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Havaianas Flip-Flop Brand Sold Because Owners Needed Money To Pay Fine

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J&F Investimentos SA has agreed to sell a controlling stake in Havaianas flip-flop maker Alpargatas SA to Brazilian investment firms for 3.5 billion reais or $1.1 billion.

The Batista family, which controls J&F, will use the proceeds from the deal to pay down debts, including a hefty fine of $3.2 billion fine related to a corruption probe.

According to reports, J&F's 86 percent stake in Alpargatas will be split between Cambuhy Investimentos Ltda., Itaúsa Investimentos and the fund Brasil Warrant.

São Paulo-based Alpargatas makes Havaianas flip flops worn by celebrities from Blake Lively to Jennifer Aniston.

Itaúsa oversees the fortune of the Villela and Setúbal families who control Latin America's biggest bank Itaú Unibanco, while Cambuhy is the asset management company of the billionaire Moreira Salles family.

by RTT Staff Writer

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