Starbucks sells 60% of its China business to PCP Capital for $4 billion.

Starbucks is selling a majority stake in its China business to private equity firm Bo Yu Capital for $4 billion, in order to accelerate the growth of its local coffee shop business. The company released a statement saying that Bo Yu Capital will acquire up to 60% of its retail business in China through the formation of a joint venture with Starbucks. Starbucks will retain the remaining 40% stake and continue to license its brand and intellectual property to the joint venture. Starbucks expects the total valuation of its retail business in China to exceed $13 billion.