J&F Investimentos SA has agreed to sell a controlling stake in Havaianas flip-flop maker Alpargatas SA to the investment firms of Brazil’s most prominent banking families for 3.5 billion reais ($1.1 billion), according to securities filings on Wednesday.

Under terms of the deal, Cambuhy Investimentos Ltda, Itaúsa Investimentos SA and the fund Brasil Warrant will split J&F’s 86 percent stake in Alpargatas, the filling said. Both had bid 3.3 billion reais for Alpargatas before talks appeared to have collapsed, Reuters reported on Sunday.

The much-awaited sale is the first by J&F, the holding company overseeing the fortune of Brazil’s billionaire Batista family, since it was slammed with a record-setting leniency fine linked to a corruption probe. Proceeds from the sale will go to help repay J&F’s debt and speed up payments on the 10.3 billion-real fine, people told Reuters on Sunday.

The filings said the Cambuhy-led group will pay 14.25 reais for each Alpargatas common share and 11.40 reais for each preferred share.

São Paulo-based Alpargatas makes Havaianas flip flops worn by celebrities from Blake Lively to Jennifer Aniston. Its shares had surged 56 percent this year on expectations of a sale. Alpargatas also manages a wide array of Brazilian fashion brands including beachwear brand Osklen.

Itaúsa oversees the fortune of Brazil’s Villela and Setubal families, who control São Paulo-based Itaú Unibanco Holding SA, Latin America’s largest bank by assets. Cambuhy is the family office of Brazil’s billionaire Moreira Salles family, also a major Itaú shareholder.

Reuters first reported the Cambuhy-led bid on June 16.

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