MEXICO CITY, April 1 Mexico restaurant operator
Alsea on Monday said it reached an agreement with Starbucks to
take equity control of the world's biggest coffee chain's
Alsea also agreed to open 50 new Starbucks
stores a year for the next five years in Mexico as part
of the deal, the company said in a statement.
To take control of the operation, Alsea will buy out an 18
percent stake that a Starbucks international affiliate held in
the Alsea subsidiary currently operating the Mexico stores.
The statement did not say how much Alsea will pay for that
Alsea in October said it plans to invest $75 million opening
170 new stores in Mexico, Starbucks' fastest-growing Latin
American market, over the next three years.
Shares of Alsea, which also operates restaurant chains
including PF Chang's, Domino's Pizza, and Burger King in Mexico,
closed down 0.17 percent at 35.46 pesos before the announcement.