On September 2, 2026, the Board of Directors of the Portuguese competition authority, known as AdC, made a significant decision regarding the merger operation Ccent/2026/62 involving Amex TRS and LF Holdings.

Exercising its powers under the relevant statutes, the authority resolved to adopt a decision of non-opposition to the merger. This decision was based on the assessment that the merger is not likely to create significant obstacles to effective competition in the national market or in a substantial part thereof.

The approval indicates that the merger will proceed without any imposed remedies or further investigations, reflecting a positive outlook for the involved parties in terms of market integration.