Cade approves Muffato family acquisition of 12% stake in Assaí

Brazil's Administrative Council for Economic Defense (Cade) has approved, without restrictions, the acquisition of approximately 12% of Assaí by the Snapper Rocks and WHG Apache funds, which are controlled by the Muffato family.

The transaction involves the purchase of ordinary shares representing about 12.01% of the capital social of Grupo Sendas, the parent company of the Assaí brand. While the Muffato family will hold limited political rights to preserve Assaí's independence, the approval allows for the potential election of independent board members. The investors have stated they do not intend to alter the company's management or control structure, with no changes to governance expected until at least 2027.

Following the announcement, JPMorgan analysts identified the move as a potential buy trigger for Assaí shares, noting that the decision strengthens the Muffato family's position as a strategic shareholder. Assaí shares saw an upward trend in trading following the news.