Starbucks agrees $4bn majority stake sale for its business in China

The agreement comes nearly a year after Starbucks was first reported to be considering the sale of its business in China to a local investor, and includes a goal to more than double its store count in the country

US coffee giant Starbucks has agreed to sell a 60% controlling stake in its 8,000-store China business to private equity firm Boyu Capital for $4bn.