Tuesday 27 September 2022

Starbucks to own 100 percent of its China stores after buyout deal

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SEATTLE, U.S. – Starbucks Corp. said Thursday it is acquiring the 50% stake in its East China joint venture it does not already own. The company will assume 100% ownership of about 1,300 Starbucks stores in Shanghai and Jiangsu and Zhejiang Provinces.

The coffee store chain said it is still committed to operating more than 5,000 stores in Mainland China by 2021.

The deal is worth approximately $1.3 billion (USD) — the largest single acquisition in the company’s history, according to the coffee giant.

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