Skip to content Skip to Search
Skip navigation

Mubadala-backed Zamp buys Starbucks brand in Brazil

By Pramod Kumar
Customers at the Starbucks store in Sao Paulo's Alameda Santos Reuters/Rickey Rogers
Customers at the Starbucks store in Sao Paulo's Alameda Santos

Zamp, a Brazilian restaurant chain backed by Abu Dhabi sovereign fund Mubadala, has signed a deal to buy the Starbucks brand in the South American nation.

The operator of Burger King and Popeyes stores in Brazil, Zamp signed an agreement with bankruptcy-hit SouthRock Group to acquire certain assets and rights of the Starbucks brand for 120 million real ($22.7 million), it said in a filing to Brazil’s stock exchange on Thursday.

The news drove Sao Paulo-listed Zamp’s share price up 10.2 percent at closing.

Person, Electronics, Mobile Phone

Newsletter
Get the Best of AGBI delivered straight to your inbox every week

Although the deal will be carried out through a competitive process, Zamp will have the right to match potentially higher bids from third parties. However, the filing did not give the number of Starbucks stores to be acquired.

The transaction is subject to approvals from Brazil’s competition authority and the bankruptcy court.

In February, Zamp disclosed that Mubadala Capital, wholly owned by Mubadala Investment Company, owns a 38.5 percent stake.

Mubadala Capital Brazil has invested over $5 billion in Brazil since 2012, according to Mubadala Capital, the $20 billion global asset management firm.

Latest articles

STC wants to consolidate the mobile tower market

STC approves PIF purchase of telecom company

Shareholders of Saudi telecom giant STC have approved plans to create a new telecommunications infrastructure company in which the Public Investment Fund will have a 51 percent stake valued at SAR8.7 billion ($2.3 billion).  Under the deal, the STC-owned Telecommunication Towers Co. Limited (Tawal) will become a PIF subsidiary through a merger with Golden Lattice […]

Flavio Cattaneo of Enel, of which Endesa is a subsidiary, and Mohamed Jameel Al Ramahi at the signing of the deal

Masdar buys stake in Spanish utilities company Endesa

The UAE’s state-owned clean energy company Masdar has agreed to acquire a minority stake in Spanish electric utility business Endesa to partner for 2.5 gigawatts (GW) of renewable energy assets in Spain. Under the agreement, subject to regulatory approval, Masdar will invest nearly $890 million to acquire a 49.99 percent stake in Endesa, with an […]

UAE markets Hong Kong

UAE capital markets partner with Hong Kong exchange

The Hong Kong Stock Exchange (HKSE) has added the Abu Dhabi Securities Exchange (ADX) and the Dubai Financial Market (DFM) to its roster of recognised marketplaces. The move opens the door for UAE-based companies to pursue secondary listings on one of Asia’s premier financial markets. It also follows the inclusion of the Saudi Exchange (Tadawul) […]

Person, Worker, Adult

Aramco and PIF invest in Saudi-Chinese steel venture

Saudi Aramco and the Public Investment Fund have doubled their investment in a steel plate joint venture with a Chinese company to $500 million. The two Saudi companies each own 25 percent shares in the new venture in Ras Al Khair industrial city, Bloomberg reported, quoting a statement published on the Chinese stock exchange. Chinese […]