Freshfields Bruckhaus Deringer (‘Freshfields’) has advised Starbucks Corporation (‘Starbucks’) on the US$1.3bn buy-out of its East China joint venture from its long-term joint venture partners Uni-President Enterprises Corporation and President Chain Store Corporation.

The deal marks the biggest acquisition in the history of Starbucks, and will see it assume 100% ownership of approximately 1,300 Starbucks stores in Shanghai and across Jiangsu and Zhejiang provinces. The move builds on Starbucks’ ongoing investments in China, its fastest-growing market outside the United States in terms of store count.

At the same time, the two East China joint venture partners will acquire Starbucks’ 50% interest in President Starbucks Coffee Taiwan Ltd and assume 100% ownership of Starbucks operations in Taiwan, comprising around 410 Starbucks stores, for approximately US$175m.

The Freshfields team advising on the deal was led by partners Rob Ashworth and Jack Wang.