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Outback Steakhouse Korea to be sold to Chin Dae-je fund

Collected: 2016.06.30

Distributed: 2016.07.01

Source: Go Direct

SkyLake Investment Co., a South Korean private equity fund led by former information and communication minister Chin Dae-je, has been selected as the preferred candidate to take over Outback Steakhouse Korea, the Korean operation of the namesake U.S. family restaurant chain.

Blooming Brands International, the U.S. operator of the restaurant chain, picked SkyLake Investment as its preferred negotiator over the sale of its 100 percent stake, according to sources on Wednesday.

The two are expected to sign a stock purchase agreement as early as next week. The deal is said to be valued at the mid-50 billion won ($43.3 million) range.

The Aussie-themed restaurant has suffered from slow growth, closing one-third of more than 100 shops in Korea as of the end of February. The chain has been put on sale through its sale adviser HSBC.

By Kang Doo-soon

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