Camargo Correa SA, the holding company of the billionaire Camargo sisters, said it is selling the maker of Havaianas flip-flops to J&F Investimentos SA for 2.7 billion reais ($718 million).
J&F, a holding company that controls the world’s largest meat exporter JBS SA, will acquire control of Alpargatas SA, the publicly-traded company that includes Havaianas among its brands, according to a regulatory filing Monday.
The sale comes three weeks after Alpargatas sold its Topper and Rainha brands in Brazil to a group of investors led by magnate Carlos Wizard Martins. Camargo, one of Brazil’s biggest privately-held conglomerates, is selling off assets as it pays fines related to the country’s largest-ever corruption investigation that has engulfed state-run oil company Petroleo Brasileiro SA. Camargo’s construction unit agreed this year to pay a record 104 billion reais in a settlement with Brazil’s antitrust regulator, and reached a leniency agreement with prosecutors to pay back 700 million reais to public coffers.
Brazil Energy Insight 
Leave a comment