PIF Kuwait-based Alshaya Group has reportedly hired JPMorgan to sell a significant minority stake in Starbucks, according to Reuters.
Buyout groups CVC Capital Partners and Brookfield and two Abu Dhabi state funds have bid to buy a stake in the Middle East, North Africa and central Asia Starbucks franchise held by Alshaya Group.
Abu Dhabi state funds Mubadala and ADQ have also put in first round bids, the sources said.
The Alshaya-backed Starbucks’ franchise in the region has several hundred outlets in 14 countries including the Middle East, Russia, and some central Asian states, according to Alshaya’s website.
Bloomberg said the overall franchise could be worth $11 billion-$15 billion, with a 30% stake of the business on offer.
Bloomberg named Saudi’s Public Investment Fund (PIF) as a first-round bidder.
