CADE approves expansion of agreement between Delta and Latam

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Summary

The Superintendu00eancia-Geral do Conselho Administrativo de Defesa Econu00f4mica (SG/Cade) has approved an amendment to the joint venture agreement between Delta and LATAM. The amendment aims to increase the joint venture's geographic scope and product range. The original agreement, approved in 2020, combines the airlines' complementary air networks in the United States and Canada with LATAM's presence in South America, allowing them to sell integrated air transportation services. The amendment adds Ecuador to the countries served by the joint venture and includes cargo air transportation services. The SG/Cade considered the presence of rivalry and underutilized capacity in the relevant market for air cargo transportation between the US and Brazil, concluding that it is unlikely for the companies to exercise market power unilaterally, and thus approved the merger without restrictions.