Carlyle and Boyu emerge as frontrunners to buy Starbucks China

Equity companies Carlyle and Boyu Capital have emerged as frontrunners to buy a majority interest in Starbucks’ operations in mainland China, as reported by the Financial Times (FT). The full China business is expected to be valued at $4bn, not including royalties, which are still being negotiated. Five companies submitted binding proposal in early October 2025. Starbucks has confirmed to the FT that it is reviewing offers from five bidders, and a final decision from the company’s management is anticipa ...