11:22 AM EDT, 06/06/2024 (MT Newswires) -- Starbucks' ( SBUX ) assets in Brazil will be acquired by restaurant operator Zamp from SouthRock Group for 120 million Brazilian reais ($22.8 million), Zamp said Thursday.

Zamp said it signed a deal with SouthRock Thursday to buy certain assets and the rights to operate Starbucks ( SBUX ) stores in Brazil.

The deal requires approval by Brazil's antitrust regulator CADE and other customary conditions, according to Zamp. It also requires the signing of definitive agreements with Starbucks ( SBUX ), Zamp said, adding it has reached an understanding with Starbucks ( SBUX ) regarding the terms and conditions of the main contracts for Starbucks' ( SBUX ) operations in Brazil.

A competitive bidding will still need to be held, with Zamp having the right to match any offers made by other bidders, Zamp said.

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