Emart to acquire 17.5% of Starbucks Coffee Korea for KRW 474.3bn
- Deal value
- $327m
- Stake
- 17.5%
- Implied 100%
- $1.9bn
- Revenue
- $1.3bn
- Op. income
- $113m
- Multiples
- EQV/EBIT 16.5xPSR 1.4x
Deal value ÷ stake (structure unconfirmed)
2020 별도 · DART-verified
2020 별도 · DART-verified
On implied equity value
DART 20210414002082
- Target
- Starbucks Coffee Korea · Coffee chain
- Buyer
- Emart · SI
- Seller
- Starbucks Coffee International
- Structure
- —
- Announced
- Jul 27, 2021
- Closed
- —
- Stage
- Announced
Target
Starbucks Coffee Korea, which opened its first store near Ewha Womans University in 1999, operates Starbucks in Korea and was a 50:50 joint venture between E-Mart and Starbucks Coffee International. It posted record 2020 revenue of KRW 1,928.4bn and operating profit of KRW 164.4bn.
Deal rationale
A Shinsegae Group official said the additional stake purchase was the result of 22 years of achievements and trust with Starbucks US and a starting point for growth, decided after discussions on new growth in Korea. E-Mart acquired 17.5% out of Starbucks Coffee International's 50% for KRW 474.25bn, raising its stake to 67.5%, while GIC of Singapore took the remaining 32.5%.
| Revenue | $1.3bn |
| Operating income | $113m |
| EBITDA | — |
| Net income | — |
2020 별도 · DART-verified · 20210414002082
Press coverage
- 뉴시스 (2021-07-27): “스타벅스커피 코리아 지분 50% 중 17.5%를 4742억5350만원에 인수한다고 밝혔다”
- 뉴데일리 (2021-07-27): “이마트는 이번 지분 인수에 총 4742억5400만원을 투자했다.”
This is a data entry summarising filings and press reports. Please check the original sources for the figures.