrated benefits market. The approval sees the completion of the deal.
Edenred Brasil Participações S/A, the parent company of Ticket Serviços, confirmed the companies would be launching the exclusive partnership following the regulatory approval.
According to previous reports, Cade was considering placing restrictions on the deal, to prevent Itaú from barring smaller competitors in the employee benefits market. João Paulo de Resende, a rapporteur for Cade, said it would give Itaú advantages such as using contracts with companies to manage payroll and benefits.
