Starbucks Corp will sell the entire 50% stake it owns in its South Korean venture to local partner E-Mart Inc and Singapore sovereign wealth fund GIC, the U.S. coffee chain said on Monday.
E-Mart, which currently owns 50% of Starbucks Coffee Korea, will acquire an additional 17.5% interest, while GIC will own 32.5%, Starbucks said.
E-Mart said its additional stake will be worth 474 billion won ($411.89 million).
Starbucks said the deal in its fifth-largest market is expected to be completed over the next 90 days.