The valuation exceeds 70 billion yuan! Lucky shareholders want to buy Starbucks China?!
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Recently, Bloomberg, CNBC and other media have quoted "people familiar with the matter" as saying that Starbucks has received several acquisition proposals for its China business.
According to reports,"people familiar with the matter" revealed to CNBC that more than 30 bidders have made bids for Starbucks's China business, valuing it between US$5 billion and US$10 billion (approximately RMB 35.8 billion to 71.7 billion). The bidding is expected to eventually be priced close to the top of the range.
Given that Starbucks currently has a market value of about US$108 billion and its China business contributes more than 8% of global revenue, outsiders believe that the reasonable valuation of this part is about US$9 billion (approximately RMB 64.6 billion).
On the other hand, the report mentioned that several potential investors interested in Starbucks 'China business have made their acquisition proposals to Starbucks. These include previously rumored investors in KKR, Fangyuan Capital FountainVest, China Resources, Meituan, etc., as well as newly joined Hillhouse Capital (which has invested in Jingdong, Tencent, etc.), Carlyle Group (which once held shares in McDonald's China), and Ruixing's major shareholder Dazheng Capital.
It is worth mentioning that for its business in China, Starbucks has clearly expressed to the media that it "currently has no idea of completely selling its China business." A Starbucks spokesperson said they remain committed to the China market and hope to retain a significant stake in their China business. A person familiar with the transaction process revealed that Starbucks may retain a 30% stake in its China business, and the remaining shares may be divided among a group of buyers, with each buyer holding no more than 30%.
However, most of the institutions participating in the bidding prefer to gain a controlling stake in Starbucks 'China business to make it more in line with their investment strategy. Therefore,"people familiar with the matter" further revealed that although Starbucks's preferred option is to sell minority stakes to partners to help its China business get back on a growth track, based on valuation and other factors, the company may now consider selling a larger proportion of the stake.
Currently, multiple media outlets have reported that Starbucks is evaluating potential buyers 'offers, transaction structure proposals and value creation plans after the sale, and will subsequently screen potential buyers. The preliminary screening may be completed within two months, but it is unlikely that the entire transaction will be completed before the end of the year.
In addition, regarding the bidding progress of Starbucks 'China business, an industry insider said in an interview with Snack Media that among the competitors he knew, the "more active" are Hillhouse, KKR, Carlyle, etc., but he believed that Dazheng Capital, behind Ruixing, was "unlikely"(to win the stake in Starbucks' business in China).
This wave of intensive anecdotal news has made all sectors of society pay attention to the future development trend of Starbucks China again. You know, with the rise of local China brands such as Luckin, Starbucks 'market share in China has dropped sharply from 34% in 2019 to 14% in 2024. Data shows that Starbucks' same-store marketing has fallen for four consecutive quarters, and the average customer unit price has fallen for 10 consecutive quarters.
However, Starbucks China responded to snacks and said that the brand firmly believes in the huge long-term potential of the China market and is evaluating the best way to seize future growth opportunities.
"We are looking for strategic partners with shared values and working together to provide a high-end cafe experience. Our confidence and commitment to the China market remain unchanged, and we hope to retain a considerable proportion of equity in our China business. At the same time, any transaction must be in the interests of Starbucks and its partners (employees)."
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