Business · Companies · 2 hrs ago
Brazil’s Cade approves split of Azzas into Arezzo&Co and Soma
Brazil’s Cade approved the plan to split Azzas 2154 on Wednesday, without restrictions.
The plan reverses the 2024 merger that brought Arezzo&Co and Soma together under Azzas.
Arezzo&Co, led by Alexandre Birman’s family, will take brands including Arezzo, Schutz and Hering, while Roberto Jatahy’s family will lead Soma with brands such as Animale, Reserva and Farm Rio will move to a separate company owned by both groups, with Arezzo holding 57.4% and Soma 42.6%.
The companies say the new structure gives Farm Rio more flexibility and could support a future sale.
The split is planned in three stages, including transferring Soma shares to Azzas shareholders and then exchanging shares between the two groups.
Completion still requires Soma to return to Brazil’s publicly listed companies register and approval to list its shares on B3’s Novo Mercado.
The change comes after Azzas reported a 62.5% year-on-year fall in recurring net profit in the second quarter.
Brazil’s competition authority Cade approved without restrictions the reorganisation that will split Azzas 2154 into Arezzo&Co and Soma.
The split will undo the 2024 merger that created Azzas.
Arezzo&Co will be led by Alexandre Birman, while Roberto Jatahy will lead Soma.
Farm Rio will move to a separate company owned 57.4% by Arezzo&Co and 42.6% by Soma.
The separation still requires regulatory and stock-listing steps before it can be completed.
- Who
- Cade approved the reorganisation of Azzas 2154. Arezzo&Co will be led by Alexandre Birman and Soma by Roberto Jatahy.
- What
- Azzas will be split into Arezzo&Co and Soma, reversing the merger that created Azzas.
- When
- Cade approved it on Wednesday, October 14, 2026.
- Where
- São Paulo, Brazil.
- Why
- The reorganisation will separate the companies’ brands and ownership. The companies said a separate structure for Farm would give it more management flexibility and allow for a possible future sale.
This story does not have two clearly opposing sides.
Cade approved the merger of Arezzo&Co and Soma that created Azzas.
Cade approved the reorganisation without restrictions.
The planned process first separates the brands into two groups and creates a new company for Farm.
Azzas is to transfer Soma shares to its shareholders in proportion to their current holdings.
The two groups are to exchange shares.
- Cade decision
- Approved without restrictions on October 14, 2026
- Arezzo&Co leader
- Alexandre Birman
- Soma leader
- Roberto Jatahy
- Farm Rio ownership
- Arezzo&Co 57.4%; Soma 42.6%
- Azzas market value
- Estimated at R$5.2 billion
- Completion conditions
- Soma’s return to the CVM’s listed-company register and approval to list its shares on B3’s Novo Mercado
What people are saying
economic deconcentration