Starbucks to sell 50% stake in S.Korean venture to E-Mart, GIC (updated)

E-Mart

27/07/2021 03:59

(Adds E-Mart statement, other details)
    July 26 (Reuters) - Starbucks Corp  SBUX.O  will sell the
entire 50% stake it owns in its South Korean venture to local
partner E-Mart Inc  139480.KS  and Singapore sovereign wealth
fund GIC, the U.S. coffee chain said on Monday.
    E-Mart, which currently owns 50% of Starbucks Coffee Korea,
will acquire an additional 17.5% interest, while GIC will own
32.5%, Starbucks said.
    E-Mart said its additional stake will be worth 474 billion
won ($411.89 million).
    Starbucks said the deal in its fifth-largest market is
expected to be completed over the next 90 days.

($1 = 1,150.7900 won)

 (Reporting by Shubham Kalia in Bengaluru; Editing by
Ramakrishnan M.)
 ((Shubham.Kalia@thomsonreuters.com;))