J&F Investimentos has agreed to sell casual footwear manufacturer Alpargatas to the investment units of two of Brazil’s most important banking families for R$3.5 billion (US$1.1 billion), Reuters has reported.
Reports earlier in the week had suggested that the deal had collapsed due to a disagreement over price.
A financial filing on July 12 revealed that Cambuhy Investimentos, Itaúsa Investimentos and the Brasil Warrant fund will split J&F’s 86% stake in Alpargatas.
Proceeds from the deal are likely to go towards paying plea bargains and fines incurred as part of a scandal that has engulfed J&F. It involves another of its companies, meat and leather producer JBS.
Information courtesy of Leatherbiz