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Starbucks to exit South Korea venture, sell stake to E-Mart, GIC
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Starbucks to exit S Korea venture valued at over $2 billion
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This Oct. 27 file photo shows a sign at a Starbucks Coffee store in south Seattle. (AP Photo)
Starbucks Corp. said on Monday it will exit any direct ownership in South Korea, its fifth-largest market, selling the 50 percent stake it owns in a joint venture to local partner E-Mart Inc. and Singapore’s sovereign wealth fund, GIC.
E-Mart, which currently owns 50 percent of Starbucks Coffee Korea, said it would acquire an additional 17.5 percent stake that would be worth 474 billion won ($411.89 million).
That also suggests a $2.35 billion valuation for Starbucks Coffee Korea, Reuters calculations showed.
GIC will own the remaining 32.5 percent of the venture, Starbucks said.