https://arab.news/mmw8k
RIYADH: Saudi Arabia’s Public Investment Fund, Brookfield Asset Management Inc. and CVC Capital Partners are among the bidders for a stake in Alshaya Group’s Starbucks Corp. franchise, Bloomberg reported.
Abu Dhabi’s ADQ and Mubadala Investment Co. have also submitted separate non-binding offers to buy 30 percent stake in Starbucks Corp. JPMorgan Chase & Co. is handling the selling process on behalf of the Kuwaiti conglomerate.
Sources who wished to stay anonymous told Bloomberg that owners of Starbucks franchise have valued the business at $15 billion. However, prospective buyers value it at around $11 billion.
GIC Pte. and Temasek Holdings Pte. and Dubai Holding LLC are other companies who have expressed interest to buy shares of Starbucks, as per the source.
Alshaya, founded in 1890 is touted to be the oldest company in Kuwait. Starbucks, based in Seattle is Alshaya’s biggest franchise.