Boyu Capital has closed a 10-year acquisition loan of around CNY 10bn-equivalent ($1.45bn) for its proposed purchase of up to 60% of Starbucks China, 9fin sources said.
It closed the loan with four lenders: China Merchants Bank, Industrial Bank, Ping An Bank, and Shanghai Pudong Development Bank. One more bank may come in later, the sources said.
The 10-year loan offered interest margins of SOFR+150bps and five-year LPR-50bps for commitments in US dollars and CNY respectively. It also paid an upfront fee of around 100bps, the sources said.
Boyu Capital, China Merchants Bank, Industrial Bank, Ping An Bank, and Shanghai Pudong Development Bank did not respond to requests for comment.
In November 2025, Boyu and Starbucks announced they had agreed to form a joint venture to run Starbucks’ retail operations in China.
Boyu will acquire up to 60% interest in Starbucks China based on a cash-free, debt-free enterprise value of roughly $4bn. Starbucks will retain a 40% stake in the JV and continue to own and license the Starbucks brand and intellectual property to the new entity, according to the announcement.
Back in November, Starbucks expected the total value of its China retail business to...
