Starbucks China has attracted bids valuing it at up to $10 billion, according to CNBC's Wednesday report citing three sources. The coffee giant is currently evaluating various proposals and creating a shortlist of potential investors who will advance to the next bidding phase, the sources indicated.
"We remain committed to China and want to retain a meaningful stake in the business. Any deal must make sense for Starbucks business and partners," a Starbucks chain representative stated. Approximately 30 private equity companies have placed non-binding offers, estimating Starbucks' worth between $5 billion and $10 billion, with final offers likely reaching the higher end, insiders reported.
Earlier, the firm's CEO Brian Niccol told the Financial Times that numerous parties expressed interest in acquiring shares of their China operations, with investment firms Fountainvest Partners and PAG among those seeking stakes.
