Shinsegae Group acquires 17.5 pc additional stake in Starbucks Korea
ANI |
Updated: Jul 28, 2021 08:23 IST
E-Mart announced on the 27th that it will acquire an additional 17.5% of Starbucks CoffeeKorea's 50% stake held by Starbucks Coffee International. The acquisition is 700,000 shares, and the acquisition amount is 474.25 billion won.
Shinsegae Group will have a 67.5% stake in Starbucks CoffeeKorea, including a 50% stake that it already holds. The remaining 32.5% stake will be acquired by the Government of Singapore Investment Corporation (GIC), a Singaporean sovereign wealth fund, from a long-term investment perspective.
Starbucks Korea is a joint venture established by Shinsegae Group's E-Mart and Starbucks Coffee International with 50% investment each. Shinsegae Group's Vice Chairman Chung Yong-jin brought Starbucks to Korea after his studying at Brown University in the U.S. Shinsegae Group has maintained and developed its cooperative relations with Starbucks headquarters in the U.S. since opening its first Starbucks branch in front of Ewha Woman's University in 1999.