Mubadala Said to Eye Outback Steakhouse for Brazil Expansion

Mubadala Capital is targeting popular international food franchises that are struggling to turn a profit in Brazil as it seeks to boost its presence in Latin America’s largest economy, according to a person familiar with the matter.

The firm, a unit of the Abu Dhabi sovereign wealth fund, recently took control of Zamp, which operates Burger King and Popeyes restaurants in Brazil. The goal is to transform it into a large group housing several foreign food franchises, with Outback Steakhouse being eyed among several potential targets, the person said, asking not to be identified because discussions are still private.

The ...