According to reports, Boyu Capital may partner with Tencent and GIC to acquire Starbucks China shares

According to market news cited by Bloomberg, Boyu Capital is considering bringing in institutions such as Tencent (00700.HK) and Singapore's sovereign wealth fund GIC as limited partners to jointly participate in the acquisition of up to 60% equity in Starbucks' China business. However, the plan is still in the discussion stage and may not reach a final agreement.

The report indicates that Boyu plans to expand the Starbucks store network in small and medium-sized cities in China and also plans to open more branches in high-traffic tourist spots, subways, and airports. Earlier reports stated that Ping An Bank (000001.SZ), Industrial Bank (601166.SH), and China Minsheng Bank (01988.HK) are arranging to provide Boyu with a 7-year syndicated loan amounting to USD 1.4 billion, which is expected to be used for this acquisition as well as for the working capital and expansion needs of the new joint venture