SEATTLE – Starbucks Corporation announced entry into a definitive agreement to acquire the remaining 50% share of its East China (East China JV) business from long-term joint venture partners, Uni-President Enterprises Corporation (UPEC) and President Chain Store Corporation (PCSC) for approximately $1.3 billion in cash consideration—the largest single acquisition in the coffeehouse chain’s history.

Starbucks will assume 100% ownership of approximately 1,300 Starbucks stores in Shanghai and Jiangsu and Zhejiang Provinces, building on the company’s ongoing investments in China, its fastest-growing market outside of the United States in terms of store count. Concurrently, UPEC and PCSC will acquire Starbucks 50% interest in President Starbucks Coffee Taiwan Limited (Taiwan JV) and assume 100% ownership of Starbucks operations in Taiwan for approximately $175 million.

“Unifying the Starbucks business under a full company-operated structure in China, reinforces our commitment to the market and is a firm demonstration of our confidence in the current local leadership team as we aim to grow from 2,800 to more than 5,000 stores by 2021,” said Kevin Johnson, president and CEO of Starbucks Coffee Company, in a press release. “This is a critical next-step as we advance our multifaceted China growth strategy for long-term profitable growth in Asia.”

East China is a significant and strategic region for Starbucks in China, with Shanghai containing nearly 600 stores, the largest number of stores globally of any city where Starbucks has a presence. In December 2017, Shanghai will also be the first city outside of the United States to welcome the opening of the ultra-premium Starbucks Reserve Roastery.