December 27, 2019 / 11:05 PM / a month ago

Brazil shoemaker Alpargatas to sell unit controlling Topper brand

BRASILIA (Reuters) - Apparel maker Alpargatas SA (ALPA4.SA) said in a securities filing on Friday that Brazilian entrepreneur Carlos Wizard Martins would exercise his right to buy full control over its unit that controls the Argentinian sportswear brand Topper.

Martins bought 21.8% of the Alpargatas S.A.I.C. unit (ASAIC) that controls Topper globally in 2018 and held the right to buy the remaining stake. The total purchase price of ASAIC will be 260 million reais ($64.28 million), discounting 40 million paid previously, Alpargatas said.

Reporting by Jake Spring; Editing by Leslie Adler

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