Starbucks Boosts China Holdings

The company buys a stake in the operator of 60 of its stores.
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Starbucks (SBUX) - Get Report acquired a majority stake in the China-based owner of 60 of its coffee shops.

The company acquired, from H&Q Asia Pacific and other shareholders, equity ownership of High Grown Investment Group, which in turn is the controlling shareholder of Beijing Mei Da Coffee, the operator of 60 Starbucks retail stores in Beijing and Tianjin.

Financial terms of this transaction weren't disclosed. Beijing Sanyuan continues to be a minority shareholder of Mei Da.