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Brazil Fines IBM $14M For Closing Red Hat Deal Preapproval

Law360 (December 12, 2019, 4:51 PM EST) -- Brazilian antitrust authorities fined IBM Corp. 57 million Brazilian real (roughly $14 million) on Wednesday for closing its $34 billion purchase of open-source software developer Red Hat Inc. before officials could conclude their review.

Brazil’s Administrative Council for Economic Defense, or CADE, said in an announcement in Portuguese that IBM and Red Hat closed their deal globally in July in good faith, learning only afterward that the agency had imposed a hold-separate structure prohibiting the deal’s finalization until after the review had completed. But even though the companies acted in good faith, CADE said it concluded that Red Hat and IBM finalized...

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