Starbucks sells up to 60% of China retail ops to Boyu Capital in $4B deal

STARBUCKS CORP

Boyu Capital to acquire up to 60% interest in Starbucks China retail at ~$4B enterprise value; Starbucks retains 40%.
Starbucks expects total value of China business to exceed $13B from proceeds, retained stake, and licensing NPV.
JV to operate ~8,000 stores, targeting 20,000; deal expected to close Q2 FY2026, pending regulatory approvals.
Starbucks continues to own and license the brand and IP to the new entity.
Partnership aims to accelerate growth combining Starbucks' brand with Boyu's local market expertise.

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