AsianFin -- Starbucks has asked shortlisted investors to submit non-binding offers for a stake in its China operations within the next two weeks, according to two people with knowledge of the matter.
The U.S. coffee chain has invited private equity firms including Carlyle, EQT, Hillhouse Investment and Primavera Capital to management presentations where it is sharing financial and operational details of the China business, one of the people and a third source familiar with the presentations said.
Other potential bidders include Bain Capital, KKR & Co and Chinese tech giant Tencent, one of the first two sources and two additional people said.
A strategic partner could help Starbucks regain momentum in China, where its market share has more than halved over the past five years amid the rapid rise of low-cost local competitors and weakening consumer spending in a slowing economy.
Starbucks kicked off the process in May, inviting interested parties to submit preliminary information about their businesses by late June, Reuters previously reported.
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