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Emart has given up its aim to take full control of Starbucks Korea after it only purchased a 20% stake from Starbucks international instead of the full 50% that is up for sale.
Emart’s new acquisition of shares in SB
The largest retailer in South Korea that is owned by Shinsegae already owned 50% shares in Starbucks Korea and with its latest purchase of additional stake, it now holds 70% of the coffee chain’s shares. Although it now owns a bigger part in the Korean division of the world-famous coffee store, it was unexpected because it was thought that Emart would be taking all the remaining 50% stake so it can wholly own the company.
As per The Korea Times, this decision only shows that Emart’s parent company, the Shinsegae Group, is holding back the 30% funds so it can be used for another acquisition. It was said that the shopping mall giant is likely reserving it to defeat Lotte Shopping in their race to acquire eBay Korea that is currently valued at around ₩5 trillion or $4.4 billion.
As to which company will be buying the remaining 30% stake in Starbucks Korea, it was reported that it could be the Government of Singapore Investment Corp. (GIC), a capital market company that is now simply known as GIC Private Limited. It will be investing a total of ₩800 billion to own the 30% share in the Korean division of Starbucks.
Meanwhile, Shinsegae and GIC reportedly agreed that the value of the coffee chain would go over ₩3 trillion and this prompted the Singapore-based investment company not to demand a guarantee of minimum return anymore.
Emart’s considered fully taking over SB Korea
Meanwhile, it was in March when Emart was reported to be mulling on acquiring the remaining 50% stake in Starbucks Korea so it can fully own the Korean unit of the American coffee firm. Business Korea reported that when Starbucks Corp. established its Korean branch in 1997, it partnered with Shinsegae Group for a 50:50 investment.
As years passed, Emart is now interested to solely own Starbucks Coffee Korea, although it may still be required to pay royalties to the company's HQ in the U.S. But in the end, it became apparent today that Emart may have other plans now because there are still other firms that it can acquire to grow its businesses further.
