J&F Investimentos, a family’s investment holding company controlling one of the world’s largest meat exporter JBS SA, said it would pay the construction conglomerate Camargo Correa SA 2.7 billion reais (roughly 720 million US dollars) for a 44.1% controlling stake in the footwear maker and distributor Alpargatas SA.

The purchase of Alpargatas will further diversify the holdings of J&F, which also controls pulp and paper maker Eldorado Brasil Celulose SA, dairy-products company Vigor Alimentos SA and lender Banco Original SA.

According to J&F, Alpargatas’s global business is a good fit to their portfolio, given their own experience with international operations and brand development.

The sale comes three weeks after Alpargatas sold its Topper and Rainha brands in Brazil to a group of investors led by magnate Carlos Wizard Martins. A deal which also included 20% of  Topper operations in Argentina and in the rest of the world (excepts US and China) and Rainha’s operations in the world.

Image credits: Camargo Corrêa S.A