Starbucks Korea partner Emart may take full control over coffee chain
Starbucks Korea partner Emart may take full control over coffee chain

Emart that is owned by retail giant Shinsegae Group, and also holds a 50 percent stake in Starbucks Korea, is in talks to buy the remaining 50 percent held by the Starbucks global.

As per reports, Shinsegae’s hypermarket chain unit Emart is reportedly seeking to raise its stake in the Korean unit of Starbucks from the current 50 percent to 70 percent while Singapore’s sovereign wealth fund GIC will buy a 30 percent stake.

While revealing the ongoing negotiation with Starbucks Coffee International in a regulatory filing on Monday, the retail giant also mentioned that nothing has been fixed.

However, market onlookers expect the deal to close as early as this week, with GIC mulling to pay some 800 billion won ($693 million) for the 30 percent stake.

The deal, which values Starbucks Korea at about 2.7 trillion won, might entail an initial public listing within four or five years as part of GIC’s condition for investment, as per reports by KoreaHerald.

 
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