Starbucks Corporation (NASDAQ:SBUX) is included among the 13 NASDAQ Stocks With Highest Dividends.
On April 2, Reuters reported that Starbucks Corporation (NASDAQ:SBUX) had closed its deal with Boyu Capital to sell control of its operations in China, the Seattle-based coffee company said on Thursday. The outline of the deal was first announced in November. It aims to restart growth in the world’s second-largest economy, where local competitors such as Luckin Coffee and Cotti Coffee have been gaining share with lower prices.
The funds managed by Boyu will take a 60% stake in Starbucks’ business in China. Starbucks will retain the remaining stake and continue to license its brand and intellectual property to the new company. The firm also noted that Boyu’s founders include the grandson of former Chinese president Jiang Zemin. Molly Liu said in a statement that the deal would boost the brand’s “hyperlocalization” in China.
China currently has around 8,000 Starbucks stores. The company plans to expand that number to 20,000 stores in partnership with Boyu.
Starbucks Corporation (NASDAQ:SBUX) is a global roaster, marketer and retailer of specialty coffee. Its North America segment includes the United States and Canada, while its international segment covers China, Japan, Asia Pacific, Europe, the Middle East and Africa, Latin America and the Caribbean.
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