(Bloomberg) -- Brazilian firm Localiza Rent a Car SA is near to an agreement to sell about 3.5 billion reais ($730 million) in assets to competitor Ouro Verde Locacao e Servico SA, according to people familiar to the matter. 

Localiza is being advised by Bank of America Corp., the people said, asking not to be named before an announcement. No decision has been made and the deal can still fall apart, the people said. Localiza needs the sale to comply with Brazilian antitrust watchdog Cade’s demands to complete its merger with Cia de Locacao das Americas SA, known as Unidas.

Localiza said it is still negotiating with potential buyers, as required by Cade. Ouro Verde, Unidas and Bank of America spokespeople declined to comment.

In December, Cade approved the merger, saying that Localiza should sell part of Unidas’s car fleet and the brand name. 

Ouro Verde is owned by Toronto-based Brookfield Asset Management Inc., which plans to invest $60 million in the company during the first half of the year, the car-rental firm said in a filing.  

Advent International Corp. had also considered buying the assets, the people said.

(Updates with Localiza comment in third paragraph.)

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