Havaianas flip-flop brand sold for £850m as scandal-hit owners sell stake

Disgraced billionaire brothers at centre of Brazil corruption scandal offload 86% stake in footwear maker to pay £2.5bn fine

Brazilian flip-flop brand Havaianas is being sold for nearly £850m as its billionaire owners flog the family silver to pay a £2.5bn fine relating to a corruption scandal that is threatening to topple the country’s president.

The owner J&F, part of the business empire of Brazil’s disgraced Batista family, said it had sold an 86% stake in the sandal maker for R3.5bn (£844m) to a consortium of wealthy investors.

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from Mergers and acquisitions | The Guardian http://ift.tt/2tM3tby