Estre Ambiental, Inc. (NasdaqGM:ESTR) entered into memorandum of understanding to acquire Monte Azul in October 2017. Estre Ambiental, Inc. entered into a share purchase agreement to acquire Monte Azul on February 8, 2018. Monte Azul generated net revenues of BRL 77 million in 2017. The completion of the transaction is subject to customary closing conditions, including regulatory approval from Brazil's antitrust authority, the Administrative Council for Economic Defense (CADE). The transaction is expected to be completed in 2018. Estre Ambiental, Inc. (NasdaqGM:ESTR) cancelled the acquisition of Monte Azul on October 5, 2018. Following the execution of additional due diligences, the proposed acquisition has been terminated due to Monte Azul's failure to comply with key policies and operational conditions and the general inability of the parties to reach final terms.