08:47 AM EST, 11/08/2024 (MT Newswires) -- Bloomin' Brands ( BLMN ) said Friday it signed a deal to sell 67% of its Brazil operations for 1.4 billion Brazilian real ($243.2 million) to Vinci Partners.

The re-franchise move includes an ongoing royalty stream, Bloomin' Brands ( BLMN ) said, adding that it has the option to sell the remaining stake in 2028.

Vinci Partners will pay the purchase price in a first installment of 52% on the transaction closing and 48% a year after, Bloomin' Brands ( BLMN ) said.