July 12, 2017 / 9:47 PM / a year ago

Brazil's banking families to buy Alpargatas for $1.1 bln -source

SAO PAULO, July 12 (Reuters) - J&F Investimentos SA has agreed to sell a controlling stake in Havaianas flip-flop maker Alpargatas SA to a group led by the investment firms of Brazil’s most prominent banking families for 3.5 billion reais ($1.1 bln) in cash, a person with direct knowledge of the transaction said on Wednesday.

Under terms of the deal, Cambuhy Investimentos Ltda and Itaúsa Investimentos SA will split equally J&F’s 86 percent stake in Alpargatas, said the person, who asked for anonymity because the deal remains private. Cambuhy and Itaúsa had offered as low as 3.3 billion reais for Alpargatas, before talks appeared to have collapsed on Sunday.

$1 = 3.2072 reais Reporting by Tatiana Bauzter and Guillermo Parra-Bernal; Editing by Tom Brown

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