NEW YORK (AP) — Bloomin' Brands says it's acquiring a controlling stake in the joint venture that runs its Outback Steakhouse operations in Brazil.
The company, based in Tampa, Fla., says the deal will give it a 90 percent stake in the joint venture and is part of its global expansion strategy. Financial terms were not disclosed.
The joint venture's first restaurant opened in 1997 and now has 47 Outback locations, the company said. Peter Rodenbeck, chair of Outback Brazil, said in a statement that he will "step away from day-to-day operations" but remain a minority shareholder and adviser.
In addition to Outback, Bloomin' Brands runs restaurant chains including Carrabba's Italian Grill, Bonefish Grill, Fleming's Prime Steakhouse & wine Bar and Roy's.
Shares of Bloomin' Brands Inc. rose 92 cents, or 3.7 percent, to $25.94 in in morning trading. Its shares have risen 53 percent do far this year.