Starbucks sells 60% stake in China unit to Boyu for US$4 billion

[NEW YORK] Starbucks is selling a majority stake in its China unit to private equity firm Boyu Capital for US$4 billion to help accelerate its coffeehouse business in the country.

Boyu Capital is taking up to 60 per cent interest in Starbucks’ retail operations in China through a joint venture with the company, according to a statement. Starbucks will hold the remaining 40 per cent interest and will continue to license the brand and intellectual property to the joint venture.

Starbucks expects the total value of its China retail business to exceed US$13 billion, according to a statement. BLOOMBERG