J&F Investments, the controlling shareholder of Alpargatas SA, has sold its stake in the company to Brazilian investment firms Cambuhy Investimentos Ltda., Itaúsa (Investimentos Itaú SA) and Brasil Warrant Administração de Bens e Empresas SA.

The three companies, all prominent Brazilian banking families, will pay 14.25 reais, or 4.25 US dollars, for each Alpargatas common share and 11.40 reais, or 3.56 US dollars, for each preferred share.

The Batista family, which controls J&F Investments and several other major Brazilian companies, is allegedly planning to use the proceeds from the sale of Alpargatas to pay debts linked to a political-corruption probe in Brazil. The sale comes just 18 months after J&F Investments bought Alpargatas from then-embattled builder Camargo Correa SA.