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.
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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