The Public Investment Fund (PIF) logo

Saudi Arabia’s Public Investment Fund (PIF) is the frontrunner to acquire a minority stake in Kuwait’s Alshaya Group’s Starbucks Corp. franchise, Bloomberg reported, citing unnamed sources.

The PIF is heading a consortium of investors to buy a stake in the business, the report said, expecting the consortium could reach an agreement in the coming weeks.

Alshaya has valued the business at $15 billion, but prospective buyers are expected to bid closer to around $11 billion.

No final decision has been made and negotiations could still drag on longer or fall apart.

Reuters reported last June that the PIF had been named among shortlisted bidders to acquire a stake in the Middle East, North Africa and Central Asia Starbucks franchise.

The Kuwait-based group might sell up to 30% of the franchise to raise $4 billion-$5 billion in funds.

Starbucks operates around 1,700 outlets in 14 markets in the Middle East, Russia and Central Asia.