Starbucks Corporation (NASDAQ:SBUX) Files An 8-K Completion of Acquisition or Disposition of AssetsItem 2.01
On December31, 2017, Starbucks Corporation completed the previously announced acquisition of the remaining 50% share of its East China (“East China JV”) business from long-term joint venture partners, Uni-President Enterprises Corporation (“UPEC”) and President Chain Store Corporation (“PCSC”) for approximately $1.4billion in cash consideration.As a result of the closing of this acquisition, Starbucks has assumed 50% ownership of over 1,400 Starbucks stores in Shanghai and in the Jiangsu and Zhejiang Provinces, bringing the total number of company-owned stores in China to over 3,100.
|Item 2.01||Regulation FD Disclosure|
Also on December31, 2017, UPEC and PCSC acquired Starbucks 50% interest in President Starbucks Coffee Taiwan Limited (“Taiwan JV”) and assumed 50% ownership of Starbucks operations in Taiwan for approximately $175million. Founded in 1997, the Taiwan JV currently operates approximately 420 Starbucks stores in Taiwan.
About Starbucks Corporation (NASDAQ:SBUX)
Starbucks Corporation (Starbucks) is a roaster, marketer and retailer of coffee. As of October 2, 2016, the Company operated in 75 countries. The Company operates through four segments: Americas, which is inclusive of the United States, Canada, and Latin America; China/Asia Pacific (CAP); Europe, Middle East, and Africa (EMEA), and Channel Development. The Company’s Americas, CAP, and EMEA segments include both company-operated and licensed stores. Its Channel Development segment includes roasted whole bean and ground coffees, Tazo teas, Starbucks- and Tazo-branded single-serve products, a range of ready-to-drink beverages, such as Frappuccino, Starbucks Doubleshot and Starbucks Refreshers beverages and other branded products sold across the world through channels, such as grocery stores, warehouse clubs, specialty retailers, convenience stores and the United States foodservice accounts.