Starbucks is quitting its joint venture in South Korea, the firm's fifth-largest market and selling a part of its stake to local partner E-Mart
and Singapore sovereign wealth fund GIC, as it looks to invest more in fast-growing international markets.
GIC will own the remaining 32.5%. This suggests a $2.35 billion valuation for the entire business, and that GIC will pay more than $700 million for its stake, according to Reuters calculations. GIC declined to comment on the deal value. "South Korea ... would not be a market for major growth in the coming years. It's better for them to sell their stake use the capital and proceeds to invest in faster growth markets like China," China Market Research Group analyst Shaun Rein said.
With Starbucks Coffee Korea's operating profit surging nearly three-quarters to 45.4 billion won in January-March, the company said the region would continue to be an important market for Starbucks.
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