RTTNews | Jul 26, 2021 11:02PM EDT

23:01 Monday, July 26, 2021 (RTTNews.com) - Starbucks Coffee Co. (SBUX) agreed to sell its 50% ownership share of Starbucks Coffee Korea Co., Ltd.

Joint venture partner E-Mart Inc. (Shinsegae Group) will acquire an additional 17.5% interest in Starbucks Coffee Korea Co., Ltd., giving E-Mart 67.5% ownership of Starbucks operations in South Korea.

E-Mart has been Starbucks joint venture partner in South Korea since 1999, when the brand opened its first store near Ewha Womans University in Seoul.

In addition, Starbucks Coffee Company has agreed to sell its remaining ownership share of Starbucks Coffee Korea Co., Ltd. to an affiliate of GIC Private Limited, Singapore's sovereign wealth fund. This will give GIC a 32.5% ownership stake in Starbucks Coffee Korea Co., Ltd.

Starbucks noted that founding partner E-Mart will continue operations and growth of Starbucks Coffee Korea.

The completion of the business transition is expected over the next 90 days.

Read the original article on RTTNews ( https://www.rttnews.com/3211993/starbucks-to-sell-retail-business-in-south-korea-to-e-mart-gic-quick-facts.aspx)

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