Starbucks exiting South Korea venture with E-Mart

Tuesday, 27. July 2021 09:22

Starbucks Coffee Company said on Tuesday that it will sell its 50% ownership share of Starbucks Coffee Korea Co. Ltd. to E-Mart Inc. and GIC Private Ltd..

E-Mart, which owns half of the joint venture, will acquire an additional 17.5% stake in the company, giving it a total 67.5% share. Singapore's sovereign wealth fund associate GIC will buy the remaining shares.

"This transaction is the result of the strong performance and partnership we have achieved together over the past 20 years. E-Mart will continue to enhance the customer experience and social value that Starbucks has been creating, with a new partner GIC as well as Starbucks," E-Mart Executive VP T.J. Hyung stated.

Related Links: Starbucks Corporation
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Breaking the News / MD