Signage at a Starbucks Corp. store in Shanghai, China, on November 22, 2024. Qilai Shen/Bloomberg/Getty Images

Starbucks said on Monday it would sell control of its China operations to investment firm Boyu Capital in a deal valued at $4 billion, in one of the most valuable divestments of a China unit by a global consumer company in recent years.

Under the agreement, the companies will operate a joint venture with Boyu holding an interest of up to 60% in Starbucks’ retail operations in China.

Starbucks will retain a 40% interest in the joint venture and will continue to own and license the brand and intellectual property to the new entity, the companies said.

Starbucks expects the total value of its China retail business to exceed $13 billion, which includes proceeds from the sale of

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