Emart to acquire 17.5% of Starbucks Coffee Korea for KRW 474.3bn

SI Consumer & Retail Coffee chain
Deal value
$327m
Stake
17.5%
Implied 100%
$1.9bn

Deal value ÷ stake (structure unconfirmed)

Revenue
$1.3bn

2020 별도 · DART-verified

Op. income
$113m

2020 별도 · DART-verified

Multiples
EQV/EBIT 16.5xPSR 1.4x

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%.

기타
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.