Carlyle, EQT among final bidders for Starbucks China stake - Reuters

[Starbucks at Bush Intercontinental]

Carlyle Group (CG [https://seekingalpha.com/symbol/CG]), EQT, HongShan Capital and Boyu Capital are preparing final offers to buy a controlling stake in Starbuck's China operations.

Chinese private equity firm Primavera Capital is also one of the final bidders, according to a Reuters report [https://www.reuters.com/world/china/carlyle-eqt-hongshan-among-final-bidders-starbucks-china-sources-say-2025-09-11/]on Thursday, which cited people familiar with the matter. Starbucks has asked the bidders to submit offers by early next month, and an agreement could be reached by the end of the month.

Terms of the deal structure, including the size of the stake, remain open to negotiation, according to the report.

Reuters reported last week that the initial bids valued the China business as much as $5 billion [https://seekingalpha.com/news/4492693-starbucks-attracts-bids-for-its-china-business-valuing-it-at-close-to-5-billion], below the level that early reports indicated a sale could be struck.

Starbucks declined to comment to Reuters on the sales process.

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