Jul 28, 2017
Starbucks makes biggest-ever acquisition in China
Starbucks is buying out its joint venture partners in China for $1.3bn, marking the coffee chain's biggest-ever acquisition. The all-cash deal will see Starbucks buy the remaining 50% stake it does not already own, in the firm's fastest-growing market outside of the US. It will then gain full control over 1,300 stores in the Chinese provinces of Shanghai, Jiangsu and Zhejiang. Starbucks had bought the tea brand for $620m in 2012 but says it will continue to carry the products in its main Starbucks stores. Starbucks' investment in China also comes amid slowing same-store sales in the US, which rose by 5% last quarter. Starbucks has 2,800 stores in 130 cities in China, and aims to grow that number to more than 5,000 stores by 2021.
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