Starbucks to exit S Korean venture valued at over $2b

Starbucks to exit S Korean venture valued at over $2b

Photo by Jakub Kapusnak on Unsplash

Starbucks Corp is exiting its joint venture in South Korea, the U.S. coffee giant’s fifth-largest market, selling a part of its stake to local partner E-Mart Inc and the rest to Singapore’s sovereign wealth fund, GIC.

E-Mart, one of the largest retailers in South Korea that currently owns half the JV, will buy an additional 17.5% stake for $411 million, it said in a filing on Tuesday. It will operate the Starbucks stores. GIC will own the remaining 32.5%.

Bring stories like this into your inbox every day.

Sign up for our newsletter - The Daily Brief
Subscribe to Newsletter