Scandal-Plagued Brazil Family Gets $1.1 Billion for Flip-Flops

The family at the center of Brazil’s political crisis agreed to sell its stake in the Havaianas flip-flop business for 3.5 billion reais ($1.1 billion), part of an asset selloff to pay down legal settlements.

The deal hands control of one of the nation’s most iconic consumer brands to Cambuhy Investimentos Ltda. and Brasil Warrant, both run by the Moreira Salles family, and Itausa - Investimentos Itau SA, backed by the Setubal family. The investors will pay 14.25 reais per common share and 11.40 reais per preferred share to acquire 54 percent of Havaianas parent company Alpargatas SA, according to a statement Wednesday.