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Starbucks takes full control of Mainland China stores
It is the largest single acquisition in the company’s history.
In a $1.3bn deal, the coffee brand will buy the remaining 50% of its East China joint venture from Taiwan’s food and beverage giant Uni-President.
Starbucks will gain full control of 1,300 stores in 25 cities, including commercial hub Shanghai, from Uni-President Enterprises and a subsidiary.
Kevin Johnson, Starbucks chief executive, said, “Unifying the Starbucks business under a full company-operated structure in China reinforces our commitment to the market.”
