GIC set to buy stake in Starbucks Korea for $700 mn
The sovereign wealth fund may consider Starbucks Korea's IPO as an exit option
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Singapore's sovereign wealth fund GIC Private Ltd. is set to sign an agreement next week to buy a 30% stake in Starbucks Korea from the coffeehouse chain's parent company for 800 billion won ($700 million), according to investment banking sources.
As part of the upcoming deal, Seattle-based Starbucks Corp. is selling its remaining 20% stake in the South Korean joint venture to E-Mart Inc. which will eventually end up with a 70% stake in Starbucks Korea. E-Mart is Shinsegae Group's supermarket chain.