Starbucks agreed to sell a 60 per cent stake in its Chinese operations to a private-equity firm, ending months of speculation about whether the US coffee chain would divest itself of its mainland operations amid dimmer business prospects and the ascent of local rivals. The Seattle-based company said on Monday that it signed an agreement with Boyu Capital to set up a joint venture for its mainland business. Starbucks would hold a 40 per cent interest in the unit and remain the owner and licenser…
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