Following the completion of the deal, Bloomin’ Brands will hold 90% stake in the Brazilian joint venture.
Outback Steakhouse opened its first restaurant in Brazil in 1997. Currently, it has 47 Outback Steakhouse restaurants in the country with more than 5,000 employees.
Bloomin’ Brands chairman and CEO Elizabeth Smith said that the acquisition reflects the company’s commitment to its strategy of global expansion in geographies that have the greatest potential for growth and success.
Outback Brazil chairman Peter Rodenbeck said, "As partners over the past 16 years, we have shared the brand values and Bloomin’ Brands has consistently offered its expertise in the casual dining business while clearly recognizing the hard work, commitment and dedication of our Brazilian Outback team."
Presently, Bloomin’ Brands operates over 1,500 restaurants in 48 states, Puerto Rico, Guam and 21 countries.