February 3, 2020 / 4:25 PM / 25 days ago

Bloomin' Brands picks bidders for binding round of Outback sale in Brazil -report

SAO PAULO, Feb 3 (Reuters) - Bloomin’ Brands has selected bidders for the binding phase of the sale of the Brazilian operations of its Outback chain, Brazilian newspaper Valor Economico reported on Monday.

Bidders are private equity firm Advent International Corp, local investment firm Vinci Partners, which has a stake in local operator Burger King Brasil, and local fast food chain Madero, the paper said, citing people with knowledge of the matter.

Brazil’s Outback operation may be worth up to 2 billion reais ($472 million), the paper added. The sale process of Brazilian assets began last year as part of the strategic review by the parent, according to the paper.

Advent declined to comment. Bloomin’ Brands, Vinci, Burger King Brasil and Madero did not immediately comment. ($1 = 4.2396 reais) (Reporting by Tatiana Bautzer; Editing by Steve Orlofsky)

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