Starbucks will acquire the sum of its 1,051 coffeehouse units in Japan, which currently operate under a joint venture with The Sazaby League, for $913 million, the company announced this week.
Currently, Starbucks owns a 39.5 percent stake in its Japanese ventures, and the deal will allow Starbucks to take control over its remaining 60.5 percent stake.
The two part deal is expected to be completed within the first half of 2015, and will give the company the opportunity to “accelerate multichannel growth in Starbucks’ second-largest regional market,” according to Nation’s Restaurant News.
Starbucks officials reportedly anticipate considerable potential for growth in Japan for the company’s full portfolio, including its prepackaged goods and the Teavana line.
“This is the start of a new chapter in our international growth strategy,” Troy Alstead, Starbucks chief operating officer, said in a call with Wall Street analysts, according to Nation’s Restaurant News.
“This opens up opportunities for us, for our portfolio of brands and channel development that we haven’t even begun to explore yet.”
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Karen Lo is an associate editor at The Daily Meal. Follow her on Twitter @appleplexy.