PT
Autoridade da Concorrência

Case details

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Merger control
Case reference
Ccent/2026/20 - Caderno Azul*Explorer / MOP
Acquiring
Caderno Azul, S.A.
Description
A family-owned holding company dedicated to managing equity stakes. The companies it controls are active in managing real estate investments.
Acquiring
Explorer Investments - Sociedade de Capital de Risco, SA
Description
Explorer is a venture capital management company dedicated to managing private equity funds, including expansion capital. Through the funds it manages, Explorer invests in companies active in various economic sectors.
Acquired
MOP - Multimédia Outdoors Portugal - Publicidade, S.A.
Description
It operates in the outdoor advertising sector, dedicating itself to the management, operation and commercialization of advertising spaces on physical and digital media in outdoor environments, such as panels, billboards and Mupis (advertising panels).
Sector
Activity (NACE)
Applicable legislation
Notification thresholds
Type of merger
Cooperation with sector regulators
Status
Closed
Type of Investigation
Phase 1
AdC’s decision
Non-opposition
Case description

The concentration operation consists of the acquisition, by Caderno Azul, S.A. (“Caderno Azul”), of a stake in MOP – Multimédia Outdoors Portugal – Publicidade, S.A. (“MOP”), capable of granting it, together with Explorer Investments – Sociedade de Capital de Risco, S.A. (“Explorer”), the current shareholder, control over MOP.
Timeline
2026-06-02
Phase I Decision - AdC adopted a non-opposition decision in concentration operation Caderno Azul*Explorer / MOP
2026-04-14
Caderno Azul and Explorer notify the acquisition of joint control over MOP – Multimédia Outdoors Portugal
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