STARBUCKS TO ACQUIRE REMAINING SHARES OF EAST CHINA JOINT VENTURE AND OPERATE ALL STARBUCKS STORES IN MAINLAND CHINA; ACQUISITION ADVANCES COMPANY'S LONG-TERM CHINA GROWTH AGENDA

Company announces agreements to acquire the remaining 50% of its East China JV and divest its 50% interest in its Taiwan JV; both transactions undertaken with long-term JV partners President Chain Store Corporation and Uni-President Enterprises Corporation

Company Reaffirms its Commitment to Operating 5,000 Stores in Mainland China by 2021

 

SEATTLE, July 28 (Bernama-BUSINESS WIRE) -- Starbucks Corporation (Nasdaq: SBUX) today announced entry into a definitive agreement to acquire the remaining 50% share of its East China (“East China JV”) business from long-term joint venture partners, Uni-President Enterprises Corporation (“UPEC”) and President Chain Store Corporation (“PCSC”) for approximately $1.3 billion in cash consideration in the largest single acquisition in the Company’s history. Starbucks will assume 100% ownership of approximately 1,300 Starbucks stores in Shanghai and Jiangsu and Zhejiang Provinces, building on the Company’s ongoing investments in China, its fastest-growing market outside of the United States in terms of store count.

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