Shinsegae Group is to increase its stake in Starbucks South Korea to 70 per cent instead of fully acquiring the chain as previously reported.
Singapore sovereign investment fund GIC is set to purchase the remaining 30-per-cent stake for about $700 million.
Shinsegae’s subsidiary, Emart, currently owns 50 per cent of Starbucks South Korea, with Starbucks US owning the balance.
The two deals value Starbucks South Korea at more than US$2 billion.
Local media suggested Shinsegae will use the sale proceeds to help fund the purchase Ebay South Korea.