Starbucks said Monday it is forming a joint venture with Chinese investment firm Boyu Capital to operate Starbucks stores in China.

Under the agreement, Boyu will acquire a 60% interest in Starbucks' retail operations in China, which is valued at $4 billion. Starbucks will retain a 40% interest in the joint venture and will own and license the Starbucks brand.

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Starbucks said its business in China will have a total value of more than $13 billion, including the proceeds from the sale of the controlling interest to Boyu, the value of its 40% stake and the value of its royalties.

Starbucks entered China almost 30 years ago, and has been credited with growing coffee culture in the country. China is Starbucks' second-largest market outside the U.S., with 8,000 locations.

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