Merck's $6 Billion Bid for Terns Pharma Signals Bold Oncology Push 
Explosion and Fire Erupt at Valero Oil Refinery in Port Arthur, Texas 
Delivery Hero Sells Taiwan Foodpanda to Grab for $600 Million in Debt-Reduction Push 
Golden Dome Missile Defense: Anduril and Palantir Join Forces on Trump's $185B Space Shield 
AWS Bahrain Region Disrupted by Drone Activity Amid Middle East Conflict 
Air Canada Express Crash at LaGuardia: Controller Distracted by Prior Emergency 
SLMG Beverages Eyes Price Hikes Amid Rising Packaging Costs and India's Booming Soft Drink Market 
Global Flight Cancellations 2026: Middle East Air Travel Chaos Explained 
Nanya Technology Shares Surge 10% After $2.5 Billion Private Placement from Sandisk and Cisco 
Henkel in Advanced Talks to Acquire Olaplex at $2 Per Share 
Sonova Shares Slip as Hearing Aid Giant Lowers Growth Outlook and Plans Sennheiser Exit 
Elon Musk Announces Terafab: SpaceX and Tesla to Build Dual AI Chip Factories in Austin, Texas 
Citi Names Eric Farina and Rob Cascarino to Lead Global Infrastructure Financing Group 
Nintendo Switch 2 Production Cut as Holiday Sales Miss Targets 
Meta Ties Executive Pay to Aggressive Stock Price Targets in Major Retention Push 
Finnair Orders 18 Embraer E195-E2 Jets in Landmark Fleet Overhaul 
Chinese private equity firm Boyu Capital has emerged as the leading contender to acquire a controlling stake in Starbucks’ China business, a deal that could value the unit at over $4 billion, according to Bloomberg News. The move underscores growing investor interest in China’s lucrative but increasingly competitive coffee market.
Sources told Reuters that Boyu Capital remains in the bidding process after Carlyle Group exited. Senior partners from both firms reportedly traveled to the United States for final negotiations with the Seattle-based coffee chain. Starbucks is expected to retain a significant minority stake after the sale, according to insiders familiar with the matter.
In a statement to Reuters, Starbucks confirmed strong interest from “multiple, high-quality partners” who share confidence in the company’s long-term growth prospects in China. The company is reportedly evaluating bids from five firms, including HongShan Group, FountainVest Partners, and Primavera Capital Group, with valuations hovering around 10 times core earnings.
While Boyu Capital declined to comment, Carlyle also refrained from public statements. Primavera Capital declined to comment, and HongShan and FountainVest did not immediately respond to inquiries.
Earlier this month, Starbucks CEO Brian Niccol told CNBC that the expected valuation of the China business could exceed $10 billion, factoring in upfront investments, Starbucks’ retained stake, and future royalty payments. Bloomberg also noted that internet companies might participate as limited partners to co-finance the deal.
The potential divestment comes as Starbucks faces intense competition from Chinese coffee chains offering lower-priced beverages amid an economic slowdown. To maintain its edge, Starbucks has introduced localized menu itemsand price adjustments to appeal to cost-conscious consumers.
Despite challenges, Starbucks’ China comparable-store sales rose 2% in the quarter ending June 29, signaling modest recovery ahead of its fourth-quarter and fiscal 2025 earnings report on October 29.
