Boyu Capital Group Management Ltd. entered an agreement to acquire 60% stake in China retail operations from Starbucks Corporation (NasdaqGS:SBUX) for an enterprise value of $4.0 billion on November 3, 2025. Boyu will acquire its interest based on a cash-free, debt-free enterprise value of approximately $4 billion. Under the agreement, Boyu Capital will acquire up to a 60% interest in Starbucks retail operations in China. Starbucks will retain 40% interest and will serve as the owner and licensor of the Starbucks global brand. Starbucks expects the total value of its China retail business to exceed $13 billion, composed of three sources: proceeds from the sale of a controlling interest in the joint venture to Boyu Capital, the value of Starbucks retained interest in the joint venture, and the net present value of ongoing licensing economics payable to Starbucks over the next decade or more. The China retail operations business will continue to be headquartered in Shanghai.

The transaction is subject to approval by regulatory board / committee. The the transaction is expected to completed in second quarter of Financial year 2026. Morgan Stanley Asia Limited acted as financial advisor to Boyu Capital Group Management Ltd. Goldman Sachs & Co. LLC acted as financial advisor to Starbucks Corporation. Kyle Seifried and Judie Ng Shortell of Paul, Weiss, Rifkind, Wharton & Garrison LLP acted as legal advisor to Starbucks Corporation.

Boyu Capital Group Management Ltd. completed the acquisition of 60% stake in China retail operations from Starbucks Corporation (NasdaqGS:SBUX) on April 2, 2026.Under the terms of the agreement, funds managed by Boyu Capital now hold a 60 percent stake in Starbucks China retail operations, while Starbucks retains a 40 percent ownership interest and continues to own and license the brand and intellectual property to the joint venture.