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Daniel Calhman de Miranda

Daniel Calhman de Miranda


Daniel has been a partner in our Corporate/M&A practice since 2005. He has extensive experience in cross-border transactions of all kinds and has a strong reputation for complex transactional matters, including major M&A and related disputes. Daniel has played a central role in many of the most complex and high-profile corporate matters in recent decades, including the various M&A transactions that settled a private equity portfolio dispute between Citigroup Venture Capital and Opportunity, and the ongoing dispute for control of Eldorado Papel e Celulose S.A. He has also acted on the corporate side of major investigations at publicly-held companies, advising the board of Embraer and Gol with respect to their internal investigations and the resulting CVM proceedings. As well as these corporate matters, Daniel handles a steady stream of conventional M&A transactions and has been involved in major M&A deals for AIMCo, Blackstone, CPPIB, Totvs, Gol Linhas Aéreas, Titan Cement and other major clients in the last few years. He also led the opening of Mattos Filho’s New York office in 2008.


Bachelor of Laws – Universidade de Brasília (UnB);

Master of Laws (LL.M.) – Columbia Law School.


Análise Advocacia 500 – Aeronautical (2020;2022), Commercial Contracts (2019-2020) Financial Transactions (2019-2020), M&A (2020), Technology (2019), São Paulo (2020);

IFLR 1000 Financial and Corporate – Capital Markets: Debt; Private Equity (2017), Notable practitioner (2018-2021);

Latin Lawyer 250 – Corporate and M&A (2020-2021).

Único. The Mattos Filho news portal

Authored publications

Mattos Filho in the media

With Daniel Calhman de Miranda
Latin Lawyer

BMA, Pinheiro Neto and Mattos Filho in shopping centre mega merger

BMA – Barbosa, Müssnich, Aragão has helped Brazil’s Aliansce Shopping Centres merge with counterpart Sonae Sierra, which relied on Pinheiro Neto Advogados, in a 7 billion reais (US$1.8 billion) deal that creates Brazil’s largest shopping centre manager.

Mattos Filho, Veiga Filho, Marrey Jr e Quiroga Advogados advised one of Aliansce’s shareholders, the Canadian Pension Plan Investment Board. Click here and learn more.

Areas of expertise

Ratification of the “Open skies” Agreement signed by Brazil and the United States

On June 26, 2018, the Brazilian President ratified, by means of Decree No. 9,423, an agreement between the governments of Brazil and the United States regarding air transportation, known as “Open skies”.

The agreement was initially signed on March 19, 2011 by former presidents Barack Obama and Dilma Rousseff. However, its ratification was prolonged for more than 7 years, mainly due to conflicts of interests regarding potential benefits that could be generated by the agreement and political issues involving the two countries.

The “Open skies” agreement between Brazil and the United States seeks to expand international air transportation options between the two countries, stimulating competitiveness amongst each country’s airlines while reducing regulations and governmental interference. In this regard, the agreement seeks to simplify procedures for airlines in relation to air transportation between these countries.

In the past, in order for a foreign airline to operate in Brazil, it had to be designated by its government through diplomatic means and obtain authorization to be established in Brazil and operate air services, by filing an administrative proceeding with the National Aviation Agency Civil – ANAC.

Under the open skies agreement, the two countries will be able to quickly grant the appropriate operating authorization and permission, as long as certain minimum requirements are met by the airlines, including the obligations with respect to qualification and operational safety standards.

The agreement also stands out as it puts an end to the current limit of 301 weekly round trip flights between Brazil and the United States. As a result, it is expected that the agreement will lead to an increase in the number of flights between both countries and an increase in the market for international air services, with indirect benefits for different sectors of the economy. 

In addition, the agreement establishes important provisions relating to the conversion of foreign currency and remittances abroad of revenues by airlines with certain tax-exemptions, tax exemptions for items brought in the aircraft for use in the operation or servicing of the aircraft and, possibility of review of tariffs and safety standards.  

It is also expected that, with the ratification of the agreement, new business will be generated between Brazilian and American airlines, such as the joint business agreement entered into between LATAM and American Airlines for ticket sales and flight coordination, which was approved by the Brazilian antitrust authority – CADE and is currently awaiting approval by the United States Department of Transportation.

It should be noted that air transport by “cabotage” remains prohibited. In other words, an airline from either Brazil or US is not permitted to operate flights departing and arriving within the other’s territory. Furthermore, the agreement did not modify the current limitation on foreign investment in the sector and the maximum equity interest permitted by a foreign investor in a Brazilian airline remains at 20% of the voting capital.

Finally, due to authorizations and simplification introduced by Decree No. 9,423/18, which ratified the open skies agreement, the competitiveness between Brazilian and American airlines and the number of flights between both countries should intensify. It is expected that similar new agreements will be signed between Brazil and other nations, accelerating the progress of other agreements which are currently going through the National Congress or awaiting presidential decree.

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