Starbucks Corp announced on Monday that it would finish any direct ownership in South Korea, selling the 50 per cent stake it owns to local partner E-Mart Inc and Singapore’s sovereign wealth fund, GIC.

E-Mart currently owns 50 per cent of Starbucks Coffee Korea, told it would take over an additional 17.5 per cent stake which would be worth $411.89 million. That will increase a $2.35 billion valuation for Starbucks Coffee Korea. GIC will own the left 32.5 per cent of the South Korean venture, Starbucks said.

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The famous coffee chain serves more than 1,500 stores across 78 cities in South Korea, where revenue in 2020 increased 3.2 per cent to 1.93 trillion won even after the Coronavirus pandemic. “As a long-term investor, GIC is confident that Starbucks Coffee Korea will play an important role in setting retail coffee trends and further driving industry growth,” said Choo Yong Cheen, GIC’s chief investment officer of private equity. The deal is expected to be completed in the next 90 days, Starbucks said.