Starbucks has agreed to acquire the remaining stake of 50% in East China joint venture (East China JV) from Uni-President Enterprises Corporation (UPEC) and President Chain Store Corporation (PCSC).
The two companies last week sold a combined 50 percent stake in President Starbucks Coffee Shanghai Corp (上海統一星巴克) to Starbucks Corp as the US coffee giant brings its operations in China back in-house in its biggest acquisition.
The announcement came as Starbucks revealed overall net income fell 8.3% to $691.6m for the third quarter ended July 2nd.
Time has run out for Teavana, the tea-driven subsidiary of Starbucks, which has announced it is closing all 379 of its stores by next spring. On an adjusted basis, it earned 55 cents per share, meeting the expectations of Wall Street analysts.
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Same-store sales from China, where there are 2,800 stores in 130 cities, were up a robust seven per cent in the latest quarter. Full ownership will give the chain control of 1,300 Starbucks stores throughout the country, including locations in Shanghai, Jiangsu and in the Zhejiang Provinces, MarketWatch reports. Total revenue was $5.66 billion, missing estimates of $5.76 billion in revenue. According to its Q3 results, same-store sales in China rose 7% compared with 5% in the US.
The deal is Starbucks' single biggest acquisition, which underscored the importance of the Chinese market to the Seattle-based coffee chain.
The company will divest the 50% of its stake in its President Starbucks Coffee Taiwan Limited (Taiwan JV) to UPEC and PCSC for an amount of $175m.
With Shanghai alone being home to nearly 600 stores-the most for Starbucks in any city-the east China joint-venture has been hugely strategic for the company during a period of rapid expansion in the Far East.
Both transactions are expected to close by early 2018 and are subject regulatory approvals.
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