Saudi Arabia’s Public Investment Fund is one amongst the many bidders for a stake in Alshaya Group’s Starbucks Corp. franchise, local media reported.
Abu Dhabi’s ADQ and Mubadala Investment Co. have also submitted separate non-binding offers to buy 30 percent stake in Starbucks Corp.
The other bidders who are interested to buy shares in Starbucks include Brookfield Asset Management Inc., CVC Capital Partners, GIC Pte., Temasek Holdings Pte. and Dubai Holding LLC.
JPMorgan Chase & Co. is handling the selling process on behalf of the Kuwaiti conglomerate.
Reportedly, the owners of Starbucks franchise have valued the business at $15 billion.
However, prospective buyers value it at around $11 billion.
Alshaya, founded in 1890, is touted to be the oldest company in Kuwait. Starbucks, based in Seattle, is Alshaya’s biggest franchise.