Starbucks(US:SBUX) IPO早知道·2025-09-14 12:44Core Insights - Starbucks China is in the process of selling its equity, with potential bidders including Carlyle Group, EQT, Sequoia China, and Boyu Capital, among others [5][6] - The estimated valuation for Starbucks China is currently at $5 billion, significantly lower than the previously mentioned $10 billion [8] - The transaction details, including the scope of assets and operational collaboration, remain unclear, with no specific negotiations having taken place yet [7][6] Group 1: Transaction Details - The final list of institutions interested in acquiring Starbucks China has been narrowed down, with over 20 institutions initially expressing interest [5] - The transaction agreement is expected to be reached by the end of October, although specific negotiations have not yet begun [6] - The possibility of a consortium of multiple institutions participating in the acquisition exists, which could include both internet giants and private equity firms [9] Group 2: Valuation Insights - The current valuation of $5 billion is viewed as more acceptable by Chinese institutions compared to the previous $10 billion estimate [9] - Starbucks China reported an 8% year-on-year revenue growth to $790 million for Q3 of fiscal year 2025, indicating strong performance in the Chinese market [9] Group 3: Bidding Institutions - EQT, a significant player in the bidding process, specializes in mergers and acquisitions, with typical investment sizes ranging from €500 million to €1.5 billion [10][12] - EQT's assets under management are approximately €270 billion globally, with €25 billion in Asia, indicating a strong financial backing for potential acquisitions [11] - The leadership team at EQT is noted for their expertise in acquisitions, which positions them favorably in the competitive bidding landscape [12]