1347 ET - Bloomin' Brands will sell 67% of its Brazil operations to a locally-based investment firm for 1.4 billion Brazilian reais ($245.9 million), allowing the owner of Outback Steakhouse and Carrabba's to simplify and focus on its domestic operations, CEO Mike Spanos says on a call with analysts. The company will receive 52% of the proceeds upon closing, expected to occur before the end of the year, and the remaining 48% one year later. CFO Mike Healy says Bloomin' will provide details on the use of those proceeds during the company's February earnings call, after completing strategic planning efforts. Under the terms of the sale, the company will have the option to monetize its remaining 33% stake in 2028, he adds. Shares tumble 11% after company cuts its FY24 outlook. (connor.hart@wsj.com)
(END) Dow Jones Newswires
November 08, 2024 13:47 ET (18:47 GMT)
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