Aspirity Partners to acquire majority stake in IoT infra business Onomondo; KKR and EQT sign deals in Asia

DFI Retail Group has reached a conditional agreement to acquire Starbucks' business operations in Asia from Maxim's Caterers, valuing the deal at US$340 million. This acquisition will grant DFI direct control over the Starbucks-licensed network of over 1,100 coffee houses spread across Thailand, Hong Kong, Singapore, Vietnam, Cambodia, Macau, and Laos. Maxim's will repurchase DFI's 50% stake in this business using the equity interest in the Starbucks-licensed assets, alongside a cash payment of US$340 million.

Post-acquisition, DFI anticipates the Starbucks-licensed business to boost its balance sheet and contribute between US$600 million and US$650 million in revenue from April to December 2027, growing to US$900 million in 2028. The transaction is projected to yield a 6-7% compound annual growth rate (CAGR) in revenue from 2026 to 2029 as the coffee house footprint expands to at least 1,350 locations. The Starbucks-licensed business is forecasted to achieve an operating margin of 8-9% by the midterm.

DFI intends to leverage this acquisition to capitalize on Asia's rising middle class with higher disposable incomes, noting that coffee consumption and house penetration in key emerging markets remain below regional and global averages. This gap presents a significant growth opportunity for DFI. The deal is contingent upon regulatory approvals and internal separation completion by March 31, 2027; otherwise, the deadline will be extended to June 30, 2027.