Starbucks to take full control of Japanese unit

[LOS ANGELES] Starbucks Corp on Tuesday said it plans to buy the remaining 60.5 per cent share of Starbucks Coffee Japan Ltd that it does not already own in a two-step deal valued at about US$913.5 million.

Starbucks Japan has operated as a joint venture between Starbucks and its partner Sazaby League since 1995. Over the summer, Sazaby approached the world's biggest coffee chain about selling its ownership stake in Starbucks Japan, Starbucks said in a statement.

There are roughly 1,050 Starbucks cafes in Japan, which Starbucks said will be its second-largest market in terms of revenue from its coffee shops.