B3 acquires 60% stake in CRDC following Cade approval

Brazil's Administrative Council for Economic Defense (Cade) has unanimously approved B3's acquisition of a 60% stake in the Central de Registro de Direitos Creditórios (CRDC). The approval is conditional upon the execution of a Concentration Control Agreement (ACC).

Prior to the decision, the agency's General Superintendence had recommended rejecting the deal due to concerns regarding market concentration and potential conglomerate effects. B3 currently holds approximately 93% of the market share in certain registration segments, a figure that could rise to 95% following the acquisition. Technical concerns focused on the potential for a duopoly, particularly in the registration of Rural Product Notes (CPR).

The transaction, valued at R$ 15 million, is part of B3's strategy to expand its infrastructure services within the credit journey, specifically targeting the market for book-entry duplicate notes and Receivables Investment Funds (FIDCs). The deal includes a long-term partnership with the São Paulo Commercial Association (ACSP), which will maintain its stake in CRDC. B3 also holds an option to purchase the remaining 40% of CRDC's capital starting in 2030, subject to meeting specific targets.