Starbucks’ China business has reportedly attracted takeover interest from major private equity firms in a potential deal that could value the unit at up to $10bn, according to a CNBC report cited by Reuters.

Asia-based investors Centurium Capital and Hillhouse Capital, along with global peers Carlyle Group and KKR, are among those submitting non-binding bids for a stake in the coffee chain’s fast-growing China operations.

Starbucks formally launched the sale process in May and is currently reviewing proposals, including deal structures and value creation plans, from nearly 30 interested firms. A shortlist is expected to emerge within two months, though the transaction is unlikely to close before the end of the year.

While no deal has been finalised, sources suggest Starbucks could retain a 30% stake, with the remainder of the ownership spread among multiple buyers, each potentially holding less than 30%.

The process marks a significant step for private equity firms aiming to tap into China’s consumer growth story, with Starbucks’ local arm seen as a strategic gateway into one of the world’s largest coffee markets.

Starbucks, Centurium, Hillhouse, Carlyle, and KKR all declined to comment. Reuters was unable to independently verify the CNBC report.

Source: Reuters

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