DFI Retail sells stake in Maxim’s in return for Starbucks business, US$340m
Maxim’s Caterers has struck a deal to buy back its shares from DFI Retail Group for US$340 million plus control of its licensed Starbucks business, according to an exchange filing released on Wednesday. The deal will mark the start of a fresh chapter for Maxim’s, bringing an end to decades of part ownership by the conglomerate Jardine Matheson, which owns DFI Retail. Jardine Matheson bought a 50…
DFI Retail Group has purchased a US$340 million stake in Maxim's Caterers, along with control of its licensed Starbucks business, in exchange for its 50% equity position. This marks a strategic shift for Maxim's, which has been part-owned by Jardine Matheson since 1972. Hongkong Caterers, controlled by the Wu family, will retain 50% ownership of Maxim's.
The deal sees DFI Retail gain control of over 1,100 Starbucks outlets across Asia and see a US$340 million cash infusion. The Starbucks business, operating in seven Asian markets, is projected to generate US$900 million in revenue by 2028. DFI Retail aims to increase its dividend payout ratio to 80% in 2027, while maintaining a 2028 profit guidance of up to US$350 million. The reorganisation is expected to be completed by the end of Q1 2027.
Written by urgent.news from SCMP Business's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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