PT
Autoridade da Concorrência

Case details

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Merger control
Case reference
Ccent/2026/9 - TH Ceres*Los Almendros / Grupo ISFA
Acquired
IBERIAN SMART FINANCIAL AGRO, S.L.
Description
A vehicle company of the Three Hills Group, a group that develops management, investment and exploration activities in the agri-food sector. Its operations include the acquisition, management and optimization of farms dedicated mainly to peanuts, as well as the provision of services associated with the value chain of this product.
Acquiring
LOS ALMENDROS SPV, S.L.
Description
A special purpose vehicle of the Azora Group, a group of companies dedicated to investment and asset management in European and American markets, especially in projects intended for rental, and in the hospitality and leisure sector, through the acquisition and management of hotels and tourist complexes in Europe.
Acquiring
TH CERES S.À R.L.
Description
An investment firm that provides structured financing to mid-sized companies in Europe and the US. It focuses primarily on the services, healthcare, consumer goods, technology, and manufacturing sectors.
Sector
Activity (NACE)
Applicable legislation
Notification thresholds
Type of merger
Cooperation with sector regulators
Status
Ongoing
Type of Investigation
AdC’s decision
Case description

The merger consists of the acquisition, by the Three Hills group (“Three Hills”), through the special purpose vehicle TH CERES S.A R.L., and by the Azora Capital group (“Azora”), through the special purpose vehicle LOS ALMENDROS SPV, S.L., of joint control over the ISFA Group (“ISFA Group”).
Timeline
2026-02-04
TH Ceres notifies the acquisition of exclusive control over Los Almendros
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