Food & Drink Mubadala-backed Zamp buys Starbucks brand in Brazil By Pramod Kumar June 7, 2024, 4:13 AM 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. NewsletterGet 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. Mubadala to invest $13.5bn in sustainable biofuels in Brazil Mubadala trims stake in US chipmaker GlobalFoundries Mubadala Capital’s second Brazil fund raises $710m 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.