DFI Retail said it has agreed to hand over the half stake in Maxim’s to the Wu family in exchange for the Starbucks-licensed business in seven Asian markets and US$340 million (HK$2.65 billion).
The retail giant, which operates supermarket chain Wellcome and health and beauty chain Mannings, will assume Maxim’s interest in the operation of the US coffee brand’s over 1,100 coffeehouses across Hong Kong, Macau, Vietnam, Singapore, Cambodia and Laos, as part of its reorganization, according to a statement on Wednesday.
It will receive US$340 million before adjustments in cash from the transaction.
In exchange, the Hong Kong-based firm will return the founder's family's 50 percent stake in Maxim's, effectively ending the 44-year co-ownership.
Founded in 1956, Maxim’s is one of the largest food and beverage groups in Asia, with over 2,000 stores across nine markets. It sold a 50 percent interest to Jardine Matheson, the parent of DFI Retail, in 1972.
The reorganization will mark the final milestone in the DFI’s pivot from a portfolio company to a focused operating company, the statement said, adding that the Starbucks business will be immediately revenue and operating margin accretive to the group’s core retail business with ongoing benefits from operating synergies.
The transaction is subject to customary closing conditions and is expected to be completed by the end of the first quarter of 2027, the statement said.
Day-to-day operations for the Starbucks licensed business and Maxim’s businesses will remain unchanged following the reorganization, it added.
