Brookfield, CVC, Wealth Funds Eye Stake in Alshaya's Starbucks Franchise - Bloomberg
Brookfield Asset Management Inc. and CVC Capital Partners, alongside sovereign wealth funds, are among parties that made first-round bids for a minority stake in Kuwaiti conglomerate Alshaya Group’s Starbucks Corp. franchise, according to people familiar with the matter.
Abu Dhabi’s ADQ and Mubadala Investment Co. and Saudi Arabia’s Public Investment Fund also submitted separate non-binding offers to buy a 30% stake in the business in recent weeks, the people said, asking not to be named because the information is private.
The owners have indicated they value the business at $15 billion but prospective buyers expect bids to value it closer to around $11 billion, the people said. JPMorgan Chase & Co. is handling the sale on behalf of Alshaya, Bloomberg News previously reported.
The Starbucks business offers potential buyers instant access to around 1,700 outlets in 14 markets that span some of the biggest emerging economies, from Saudi Arabia to Russia and Turkey.
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