Mubadala-Backed Zamp to Buy Starbucks Brand Rights, Stores in Brazil

Brazilian restaurant chain operator Zamp has agreed to buy the rights to operate the Starbucks brand and some stores in Brazil, causing a surge in its shares. The 120 million-real ($22.7 million) deal was signed with SouthRock, which owns the rights and assets and has been in bankruptcy protection since last year. The deal requires approval from Brazil’s antitrust watchdog CADE and the court overseeing SouthRock’s bankruptcy. Zamp also needs a final agreement with Starbucks, which has agreed to an initial deal authorizing Zamp to explore the brand and develop operations of the coffee shop chain in Brazil. Starbucks has been in conversations with Zamp to directly manage Starbucks retail cafes across Brazil. SouthRock confirmed the agreement, pending approvals, and remains committed to its court-supervised reorganization proceedings to restructure and resume business growth.

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