J&F agrees to sell Alpargatas

Published:  14 July, 2017

The holding that owns meatpacking giant JBS has finally agreed to sell the footwear manufacturing Group to Brazilian financial investors Cambuhy and Itaúsa.

J&F is reported to have sold its stake of 54.24% in Alpargatas to Itaúsa, Cambuhy Investimentos and Brasil Warrant (BW) for R$3.5 billion (US$1.08 billion). According to a statement sent to the Brazilian Securities and Exchange Commission (CVM), the payment of the purchase will be made in cash at the closing date of the deal. Itaúsa is to pay 50% of the total amount, or R$1.75 billion (US$544.8 million).

Brazilian billionaire family Moreira Sales is one of the owners of Itaúsa but also manages assets at BW and holds a participation in Cambuhy Investimentos.

"Itaúsa, BW and Cambuhy are confident that Alpargatas, with the collaboration of its employees and executives, will continue its growth trajectory and identify new opportunities to maximise value creation in various segments," said the buyers in a statement.

Alpargatas has over 700 stores worldwide, mostly for the Havaianas brand.

Source: G1