Hong Kong | Starbucks agreed to sell a majority stake in its China business to private equity firm Boyu Capital at a $US4 billion ($6 billion) enterprise value in a bid to improve the coffee chain’s flagging fortunes in the country.
Boyu Capital will hold up to a 60 per cent interest in Starbucks’ retail operations in China through a new joint venture with the coffee seller, the companies said in a statement. Starbucks will hold the remaining 40 per cent and continue to license the brand and intellectual property to the joint venture.
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Bloomberg
