#Saudi PIF shortlisted as bidder for stake in Starbucks Mideast - sources | Reuters

Saudi PIF shortlisted as bidder for stake in Starbucks Mideast - sources | Reuters

Saudi Arabia's sovereign wealth fund, the Public Investment Fund (PIF), has been shortlisted to buy a stake in the Middle East, North Africa and central Asia Starbucks franchise held by Alshaya Group, two sources told Reuters.

The Starbucks franchise in the region has several hundred outlets in 14 countries across the Middle East, Russia, and central Asia.

Kuwait-based Alshaya Group, the region's leading brand franchise owner, last year hired JPMorgan (JPM.N) to sell a significant minority stake in the business. The sources said it could sell up to 30%, generating $4 billion-$5 billion.

The PIF, which manages over $600 billion of assets, declined to comment. Alshaya did not immediately respond to a request for comment. JPMorgan also declined to comment.

The PIF is among the bidders that have made it to the next round as the sale process nears its final stages, the source said.