Bloomin’ Brands to sell 67% of Brazil operations for R$1.4B

On November 6, the company entered into a purchase agreement with Vinci Partners to sell 67% of our Brazil operations for R$1.4 billion Brazilian Reais. This reflects a total enterprise value of R$2.06B Brazilian Reais or 6.5x trailing twelve months EBITDA, net of royalties. This strategic re-franchise includes an on-going royalty stream. The purchase price will be paid in two installments: 52% on the closing date and 48% on the first anniversary of the closing date. The company has an option to sell our remaining stake in 2028.