FILE PHOTO: A Starbucks logo is seen at a Starbucks coffee shop in Seoul, South Korea, March 7, 2016. REUTERS/Kim Hong-Ji
July 27, 2021
(Reuters) – Starbucks Corp will sell the entire 50% stake it owns in its South Korean venture to local partner E-Mart Inc and Singapore sovereign wealth fund GIC, the U.S. coffee chain said on Monday.
E-Mart, which currently owns 50% of Starbucks Coffee Korea, will acquire an additional 17.5% interest, while GIC will own 32.5%, Starbucks said.
E-Mart said its additional stake will be worth 474 billion won ($411.89 million).
Starbucks said the deal in its fifth-largest market is expected to be completed over the next 90 days.
($1 = 1,150.7900 won)
(Reporting by Shubham Kalia in Bengaluru; Editing by Ramakrishnan M.)