30 percent of Starbucks in Türkiye is sold

30 percent of Starbucks in Türkiye is sold

US private equity firm Apollo Global Management is in talks to buy a minority stake in the Middle East, North Africa and Central Asia Starbucks franchise operated by Kuwaiti AlShaya Group, sources told Reuters. British news agency previously reported AlShaya Groupis looking to sell a minority stake of about 30 percent in the business.

MORE THAN 8 THOUSAND PEOPLE ARE EMPLOYED

In the Middle East and North Africa region, Starbucks stores are operated by Alshaya Group in Bahrain, Egypt, Jordan, Kuwait, Lebanon, Morocco, Oman, Qatar, Saudi Arabia, Turkey and the United Arab Emirates. The company employs more than 8 thousand people in Turkey alone.

Saudi Arabia’s Public Investment Fund (PIF), which was previously shortlisted to buy the stake, is also still involved in the talks, two of the sources said. The Kuwaiti group’s Starbucks unit operates approximately 2,000 sales points in 13 countries, including the Middle East and North Africa, Kazakhstan and Azerbaijan. The company was valued at between $4 billion and $5 billion in 2022 before exiting Russia.

CLOSED 130 STORES IN RUSSIA

A possible share sale agreement would expand the investor base of the company, which has been managed by the Alshaya family since 1999. When Alshaya withdrew from Russia in 2022, it closed 130 stores in this country.

Founded in 1890, Alshaya is one of the largest retail companies in the region, owning operating rights to popular Western brands such as The Cheesecake Factory, Shake Shack and Pottery Barn.

COUNTRY AND STORE NUMBERS ARE AS FOLLOWS:

The Kuwaiti group’s Starbucks unit operates approximately 2,000 sales points in 13 countries.

Türkiye 681

Saudi Arabia 484

United Arab Emirates 319

Kuwait 218

Qatar 72

Bahrain 55

corn 80

Lebanon 42

Jordan 32

Oman 22

Morocco 18

Kazakhstan 31

Azerbaijan 6



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