Xin Lang Cai Jing·2025-12-05 14:54Core Insights - The core point of the article is the acquisition of 60% stake in Starbucks China by Boyu Capital for approximately $2.4 billion, marking a significant investment in the coffee chain's 8,000 stores in China [1][21]. Group 1: Acquisition Details - Boyu Capital is set to spend around $2.4 billion (approximately 165 billion RMB) to acquire the stake in Starbucks China [21][22]. - The acquisition is believed to be facilitated by a newly established equity fund in Ningbo, named Boyu New Intelligence New Industry (Ningbo) Equity Investment Partnership [23][24]. - The partnership was officially announced by the Ningbo government fund on December 1, 2025, indicating a strong governmental backing for the acquisition [23]. Group 2: Fundraising Strategy - Boyu Capital likely employed a "find project first, then raise funds" strategy for this acquisition [22]. - The initial fundraising for the equity fund amounts to 4 billion RMB, with contributions from companies like Ningde Times, Luoyang Molybdenum, and Yitai B, each investing 500 million RMB [31][32]. - The total committed capital for the fund is expected to reach 4 billion RMB, with potential for expansion to 8-10 billion RMB [31]. Group 3: Financing Structure - The total funding required for the acquisition is estimated at 16 billion RMB, with the shortfall potentially covered by additional investments from limited partners [19][38]. - A syndicate loan of 10 billion RMB (approximately $1.4 billion) is being arranged by three Chinese banks to support the acquisition, with a loan term of 7 years [19][38]. - Boyu Capital's ability to secure the necessary funding within a month highlights its strong influence and negotiation capabilities in the market [19][38].