Liq Participações S.A. (BOVESPA:LIQO3) agreed to acquire ETS Participações e Investimentos S.A. for approximately BRL 510 million on October 16, 2019. On November 22, 2019, the Administrative Council for Economic Defense approved the transaction. Marcos Spieler of Rothschild & Co acted as financial advisor to Liq Participações in the transaction.