PIF still in talks to buy stake in AlShaya Group’s Starbucks franchise: Report

08/02/2024 Argaam

PIF still in talks to buy stake in AlShaya Group’s Starbucks franchise: Report

Logo of Public Investment Fund (PIF)

The Public Investment Fund (PIF) is still in the talks to buy a minority stake in the Middle East, North Africa and central Asia Starbucks franchise, operated by Kuwait's AlShaya Group, Reuters reported today, Feb. 8, citing a source.

 

Saudi Arabia's sovereign wealth fund has previously been shortlisted to buy the stake.

 

Apollo Global Management, an US private equity firm, is also in talks to buy a minority stake in the Starbucks franchise.

 

In September 2022, Bloomberg reported that the PIF led the bid for a minority stake in Alshaya Group’s Starbucks Corp. franchise.

 

Alshaya Group plans to sell a stake of up to 30% in the Starbucks unit, which runs around 2,000 outlets in 13 countries across the Middle East and North Africa.

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