Kuwait’s Alshaya Group valued its Starbucks Group franchise in the region at $15 billion.
The group had said last November that it was considering selling a minority stake in the franchise Starbucks Corporation Which extends from the Gulf region to Russia.
The company added that it was working with JPMorgan on a potential transaction and that no final decision had been made regarding the sale of the stake.
Established more than 130 years ago, Alshaya is one of the largest operators of popular retail brands in the Middle East.
The Alshaya franchise has more than 1,700 outlets selling Starbucks products, and is Alshaya’s largest franchise.
Alshaya opened its first Starbucks in Kuwait in 1999 and later expanded the brand across Turkey in 2003 and Russia in 2007. It now serves Starbucks in 14 markets and expects to operate 1,750 stores by the end of 2021.
The group operates more than 4,000 stores across the region from Dubai to Turkey and Russia, and includes nearly 70 brands. Its digital footprint also includes more than 100 websites and apps.
The company employs more than 50,000 people and includes H&M and The Body Shop in its regional portfolio, according to its website.