Starbucks to Purchase Remaining Stake in Chinese Joint Venture for $1.3 Billion
The deal is in cash.
Starbucks Corp. (SBUX) - Get Starbucks Corporation Report announced that it will purchase the remaining 50% share of its East China operations from its joint venture partners for $1.3 billion in cash.
Starbucks will buy out its former partners Uni-President Enterprises Corp. and President Chain Store Corp.
The purchase will give Starbucks full control over 1,300 stores in the Shanghai, Jiangsu and Zhejiang provinces.
Starbucks shares were up 0.5% to $58.23 in premarket trading on the news Thursday. The stock is up 4.36% year to date but is down 0.46% over the past 12 months.
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