DFI Retail Group is set to take full control of the Starbucks-licensed business across seven Asian markets in a major restructuring deal with Maxim’s Caterers worth about US$340 million in cash.
The transaction will give DFI control of more than 1,100 Starbucks coffeehouses across Singapore, Hong Kong, Macau, Thailand, Vietnam, Cambodia and Laos. It will also end DFI’s decades-long joint ownership arrangement with Maxim’s.
Under the agreement, Maxim’s will buy back DFI’s existing 50 per cent stake in the Hong Kong-based food and beverage group. In return, DFI will receive the entire equity interest in the Starbucks-licensed business, together with approximately US$340 million in cash, subject to customary adjustments.
The deal is part of a broader reorganisation that separates the Starbucks operations from Maxim’s other restaurant, bakery and catering businesses. Maxim’s will continue operating its remaining portfolio, which includes more than 2,000 outlets across nine markets and several international restaurant brands.
For DFI, the transaction represents a shift toward businesses where it has direct operational control. The company said the Starbucks business is expected to immediately contribute to group revenue and operating margins once the transaction is completed.
The Starbucks-licensed network generated about US$750 million in revenue in 2025, with an underlying operating margin of 7 per cent. DFI expects the business to contribute between US$600 million and US$650 million to subsidiary revenue from April through December 2027 and about US$900 million for the full year 2028.
DFI also projects annual revenue growth of about 6 per cent to 7 per cent from 2026 to 2029, with the coffeehouse network expected to expand to at least 1,350 locations. The company forecasts a medium-term operating margin of 8 per cent to 9 per cent.
The retailer said the transaction will provide additional capital for potential acquisitions or the return of excess funds to shareholders. DFI has also raised its planned 2027 dividend payout ratio to 80 per cent while maintaining its 2028 underlying profit guidance of US$310 million to US$350 million.
DFI said the Starbucks business gives it exposure to growing coffee consumption in Asia, particularly in emerging markets where coffeehouse penetration remains relatively low. Rising disposable incomes and changing consumer spending patterns are among the factors the company expects to support expansion.
The transaction remains subject to regulatory approvals and the completion of the internal separation of the Starbucks business from Maxim’s. The parties have set March 31, 2027 as the initial long-stop date, with an automatic extension to June 30, 2027 under specified conditions.
Once completed, DFI will directly operate one of the region’s largest Starbucks networks outside the United States, while Maxim’s will focus on its remaining restaurant, bakery and catering businesses. The restructuring marks a significant change in the ownership and operating structure of Starbucks across several major Asian markets.
