Brazil's J&F to Sell Stake in Flip-Flop Maker Alpargatas

By Jeffrey T. Lewis Features Dow Jones Newswires

SÃO PAULO -- J&F Investimentos SA, which controls Brazilian meatpacking giant JBS SA, has agreed to sell its majority stake in flip-flop maker Alpargatas SA to investment firm Cambuhy Investimentos Ltda. and other investors for 3.5 billion reais ($1.1 billion), the footwear producer said Wednesday.

Continue Reading Below

Alpargatas, which makes the Havaianas brand of sandals, said in a regulatory filing that the other buyers are a unit of lender Itaú Unibanco Holding SA and a company called Brasil Warrant Administração de Bens e Empresas SA.

The purchase is subject to approval by the relevant authorities, Alpargatas said.

Write to Jeffrey T. Lewis at jeffrey.lewis@wsj.com

(END) Dow Jones Newswires

July 12, 2017 22:29 ET (02:29 GMT)