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OFFON

STARBUCKS CORPORATION

(SBUX)
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Starbucks to Sell South Korean Unit to GIC, E-Mart

07/27/2021 | 02:13am EDT

By Kwanwoo Jun

U.S. coffee chain Starbucks Corp. said it will sell its entire 50% stake in its South Korean unit to Singapore's sovereign wealth fund GIC Pte. Ltd. and local partner E-Mart Inc.

GIC will acquire 32.5% of Starbucks Coffee Korea and E-Mart will take the remaining 17.5% on top of its existing 50% stake, Starbucks said in a statement.

Starbucks said it expects to complete the stake sales over the next 90 days, without elaborating on divestment terms.

E-Mart in a separate regulatory filing Tuesday confirmed its planned purchase of 700,000 shares of Starbucks Coffee Korea for 474 billion won ($411.2 million) to secure a total of 67.5% in the venture and cement its managerial rights.

South Korean media recently reported that GIC had made a roughly KRW800 billion investment offer and proposed that Starbucks Coffee Korea should go public in the future.

Starbucks has partnered with E-Mart, an affiliate of South Korean retail conglomerate Shinsegae Group, to operate the joint venture in South Korea since 1999.

Starbucks Coffee Korea has since grown to operate more than 1,500 stores across 78 cities in South Korea, the fifth-largest market for the global coffee chain.

Write to Kwanwoo Jun at kwanwoo.jun@wsj.com

(END) Dow Jones Newswires

07-27-21 0212ET

Stocks mentioned in the article
ChangeLast1st jan.
DJ INDUSTRIAL -2.17% 33808.21 Delayed Quote.13.00%
E-MART INC. 1.16% 174500 End-of-day quote.15.18%
MSCI SINGAPORE (GDTR) 0.30% 6552.134 Real-time Quote.12.58%
SHINSEGAE INC. -0.18% 271000 End-of-day quote.13.15%
STARBUCKS CORPORATION -1.93% 111.08 Delayed Quote.6.01%
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Financials (USD)
Sales 2021 29 184 M - -
Net income 2021 3 708 M - -
Net Debt 2021 9 045 M - -
P/E ratio 2021 36,5x
Yield 2021 1,61%
Capitalization 134 B 134 B -
EV / Sales 2021 4,89x
EV / Sales 2022 4,47x
Nbr of Employees 349 000
Free-Float 99,8%
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Mean consensus OUTPERFORM
Number of Analysts 34
Last Close Price 113,41 $
Average target price 130,98 $
Spread / Average Target 15,5%
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Managers and Directors
Kevin R. Johnson President, Chief Executive Officer & Director
Rachel Marie Ruggeri Chief Financial Officer & Executive Vice President
Mellody Louise Hobson Chairman
Gerri Martin-Flickinger Chief Technology Officer & Executive VP
Jeff Wile Chief Information Officer
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