Alpargatas, the Brazilian company behind Havaianas, has been sold for $1.1 billion to three prominent Brazilian banking groups.
Cambuhy Investimentos Ltda., Itaúsa Investimentos and the fund Brasil Warrant will split a 86 percent stake in Alpargatas, according to a regulatory filing disclosed first by Reuters.
The sale of the stake was expected as J&F Investimentos, the controlling shareholder of Alpargatas, has been hit by a series of corruption scandals and has been looking to offload the businesses. J&F manages the fortune of the billionaire Batista family. The proceeds will allow J&F to pay down debts, including a $3.2 billion fine linked to a corruption probe.
Photo courtesy Havaianas
