Brazilian group J&F has sold cellulose producer Eldorado Celulose e Papel to Dutch company Paper Excellence for R$15 billion (around US$ 4.6 billion), with full transference of the shares. The transaction is expected to be finalized within the next 12 months.
Eldorado is owned by brothers Joesley and Wesley Batista. It registered a profit of R$288 million in 2016. Despite this figure, the brothers needed to sell their business to pay for a fine of R$10.3 billion (US$ 3.1 billion) to be paid in installments within 25 years, a sentence arising off Lava Jato anti-corruption operation in Brazil.