Localiza and Unidas, Brazil’s two largest vehicle leasing and car rental companies, become one entity July 1, following approval by the country’s national competition regulatory agency Administrative Council for Economic Defense (CADE).
The corporate union became official after CADE approved the sale 49,000 vehicles to Canadian asset management company Brookfield for US$677 million (3.57 billion reais). Brookfield controls rival firm Ouro Verde in Brazil.
Rodrigo Tavares Gonçalves de Sousa, Localiza CFO, and Marco Tulio de Carvalho Oliveira, Unidas CFO, signed the agreement June 22.
According to a company release, Localiza and Unidas’ combined vehicle fleet now numbers 450,000, the largest of its kind in Latin America. Both companies have been headquartered in Belo Horizonte, Brazil’s sixth-largest city.