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Brazil: Rental car rivals announce merger

By  |  September 6, 2013

Mogi das Cruzes announced Thursday it has entered into an agreement to fully acquire rival rental car company Movida Locação de Veículos as well as Movida’s largest franchise, APTA Veículos e Representações.

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    The deal remains subject to regulatory approval from Brazil’s antitrust regulator CADE.

    Financial details of the deal were not disclosed, but according to a press release, Movida and APTA generated more than $43 million in revenue in 2012.

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