DFI Retail Group will take full ownership of the licensed Starbucks operations in seven Asian markets through a restructuring of its 50-50 joint venture with Hongkong Caterers in Maxim's Caterers. The business operates more than 1,100 Starbucks locations in Singapore, Hong Kong, Macau, Thailand, Vietnam, Cambodia and Laos.
Under the deal, DFI will transfer its 50% stake in the rest of Maxim's, which operates brands including Genki Sushi and Shake Shack, to Hongkong Caterers. In return, DFI will receive the Starbucks business and approximately US$340 million in cash.
The transaction supports DFI's strategy to move from being a portfolio investor to directly operating a focused group of businesses. The deal is expected to close by the end of the first quarter of 2027.