DFI Retail to acquire Maxim's Starbucks franchise network across Asia for $340 million
DFI Retail Group signed a conditional agreement to buy Maxim’s Caterers' Starbucks-licensed operations in seven Asian markets, paying about US$340 million in cash.
DFI Retail Group announced a conditional sale and purchase agreement with Maxim’s Caterers to take over its Starbucks-licensed business covering over 1,100 outlets across Thailand, Hong Kong, Singapore, Vietnam, Cambodia, Macau and Laos. Under the terms, DFI will buy back Maxim’s 50 % share in the franchise and receive the equity interest together with a cash consideration of roughly US$340 million. The transaction will give DFI complete operational control and is projected to be revenue- and margin-accretive to its core retail operations.
The coffee business generated US$750 million in 2025 with a 7 % operating margin and is forecast to contribute up to US$900 million by 2028 as the store count expands to at least 1,350 locations. The cash inflow will fortify DFI’s balance sheet, enabling further acquisitions or shareholder returns. Completion depends on regulatory approvals and the separation of the Starbucks unit from Maxim’s other businesses.
Why it matters
The acquisition expands DFI's footprint in Asia's growing coffee market and provides cash for future expansion or shareholder returns.
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