Coffee chain giant, Starbucks, will take ownership of all of its Chinese outlets by buying out its local joint venture partner for about 1.3 billion U.S. dollars.
The deal, expected to close by early 2018, will see Starbucks acquire the 50 percent stake in 1,300 stores scattered across Shanghai.
Starbucks already owns the other 1,500 outlets across China.
The country is Starbucks’ fastest-growing market outside of the United States.
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The buyout is the biggest acquisition in the firm’s history.. even as the company announces an 8.3 % drop in profit in its second quarter.
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