Exclusive translation: Saudi Arabia’s Public Investment Fund has emerged as the likely candidate to buy a minority stake in Kuwait’s Alshaya Group’s Starbucks franchise, according to people familiar with the matter.
People familiar with the matter said the Public Investment Fund is leading a group of investors vying for a stake in Starbucks and could reach a deal in the coming weeks.
Alshaya, which works with JPMorgan Chase & Co., valued the company at $15 billion, but potential buyers expected bids close to $11 billion, Bloomberg News reported.
No final decisions have been made, and negotiations could still drag on or break down, while representatives of the Saudi Public Investment Fund and Alshaya declined to comment on the deal.
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