J&F Investimentos SA has agreed to sell a controlling stake in Havaianas flip-flop maker Alpargatas SA (ALPA4.SA) to the investment firms of Brazil’s most prominent banking families for 3.5 billion reais ($1.1 billion), according to securities filings on Wednesday.
Under terms of the deal, Cambuhy Investimentos Ltda, Itaúsa Investimentos SA (ITSA4.SA) and the fund Brasil Warrant will split J&F’s 86 percent stake in Alpargatas, the filling said. Both had bid 3.3 billion reais for Alpargatas before talks appeared to have collapsed, Reuters reported on Sunday.
The much-awaited sale is the first by J&F, the holding company overseeing the fortune of Brazil’s billionaire Batista family, since it was slammed with a record-setting leniency fine linked to a corruption probe. Proceeds from the sale will go to help repay J&F’s debt and speed up payments on the 10.3 billion-real fine, people told Reuters on Sunday.
The filings said the Cambuhy-led group will pay 14.25 reais for each Alpargatas common share and 11.40 reais for each preferred share.
Source: Reuters.com