Deal terms and end of the Maxim's joint venture
Under the conditional agreement announced on September 30, 2026, Maxim's Caterers will buy back DFI Retail Group's entire 50% stake in Maxim's. The consideration paid to DFI will comprise the transfer of Maxim's entire equity interest in the Starbucks-licensed business across Thailand, Hong Kong, Singapore, Vietnam, Cambodia, Macau and Laos, plus approximately US$340 million in cash at completion. Maxim's is the cash payer and DFI is the recipient; the amount remains subject to customary completion adjustments. This is an exchange of DFI's Maxim's stake for the Starbucks business interests and cash, not a US$340 million cash purchase by DFI. Completion remains conditional on third-party consents, antitrust clearance and the internal separation of the Starbucks business, according to DFI's regulatory announcement.
Scope, 2025 financials and forward projections
The Starbucks-licensed business comprises more than 1,100 coffeehouses in the seven markets, Business Times reported. In 2025, the business generated US$750 million in revenue with an underlying operating margin of 7%, and revenue grew at a cumulative annual growth rate of 3.5% from 2023 to 2025. DFI projects the footprint will expand to at least 1,350 locations and forecasts the Starbucks-licensed business to contribute between US$600 million and US$650 million to total subsidiaries' revenue from April to December 2027, and about US$900 million in 2028, with a 6% to 7% revenue CAGR from 2026 to 2029 and a midterm operating margin of 8% to 9%.
Strategic shift to direct operational control
The transaction is part of DFI's move from holding stakes in partner-managed businesses to directly operating businesses it controls, the Straits Times reported. DFI said the deal will deliver "full operational control across all business segments" and make the Starbucks-licensed business "immediately revenue and operating margin accretive to the group's core retail business," with "further upside from operating synergies," according to Business Times and Reuters. Citing "structural tailwinds" such as Asia's rising middle class, DFI noted that per capita coffee consumption and coffee house penetration in key emerging markets remain below regional and global peers, presenting "substantial runway for growth."
Capital plans, balance-sheet impact and market reaction
DFI said the US$340 million cash inflow will strengthen its balance sheet, giving it capital to pursue mergers and acquisitions or return excess capital to shareholders. Separately, the company raised its 2027 dividend payout ratio to 80% and maintained its 2028 underlying profit outlook of US$310 million to US$350 million, Reuters reported. On Sept 30, DFI shares fell 1.5%, or US$0.05, to close at US$3.19 before the deal was announced, according to Business Times.
Closing conditions and expected timeline
The deal is subject to regulatory approvals and completion of the internal separation of the Starbucks-licensed business from Maxim's businesses, Business Times reported. The transaction is expected to close by the end of the first quarter of 2027; if conditions are not satisfied or waived by the long-stop date of Mar 31, 2027, it will be automatically extended to Jun 30, 2027, unless either party opts to terminate.
Other developments
Starbucks Japan unveiled a new Pumpkin Soupuccino for autumn, two years after it first launched the Soupuccino concept, according to SoraNews24. Separately, Starbucks Japan released a Pikachu Honey Cream Latte as part of a new Pokémon collaboration offering an exclusive sticker to customers, also reported by SoraNews24.
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