Starbucks sells 60% stake in China business in $4 billion deal

Starbucks said Monday it is forming a joint venture with Chinese investment firm Boyu Capital to operate Starbucks stores in China. Under the agreement, Boyu will acquire a 60% interest in Starbucks' retail operations in China, which is valued at $4 billion. Starbucks will retain a 40% interest in the joint venture and will own and license the Starbucks brand. Starbucks said its business in China will have a total value of more than$ 13 billion, including the proceeds from the sale of the controlling int ...