Corrected: UPDATE 1-DFI Retail to take full control of Starbucks-licensed business
CORRECTED-UPDATE 1-DFI Retail to take full control of Starbucks-licensed business Corrects first paragraph to say DFI will receive $340 million in cash, not that it will pay Maxim $340 million in proceeds for taking full control. Removes deal value from headline
Sept 30 (Reuters) - Singapore-listed DFI Retail Group DFIR.SI said on Wednesday its unit will assume Maxim's Caterers' existing interests in Starbucks SBUX.O-licensed business across seven Asian markets, receiving $340 million in cash.
Maxim's Caterers, a Hong Kong-based food and beverage conglomerate, currently operates a network of over 1,100 Starbucks coffeehouses in Thailand, Hong Kong, Singapore, Vietnam, Cambodia, Macau and Laos.
"Post-completion, the Starbucks licensed business will be immediately revenue and operating margin accretive to the Group's core retail business, with further upside from operating synergies," DFI said in its statement.
Separately, the Singapore-listed firm raised its 2027 dividend payout ratio to 80% and maintained its 2028 underlying profit outlook between $310 million and $350 million.
(Reporting by Shivangi Lahiri in Bengaluru; Editing by Shreya Biswas)