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Havaianas sold for £850m

Flip-flop brand Havaianas has reportedly been sold for $1.1bn (£850m).

The label was owned by J&F group and is being bought by three Brazilian banking groups: Cambuhy Investimentos, Itaúsa Investimentos and the fund Brasil Warrant, the BBC reports.

The BBC said proceeds from the sale will help repay debt and go towards fines of more than $3bn (£2.3bn) the company has been hit with.

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