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 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 said.