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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