U.S private equity firm Apollo Global Management Inc (APO.N) is in talks to buy a minority stake in the Middle East, North Africa and central Asia Starbucks (SBUX.O) franchise operated by Kuwait's AlShaya Group, three sources close to the matter said.
Dubbed "Project Emerald", according to two of the people, the privately owned retailer is looking to sell a minority stake of about 30% in the business, Reuters reported previously.
Saudi Arabia's sovereign wealth fund, the Public Investment Fund (PIF), which has previously been shortlisted to buy the stake, is also still involved in the talks, one of the people and a third one said.
Saudi Arabia's sovereign wealth fund, the Public Investment Fund (PIF), which has previously been shortlisted to buy the stake, is also still involved in the talks, one of the people and a third one said.
The Starbucks unit runs around 2,000 outlets in 13 countries, across the Middle East and North Africa, Kazakhstan and Azerbaijan. It was valued at between $4 billion and $5 billion in 2022, Reuters reported previously, before it exited Russia.
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