J&F offloads flip-flop maker

J&F offloads flip-flop maker

Brazil M&A

Brazilian holdco J&F Investimentos has agreed to sell Alpargatas to a consortium of investors for BRL3.5bn ($1.09bn). The consortium – comprised of financial holdco Itausa, local private equity fund Cambuhy Investimentos and fund Brasil Warrant – will pick up 207.2m ordinary shares in Alpargatas and 47.9m preferred shares, according to a securities filing from the footwear company. This is equal to roughly 86% social capital in the firm, 21% of its preferred shares and 54.2% overall. B

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