Flip-flop giant Havaianas has been sold for 3.5bn Brazilian real (£850m) to a consortium of Brazilian banks as its owners liquidate assets to foot multi-billion real fines.
The Batista family owns the brand through scandal-hit J&F group, which must pay 10.3bn real of leniency fines linked to a corruption scandal.
Cambuhy Investimentos, Itausa Investimentos and Brasil Warrant are the new owners of the business. J&F owns an 86 per cent stake in Havaianas parent company Alpargatas.
The Brazilian label has dominated the global flip-flop market, selling around 200m pairs each year. In its home country, the brand is so prevalent flip-flops are known as Havaianas.
The sale had been widely mooted over the weekend with J&F seeking to jettison a number of businesses to pay both fines and reduce short-term debts of 18.1bn real.
Joesley and Wesley Batista have admitted paying bribes to up to 1,900 politicians in a scandal that goes to the top of Brazilian politics and has led to President Michel Temer's job being on the line.